Sony Music in talks to buy Queen’s back catalogue for record price
Sony Music is reportedly in talks to purchase Queen‘s music catalogue, which would include the band’s classic hits such as ‘Radio Gaga’ and ‘Bohemian Rhapsody’.
According to a new report, the deal is yet to be confirmed, but Sony is willing to pay $1 billion for exclusive rights to the music. If an agreement is reached, Queen would became the latest huge name to part ways with their back catalogue, joining artists such as David Bowie and Bob Dylan.
The Bloomberg report claims talks have taken place, but warned it might not necessarily end in a deal. Sony Music is allegedly working with another investor to complete the transaction, which would also be the largest sale of its kind. A successful deal would give Sony Music the right to include merchandising and other business opportunities.
The band members Brian May, John Deacon, and Roger Taylor, as well as Freddie Mercury’s estate, are all equal shareholders in Queen Productions Ltd. According to company filings, the business is turning over considerable profit, reporting total revenues of $52 million in the year ending in September 2022.
The attempted purchase of a band’s back catalogue is nothing new. In fact, in the last few years, there has been a particular frenzy for organisations to acquire music catalogues. For instance, only last month, Nile Rodgers and Mick Mercuriadis’ company, Hipgnosis, agreed to sell to Concord Chorus for $1.1 billion in a bid that saw interest rise and share prices decrease.
Despite Hipgnosis acquiring rights to music by Beyoncé and other popular artists, thing turned sour, which led to their decision to sell up. The organisation had already come under thick scrutiny the year before following a revolt of the shareholders.
Generally speaking, though, songwriting catalogues are suitable investments because they not only give the owner the chance to re-distribute music but also allow them to use songs in films and TV series for decades. This produces all kinds of royalties for the owner, who sees a steady income stream resulting from proper music distribution.
Bruce Springsteen sold his back catalogue in 2021 for $500 million. Meanwhile, Neil Young and Bob Dylan confirmed deals amounting to hundreds of millions, too. There are certainly pros for both the artist and the purchasers, as these transactions seem to be mutually beneficial.
At this stage, talks being underway doesn’t necessarily translate to Queen agreeing to sell their back catalogue. However, given this is the biggest deal of its kind, it will certainly be a tempting prospect for the band who have a decision to make.
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