Hits for sale: Notable artists who have had their music catalogs sell for big money [Financial Post (Toronto, Ontario, Canada)]
Warner Music Group Corp. - Class A (WMG)
Company Research
Source: Financial Post
On Thursday, it was announced that American rock band Kiss had sold their catalog, brand name and IP to Swedish company Pophouse Entertainment Group in a deal estimated to be over $300 million. They're the latest to participate in an ongoing trend of blockbuster acts and their rights holders inking deals to sell their back-catalogs, often for impressive sums. It's big business — especially considering that two-thirds of all music streamed is made up of catalog music, and streaming accounts for 84% of all music industry revenue. Not every artist disclosed the amounts involved but some deals have been estimated at as much as half a billion dollars. (A figure that could be eclipsed when the Michael Jackson estate sells the singer's catalog.) Article content Article content Let's take a look at some notable cases. Bruce Springsteen The singer known for such hits as “Born to Run” and “Hungry Heart” sold his music catalog to Sony Music Group in late 2021 for an estimated $550 m
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WMG
Earnings
- 2/7/24 - Miss
WMG
Sec Filings
- 3/8/24 - Form 8-K
- 3/7/24 - Form 4
- 3/7/24 - Form 4
- WMG's page on the SEC website