Rod Stewart sells music catalog for around US$100 million, says newspaper

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Information was published by ‘The Wall Street Journal’, on Thursday (15). Music catalogs attract investors because they are considered assets with long-term value. Rod Stewart during a show in Brazil in 2023 Rogener Pavinski/g1 British singer-songwriter Rod Stewart, famous for hits like “Maggie May”, is the most recent member of the club of artists who have sold the rights to their songs, reported this Thursday- fair (15) “The Wall Street Journal”. The newspaper reported that Irving Azoff’s Iconic Artist Group acquired Stewart’s rights to his musical catalogue, recordings and image for a sum close to US$100 million (R$497 million). The news comes less than a week after Sony closed a deal in which it acquired half of Michael Jackson’s music catalog and recordings. Few details are known about the King of Pop’s catalog transaction, but according to Billboard and The New York Times, it is the largest asset valuation for a single musician. The Times, citing sources familiar with the deal, said Jackson’s assets would be valued at US$1.2 billion (R$5.96 billion). As a result, Billboard estimates that Sony paid at least US$600 million (R$2.98 billion). In recent years, music rights have become an attractive market after a number of artists have benefited from the sale of their catalogues, including Bob Dylan, Bruce Springsteen, Stevie Nicks and Neil Young. The Jackson and Stewart deals hint that the catalog acquisition market is flourishing again after a period of cooling. According to the Wall Street Journal, Iconic de Azoff raised more than US$1 billion (R$4.98 billion) in new capitalization for acquisitions of this type. Music catalogs attract investors because they are considered assets with long-term value in the streaming era. Owners of the publishing rights to a song receive money from radio play and broadcast, album sales, and its use in advertising or films. Recording rights give ownership over reproduction and distribution. VIDEOS: most watched on g1

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