Bruce Springsteen sells the rights and recordings of his music to Sony Music. The record company is willing to pay half a billion dollars (443 million euros), according to sources from the American music weekly Billboard. According to Billboard, Sony Music will own all of Springsteen’s music.
The American released dozens of albums and hits in a period of almost fifty years. His first album, Greetings From Asbury Park, NJ, dates from 1973, his last studio album, Letter to You, was released last year and his last live LP this month. He scored big hits with Born To Run, The River, Dancing In The Dark and Born In The USA
Bruce Springsteen sings The River, a song from the 1980 LP of the same name:
Many internationally famous music artists choose to sell their musical legacy. Paul Simon, Neil Young and Bob Dylan, among others, preceded Springsteen.
Dylan sold the rights to 600 of his songs to Universal Music Group last year. According to media reports, that would have paid almost 340 million euros. That was reportedly the highest price ever paid for the purchase of music rights. Springsteen would now go far beyond that.
Sony Music and Springsteen have not yet responded to questions from Billboard.
Music journalist Jean-Paul Heck understands the step well. “Springsteen has obviously had a lot of hits in his long career and has been a very smart negotiator,” he said. NOS Radio 1 News.
“In the 90s he had already negotiated with Sony that when the time came to sell his music, he could do that. And he is now taking advantage of that at a later age.”
The high amount does not surprise the music journalist either. “Springsteen has always been a good businessman, along with his manager. Springsteen brought in 500 million in concert revenues alone between 2010 and 2020, so it’s not surprising that he is running away with such a large amount.”
Springsteen earned between 8 and 10 million euros per year for his records, Heck says. “From now on, that will all go to Sony. They hope to cash in on Springsteen’s oeuvre in the coming years. And for Springsteen himself it means that he is now completely financially independent, if he wasn’t already.”
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