Bruce Springsteen has sold his publishing catalogue to Sony for a reported $500 million.
According to Billboard sources, the legendary American singer-songwriter has relinquished his masters to Sony Music and his publishing catalogue to Sony Music Publishing in a combined deal.
Springsteen has remained with Sony’s Columbia Records since he launched his career, and was given ownership of his earlier albums.
According to the RIAA, Springsteen’s album catalogue – which includes his 15-times platinum Born in the U.S.A. and five-times platinum The River – has sold a total of 65.5 million in the US.
Springsteen is the latest in a long line of artists that have parted ways with their publishing rights in the past couple of years, including Bob Dylan, Paul Simon, Stevie Nicks, Lindsey Buckingham, Mick Fleetwood, Shakira, Jimmy Iovine, and David Crosby.
A lot of these deals came about after the pandemic brought the live music business to a standstill, meaning many artists suddenly lost their main source of income. “Given our current inability to work live,” David Crosby said about the sales of his songs, who noted that it allowed him to pay off his house, “this deal is a blessing for me and my family.”
There are a number of incentives that have led artists to make the decision to part ways with their catalogues. Interest rates are currently at a historic low, and many artists want to personally oversee these deals before the task is left to their heirs. There’s also a influx of new companies investing heavily in song catalogues, including Merck Mercuriadis’ Hipgnosis and Irving Azoff’s Iconic Artists Group.