Pink Floyd is evaluating the sale of its catalog of recorded music which includes legendary hits like “Comfortably Numb” and “Another Brick in the Wall”, according to a report.
The British rock band, which boasts some of the best-selling albums in history, could rake in hundreds of millions of dollars from a deal, Bloomberg reported, adding that representatives for the band have contacted potential buyers.
The report says the process began in early May, but it is too early to know what the outcome of the talks will be. Representatives of the group did not comment.
Like many legendary rockers, Pink Floyd seeks to cash in on the lucrative music rights market, which has generously rewarded Bob Dylan, Neil Diamond, Sting and Bruce Springsteen.
Last year, Dylan sold his massive 600-song catalog to Universal Music Publishing Group for $300-400 million, whereas before that Bruce Springsteen sold his iconic song and publishing catalog to Sony Music for $500 million. of dollars.
Although the market has softened somewhat, Pink Floyd has sold 75 million records in the United States alone, the 10th-largest number of artists, the Recording Industry Association of America said. That’s about twice as much as Dylan’s, meaning the band, which was formed in 1965, is likely to rake in big bucks.
The group is known for producing a series of hit records in the 1970s, including 1973’s “The Dark Side of the Moon”, which is one of the best-selling albums in history.
Vocalist and bassist Roger Waters, who co-founded the band with Syd Barrett, Nick Mason and Richard Wright, left the band in 1985. Waters later sued his bandmates over their use of the name and he struck a deal with the group two. years later.
Despite disagreements over the years, the label, led by guitarist David Gilmour, continued to release records, such as “A momentary Lapse of Reason” and “The Division Bell”.
Barrett, who left the band in 1969, died in 2006, and keyboardist Wright died in 2008. Waters and drummer Mason are touring this year as solo artists.
Pink Floyd’s latest album, “The Endless River”, was released in 2014. Gilmour and Mason released a song last month as Pink Floyd in support of Ukraine amid the Russian invasion, titled “Hey , Hey, Rise Up!”.
The massive deals mark the continuation of a trend of a long line of established artists selling their songbooks to investors or big-money music labels. They’re also powered by streaming, which offers the possibility of more lucrative royalties as customers flock to services like Spotify and Apple Music.
And transactions have intensified during the coronavirus pandemic in part because of low interest rates that make it easier for companies to borrow money to buy big assets.