In homage to Drake’s top-selling album, ‘Nothing Was the Same,’ the music industry has been the freestanding punching bag for experimental money grabs that have come as solutions to financial downturns, the digital age, and evolving piracy laws since the onset of the 2000s.
The latest trend of selling music catalogs is both an eyebrow-raising and, for some, a head-scratching one that simultaneously signifies a gold rush and trouble in paradise for many music artists and the industry as a whole. Some of the most legendary of music talent have been practically giving away their catalogs for underwhelming prices given their cultural impact and legacy the world over.
Many of them are selling because valuations are high for music right now. Artists who are of a certain age see this as an opportunity to capitalize on their work and invest in other industries or estate planning, for instance. While others are doing it because they’ve been less than financially responsible and need the capital in a post-pandemic world in which the closure of touring and live performance venues, growing popularity of music streaming, and a saturation of artists have impacted their pockets.
In hip hop specifically, Iggy Azalea and Future have recently joined the ranks with reported eight-figure deals. Azalea, 32, sold a percentage of her master recordings and publishing catalog to Domain Capitol Group for an undisclosed amount in the eight-figures. The new mother of one will earn revenue in the future from the profit of the masters, per a deal arrangement, with plans to release a new album in 2023.
Future, 39, sold his rights in early fall to Influence Media, which was followed by him purchasing a lavish million-dollar home in Miami. A few months before Future, Drake, 36, made a multi-million dollar deal with Universal Music that consisted of music publishing, recorded works, merch, and miscellaneous projects.
Life’s good, indeed. But the whole concept of ownership, championed by the likes of Jay-Z, 52, and Kanye West, 45, seem to be a thing of the past for those needing money in the near future. Madonna, 63, denounced the trend of selling catalogs, preferring to maintain her ownership instead. “They’re my songs. Ownership is everything, isn’t it?” the global pop icon said of the trend.
Meanwhile, the list of sellers is extensive, including Tina Turner, Motley Crue, Neil Diamond, The Dream, the late Coolio, and more. Here’s a quick list of other artists who have sold their catalogs for a quick buck:
Bruce Springsteen, 72, sold his entire music catalog, including recorded work copyrights and publishing, to Sony Music in association with private investment firm Eldridge for a reported $550 million, one of the biggest catalog-selling deals to date.
The family of Avicii, the late Swedish DJ known for the single “Wake Me Up,” sold 75% of his master recording and publishing rights for an undisclosed amount to Pophouse Entertainment.
Justin Timberlake, 41, sold his solo career music publishing catalog totaling at least 200 songs to Hipgnosis Song Management for a speculated $100 million.
Blake Shelton, 46, sold his master recordings catalog ranging from 2001 to 2019 to Influence Media, owned by Lylette Pizarro. The country music star will generate revenue from a joint venture with Influence.
Bob Dylan, 81, sold his entire back catalog to Sony Music for an unconfirmed $150-plus million. This includes Dylan’s early works reaching as far back as the 1960s and into some expected upcoming releases in 2023.
Chuck D, 62, co-founder of rap group Public Enemy, sold his half of the group’s publishing rights to Reach Music Publishing. Since he was the lead songwriter, the company has attained 100% of the songwriting catalog, along with 50% of copyright ownership. The deal amount is undisclosed.
John Legend, 43, sold his entire catalog dating back to his first album for an undisclosed amount to DL Music IP and BMG Rights Management, who both have a 50/50 split in ownership.
Sting, 71, of the group Police sold his songwriting catalog for both his solo and band member career to Universal Music Group for an estimated $300 million.
Tainy, 33, legendary Puerto Rican songwriter and producer, sold a sliver of his music catalog dating to 2020- 2021 to Influence Media for $25 million. Tainy had penned hits, such as Cardi B’s “I Like It” and Bad Bunny and Jhay Cortez’s “Dakiti.”
