Rod Stewart secured a whopping $100 million deal for his song

Rod Stewart has followed the trend of selling the rights to his music catalog, with Irving Azoff’s Iconic Artists Group acquiring Stewart’s interests in his recorded music, publishing catalog, and some rights to his name and likeness for nearly $100 million, as reported by The Wall Street Journal. This move comes shortly after Sony’s reported deal to acquire half of Michael Jackson’s recording and publishing catalog rights from his estate, which is believed to be one of the largest valuations of a single musician’s assets, potentially exceeding $1.2 billion according to reports from The New York Times and Billboard.

The music rights market has seen significant activity in recent years, with artists like Bob Dylan, Bruce Springsteen, Stevie Nicks, and Neil Young also capitalizing on their catalogs. While the market appeared to cool somewhat, deals like those involving Stewart and Jackson indicate continued demand for music catalogs as assets. Iconic Artists Group, led by Azoff, has raised over $1 billion in new capital for acquiring catalogs, reflecting the attractiveness of music catalogs as assets with long-term value, particularly in the streaming era. Owners of publishing rights receive royalties from various sources, including radio play, streaming, album sales, and licensing for use in advertising and movies, making music catalogs an appealing investment option.

Entertainment News: Rod Stewart secured a whopping $100 million deal for his song