Bruce Springsteen joins elite club of musicians following new milestone
According to a new report, legendary singer-songwriter Bruce Springsteen has joined an elite club of musicians after hitting billionaire status.
When Springsteen began his musical journey playing clubs across New Jersey in the 1970s, it was never his ambition to become this level of rich. In fact, it would have seemed implausible. Despite having more money than he’s known what to do with for many decades, ‘The Boss’ has never forgotten his blue collar roots, and his songwriting has remained in touch with the lives of ordinary people.
Forbes have now “conservatively” estimated his net worth to be $1.1 billion. While he has sold over 140 million records across the world, which has significantly played a role in Springsteen accruing his wealth, his highly lucrative touring schedule has also been pivotal. In 2023 alone, it was reported that he sold over 1.6 million tickets across the globe, generating a revenue of $380 million.
However, the key reason why Springsteen is now a billionaire is the highly-lucrative deal he struck with Sony Music Publishing in 2021 to sell his back catalogue for $500 million. Although the agreement meant Springsteen waving goodbye to his publishing and songwriting rights, he was compensated by the hefty fee deposited into his bank account.
During an appearance on The Howard Stern Show in 2022, Springsteen explained why he felt selling his rights was the right choice, “I just got to a point in my life where, you know, I’m 73-years-old and it was going to Columbia (Records) who I knew was going to take really good care of it. And so it was just a timing thing and it was like, ‘ok it makes sense’.”
Springsteen also re-affirmed that money has never been his motivation, commenting, “I bumped into the luckiest job in the world because they pay you a fortune for something that I would have done for free.”
Although he no longer needs to tour from a financial perspective, ‘The Boss’ is still spending his days with his feet glued to the road. This summer, he has embarked upon a European tour, which he’s set to bring to Wembley Stadium in London for two shows on July 25th and July 27th.
In May, it was confirmed by the Sunday Times Rich List that Paul McCartney had become the first British musician to become a billionaire after his wealth rose by £50 million over a 12-month period. Additionally, Taylor Swift became a billionaire earlier this year, making her the youngest artist to do so thanks to her music alone. While Jay-Z and Rihanna are also both in the billionaire club, their wealth has been accrued from business interests such as Roc Nation and Fenty, respectively.
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