Alice in Chains, the iconic grunge band, saw two of its late members' estates sell their stakes in the band's catalog to Primary Wave Music Publishing. Layne Staley (vocals) and Mike Starr (bass) passed away in 2002 and 2011, respectively.
According to Loudersound.com, the deal's financial details were not disclosed. However, Billboard reports that Primary Wave acquired "a significant share" of the band's catalog.
The sale includes the rights to songs like "Man in the Box," "Rooster," and "Nutshell," which have become staples in rock music. The deal also covers the rights to future royalties from these songs.
The Music Business Worldwide article explains that Primary Wave has been on a buying spree, acquiring music rights from various artists, including Tom Petty and Sheryl Crow.
Music rights, as explained by BMI, refer to the legal ownership of the copyrights to musical compositions and lyrics. These rights include the ability to reproduce, distribute, publicly perform, and create derivative works.
The sale of music rights has become a popular trend in the music industry, with artists and estates looking to capitalize on the value of their catalogs. In the case of Alice in Chains, the sale not only secures a financial future for the estates but also ensures that the band's music continues to reach audiences worldwide.