The British rock band Pink Floyd have parted ways with their musical back catalogue, signing the rights over to Sony Music for a huge sum. Up until their disbandment in 2014, Pink Floyd, who gained prominence in the 1970s, were known for their contributions to the evolving genre of rock, as they explored experimental rock and psychedelic rock within their discography.
Just as rumours were circulating surrounding Pink Floyd’s deal with Sony Music, the Financial Times were the first to report that the sum would be an eye-watering $400 million.
The deal between Sony Music and Pink Floyd comprises recorded-music rights but not songwriting rights, with the rights belonging to the track’s individual writers. It also included rights to name and likeness especially surrounding merchandise, theatrical and similar rights.
Sony Music has reportedly acquired Pink Floyd’s recorded music rights for around $400 million, including name and likeness rights, but excluding song copyrights. pic.twitter.com/5ylhg0mNX0
— Eric Alper (@ThatEricAlper) October 4, 2024
Prior to the deal made between Pink Floyd and Sony Music, Music Business Worldwide reported, the royalties from Pink Floyd’s music went into two companies: Pink Floyd (1987) and Pink Floyd Music Limited. The first company included the music released after Roger Waters’ departure in 1985, while the second included tracks from prior to 1985.
It is certainly one of the biggest deals hashed out over recent years, including Sony’s reported purchase of Queen’s catalogue, which included publishing rights, ‘name and likeness’ rights and recorded music rights outside of North America, for well over $1 billion, earlier this year.
As the reports were flooding in over Pink Floyd’s interest in selling their catalogue, they received heightened attention from many potential buyers including Sony Music Group, Warner Music Group, BMG, Hipgnosis, Concord, Primary Wave and Blackstone.
Pink Floyd may have gotten $400m for their catalog, but Roger Waters’ controversial political statements against Israel and Ukraine definitely devalued it, as the original asking price was $500 million. https://t.co/z0FC9qz4OF — Variety (@Variety) October 3, 2024
With no new music on the way and with the odds for a reunion from the legendary rock band being slim to none, as a result of the ongoing feud surrounding the differing socio-political stances between David Gilmour and Roger Walters. The sale of Pink Floyd’s music catalogue further highlights the possible end of Pink Floyd.
The deal struck out by Pink Floyd proves there is a change in attitude from the music industry. It is evident there is a growing demand for music and entertainment companies to fight for the rights of iconic musicians whose back catalogue spans decades and chart-topping hits.
Besides from the purchase of Queen’s catalogue, Sony (alongside the financial aid of Eldridge Industries) successfully acquired Bruce Springsteen’s publishing and recorded music catalogue in 2021.
At an everyday level, due to the nature of the deal, we should expect to hear some of Pink Floyd’s most iconic tracks in commercials and video games.
Despite its prominence which has grabbed the attention of many media outlets, for instance Variety, NME, Financial Times and Independent, both Pink Floyd and Sony Music are yet to comment on the nature of the deal.
This new direction in the music industry defines a resurgence in iconic and ‘classic’ musicians, it is one method of many to keep musical legacies alive and allow for multi-generations to enjoy the same music.
