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.”
Actually, it costs a hellava lot more than that when you consider the cost of the recording studio, its' equipment & engineering staff, mastering engineer, the packaging, etc...and so much more.
“Rap” is simply racist hate speech with absolutely no musical attributes.
Those vile thugs are similar to the animals in the opening sequence of “2001” jumping up and down and screaming.
Must need money for blow.
Cohen’s manager of 16 years stole more than $5 million from his retirement fund he had set up, leaving him with only $150,000. Apparently there were other shenanigans she was involved in too.
Thanks for the Fillmore show. Relentless. Haven’t heard it in a while. More great music was produced when we were in ‘Nam than in all other mini-eras combined. Multiplied by …a lot.
<< Sad state of affairs when Our House streams more than Long Time Gone >>
Ain’t that the truth. LTG, Almost Cut My Hair, Deja Vu, Wooden Ships…. the highlights of Crosby’s catalog, imo. It’ll be interesting to see how much he gets for that thing.
My favorite solo album by anyone in the CSN crew is Stills’ Manassas (‘72). No hits on there, and it pulls from a few genres, but somehow it all works brilliantly.
The guy is 80 years old and has made millions of dollars over the years. Why does he still have a mortgage? And why is his family still depending on him for care? Sounds like a lot of personal and financial mismanagement.
He clearly did not stick to his financial plan.
I posted this article from last year to show Crosby’s hypocrisy over demanding that his music be removed from Spotify. Please note:
1) Crosby does NOT own his own music anymore. He sold it off in 2020 to a music firm owned by a former music industry crook. But I repeat myself.
2) He received $150 million in 2020. Unless he is blowing it all on coke and young women (hey! it could happen) he should have plenty left.
3) He has a mortgage because he has bad Hollywood-type advisors. A mortgage at 64? Happens a lot. At 74? Should be paying nothing except property taxes and insurance.
4) Like many of us he years to be relevant as he gets older. Sometimes it happens (see one D. Trump). Saying anything against CoviD lines up with the media and will get him a few days of publicity. (publicity - the ultimate drug)
5) Crosby is lying, doesn’t care and just wants to get free pub.
Phil Collins apparently paid for the surgery.
A band that I was in at the time did cover some of her songs (we had a female singer). I saw her in concert once along with 10,000 lesbians.
RE: Manager stole from Leonard Cohen.
Excellent point. That was a big deal when it happened.
Thanks for reminding me. I forgot.
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.