Updated Feb 15, 2024, 12:06pm EST
Topline
British singer-songwriter Rod Stewart has sold his music rights to Iconic Artists Group in a deal worth almost $100 million, the Wall Street Journal first reported Thursday, making him the latest artist to cash in on his catalog and join a company that also owns assets of Cher, Graham Nash, Nat King Cole, Dean Martin and Linda Ronstadt, among others.
Key Facts
Stewart sold his publishing catalog, recorded music and some name and likeness rights to the company, which is owned by former Ticketmaster CEO Irving Azoff and recently raised $1 billion to continue acquiring big-name music rights, the Journal reported.
Stewart, 79, is currently on a world tour and is expected to release his 32nd album later this month.
Big Number
13. That’s how many years Stewart has played a residency at the Colosseum at Caesars Palace in Las Vegas. The residency is expected to end this summer with its 200th show.
Surprising Fact
Stewart made headlines earlier this month when he told The Times he didn’t think Ed Sheeran’s music would stand the test of time. He said he doesn’t know “any” of Sheeran’s music, despite the 55 songs he’s had chart on the Billboard Hot 100. The comments on Sheeran came after he struggled to remember the name of an artist who he called “British, really talented and his songs will be around.” When the reporter suggested he was talking about Sheeran, he said “No, not Ed, I don’t know any of his songs, old ginger bollocks. Jesus.” Stewart was actually referring to George Ezra.
Key Background
Iconic Artists Group was set up by Azoff in 2018 with the goal of buying into the rights and revenue streams of major artists. The company announced the Beach Boys as its first major signing at the start of 2021, and has continued to grow with the purchase of catalogs by Linda Ronstadt, Joe Cocker and Graham Nash. The company also owns some assets of other artists, including the past sound recordings and compositions of Cher; Nat King Cole’s recorded music, publishing, television show, name and likeness; and an equity position in the Dean Martin estate, which includes his music and archive material. Iconic Artists Group is part of a popular trend over the last several years that has seen investors buying into the idea that 20th century superstars will continue to have an enduring appeal and their music, likeness and other assets will be profitable in the years to come. Firms are able to capitalize on older music getting a second life on TikTok, in TV shows or on other mediums—like when Ronstadt’s more than 50-year-old song “Long, Long Time” was featured in an episode of HBO’s “The Last of Us” last year, driving up her streaming rates by 50%, the Journal reported. Other older songs that have been revived by modern-day platforms include “Remember” by the Shangri-Las, “Let’s Groove” by Earth, Wind & Fire and “Love Grows (Where My Rosemary Goes)” by Edison Lighthouse.
Tangent
Recent years have seen artists like Justin Bieber, Katy Perry, Bruce Springsteen and Paul Simon sell their catalogs for hundreds of millions of dollars. Bieber sold his music rights for more than $200 million to Hipgnosis Songs Capital last year, the same year Pat Benatar and Fleetwood Mac’s Christine McVie sold theirs for undisclosed amounts. Katy Perry sold the master recording royalties and music publishing rights to her first five albums to Litmus Music in September for a reported $225 million. Bruce Springsteen sold his catalog in 2021 to Sony for a staggering $500 million, and other high-profile deals have included Bob Dylan (estimated at more than $300 million), Paul Simon ($250 million), David Bowie ($250 million), and Stevie Nicks (an 80% stake in her songwriting catalog for $100 million).
