Bruce Springsteen Sells Rights To All His Songs To Sony Music | Culture



Bob Dylan, Neil Young, David Crosby, Paul Simon … And now Bruce Springsteen. Pop and rock veterans are racing to make the most of their work and are selling the rights to their songs for millions of dollars. There is still no official announcement, but publications like Billboard Y The New York Times They assume that Bruce Springsteen has agreed to sell the rights to all his songs to the Sony Music label for around $ 500 million (about 442.5 million euros). The sale covers all the classic compositions of the New Jersey rocker: records such as Born To Run, Born in the USA The The River.

According to analysts, this money would be the largest transaction ever made for the musical work of an artist. In 2020, the Universal Music label agreed to buy all of Bob Dylan’s songs. The company did not disclose the acquisition price of the collection of some 600 compositions made in six decades, but the newspaper The New York Times He estimated the value of the artist’s songs at more than 300 million dollars (about 247 million euros).

It is no coincidence that everything has been happening in the last two years, since the onset of the pandemic. We are talking about artists who spend a good part of the year on the road, an activity that generates great income and that they have had to stop due to the arrival of the coronavirus. When the virus spread around the world in 2020, everyone thought that by 2021 it would be fixed and musical life would normalize. Springsteen was one of the first to warn. “My antenna tells me that, at best, it will be in 2022. And I would consider it lucky for the concert industry if it happens then,” he said. Some disliked the ominous diagnosis of the creator of Nebraska. But his antenna did not fail. Now, in full wave of the omicron variant, it remains to be seen if the activity of live music can be resumed for the year that now begins. Springsteen had planned to begin performances with the E Street Band in the spring of 2022. There are no official statements yet.

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We are talking about veteran artists (Springsteen is 71; Bob Dylan 80; and Neil Young 76) who are aware of the complexity of putting together big concerts and the physical effort that goes into it. How many years can they be on stage for more than two hours for several days a month? But there are more reasons to ditch your catalogs. Undoubtedly, the collapse of the physical or digital sale of records, which has been going on for a few years now. This drop is not offset by platforms such as Spotify, which has unpublished agreements with large companies. You just have to ask a consolidated musician for the money that comes to him from the platforms of streaming to realize how thick the matter is and how unhappy they are with the new system.

Springsteen has sold his songs to his record label, but there are other players in this movie: mutual funds. One of the most powerful is Hipgnosis Songs Fund, dedicated almost exclusively to music, which is listed on the London Stock Exchange and which has reached agreements with Neil Young, Shakira, Blondie or The Pretenders. And he has no intention of stopping. Its president is the 58-year-old Canadian Merck Mercuriadis, a businessman who knows the world of music perfectly by working in different forms of representation with stars such as Elton John, Beyonc√©, Morrissey or Guns N ‘Roses. Buyers trust that these catalogs full of classics will generate great benefits in the medium term with the unstoppable boom of the services of streaming. In addition, the possibility of using songs in advertising campaigns, movie soundtracks or series is saved.

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How does this money dance affect the music fan? Practically nothing. Like a Rolling Stone The Thunder Road They will sound just as good when the money reaches its author or an exploitation company.


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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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