The Queen sold their music catalog for $1 billion

More and more artists are choosing to sell their music catalogs, and consequently, more and more record labels are becoming interested in purchasing them. According to Variety, confirming the original news from Hits, Queen are reportedly selling their catalog to Sony Music. This extensive discography includes hits such as Bohemian Rhapsody, Radio Ga Ga, Another One Bites the Dust, and many others. The catalog has been valued at twice the amount Sony paid for half of Michael Jackson's catalog and double what was offered for Bruce Springsteen's and Bob Dylan's catalogs, both of which have already been sold. The negotiation has been ongoing for several years and continues to be complex. Currently, the rights to Queen's discography are held by Disney, acquired during the 2000s through a licensing agreement worth $10 million signed in 1991. Disney will retain these rights, but some of the remaining royalties for band members will go to Sony Music once the new agreement is finalized. The group's distribution deal, currently managed by Universal, will transition to Sony Music in all territories except the United States and Canada upon expiration.

By selling their music catalog, Queen set a new record in this particular ranking. Before the London-formed band, Katy Perry was the latest major artist to sell her catalog, for around $225 million. Her discography is now owned by Litmus Music, the company that recently acquired the music rights of Benny Blanco, who now owns albums such as One Of The Boys, Teenage Dream, PRISM, Witness, and Smile, and is preparing to release a new one. Many artists have chosen to sell the rights to their music: the list includes diverse names such as Tina Turner, Neil Young, Bruce Springsteen, and Sting, as well as cases where this issue becomes a family business, as seen with the heirs of David Bowie. Both Justins, Timberlake and Bieber, have also decided to do so. Last year, Timberlake earned approximately $100 million by selling some of his most memorable hits like Cry Me a River, SexyBack, and Can’t Stop the Feeling. Bieber, on the other hand, doubled the amount of his namesake, positioning himself just a few million dollars below Katy Perry.