Bruce Springsteen, 72, sold his music rights to Sony Music Entertainment, making history for the biggest deal ever struck for an artist’s music catalog, according to Billboard.
- The body of work sold includes Springsteen’s records music catalog and his work as a songwriter, valued at more than $500 million, per the report.
- This deal will give Sony full ownership of hit songs such as “Born to Run” and “Born in the U.S.A.”
- Per the report, a public announcement hasn’t been made yet.
Springsteen has been with Columbia Records his entire career, selling more than 65 million albums in the U.S., which makes him one of the bestselling American rock stars.
His last concert tour, “The River,” a 35th-anniversary tour from 2016 to 2017, grossed $306 million at the box office.
With the recent rise in interest to buy song catalogs as streaming services become more popular, investors — like Merck Mercuriadis’ Hipgnosis and Irving Azoff’s Iconic Artists Group — and music companies have been more than willing to front the money, according to CNBC News.
- Artists like Bob Dylan and Shakira, both have sold parts of their work, profiting thousands of dollars, the report added. In September, Warner Music bought the worldwide rights to David Bowie’s catalog.