Prince's estate, one of the most iconic in music history, has recently sold a significant stake of its rights to Primary Wave Music Publishing. The deal includes approximately 50% of the late artist's name and likeness, masters, and publishing catalog.
According to a report by Consequence of Sound, the financial details of the agreement have not been disclosed. However, Billboard confirmed the sale, stating that Primary Wave acquired "a majority stake in Prince's publishing catalog."
The sale marks a significant move in the music industry, where the ownership and monetization of music rights have become increasingly complex and valuable. The types of music rights involved in this deal include master recordings, which represent the recorded versions of songs, and publishing rights, which involve the composition and lyrics.
Music rights societies, such as ASCAP and BMI, play a crucial role in managing and licensing these rights on behalf of artists and their estates. However, the intricacies of music rights ownership can be confusing, with various parties claiming different percentages and types of rights.
For instance, who owns the right to Prince's music after his death? According to the Consequence of Sound report, the artist's six heirs, including his sister Tyka Nelson and five half-siblings, will continue to receive royalties from the sale. However, the specific terms of the deal and the division of profits have not been made public.
This sale is not an isolated incident. In recent years, music rights have become a lucrative investment, with companies like Hipgnosis Songs Fund and Primary Wave Music Publishing acquiring stakes in various artists' catalogs. The demand for these assets is driven by the ongoing growth of streaming services and the increasing value of intellectual property.
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