RELATED: Queen guitarist Brian May says an asteroid in Jupiter's orbit has been named after the band's late frontman Freddie Mercury on what would have been his 70th birthday – Sep 8, 2016After a pause when interest rates spiked, another act has decided to sell its catalogue of songs — and this sale is a doozy.
That’s … a lot. No one has ever paid more for a song catalogue in the history of the known universe. The previous record holder, Bruce Springsteen’s sale of his music for US$500 million, seems like a bargain in comparison. Other big sales over the past couple of years include KISS, Bob Dylan, Sting, and Phil Collins and David Bowie . Even Sony’s purchase of half of the Michael Jackson catalogue is dwarfed by this purchase.
Complicating matters was the existence of Queen Production Ltd., the company owned by each of the living band members and the estate of Freddie Mercury. That entity owned the group’s recordings outside Canada and the U.S. The lawyers’ billable hours for this deal must have been huge when it came to untangling everything. It will take until perhaps 2027 for all rights to completely revert to Sony.Prince Albert, Sask.
There’s also no indication that Queen’s popularity is going to wane anytime soon. Some millennials and Gen Z have adopted Queen as their favourite heritage band. Perhaps only Fleetwood Mac comes close to having achieved iconic stature with those demos. These songs and associated properties are going to continue to generate revenue for years. That £1 billion price tag may yet to turn out to be cheap.
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