Bruce Springsteen is a record: he sold his catalog for 500 million dollars.
The operation was made between the artist and the Sony Music company, which has spent the last year and a half disbursing billions of dollars in transactions like this.
Bruce Springsteen has sold his entire music catalog and publishing rights to Sony Music for$ 500 million, the most significant transaction to date on the work of a single artist. With this agreement, advanced by Billboard magazine and later confirmed by The New York Times, the "Boss" has broken the record set a year ago by Bob Dylan. He sold his extensive catalog to Universal for about $ 400 million, which covers a work spanning six decades.
This agreement is the most recent and essential of all those carried out in the last two years. The major record companies and the music industry have invested hundreds of billions of dollars in buying the catalogs. Full-lengths by various artists. Among those who sold most or all of the rights to his work are Bob above Dylan, Shakira, Paul Simon, Neil Young, Tina Turner, and many other industry stars.
To get an idea of the amount of money invested by Sony in recent years, it is enough to know what Rob Stinger, CEO of Sony Music, said at the investors meeting in May: I assure you that the company had spent around fourteen billion euros on purchases of this type in the last six months.
The frenzy with which the companies in the field were moving to buy all possible copyrights is not disconnected from the pandemic context in which we have found ourselves since the beginning of 2020. Considering that the primary source of income for artists is the performing live shows and the constant tours in which they embark, it is simple to understand the abrupt blow that these suffered in their rent. In addition, we must consider the uncertainty that exists in the world regarding the return to normality and how long it will take for concerts and music tours to unfold with the naturalness and frequency that they did before.
But not only that but it must also be considered that most of the aforementioned are artists of great age - Springsteen is 71 years old, Bob Dylan 80 and Neil Young 76-, which, beyond the world context, adds the question of how many For more years, they may be giving a show on stage for two hours for most days of the month, in addition to all the trips that a tour entails.
And finally, another important factor when deciding to sell has to be the sharp drop in the physical sale of records, which used to be the most significant source of income for artists at the time. This is not compensated for the payments they receive from streaming platforms like Spotify.
Springsteen has been a part of Columbia Records - the group Sony - since the beginning of his career. In 1973 he released his first album, "Greetings from Asbury Park, NJ, "on this label. Since then, he has released more than thirty albums, including studio work, live records, and compilations.
The American musician had acquired the rights to his music as part of a renegotiation of his contract around the 1990s, after releasing historic albums such as "Born to Run, "The river," and "Born in the USA. "Sales of Springsteen's albums exceed 120 million copies worldwide and total a dozen number one, which is one of the most outstanding records in rock history.
He is also one of the most successful artists in rock, with more than twenty Grammys, two Golden Globes, and an Oscar. The "Boss," who released his last album "Letter for You" in October 2020 and who reopened Broadway in June of this year with his show "Springsteen on Broadway" after coronavirus restrictions slowed the performance of shows during More than a year, he then joins the list of artists who prioritized ensuring their wealth in the short and medium-term by signing multi-million dollar agreements.
But, Does this decision affect the average listener? The answer is no. Regardless of where you decide to listen to the music of Springsteen or any artist who has sold their copyrights, the songs will be heard in the same way even though the money raised by such reproduction goes to an industry giant and not the artist.