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20-time Grammy Award winner Springsteen had generated about $ 15 million in revenue from his music last year alone, and has now given it up for $ 500 million.
Bruce Springsteen has sold the copyright for the entire music repertoire of his life to Sony, which includes 20 albums, classic songs such as ‘Born To Run’, ‘The Rive’ and ‘Born In The USA’. American media report .
His deal comes from similar moves as well Bob Dylan, Blondie and singer David Boëie.
Warner Music bought the rights to Boeie’s music in September, and Dylan sold the catalog of about 600 of his songs a year ago to Universal Music Group for about $ 300mln.
The agreement provides financial security for the artist and rights holders are already seeking to benefit from paid online distribution or licensing of films, television programs and other royalties.
Sony Music chief executive Rob Stringer said the company has spent $ 1.4 billion on rights acquisitions in the past six months.
These include the rights to the entire Paul Simon music catalog.
The Springsteen deal is the most expensive so far, if the figures reported by Billboard are correct.
Springsteen is one of the most successful ‘rock’ musicians of all time.
He was born and raised in New Jersey.
His reputation was cemented in 1974, when critic Jon Landau said of one of his concerts:
“On Thursday at the Harvard Theater I saw the story of rock’n’roll pass before my eyes.”
“And I saw that the future of rock is Bruce Springsteen. “One night when I needed to feel young, he made me feel like I was listening to music for the first time.”
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