Pink Floyd is weighing the sale of its recorded music catalog that includes legendary hits like “Comfortably Numb” and “Another Brick in the Wall,” according to a report.
The British rock band, which has some of the best-selling albums in history, could rake in hundreds of millions of dollars from a deal, Bloomberg reported, adding that reps for the band have reached out to potential buyers.
The report said the process began in early May but it’s too early to know what the outcome of the talks will be. Reps for the band didn’t comment.
Like many legendary rockers, Pink Floyd is looking to cash in on the lucrative market for music rights, which has handsomely rewarded the likes of Bob Dylan, Neil Diamond, Sting and Bruce Springsteen.
Last year, Dylan sold his massive 600-song catalog to Universal Music Publishing Group for a reported $300 million to $400 million, while before Bruce Springsteen sold his iconic song and publishing catalog to Sony Music for a whopping $500 million.
Although the market has softened somewhat, Pink Floyd has sold 75 million records in the US alone, the 10th most of any artist, Recording Industry Association of America said. That’s about twice as many as Dylan, which means the band, which was formed in 1965, is likely to rake in the big bucks.
The group is known for producing a string of hit records in the 1970s, including 1973’s “The Dark Side of the Moon,” which is one of the top-selling albums in history.
Singer and bassist Roger Waters, who co-founded the band with Syd Barrett, Nick Mason and Richard Wright, left the group in 1985. Waters later sued his fellow band mates over their use of the name and he reached an agreement with the group two years later.
Despite disagreements over the years, the brand, led by guitarist David Gilmour, continued to release records, such as “A momentary Lapse of Reason” and “The Division Bell.”
Barrett, who left the band in 1969, died in 2006 and keyboardist Wright died in 2008. Both Waters and drummer Mason are touring this year as solo artists.
The last Pink Floyd album, “The Endless River,” came out in 2014. Gilmour and Mason released a song last month under the Pink Floyd name to support Ukraine amid the Russian invasion, called “Hey, Hey, Rise Up!.”
The massive deals mark the continuation of a trend of a long string of established artists selling their songbooks to big-pocketed investors or music labels. They’re also fueled by streaming, which offers the possibility of more lucrative royalties as customers flock to services like Spotify and Apple Music.
And deals have ramped up during the coronavirus pandemic due in part to low interest rates that make it easier for companies to borrow money to purchase large assets.
Credit: Source link