Bruce Springsteen sells his entire music catalogue for $500m

[Anonymous]

Bruce Springsteen sells his entire music catalogue for $500m

Bruce Springsteen sells his entire music catalogue for $500m

The star follows in the footsteps of Bob Dylan, Stevie Nicks and Blondie by cashing in on his songs.

www.bbc.co.uk

 

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working class hero

 

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There was a really interesting discussion on this subject on Radio 5 this morning as more and more artists are selling their music catalogue. An industry insider explained that with the rise of downloading someone like Springsteen pulls in about 15M per annum and when an artist passes away it's really difficult for the family to unpick the music rights. Bruce is 72 and with an averahge life expectancy of a US male being 78 it makes sense for him to sell the catalogue for a substantial sum and therefore he makes more than he would and it's easier for his estate to manage after he's passed. Added to that President Biden is increasing the tax on sales of an asset from 20% to 39.6% for high earners so it makes sense for him to do it now. They also mentioned that artists make more from touring than recordings and covid has had a major impact on that front.