"Times are a-changin'," sings Bob Dylan.
And musicians increasingly sell the rights to their songs.
The music company Sony has announced that it has bought the entire catalog of Bob Dylan's recorded music from 1962 to the present day, and future editions and reissues are included in the deal, Hina agency reports.
The price was not announced, but experts estimate that Dylan could have received 200 million dollars for it.
This is not Dylan's first sale of his tracks. A little over a year ago, he sold the copyright to his songs (which is different from the recording rights) to Universal for a reported $300 million.
The winner of the Nobel Prize for literature is only the latest in a series of musicians who decided to sell their rights to large publishing houses and corporations, Hina reminds.
Earnings from record sales melted away
Before his 75th birthday, David Bowie's heirs received $250 million by selling the rights to his entire music catalog.
Bowie's oeuvre, spanning six decades, includes more than 25 studio albums with hits including "Space Oddity," "Changes," "Heroes" and "Let's Dance." All of it now belongs to the Warner Chappell Music label.
Bruce Springsteen sold all his work to Sony. The Red Hot Chili Peppers (RHCP), Shakira, Tina Turner and many others have also made significant sums by giving up the rights to their music.
This is the result of a decline in record sales as people turn to streaming music on platforms like Spotify. In addition, there was a drop in concert revenue due to the pandemic.
"We can't work," American singer-songwriter David Crosby announced on Twitter a year ago, with the decision to sell his rights.
"Streaming stole my record money... I've got a family and a mortgage to take care of so it's my only option."
RHCP made about $140 million in sales, Springsteen about $500
Once sold, it is difficult to get back the rights to a song. But at least in the short term, artists make great money. The band RHCP is said to have earned around $140 million from the sale to British corporation Hipgnosis.
Springsteen tops the list with an estimated $500 million in record sales, a considerable sum for a man whose songs address working-class issues.
Hipgnosis is considered a pioneer in rights management. The British investment company was founded by Merck Mercuriadis, a music veteran who managed Beyoncé, Iron Maiden and the Pet Shop Boys, and Nile Rodgers, the band Chic and famous producer.
American singer-songwriter Barry Manilow, Neil Young and Shakira are also part of that company.
Although fans of these artists often accuse them of selling out their idols, Hipgnosis has repeatedly stated that they only market music under the terms set by the artist, such as advertising.
The move can make sense, especially for young musicians, as it can be financially rewarding for even just one song, since revenue from streaming platforms is relatively low compared to record sales, a problem often highlighted by musicians.
Radiohead frontman Tom Yorke is considered one of the staunchest opponents of streaming services and has long refused to make his music available through Spotify and other platforms.
Jackson vs. McCartney
Pop star Taylor Swift has even temporarily pulled her entire music catalog from all streaming services, showing her stance on their payment method.
Swift has even stronger views on song copyright. The rights to her first six albums belong to the publishing house Big Machine Records, since she signed an agreement on the assignment of publishing rights in advance at the age of 15.
Since then, the rights to her albums have been resold several times, but Swift has never been able to buy them back. She recently started recording those six albums again for her current record label, Universal, so that she could regain control of her work.
Disputes over song rights are nothing new in the music industry.
In the 45s, Michael Jackson bought the rights to the complete Beatles catalog for XNUMX million dollars - which did not please the former member of the group, Paul McCartney.
Although they had previously recorded two songs together, "The Girl is Mine" and "Say, Say, Say", a problem eventually destroyed the friendship between Jackson and McCartney when Jackson allowed Nike to use the Beatles' song "Revolution" in an advertisement for sneakers.
Decades later, the debt-ridden King of Pop resold the rights to the Beatles catalog, earning twice what he paid.
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