Posted on 06/20/2024 11:35:34 AM PDT by Macho MAGA Man
Sony Music has reportedly bought the music catalog of English rock band Queen, including hits like Bohemian Rhapsody, Radio Ga Ga, and Another One Bites The Dust, for around $1.27 billion.
The news was first reported by Hits; according to the outlet, the only revenue outside the deal is for live performances, which founding members Brian May and Roger Taylor, who still actively tour with singer Adam Lambert, will retain.
Another interested player was said to be very close in the bidding, but stopped short at $900 million, with music rights seen as an attractive investment because songs continue to generate money for decades.
The $1 billion price tag means it is the biggest deal of its kind, surpassing the $500 million Sony paid to acquire Bruce Springsteen’s catalogue in late 2021.
Earlier this year, Sony also acquired a 50 percent interest in Michael Jackson’s music from the late singer’s estate – at a cost of at least $600 million, the BBC notes.
Queen are more popular than either of those artists, with 52 million monthly listeners on Spotify – compared to 41 million for Jackson and 20 million for Springsteen.
(Excerpt) Read more at breitbart.com ...
Absurd!
Wow im still paying off my Colombian house records deal
I have to agree R Man. Way too much, l fail to see how Sony recoups that much.
For the buyers, Its a lot like buying a TIPS bond - the royalties will pay out over the life of copyright protection, and can be periodically negotiated higher for inflation, new sources of revenue on the music found, and "re-mastering" done for new releases.
For the band, the surviving band members are in their mid-late 70s. I imagine its time for estate-planning, gifting, or setting up trusts while they are still alive.
Yikes!
Loved the music, but 1.2 BILLION?
Although, all the rest of us physicists are glad that one of us is a billionaire...
You might call Brian an astrobillionaire...
Why?
It’s only around 20x current earnings. That’s not too much.
Much better deal than half that for Springsteens crap.
Of course, that song is a bit pedo perverted.
Hey, I was just a skinny lad
Never knew no good from bad
But I knew life before I left my nursery (huh)
Left alone with big fat Fanny
She was such a naughty nanny
Heap big woman, you made a bad boy out of me
The prices paid for music catalogs are insane.
Since 1928, the return on the S&P 500 has averaged almost 10% per year.
How do you average $127 million in royalties EVERY year for Queen music?
On top of that, it is a business with fixed costs - probably several million per year.
Crazy.
If it is some billionaire who loves Queen, fine, its like a buying a painting you love.
But, $1.27 billion for a popular music business?
No thank you.
“Queen are more popular than either of those artists…”
Inappropriate grammar.
“It is.” “They are.”
On top of that, it is a business with fixed costs - probably several million per year.
Firstly, the fixed costs would be minimal. Need a lawyer, accountant and a couple of bookkeepers. But the department that manages these catalogs also mange others so the costs are spread among all of the catalogs.
As to another comment, SONY Records is essentially an American company, but the Japanese owners are culturally progressive folks who understand that the most important thing is that these catalogs make money, lots of it.
Most of their songs are YUCK!
You will see Queen themed commercials for EVERYTHING now.
British usage.
I disagree.
No dedicated advertising?
No dedicated creative marketing talent?
No defense against international piracy?
I will stick with several million per year.
Queen songs are probably gonna disappear off from Youtube.
Compared to Springsteen’s blubbering, they should have got 100X this much.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.