By the end of 2020, the iconic 80-year-old artist had already sold the copyright to his musical compositions.
Bob Dylan sold its entire catalog of recorded music, as well as “the rights to multiple future new releases”, a Sony Music Entertainment, the company announced Monday, without disclosing the amount of the agreement.
At the end of 2020, the iconic 80-year-old artist he had already sold the copyrights to his musical compositions—other than the recording rights, which govern reproduction and distribution—to Universal, in a deal estimated at more than $300 million.
According to industry information, including Billboard Y Variety, the last agreement would rise to more than $200 million.
Sony said it signed the recording rights deal in July 2021, further deepening its six-decade relationship with the company..
Dylan signed his first deal with Sony-owned Columbia Records in 1961, releasing his first album that same year..
Highlighting Dylan’s “peerless genius,” Rob Stringer, chairman of Sony Music Group, underscored the “special relationship” Columbia Records has had with the artist since the beginning of his career.
“We are extremely proud to continue growing and developing our 60-year relationship” with Dylan, who was awarded the Nobel Prize for Literature in 2016, he said.
For Dylan, in that long relationship with Columbia Records and Rob Stringer, “they have been nothing but good to me for many many years and to a good handful of records” that he has released under his label.
“I am happy that all my recordings can stay where they belong”, he added.
Dylan’s deal with Sony is different from the one he signed with Universal.
The owners of the recording rights can decide to make future editions, while copyrights receive royalties for his radio plays and streaming, album sales, and use in advertising and in movies.
The agreement of Dylan’s deal with Universal was one of the biggest that preceded a series of music catalog deals in the past year., where the financial markets are increasingly interested in this type of asset.
The companies have bought a number of major catalogues, including David Bowie, Bruce Springsteen, Stevie Nicks, Paul Simon, Motley Crue, The Red Hot Chili Peppers and Shakira.
Springsteen sold the rights to his music catalog to Sony for about $500 million last December.
Earlier this month, Bowie’s estate sold the rights to the singer’s musical work to Warner Chappell Music.. (E)
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