Tina Turner has become the latest music megastar to sell the rights to her music catalog for a whopping sum, with an industry publication estimating the deal was worth more than $50 million.
As part of a deal with music company BMG, the 12-time Grammy winner sold her song rights and signed her earnings cut when one of her solo recordings, including 10 studio albums and two albums live, is played or sold, BMG announced in a press release.
Turner, 81, will be inducted into the Rock & Roll Hall of Fame as a solo artist on October 30, after being inducted in 1991 as one half of a duo with her ex-husband, Ike Turner.
Traditional music companies and investors are buying up catalogs of hit artists’ songs in hopes that music streaming – which pays small sums to copyright holders each time a song is played – will a source of long-term income. BMG has purchased or represents the song rights for the music of individual members of The Beatles, The Rolling Stones, Fleetwood Mac, Pink Floyd and Nirvana.
$500 million. It’s the value of the music catalog of Paul McCartney and John Lennon, who wrote most of the Beatles’ songs, making it the most valuable in the world. After McCartney and Lennon, Michael Jackson, Rodgers & Hammerstein and Bob Dylan all have catalogs worth between $325 and $375 million.
BMG will be purchasing more song rights “in the coming weeks,” according to its press release.
Turner has been a Swiss citizen for nearly a decade, having moved there in 1995 with her partner, Erwin Bach, whom she later married.
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