What is Bob Dylan and other musicians doing to promote their own music collections? If it looks like these music stars are all in a hurry to get tattoos, you are right.
It’s a good time to sell, especially last year when capital gains taxes were going to rise under the Biden administration. Everyone was trying to sell their things before December 31, so they wouldn’t be taxed as much. Hannah Karp, the editorial director of Billboard, told CNN that Bob Dylan, like a lot of these other artists, came in under the wire. If artists have ever planned to sell their music rights, now is a great time because they won’t be able to keep these costs forever.
It was said earlier this month that Younger had sold a lot of his songs for $150 million to a company called Hipgnosis Music Fund.
During the month of November, Nicks signed a deal with Major Wave for a reported $100 million for her share of the publishing rights to songs like “Fringe of Seventeen” and “Landslide.”
He took care of Sony Music in December for $550 million for both his recording and songwriting rights. In 1972, he signed with Sony’s Columbia Data. At the time of the sale, he said he was “thrilled” that his legacy would be looked after “by the company and people I know and trust.”
It may be part of some artists’ plans to leave a legacy.
A lot of the artists who are selling their catalogs are at a point in their lives where they are planning their estates and making plans for the future, and they are at a point in their lives where they can make money from their music to help their families. Karp said that Dylan turned 80 in May.
Even tho catalog sales aren’t as common as they used to be, some young artists are also making them.
Think about what you can do. It was in August that the Dragons sold their music to Harmony Music Publishing. Shakira signed a deal this month with the Hipgnosis Songs Fund for her entire back catalog, which includes hits like “Hips Do Not Lie,” “Every Time, Anywhere,” and “She Wolf.”
Other artists, like Bob Dylan, Taylor Swift, are fighting to keep their creative control and publishing rights to their music. Karp said that selling now isn’t always the best move for every artist.
A young artist who spends all of their money when they are young and doesn’t make money when they are older is likely to regret it when they are older and don’t have any money coming in. I like to say that “proudly owning a retirement fund is like proudly owning a lot of music.”
Karp said that good music is just good business.
“The music business is driven by streaming, which is a steady and growing source of income. It’s not like the old days when you put a CD on the market and it was unknown how many copies you’d sell. Document label makers are making money from streaming subscriptions, Karp said. “Because rates of interest are very low right now, investors have been looking for places to put their money that can make more money than the rate of interest.” As long as interest rates aren’t too high, owning music isn’t a bad deal.
