Bruce Springsteen sells music catalogue to Sony for US$500mln

Bruce Springsteen has sold his entire music catalogue, with Sony (NYSE:SNE) paying US$500mln for his master recordings and publishing rights, according to reports.  

Springsteen will join a growing list of musicians, which includes David Bowie, Bob Dylan, and Blondie, to have sold the rights to their music.  

As part of the deal, Sony (NYSE:SNE) will gain ownership of all of Springsteen’s studio albums, including hits such as Born To Run, Born In The USA and Racing in the Street. 

It is a move that many artists are seemingly making, with the deals giving them an upfront cash payment but the long-term potential from streaming, licensing, performance royalties and merchandise switching to the new owner. 

Sony is keen on rights, having spent US$1.4bn on acquisitions in the six months prior to this Springsteen deal, which is said to be the most it has ever paid for back catalogue. 

Neither Sony nor Springsteen have confirmed that a deal has been agreed.  

Music rights have become hot property as the streaming services such as Spotify and Apple Music have grown. 

Investors though have limited access, especially in the UK, with Hipgnosis Songs Funds and the much smaller One Media IP two of the listed vehicles. 

Founded in 2018, Hipgnosis has spent over US$1bn in acquiring rights, including all of Blondie’s music and half of Neil Young’s songs.