Def Leppard, the iconic British rock band, has sold an "additional stake" in their music publishing catalog to Primary Wave, a leading music publishing and rights management company. The financial details of the deal have not been disclosed.
According to Music Business Worldwide, this transaction includes Def Leppard's share of Neotrope Music, their music publishing company. This sale grants Primary Wave the administration of Def Leppard's songs' copyrights and royalties.
The Billboard reports that this deal also includes Def Leppard's master royalty income stream. This means Primary Wave will collect and distribute the band's share of revenue from the use of their master recordings.
Music rights, including publishing and master rights, are essential intellectual properties for artists and their estates. These rights grant the owners the ability to earn income from the use of their music in various ways, such as synchronization in films, television, and commercials.
Music rights societies, like ASCAP and BMI, help artists and publishers manage and collect royalties from the public performance of their music. However, selling a stake in these rights to a company like Primary Wave can provide artists with a lump sum of cash and a more stable income stream.
For more information on music rights and the business side of the music industry, check out the Music Rights section on Music Business Worldwide.