Bruce Springsteen dominated the late 70s and 80s with hits like Born In The USA and Blinded By The Light.
Background: Bruce Springsteen dominated the late 70s and 80s with hits like Born In The USA and Blinded By The Light. And now, he's just sold his music rights to Sony Music Entertainment.
What happened: This crew earn around US$9 billion in revenue each year. And they're the big guns behind Beyoncé, Mariah Carey, Britney and, let's not forget, Mr. Worldwide (aka Pitbull).
What else: It means when you stream a Springsteen song from Spotify, YouTube or even TikTok, Sony will get a small clip. And this deal adds to the ongoing boom in the acquisition of musicians' catalogues.
💡Catalogue acquisition is where a singer or songwriter sells 100% of their music rights. In other words, they forfeit the income and rights to each of their songs to another party (i.e. Sony).
💡Over the last few years, a heap of artists have been selling their music rights. There was: Calvin Harris, Stevie Nicks, Bob Dylan, The Killers, Imagine Dragons...and more.
💡Why all of a sudden? Well, the live touring income of artists has been slashed by about 90% over the last 12 months so artists need to generate cash in some way.
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