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British rocker Rod Stewart, known for hits like “Maggie May,” has sold the publishing and recorded music rights to his catalog for nearly $100 million, the Wall Street Journal reported Thursday. According to the American economic daily, for this sum, the company Iconic Artists Group of businessman Irving Azoff acquired the rights to Stewart's catalog, as well as certain rights to his name and image.
The information was announced less than a week after the announcement of a resounding agreement concluded by Sony to acquire half of the recording and publishing rights to Michael Jackson's catalog from his heirs. The New York Times estimated the value of the Thriller singer's catalog at $1.2 billion or more, and according to the Billboard website, Sony paid at least $600 million.
In recent years, music rights have become a thriving market after a wave of sales that allowed artists such as Bob Dylan, Bruce Springsteen, and Neil Young to make money from their catalogs. These constitute interesting, long-term assets for investors in the era of streaming. Owners of the publishing rights to a song receive financial compensation for each broadcast, album sale or use in advertising and films. Registration rights govern the reproduction of works and distribution.
