Neil Diamond, the legendary singer-songwriter, sold his entire song catalog and master recordings to Universal Music Group (UMG) in a deal reportedly worth over $300 million ¹. The deal, announced in January 2021, grants UMG the ownership of Diamond's music publishing and recording rights ².

Diamond, who has written and recorded over 40 Top 40 hits ³, began his career in the late 1960s. His discography spans across various genres, including pop, rock, and country ⁴. The sale of his music rights to UMG marks another significant milestone in his illustrious career ⁵.

The sale of music catalogues and master recordings has become increasingly popular in the music industry, with artists such as Bob Dylan, Paul McCartney, and Beyoncé following suit ⁶. These transactions allow artists to secure substantial financial gains while retaining creative control ⁷.

Music rights consist of several types, including publishing rights, recording rights, and performance rights ⁸. Music rights societies, such as ASCAP, BMI, and SESAC, manage and collect royalties on behalf of songwriters and publishers ⁹.

Footnotes

1. Music Business Worldwide: Neil Diamond Sells Complete Song Catalog and All Master Recordings to Universal ↩

2. Variety: Neil Diamond Sells His Music Catalog to Universal Music Group for Over $300 Million ↩

3. AllMusic: Neil Diamond ↩

4. Rolling Stone: Neil Diamond: His 20 Best Songs ↩

5. Billboard: Neil Diamond Sells His Music Catalog to Universal Music Group for Over $300 Million ↩

6. Forbes: Why Music Stars Are Selling Their Catalogs For Huge Sums ↩

7. Music Business Worldwide: The Pros and Cons of Selling Your Music Catalog ↩

8. Berklee Online: Understanding Music Rights: A Comprehensive Guide ↩

9. ASCAP: How ASCAP Works ↩