Bruce Springsteen

Bruce Springsteen sells his music catalogue to Sony. Image via Twitter @lourensantsigma

Bruce Springsteen sells music catalogue for R7,9 billion to Sony

Bruce Springsteen has reportedly sold his music catalogue and his body of work as a songwriter to Sony for an estimated fee of R7,9 million.

Bruce Springsteen

Bruce Springsteen sells his music catalogue to Sony. Image via Twitter @lourensantsigma

Bruce Springsteen has sold his music rights to Sony in an estimated $500 million (R7,9 billion) deal, US entertainment publication Billboard and the New York Times reported Wednesday.

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NO PUBLIC STATEMENT MADE ABOUT BRUCE SPRINGSTEEN’S SALE

The sale includes the singer’s recorded music catalogue as well as his body of work as a songwriter – including classic hits such as Born in the U.S.A. – sources familiar with the deal told by both media outlets.

No public announcement has been made. A spokeswoman for Sony Group declined to comment, and Sony Music did not immediately return AFP’s request for comment.

BRUCE SPRINGSTEEN THE LATEST TO SELL HIS CATALOGUE

Springsteen is the latest star to reportedly sell his catalogue, following deals made by Bob Dylan, Stevie Nicks, and Neil Young for part or all of their works.

Song rights are seeing a purchasing boom as financial markets are increasingly drawn to the lucrative portfolios as an asset class.

Last year, Dylan sold his full publishing catalogue for a reported sum of $300 million (R4,7 billion) to Universal Music Publishing Group, while Fleetwood Mac’s Nicks sold a majority stake in her catalogue reportedly for $100 million (R1,5 billion).

Springsteen, 72, has been with Sony’s Columbia Records for the entirety of his 50-year career, selling more than 150 million records.

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