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Neil Diamond sold him Song catalog and recording rights to Universal Music Group, the latest deal for musicians selling their wallets.
The company, which did not disclose the value of the deal, said the agreement includes rights to all recordings from Mr Diamond’s career, 110 unreleased songs and an unreleased album. Universal’s publishing division has been Mr. Diamond’s publishing director for several years.
With both catalogs Mr. Diamond and recording rights Under one roof, Universal has greater control and ability to use music without the need to obtain approval from another rights holder.
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UMG has said that it will release the future artist’s music as part of the deal if he decides to return to the studio.
LAS VEGAS, NV – MARCH 07: Neil Diamond performs on stage at the 24th Annual Keep Memory Alive ‘Power of Love Gala’ for Cleveland Clinic Lou Ruvo Center for Brain Health at the MGM Grand Garden Arena on March 7, 2020 in Las Vegas, Nevada . (Photo by Dennis Trucello/Getty Images for Keep Memory Alive/Getty Images)
Mr. Diamond’s song and recording rights deal comes as royalties from music rights skyrocket in value. Catalogs sold for up to 30 times the average annual royalties. Bob Dylan sold his catalog of songs, which included 600 copyrights over 60 years of music, to Universal in 2020 for between $300 million and $400 million. Last month, Mr. Dylan sold his recorded music catalog to Sony Music. Universal also recently bought the entire Sting song catalog for about $300 million, according to people familiar with the deal.
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Artists like Frank Sinatra and Johnny Cash have covered some of Mr. Diamond’s songs, which include songs like “Sweet Caroline”, “Red Red Wine” and “I’m a Believer”. Mr. Diamond’s music was also used in film And the TV industry For shows like “Friends” and “The Simpsons”.
LAS VEGAS, NV – MARCH 07: Neil Diamond performs on stage at the 24th Annual Keep Memory Alive ‘Power of Love Gala’ for Cleveland Clinic Lou Ruvo Center for Brain Health at the MGM Grand Garden Arena on March 7, 2020 in Las Vegas, Nevada . (Getty Images)
Mr. Diamond and Universal’s relationship goes back to the time the artist recorded with Universal’s MCA Records between 1968 and 1972, a period when he released songs like “Holly Holly” and “Song Sung Blue”.
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The deal brings Mr. Diamond’s work together under one roof, giving Universal the opportunity to amplify the songwriter’s workgroup at a time when streaming music revenue has grown, thanks to the popularity of services from Spotify Technology SA and Apple Inc. and Amazon. com company
Older catalog songs have increased in cost compared to pre-Covid levels because they are seen as safer bets given their tenures and the flow of older songs has also risen during the pandemic.
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