Has Sony acquired Bob Dylan's entire recording catalog for $200mn?
American singer-songwriter Bob Dylan sold his recorded music along with rights to future new releases to Sony Music Entertainment. The deal is a major expansion of the company's sixty years of alliance with the legendary singer, as per Variety. Sources say it could be worth anywhere between $150-200 million. However, neither Dylan nor Sony have officially commented on the value of the agreement.
Deal could be worth more than $200 million
Meanwhile, Billboard estimated the path-breaking deal between Dylan and Sony, which was sealed in July 2021, could be worth more than $200 million. It includes Dylan's creations from 1962, i.e., from his first album, to his 2020 album Rough and Rowdy Ways. Interestingly, the singer had signed a contract with Sony's Columbia Records in 1961 and recorded his first-ever album.
'Bob is one of music's greatest icons'
Rob Stringer, Chairman, Sony Music Group, feels "proud" of Columbia Records' 60-year association with Dylan. "We're thrilled he will now be a permanent member of the Sony Music family," Stringer said. He said he was looking forward to finding new ways to make Dylan's music reach his fans today and future generations, too. Interestingly, this year marks Dylan's 60th-anniversary in the world of music.
'Glad that all my recordings can stay where they belong'
"Columbia Records and Rob Stringer have been nothing but good to me for many, many years and a whole lot of records," said Dylan in a statement. The Hurricane singer said that he was "glad" that all his "recordings can stay where they belong." Notably, this deal also paves way for Dylan and Sony to collaborate in the future as well.
Bruce Springsteen also sold his recordings for $500 million
Earlier, Dylan also inked a deal for songwriting rights with Universal for over $300mn. However, the Sony deal is different from his multi-million dollar association with Universal. Interestingly, singer-songwriter Bruce Springsteen had also sold his publishing and recorded music rights to Sony for $500mn. Moreover, music companies have acquired catalogs of major artists like Paul Simon, Motley Crue, Shakira, and Red Hot Chili Peppers.