Bruce Springsteen Sells His Music to Sony Music Group – The Wall Street Journal

Bruce Springsteen

sold his music rights to Sony Music Group for between $500 million and $600 million in a deal representing the largest transaction ever for the life’s work of an individual artist, according to people familiar with the matter.

Various financial players looked at backing the transaction, according to people familiar with the deal, with private investment firm Eldridge Industries LLC putting up a portion of the funds for part of the deal, yet another financial player to make a big move in the frothy market for music copyrights. Sony Music Group is a division of Japanese conglomerate

Sony Group Corp.

SONY -1.32%

The deal gives Sony, the second-largest music label company and largest music publisher, ownership of classic hits including “Born to Run,” “Born in the U.S.A.” and “Dancing in the Dark.” Sony said its publishing arm partnered with Eldridge on the purchase of Mr. Springsteen’s songwriting catalog.

The approximately $500 million valuation represents more than 30 times the annual royalties on the combined recorded music and songwriting catalog—an aggressive bid that kept Mr. Springsteen’s camp in exclusive talks with Sony instead of looking for a buyer on the open market, according to the people. Sony has been the Boss’s record label home for his entire career.

Billboard earlier reported news of the sale.

Mr. Springsteen’s sale follows an onslaught of other artists seeking to sell their music catalogs at valuations as high as 20 times their annual royalties as revenue from streaming music has grown with the popularity of services from

Spotify Technology SA,

Apple Inc.

and Inc.

Bob Dylan

sold his entire music catalog to Universal Music Publishing Group in a transaction said to be worth $300 million to $400 million.

Stevie Nicks

sold a majority stake in her songwriting catalog valued at about $100 million.

The Boss joins a cast of classic artists seeking to secure their legacies with partners they believe will take care of their life’s work, while also taking advantage of attractive financial conditions. He could benefit from a significant tax benefit for songwriters selling their rights. A special provision for musicians that sell self-created works means they owe capital-gains tax rates of 20% on the sale. That is instead of owing ordinary tax rates of up to 37% each year on the royalty income they get from streaming, licensing and other uses of their works.

Timing is important, as President


Build Back Better bill, currently stalled in Congress, would impose a 5% tax on adjusted gross income above $10 million and an additional 3% on income above $25 million—changes that could take effect at the beginning of January, incentivizing deals to get done before then.

Mr. Springsteen, a New Jersey native who was initially touted as a “new Dylan,” is among the most popular rock stars of the past 50 years.

Known for his literary flair, sweeping arrangements and reverence for tradition, Mr. Springsteen has long been an evangelist for the power of rock ’n’ roll and …….


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Google AI Tool Creates Music from Written Descriptions – VOA Learning English

This week, Google researchers published a paper describing results from an artificial intelligence (AI) tool built to create music.

The tool, called MusicLM, is not the first AI music tool to launch. But the examples Google provides demonstrate musical creative ability based on a limited set of descriptive words.

AI shows how complex computer systems have been trained to behave in human-like ways.

Tools like ChatGPT can quickly produce, or generate, written documents that compare well with the work by humans. ChatGPT and similar systems require powerful computers to operate complex machine-learning models. The San Francisco-based company OpenAI launched ChatGPT late…….


Bringing music to the masses… on a tram – BBC

French pianists, Hervé Billaut and Guillaume Coppola, brought a piano on to a tram in Nantes, as part of the opening of the annual La Folle Journée classical music festival.

They played to passengers all afternoon on Wednesday.

Mr Billaut said that they wanted to bring music to places you don’t expect it: “Perhaps someone, a child, a young person or a pensioner will have a musical shock.”