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.”
Nah, couldn't be the drugs. No, of course not.
“it’s my only option.” Proof that Crosby is not very bright. He had numerous options, such as Amazon who is offering a $3K signing bonus to work in a warehouse.
“$20 a pop for a disk that cost them a few cents to make.”
Shocking ignorance.
The drugs?
Already got a new liver for that - and paid for by another musician.
I wonder how many needy liver transplant patients he jumped over due to his celebrity.
These guys from the 60s, 70s, and 80s don’t understand that the idea of a ‘music star’ who could make millions and millions of dollars from their music is a historical aberration. There’s a reason the term is “starving artist.”
The days of musicians earning enough to be comfortable, much less becoming filthy rich, are over.
David Van Cortlandt Crosby was born in Los Angeles, California, second son of Academy Award-winning cinematographer Floyd Crosby, who formerly worked on Wall Street, and Aliph Van Cortlandt Whitehead, a salesperson at Macy's department store. His father was a relative of the Van Rensselaer family, and his mother—granddaughter of Bishop of Pittsburgh Cortlandt Whitehead—descended from the prominent Van Cortlandt family; they "regularly inhabited the New York society pages before their wedding".
That's one way to join a band - pay for stuff so the talented members can't kick you out so easily.
Claims and estimates of Crosby’s net worth on the net range from 100k to $40 million.
Most estimates are around $5-10 million.
Musicians are better than NFL players with their money, but that’s not saying much. Some do very well, some don’t.
One that I know said he made a lot of “good money” in music, hit records, publishing, etc., but made his “big money” in real estate.
“ A mortgage, seriously?”
No kidding. The guy is like 100 and still owes money on his house? After all the cash he’s made over the years?
Sorry, but I don’t feel sorry for him one bit.
Came here to see the nasty things people will say about this has-been klown.
I know a man, a little older than Crosby who never made more than 35K a year at his job, who hit 3 million last year.
Actually it may have something to do with Joe Rogan and that is that they are jealous that Rogan gets a hundred million and these guys get bupkus. Personally I don’t care for spotify it is an irritant being installed on the school computers that the kids use. I just delete it every time I see it. It’s not on my phone or my computer. And I don’t have 3 hours a day to listen to boring Joe Rogan. And he is boring.
I hope Stephen Stills has fared better, always thought he and Nash were the real talent of the group. Neil isn’t much of a player and sure can’t sing worth a damn, and I never quite figured out what Crosby did, except drugs.
I met him once. He seemed nice enough. His kid was playing with my kid at the 4th of July fireworks. They were about 3 or 4 years old. He autographed a piece of brown paper bag for me. My brother delivered a pizza to his house one time. Got invited in.
The buried headline in the story is that hedge funds are buying the catalogs of soon to be departed old musicians because their old songs are way more popular with younger audiences than the auto-tuned, computer-generated clone music produced by current artists. Why do you think no one complained when they cancelled the Grammys?
“That’s one way to join a band - pay for stuff so the talented members can’t kick you out so easily.”
When you go down the rabbit hole even further... Crosby was in the Byrds. Mr. Tambourine Man was their number one hit and they didn’t play the instruments on it. Phil Spector’s Wrecking Crew did. It was all a scam. By the time the Monkees were manufactured they didn’t even bother pretending any more.
David Crosby Calls Former Bandmate Neil Young ‘Probably the Most Selfish Person I Know’
By People Staff
September 03, 2021 12:18 AM
https://people.com/music/david-crosby-calls-former-bandmate-neil-young-the-most-selfish-person-i-know/
“The days of musicians earning enough to be comfortable, much less becoming filthy rich, are over.
Tell that to Garth Brooks, lol.
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