In a recent music rights deal, legendary artist Bob Dylan has sold his share of the Traveling Wilburys catalog to Primary Wave Music Publishing. The financial terms of the agreement were not disclosed. [Source]
The Traveling Wilburys were a supergroup formed in 1988 by Dylan, George Harrison, Tom Petty, Roy Orbison, and Jeff Lynne. The band released two studio albums and several singles, including the hits "Handle with Care" and "End of the Line."
Music catalog sales have been on the rise in recent years, with artists and record labels looking to cash in on the value of their back catalogs. According to the National Music Publishers' Association, music publishing revenues reached an all-time high of $11.5 billion in 2020, driven in part by the sale of music catalogs.
When artists sell their music catalogs, they are typically selling the rights to the compositions and lyrics, not the recordings. This means that the artist no longer receives any royalties from the sales of the recordings, but they do continue to earn royalties from the use of their compositions in other contexts, such as film and television.
Music rights can be complex, and there are several types of rights that come into play when an artist sells their catalog. These include performing rights, which are managed by performing rights societies like ASCAP and BMI, and mechanical rights, which are managed by music publishers.
Who owns the right to music and how it is transferred can depend on a variety of factors, including the specific terms of the deal and the relevant copyright laws. For more information on music rights and the music publishing industry, check out the Music Publishers Association and the National Music Publishers' Association.