Recently, storied musician, Rob Stewart, struck a deal to sell his song catalog for a whopping $100 million. Not only that, but other major artists are making the same move. This article covers why Stewart made this decision and examines whether this trend is the future of music.
Why Rod Stewart Sold His Song Catalogue
Rod Stewart has been making music for over five decades.
He still performs and tours all over the world…
He’s ventured into the celebrity liquor industry…
And, he has even been knighted!
Despite those achievements, Rod Stewart decided to sell his song catalog to Iconic Artists Group.
The firm is headed by music executive, Irvine Azoff. And, this is not the first major artist’s catalog the company has scored.
Iconic Artists Group also holds the rights to:
- The Beach Boys
- Cher
- And, Dean Martin
Stewart told the Wall Street Journal that Azoff’s prior success played a hand in his decision…
“IRVING AND I ARE A COUPLE OF OLD-TIMERS AND I BELIEVE WE HAVE A MUTUAL RESPECT AND ADMIRATION FOR EACH OTHER. MY LIFE’S WORK IS IN SAFE HANDS WITH HIM.”
Included in the Rod Stewart song catalog are tunes from his time in Faces and the Jeff Beck Group. That is in addition to his solo career.
The performer has a lot of trust in this firm. But, is selling the rights to your music a smart move for artists overall?
A New Trend in the Music Business?
As we mentioned, Rod Stewart is not the only big musician to sell his song catalog in recent years. However, not all of these investments have been hits…
The music firm, Hipgnosis, is having difficulty selling a catalog including artists like Blondie and 50 Cent.
Still, there is a massive interest in these assets with Iconic raising over $1 billion in new capital last year.
While music is about the art, it appears more artists want to get their payouts and keep going.
Hopefully, Rod Stewart selling his song catalog sets him “Sailing” toward success…
Be Great,
GCTV Staff
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