Neil Diamond sells entire song catalog to Universal Music Group

Neil Diamond offered his music catalog to Common Music Group.
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Neil Diamond is the most recent music legend to promote his tune catalog and the rights to all recordings from his profession to Common Music Group.

UMG, which represents the likes of Taylor Swift, Rihanna, Adele and Kanye West, didn't disclose the worth of the deal. But it surely follows an identical string of acquisitions, from Sting’s music earlier this month for a reported $250 million to Bob Dylan’s catalogue for over $300 million in 2020.

Diamond’s pact contains rights to all recordings from his profession, 110 unreleased tracks and an unreleased album.

Common mentioned it can additionally launch Diamond’s future music, ought to he resolve to return to the studio.

Diamond, 81, has offered greater than 130 million albums with hit songs together with “Candy Caroline,” “Pink Pink Wine” and “I’m A Believer.”

Musicians equivalent to Frank Sinatra and Johnny Money have coated a few of Diamond’s largest hits and his music has additionally been used within the movie and TV trade for exhibits like “Associates” and “The Simpsons.”

Neil Diamond is one in all a handful of legendary rockers who've cashed in on their music catalogs.

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The deal marks the continuation of a pattern of an extended string of established artists promoting their songbooks to big-pocketed buyers or music labels.

They’re additionally fueled by streaming, which affords the potential of extra profitable royalties as clients flock to companies like Spotify and Apple Music.

And offers have ramped up in the course of the coronavirus pandemic due partly to low rates of interest that make it simpler for corporations to borrow cash to buy giant property.

Common Music, the most important document label, not too long ago snapped up the rights to Sting’s music catalog for a reported $250 million.

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Whereas artists get a giant payday, musical labels get grasp rights to legendary musicians’ work.

In latest months, David Bowie’s property offered his music catalog for $250 million to Warner Chappell Music, the publishing arm of Warner Music Group, and late final yr, ZZ Prime offered its music catalog to funding agency KKR and document firm BMG for $50 million. Simply weeks earlier than Bruce Springsteen offered his iconic tune and publishing catalog to Sony Music for a whopping $500 million.