Weeks after buying a stake in America’s music IP, Primary Wave officially ‘extended its partnership’ with Def Leppard, 45, including securing a larger stake in the band’s publishing catalog and royalties recorded.
Primary Wave unveiled the deal – one of several the company has finalized since receiving a $375 million investment from Oaktree Capital Management in June 2021 – this morning. Having started working with the band, inducted into the Rock and Roll Hall of Fame in 2009, as part of an administrative pact, 16-year-old Primary Wave has for the past 13 years helped put Def Leppard’s music in TV shows like Cobra Kai and American Horror Story 1984according to the announcement message of the parties.
“Primary Wave’s digital division has been instrumental in building Def Leppard’s global online following, as well as launching its full catalog of Diamond, Platinum and Multi-Platinum albums across all platforms. streaming in 2018,” the document also states.
Def Leppard’s 11 studio albums have sold over 110 million copies worldwide, and the act currently has 5.8 million monthly listeners on Spotify, with popular tracks such as “For Some Sugar On Me” from 1987 (241.16 million plays) and “Hysteria” (101.58 million plays).
With these points in mind, the Larry Mestel-owned business has now acquired “an additional stake in the iconic band’s music publishing catalog as well as a core royalty revenue stream” – although neither Primary Wave nor Def Leppard have publicly disclosed the financial details of the transaction.
Addressing the deal in a statement, Primary Wave partner and chief digital strategy officer Rob Dippold acknowledged that his company would continue to grow the pop culture presence of the band “Photograph” and “When Love and Hate Collide.” .
“With Def Leppard celebrating 45 years as a band this year, we at Primary Wave are beyond excited to continue our partnership with them in a more meaningful way,” Dippold said in part. “We’re excited to continue building and elevating not only the band’s musical oeuvre, but their impact on pop culture and the industry at large.”
On the heels of the aforementioned $375 million capital influx, Primary Wave quietly struck deals involving the work of Prince, James Brown, Bing Crosby, Gerry Goffin, Luther Vandross, Jeff Porcaro, Jim Peterik, Matt Redman and originally noted America.
Despite the massive number of song rights buyouts – and the corresponding high prices – that delivered in 2020 and 2021, Primary Wave isn’t the only company still playing in the hot catalog space in 2022. Kilometer Music Group, HarbourView Equity Partners, Reservoir, Sony Music Entertainment, Warner Chappell, Hipgnosis Song Management, Round Hill Music and BMG/KKR also purchased music IP this month.