Bruce Springsteen Reportedly Sells Music Catalog for $500 Million
Bruce Springsteen has reportedly sold his masters and publishing catalog for half a billion dollars.
Billboard reports that a combined deal found the "Born to Run" star selling his masters to Sony Music and his publishing to Sony Music Publishing. Rolling Stone stated that neither Sony nor a rep for Springsteen has offered any comment or confirmation on the sale.
Last December, Bob Dylan sold his song catalog for a sum believed to be over $300 million dollars. Neil Young sold half of his publishing for $150 million this January, and artists such as David Crosby, Stevie Nicks, Journey and Motley Crue have also cut deals for their masters and / or publishing rights.
The COVID-19 pandemic has caused a dramatic reduction in touring revenue for musicians, and the current dominance of streaming media over physical media sales has put a similar crimp in their royalty payments. "I can’t work, and streaming stole my record money," Crosby explained via Twitter. "I have a family and a mortgage and I have to take care of them, so it’s my only option. I’m sure the others feel the same."
News of a potential Springsteen deal, then estimated to be worth as much as $415 million dollars, first broke in November. His catalog is one of the most lucrative in rock music. He has sold over 65 million albums in the U.S. alone, including 15 million copies of 1984's Born in the U.S.A.
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