Pink Floyd may be the last older musical artist to win a big prize for the rights to their hit songs, Bloomberg reports.
Why is this important: The market for older song catalogs doesn’t seem to be drying up anytime soon.
Details: Pink Floyd has reached out to potential buyers for its catalog of recorded music, including its “Dark Side of the Moon” album, one of the most popular releases in music history.
- A potential deal could be worth “hundreds of millions”, according to Bloomberg.
By the numbers: At least $5 billion was spent on catalog and music rights acquisitions in 2021, according to as estimated by music trade publication Music Business Worldwide.
- Since 2020, Bob Dylan, Paul Simon, Sting and Bruce Springsteen have signed massive nine-figure contracts.
- So far in 2022, we’ve seen Warner Chappell Music acquire the worldwide publishing rights to Bowie’s catalog for $250 million.
Between the lines: It’s eerily reminiscent of the days when streaming video services paid gigantic sums for reruns of classic sitcoms like “Friends” and “Seinfeld.”
- Similarly, all of this is driven by streaming platforms like Spotify, Apple, and Amazon Music.
Yes, but: Investors may pay too much. Older artists receive fewer online streams than younger artists.