Times a-changin’ as Dylan sells his song rights
It is one of the music world’s greatest jewels – a catalogue of songs that reshaped folk, rock and pop music in a body of work loved by millions.
But Bob Dylan has now decided to part with his trove of 600 songs, selling his entire back catalogue to Universal Music in what is thought to be one of the biggest music publishing deals in history. The agreement covers the copyrights to some of the songwriter’s most cherished tracks, including Blowin’ in the Wind, The Times They Are a-changin’, and Like a Rolling Stone as well as this year’s acclaimed Murder Most Foul. The new deal does not include any songs Dylan may write in the future.
While the terms of the deal were not disclosed, the enormous popularity of the 79-year-old’s work means the sale is thought to be one of themost lucrative in the music industry, with The New York Times reporting that it was worth more than US$300 million (NZ$426M).
Universal, the world’s largest music label, said the ‘‘cultural importance’’ of Dylan’s work could not be overstated.
‘‘It’s no secret that the art of songwriting is the fundamental key to all great music, nor is it a secret that Bob is one of the very greatest practitioners of that art,’’ said Sir Lucian Grainge, chairman and chief executive of Universalmusic Group.
‘‘I have no doubt that decades, even centuries from now, the words and music of Bob Dylan will continue to be sung and played – and cherished – everywhere.’’
It is understood that Dylan’s catalogue was acquired from the artist himself. It is unclear what has prompted the singersongwriter to sell his vast collection now, but industry experts suggest this year has seen the market for song catalogues grow ever more lucrative.
Last week, Fleetwood Mac singer Stevie Nicks sold a majority stake in her catalogue for an estimated US$80 million to the music publisher Primary Wave.
In November, the publishing rights to Taylor Swift’s first six albums were sold to private equity group Shamrock for more than US$300 million.
‘‘There’s been a huge movement of treating rights and compositions as an investable asset. There’s a fairly predictable return and growth on good song catalogues,’’ said Jules O’riordan, a partner at music law firm Sound Advice.
The British company Hipgnosis Songs Fund, which gives investors the chance to make money from royalties generated by songs, recently disclosed that it had spent about US$670 million from March to September acquiring song rights.
US tax experts have suggested there could be a financial advantage to both Dylan and Universal for closing a deal before the inauguration of Joe Biden, the US president-elect.
Mr Biden, a Democrat, has vowed to increase income tax on the wealthiest Americans and corporations as well as increasing capital gains tax.