The late British rocker, David Bowie, just had his entire music catalogue sell for $250 million US last week. Other musicians that recently sold their catalogue include Bruce Springsteen, Bob Dylan, Stevie Nicks, and Neil Young. More current and newer artists such as Shakira and Calvin Harris have also jumped on the trend.
The payouts for these deals aren’t cheap as Bruce Springsteen just made the largest-known single-catalogue sale in December for $500 million US. The question many are wondering is why are these musicians starting to sell now? And why are corporations willing to spend so much money on these deals?
CEO of Music Canada, Patrick Rogers said “The reason why you’re hearing about this right now, and why it seems to be happening quickly is a U.S. tax situation,… The opportunity to do this at the best financial time is right now.” Musicians that make a large sale right now, will pay less than half as much as they might a few years from now when the loophole is closed.
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