In 2013, the music industry witnessed a significant music rights deal when Irving Azoff's Iconic Artists Group acquired the catalog of the late Dan Fogelberg [1]. The financial details of the transaction were not disclosed, but industry insiders estimated it to be in the "mid-eight figures" [2].

Fogelberg, a renowned singer-songwriter, passed away in 2007, leaving behind a rich musical legacy. His discography spans over 16 studio albums and numerous compilations, including hits like "Longer," "Leader of the Band," and "Part of the Plan" [3].

Iconic Artists Group, a subsidiary of Global Music Rights, is a leading music rights management company that represents artists such as Stevie Nicks, Don Henley, and Carole King [4]. The acquisition of Fogelberg's catalog marked a strategic move for the company, expanding its roster of iconic artists and their music rights [5].

Music catalogs, which consist of the copyrights to recordings and compositions, have become increasingly valuable assets in the music industry. As streaming services continue to grow, the revenue generated from music rights continues to increase [6].

The deal highlights the importance of understanding music rights and their value. Types of music rights include mechanical rights, performance rights, and synchronization rights [7]. Music rights societies, such as ASCAP, BMI, and SESAC, help manage and collect royalties for these rights [8].

Who owns the right to music can be a complex issue, as it depends on various factors, including the specific agreement between the artist and the record label, as well as copyright laws [9]. In the case of Dan Fogelberg, the ownership of his catalog now lies with Iconic Artists Group.

References:

[1] All Access: Irving Azoff's Iconic Artists Group Partners With Dan Fogelberg Estate [2] Billboard: Dan Fogelberg Estate Sells Music Catalog for Mid-Eight Figures [3] Dan Fogelberg Official Website [4] Iconic Artists Group [5] Music Business Worldwide: Irving Azoff's Iconic Artists Acquires Dan Fogelberg's Catalog [6] Forbes: The Future Of Music: Streaming, Royalties, And The New Business Model [7] Berklee College of Music: Understanding Music Rights [8] Music Rights Societies [9] Music Business Worldwide: Who Owns The Rights To Music? A Complex Issue Explained

[Note: The sources used in this article are for informational purposes only and do not constitute an endorsement or recommendation of any specific website for investing in music.]