Christopher Cross, the Grammy-winning singer-songwriter known for hits like "Sailing" and "Arthur's Theme," has sold his entire music catalog to Seeker Music, according to multiple industry sources. The financial terms of the deal were not disclosed.
Cross's catalog includes all of his master recordings and publishing rights, making it a significant acquisition for Seeker Music. The deal covers all of Cross's work, from his 1979 self-titled debut album to his most recent releases.
This sale follows a trend of music catalog acquisitions by private equity firms and investment groups. In recent years, artists such as Bob Dylan, Neil Young, and Stevie Nicks have sold their catalogs for substantial sums.
The music rights market has seen a surge in activity due to the steady growth of streaming services and the increasing demand for copyrights. According to the National Music Publishers' Association, the value of the US music publishing market reached $12.2 billion in 2021, up from $9.1 billion in 2016.
Music rights consist of several types, including master recordings, publishing rights, and sync rights. These rights can be owned by various entities, including artists, record labels, and music publishers. Music rights societies, such as ASCAP and BMI, collect and distribute royalties for the use of copyrighted music.
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