Home BUSINESS David Guetta sells music catalogs for $100 million

David Guetta sells music catalogs for $100 million

0

[ad_1]

According to people familiar with the matter, Warner Music has agreed to buy David Guetta’s record catalog and entered into a new record deal with the musician worth more than $100 million, which is the industry’s music copyright market. The latest example of booming development. Resume growth.

The 53-year-old French DJ and producer is one of the producers behind popular songs such as “Titanium” and “Play Hard”. He is using private equity groups, record companies and Hipgnosis and other professional funds to generate soaring demand for music copyrights. One of the profitable young musicians.

Warner will acquire Guetta’s ten-year-old recorded music catalog, and the transaction also includes an agreement for future recordings. According to people familiar with the matter, the two companies did not disclose terms, but the price exceeded $100 million.

“A lot of people have expressed interest in David’s catalog,” said Jean-Charles Carre, Guetta’s manager. Guetta stated that the deal will help “process my extensive catalog and continue to build my career.”

Due to rising valuations and a lack of revenue from touring during the pandemic, musicians such as Bob Dylan, Blondes, and Stevie Nix have become voluntary sellers of their songwriting catalogs. In the past five years, the trade boom has actually doubled the value of song creation copyright.

David Guetta (left) has sold more than 50 million albums © EPA

But Guetta has sold about 50 million albums in his career, and he is unique in selling his own records, which are managed separately from the base works of the songs. Most artists do not own the music they record, and they usually give it to record companies.

In recent years, artists have been criticizing this system, especially Taylor Swift After her recordings were sold to financial buyers. Swift has started to release new versions of her old albums to reduce the value of her old albums and disrupt the deal.

According to industry organization IFPI, due to the rise of streaming media, the revenue of the music industry has grown for six consecutive years, of which last year it increased by 7.4% to US$21.6 billion. Paid streaming media increases the value of music copyright and gives old songs new life.

Warner Music, the third-largest record company after artists such as Lizzo and Ed Sheeran, reported that its net income for the quarter ended March was US$117 million and revenue was US$1.3 billion. The group went public last year and earned $1.9 billion in profits for owner Leonard Blavatnik. The company’s stock price has fallen 7% this year and is valued at $17.6 billion.

[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here