One of the most-successful rock stars of the last 50 years, Bruce Springsteen has sold his master recordings and publishing rights for his life’s work to Sony for $500m (£376m).
According to a report by Billboard, the deal gives Sony ownership of his 20 studio albums, including classics like Born To Run, The River and Born In The USA.
Bruce Springsteen has won the Grammies, 20-times and his music generated about $15m in revenue alone just last year. Springsteen is one of the most successful rock musicians of all time, and has recorded for Sony’s Columbia Records imprint for the duration of his career.
In September, Warner Music bought the worldwide rights to David Bowie’s while Bob Dylan sold his catalogue of more than 600 songs in December last year to Universal Music Group at a purchase price widely reported as $300m.
The deals provide immediate financial security to the artists and their estates, while the rights-holders hope to profit by building new revenue streams for the music via film and TV licensing, merchandise, cover versions and performance royalties.
Springsteen’s deal would be the most expensive so far, if the numbers reported by Billboard are correct.