In a recent music rights deal, the iconic new wave band Devo sold a significant chunk of their catalog to Primary Wave Music Publishing. The financial details of the agreement were not disclosed.
Devo, best known for their hits like "Whip It" and "Freedom of Choice," formed in Akron, Ohio, in 1973. The group's unique sound and visual aesthetic, which included red energy domes and matching uniforms, set them apart from their peers.
The sale of Devo's music catalog to Primary Wave is just one example of the growing trend in the music industry of artists and bands selling their music rights. These rights can include publishing, recording, and synchronization rights, and they can provide a steady stream of income for artists, especially in today's streaming era.
Music rights can take various forms, and it's essential to understand what they entail. According to the [Music Rights Organisation (MOR)], music rights are the legal rights that allow the use of copyrighted musical works. These rights can be owned by the songwriter, the publisher, the record label, or the artist themselves.
In the case of Devo, it's unclear who owned the rights to their music before the sale to Primary Wave. However, it's worth noting that music rights societies, such as ASCAP and BMI, can help artists and writers manage and collect royalties for their works.
The sale of music catalogs has become increasingly popular in recent years, with artists like Bob Dylan, Neil Young, and Stevie Nicks also making significant deals. These transactions can provide artists with a lump sum payment, as well as a share of the future royalties generated by their catalogs.
For more information on music rights and the music industry, check out the following resources:
As the music industry continues to evolve, it's essential for artists and writers to understand their rights and the value of their catalogs. The sale of music rights can provide a valuable source of income and help secure a artist's financial future.