Music Business Worldwide is reporting that there are more music acquisitions to come this year after a record $5 billion was spent in 2021.
They reported today (February 28), that Universal Music Group has acquired artist and songwriter Neil Diamond’s song catalog (via Universal Music Publishing Group), as well as the rights to all recordings from his career.
They are now the custodians of hits such as Sweet Caroline, Red Red Wine, Solitary Man, Cracklin’ Rosie, Song Sung Blue, Love on the Rocks and America, and the catalog also includes 110 unreleased tracks, an unreleased album and archival long form videos according to the report.
Two weeks go it was reported that Sting sold his entire song catalog to Universal’s publishing division UMPG in a deal north of $300 million.
Diamond has sold more than 130 million albums over the last 50 years but the exact amount of the deal has not been disclosed.
As part of the agreement UMG will also record and release The Rock & Roll Hall Of Famer’s future music recordings.
In a statement announcing the deal Neil Diamond, said: “After nearly a decade in business with UMG, I am thankful for the trust and respect that we have built together and I feel confident in the knowledge that Lucian, Jody, Bruce, Michelle and the global team at UMG, will continue to represent my catalog, and future releases with the same passion and integrity that have always fueled my career.”
Sir Lucian Grainge, Chairman and CEO of Universal Music Group, said: “Neil Diamond is by definition, a truly universal songwriter.
Jody Gerson, UMPG Chairman and CEO, added: “A legendary artist and songwriter, Neil’s music exemplifies how truly great songs have lasting power and stand the test of time.
“With this acquisition, which UMPG COO Marc Cimino played an invaluable part in, our global teams across all of Universal Music will work together to ensure that all of his timeless hits like Sweet Caroline, Red Red Wine and Cracklin’ Rosie will continue to impact generations of fans, both existing and those to come.”
“Over his meteoric career, Neil Diamond created one of the greatest recording catalogs in pop music history.”
Bruce Resnikoff, Universal Music Enterprises and Michelle Jubelirer, Capitol Music Group
Neil Diamond and Sting deals are part of the ongoing “music for sale” trend that the three major music companies, which have been striking big-money catalog deals since December 2020, when Universal acquired the publishing rights to Bob Dylan’s songwriting catalog. At the time the deal was one of the biggest acquisitions in the company’s history.
Three months later, in March 2021, Paul Simon sold his song catalog to Sony Music Publishing (SMP).
Sony Music Publishing also became the home of Bruce Springsteen’s song catalog last year, in December 2021, when they acquired two sets of rights – both recordings and music publishing – covering the entirety of Springsteen’s catalog, in a deal worth around $550 million.
This trend continued last month (January 2022), with Warner Music Group buying David Bowie’s song catalog for over $250 million, and Sony Music Entertainment acquiring Bob Dylan’s catalog of recorded music in a deal sources suggest was worth north of $150 million. Primary Wave bought James Brown’s Estate including his image and likeness for a reported $90 million.
As the conceptions heightens for music rights, financial giant BlackRock has co-invested with Warner Music Group in a new $750 million fund to acquire stakes in music copyrights.
The three majors also have other competition of course, in the form of various acquisitive players with deep war chests operating within the music rights acquisitions market, including the likes of Primary Wave, Hipgnosis, KKR, Iconoclast, and Spirit Music Group, which just last week bought Jason Aldean’s masters in a deal that cost Spirit more than $100 million. Per MBW.
