Photo by Rob De Martin
Bruce Springsteen has sold his music rights to Sony Music Entertainment in what may turn out to be the biggest deal ever for a single artist’s entire body of work.
In a press release shared by Sony, Springsteen noted, “I’m an artist who can truly say that when I signed with Columbia Records in 1972, I came to the right place,” the legendary rocker continued, “At the Over the past 50 years, the men and women of Sony Music have treated me with the utmost respect as an artist and as a person. I am delighted that my legacy continues to be supported by the company and the people I know and trust.
Specific terms of the transaction have not been released, but reports note that the deal involves two separate agreements – one for the musicians’ recorded work and the other for music publishing rights.
The deal was signed in the days before Thanksgiving and is valued at $550 million according to two unnamed sources. The New York Times reports, “The latest and greatest megadeal in what has been a frothy few years in which investors, major music companies and private equity firms – lured by the streaming boom and the promise of music revenue growth for years to come – have invested billions of dollars in purchasing song catalogs.
Ownership of Bruce Springsteen’s complete collection will include classic numbers such as “Born in the USA”, “Blinded by the Light” and “Born to Run”.
Bruce Springsteen is the latest artist to cash in their catalog for significant monetary gain, joining Bob Dylan, Paul Simon, Stevie Nicks, Neil Young and many more.