In a major deal, legendary musician Jim Peterik, known for his work with bands Survivor and 38 Special, has sold a significant stake in his music catalog to Primary Wave Music Publishing. The deal, reportedly worth $20 million, grants Primary Wave the rights to over 300 songs, including Survivor's "Eye of the Tiger" and 38 Special's "Hold On Loosely." 1
Peterik, a prolific songwriter and multi-instrumentalist, has penned hits for various artists, such as Sammy Hagar, REO Speedwagon, and Lita Ford. His music spans across multiple genres, from rock to pop to country. 2
Primary Wave, a leading independent music publishing company, has been on a buying spree, acquiring catalogs from artists like Smokey Robinson, Quincy Jones, and the estate of Tom Petty. 3
The sale of music catalogs has become a popular trend in the music industry, with artists and publishers recognizing the value of their back catalogs. Music rights, including mechanical, performance, and synchronization rights, can generate revenue through various channels, such as streaming, broadcasting, and sync licensing. 4
Music rights societies, like ASCAP, BMI, and SESAC, play a crucial role in collecting and distributing royalties to songwriters and publishers. They represent the interests of creators and ensure that they receive fair compensation for the use of their music. 5
For more information on music rights and the music publishing industry, check out these resources:
- Music Rights 101: A Beginner's Guide
- What Are Music Publishing Rights?
- How Do Music Publishing Companies Make Money?