Canadian pop icon, Corey Hart, has recently sold his music publishing catalogue of approximately 200 songs to Peer Music. The financial details of the deal have not been disclosed (Source).
Hart's music career spans over three decades, with hits such as "Sunglasses at Night" and "Boy in the Box." The sale of his publishing catalogue grants Peer Music the right to administer and collect royalties from the use of Hart's songs in various media, including film, television, and advertisements.
Music publishing catalogues are an essential component of the music industry, representing the ownership of the copyrights to musical compositions. These rights can be lucrative, especially when songs are used in popular media or covered by other artists.
The sale of music catalogues has become a popular trend in the music industry, with artists such as Bob Dylan, Neil Young, and Paul McCartney selling their catalogues for substantial sums. The demand for music catalogues is driven by the steady income they generate and the potential for future growth.
Music rights societies, such as ASCAP, BMI, and SESAC, play a crucial role in the administration and collection of royalties for musical compositions. They represent the interests of songwriters and publishers and ensure that they are fairly compensated for the use of their music.
For more information on music publishing and the administration of musical compositions, visit the websites of the music rights societies or consult the following resources:
Source: Peer Music Acquires Corey Hart's Music Publishing Catalogue