Posted on 02/02/2022 7:03:52 PM PST by texas booster
There are a lot of good reasons for US songwriters to sell their publishing catalogs right now.
There’s the fact that Joe Biden’s tax plans will – if they get through the US legislature – significantly raise capital gains tax for composers whose songs attract a sale price-tag over $1m.
There’s also the fact that streaming continues to grow the record industry, leading to rosy projections from the likes of Goldman Sachs… and, in turn, fuelling a frenetic M&A music rights marketplace.
And, of course, there’s the fact that acquisition multiples have never been higher, as well-funded players like Hipgnosis Songs Fund, Concord and Primary Wave do battle with the major incumbents, Universal Music Group, Sony Music Group and Warner Music Group.
We don’t know how many of these factors influenced Bob Dylan’s decision to sell his songwriting catalog (including both publisher and writer’s share) to UMG, for a price-tag that MBW’s sources suggest lay somewhere between $300m and $400m.
But it’s a fair bet they were all given due consideration by the former-Mr.-Zimmerman’s representatives.
Now, one of Dylan’s ’60s contemporaries – David Crosby of Crosby, Stills & Nash – has revealed he’s also in the process of selling his song catalog to the highest bidder.
However, Crosby’s motivation for doing so is rather more deflating, and a stark reminder that 2020’s music business doesn’t spell fantasy-level enrichment for every established artist out there.
Referencing Dylan’s nine-figure catalog sale, singer/songwriter Crosby tweeted today (December 7): “I am selling mine also… I can’t work …and streaming stole my record money.”
He added: “I have a family and a mortgage and I have to take care of them so it’s my only option… I’m sure the others feel the same.”
Just proving that there are (at least) two sets of rules:
In March 2004, Crosby left a suitcase behind at a hotel in New York City, and when an employee looked for an identification tag, he stumbled upon a small amount of marijuana and a loaded handgun, according to The New York Times. When Crosby came back to the hotel to get the bag, he was arrested, spent 12 hours in jail, posted bail, pleaded guilty to criminal weapon possession, and paid a fine.
After about the 3rd new song, people started to boo loudly and they got it and went back to their good stuff.
Great group despite their left-leaning politics.
Crosby comes from an old money family. He’s been grifting as a “common man” musician for 50 years.
Now you understand the real reason they’re pissed at Spotify, and it has nothing to do with Joe Rogan.
An old singer, from an old band, whose fans aren’t into Spotify and aren’t filling venues to see him anymore.
One has to think why he would have a mortgage.
Many of them actually did - they took some of the money and invested it. If put a couple of million into something reasonable in the 70s, today you should be sitting on at least $100 million.
Jokingly but jealously a few years ago Keith Richards said of Bob Dylan: “Bob always finds ways to keep those revenue streams flowing his way. He is the Prophet of Profits.”
That actually happened after Albert Grossman cheated him out of millions by shady contracts from 1962-1970 that gave him 25% but actually a de facto 50% or more of his earnings. The hidden and visible sources of money went to Grossman unnoticed until a secretary offhandedly told Dylan and proved it with some file folders.
Grossman’s famous line to Dylan and others (Gordon Lightfoot, the Band, Todd Rundgren, Janis Joplin) was after he cheated the client they became 10% smarter than working for the other “dummy” managers by the learning experience.
Dylan spent over a decade in court obsessed with getting revenge against Grossman.
😂😂😂. Haven’t heard that dyke’s name in a looong time.
He’s getting more than he’s worth. Just shut up, Dave, and go die somewhere.
I can’t name a song by either, I just remember the news of her getting “turkey bastered” by Crosby...
I enjoyed the silence, as in not hearing her voice, too.
Notice she and Cher spend almost all of their singing time on recordings belting it out and practically yelling the lyrics. Not singing with nuances (I know not everyone is Adele but at least some variations are good.)
Not hearing a lot of love from the old hippies.
“turkey bastered”????
“There’s the fact that Joe Biden’s tax plans will – if they get through the US legislature – significantly raise capital gains tax for composers whose songs attract a sale price-tag over $1m.”
Who did you vote for David?
You know I might feel sorrier for these guys if they hadn’t spent 30 years screwing us on the price of CDs. $20 a pop for a disk that cost them a few cents to make.
I’ve literally spent thousands of $ in my life on music. I don’t necessarily regret it, but they’ve got all the money they’re going to get from me.
A guy with his lifetime earnings, who is 10-15 years older than me, somehow manages to need a mortgage. Meanwhile, I do not. No debt.
Not feeling sorry for his bad decision making, drug addictions, etc.
Artificial insemination.
Another CSNY member in the news?
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