Queen are reportedly close to closing a deal to sell their music catalogue and it looks like Sony Music are in the running to acquire the rights.
This would turn over an astronomical profit for the potential buyers, cashing in when any of the lyrics are used in films and adverts and heard on the radio making them an enticing acquisition. If Sony Music acquires the rights then they would secure the royalties from all recorded songs included in the contract, as well as any profit from merchandise and licensing and most importantly, any earnings from the prizewinning biopic ‘Bohemian Rhapsody‘ which took home 7 BAFTAS, 2 golden Globes and 32 more awards internationally with 81 overall nominations after its release.
The band’s legendary song by the same name (Bohemian Rhapsody) is one of the most streamed rock songs of all time and became the most streamed song of the 20th century in 2018 according to the Guardian. Of course, due to their inconceivable level of success, the remaining members of Queen are requesting an offer of over $1bn from potential investors. If finalised, this sale will be ‘one of the biggest ever deals of its kind’ according to the report by Bloomberg. According to American Songwriter, Queen have sold over 300 million albums and obtained nine top twenty hits in the band’s lifetime so the valuation of the rights seems justified.
This isn’t the first time some of the most revered artists of our time have sold their life’s work, in recent years the greats such as Bob Dylan, Cher, Stevie Nicks, and Blondie have all traded in the licence’s to their songs for cash. Bruce Springsteen even sold his catalog for more than $500 million dollars to Sony Music in 2021. But why do artists split with the right to their music and songs?
It’s hard to escape the buzz surrounding Taylor Swift and more specifically her re-recordings. Famously, she is re-recording her entire discography that was recorded under Big Machine Records (which encompasses albums 1-6) during the former 15 years or of her career. With massive artists like Swift pushing a discourse around the importance of owning your creative work, why are so many of the GOAT’s choosing to cash in on the music that has defined generations?
In an article written by the Rolling Stone in 2021 it is stated that for musicians, selling their discographies ‘rids artists’ lives of several unpalatable uncertainties’ such as the influx of music making it’s way onto streaming platforms today The article asks, with so many options for what we listen to and how we listen to it, ‘How can today’s veteran singer/songwriters be certain they’re going to remain as resolutely popular in 2031, or 2041, as they are in 2021?’ For older artists such as Bob Dylan, planning for the stability and distribution of wealth to his kin may have come into play, Queen have been an active band for the past 5 decades so it is no jump to assume that this could be a factor in their decision to sell.
All in all, it is an exciting time for the band and lucky for fans, we will still get to relish in the glam-rock of one of the greats in the same capacity as we always have.
