Legendary American singer/songwriter Bruce Springsteen sold his masters and music publishing rights to Sony Music and Sony Music Publishing. All in, the deal totaled a whopping $500 million.
The Boss Bruce Springsteen Lets Go Of His Album Catalog
Billboard reported the blockbuster deal and cited unidentified sources. According to the publication company, the combined assets’ floor price reached $350 million.
Earlier, Sony engaged with The Boss to purchase his entire album catalog. Universal Music Publishing helped conduct the sale.
Nobody connected with both parties has yet to give an official comment. Jon Landau, Springsteen’s manager, was unavailable for comment.
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Meanwhile, Sony Music and Sony Music Publishing declined to comment. Once completed, the deal will become the largest transaction for a single artist’s catalog.
In a statement from Sony, Bruce Springsteen shared his thoughts on the sale. “I am one artist who can truly say that when I signed with Columbia Records in 1972, I came to the right place.
During the last 50 years, the men and women of Sony Music have treated me with the greatest respect as an artist and as a person.
I’m thrilled that my legacy will continue to be cared for by the company and people I know and trust,” he wrote.
Long Time Partnership With Sony
The 72-year old artist remained with Sony’s Columbia Records ever since he launched his career as a singer. Nicknamed The Boss, Springsteen went on to gain ownership of his earlier albums.
According to the Recording Industry Association of America (RIAA), Springsteen’s album catalog sold over 65.5 million units in the US alone. This includes the 15-times platinum Born in the USA and the five-time platinum The River.
A bankable rock artist, Bruce Springsteen represented the blue-collar psyche beloved by many Americans. He was responsible for monster hits in the 80s such as the iconic anthem “Born in the USA” as well as “Dancing in the Dark” and “Born to Run”.
Along with his accompaniment, the E-Street Band, Bruce Springsteen entered the Rock and Roll Hall of Fame in 1999. The Boss released his latest album “Letter To You” in October 2020.
Last June, the rock artist reopened Broadway with a series of shows titled “Springsteen on Broadway”. This is one of the first full-capacity shows opened to the public after the OCVID pandemic hit worldwide.
Bruce Springsteen Is The Latest Artist Who Unloaded His Music Catalog
With the sale, Springsteen joins a long list of veteran artists who also sold their publishing rights in the last few years.
Before Bruce Springsteen, musical artists such as Bob Dylan, Paul Simon, Stevie Nicks, Lindsey Buckingham, Mick Fleetwood, Shakira, Jimmy Iovine, and David Crosby all sold their rights. Many decided to do so because the pandemic prevented live music events from happening.
As some artists lost their main source of income, they turned to sell their album catalogs to raise money. Crosby, in particular, was thankful for the opportunity.
“Given our current inability to work live, this deal is a blessing for me and my family,” he said. Specifically, Crosby managed to pay off his house.
Watch the Billboard news video reporting that The Boss, Bruce Springsteen sells his masters and music publishing to Sony in a $500 million deal:
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