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| DATE | 2020-12-08 |
| FROM | Ruben Safir
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| SUBJECT | Subject: [Hangout - NYLXS] Dylan Copyrights sold for millions...
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wsj.com
Bob Dylan Sells Entire Songwriting Catalog
Anne Steele
6-8 minutes
Bob Dylan is tangled up in green.
The 79-year-old legendary pioneer of modern rock music, and the only
songwriter to win a Nobel Prize for Literature, has sold his entire
publishing catalog—more than 600 copyrights spanning 60 years—to
Universal Music Publishing Group, according to the company.
While terms of the deal weren’t disclosed, the catalog is likely worth
hundreds of millions of dollars—rivaled in value and influence only by
the Beatles.
The move helps Mr. Dylan, who has long controlled most of his
songwriting copyrights, to cement his musical legacy and set up his
estate by cashing in on his life’s work.
His decision to cede control follows a lifetime spent shaping his image
by touring and by offering fans access to archives of unreleased music
and details about his life in numerous documentary films. Yet, his
choice also hews closely to his more liberal approach to the use of his
songs and lyrics by other artists and in media.
“This sale represents what is likely the largest single writer deal in
the history of popular music,” said Bill Werde, director of Syracuse
University’s Bandier music-industry program. “There remains such demand
to be associated with Dylan.”
His timing is fortunate. Over the past five years, owning and selling
the rights to music has become more valuable as revenue from music
streaming on services such as Spotify Technology SA and Apple Inc.’s
Apple Music has grown. Songwriter catalogs have been commanding sale
prices that amount to 10 to 20 times their annual royalties, compared
with eight to 13 times in earlier years, according to people involved in
the deals. Publishers and other catalog investors see the value of music
continuing to increase over time.
“By bringing to UMG the vast and brilliant Dylan songwriting catalog, in
an instant, we have forever transformed the legacy of this company,”
said Lucian Grainge, chief executive of Vivendi SA’s Universal Music
Group, parent of the publisher, in an email to employees Monday.
A representative for Mr. Dylan declined to comment.
Tapping into artist catalogs has also become a bigger focus during the
Covid-19 pandemic, as Mr. Dylan and other musicians have been unable to
go on tour, cutting off their most lucrative source of cash during
normal times. The rights sales can also mean older artists don’t burden
heirs with onerous tax payments.
In one recent deal, Fleetwood Mac’s Stevie Nicks sold a majority stake
in her publishing catalog, which valued it at $100 million, according to
people familiar with the transaction.
For Mr. Dylan, the deal means he will no longer benefit financially from
the use of the songs in his catalog going forward. Music publishers deal
with compositions—lyrics and melody—that underlie the sound recordings
controlled by record labels. Universal Music Publishing Group will act
as a steward of Mr. Dylan’s music and collect when “Blowin in the Wind”
or “Tangled Up in Blue” is streamed, played on the radio, used in an
advertisement or featured in a film or TV show. Publishers often consult
artists on how to exploit their music. Mr. Dylan’s deal doesn’t include
any future songs he may write.
Representing Mr. Dylan’s work “is both a privilege and a
responsibility,” said Universal Music Publishing Group chief Jody Gerson.
Mr. Dylan’s music has already been used hundreds of times in various
ways, setting him apart from other artists who are more protective of
their copyrights. Dozens of other musicians have covered his songs,
including Jimi Hendrix, Guns N’ Roses and Adele. Martin Scorsese
directed a 3 ½-hour film, released in 2005, about Mr. Dylan’s early
years titled “No Direction Home: Bob Dylan.” His music has been featured
in Super Bowl advertisements, including last year’s Budweiser spot, and
a Victoria’s Secret TV ad in 2004, to the song “Angels in Venice.”
Mr. Dylan has also simplified his financial and creative legacy. In the
case of Prince, who died without a plan for his music catalog, a
regional bank ended up in charge of making the call on how his work was
used.
Michael Jackson at one point refused to sell a stake in his music
publishing catalog even when confronted with financial disaster.
In selling his copyrights, Mr. Dylan creates more tax certainty and
potential benefits for himself and his heirs. He likely will pay a
one-time capital-gains tax of 23.8% in addition to state taxes, as
opposed to paying 37% plus state tax on the annual income his catalog
generates. Doing the sale now means he pays the capital-gains tax in
accordance with today’s rates and rules rather than facing the potential
higher rates and tighter restrictions that Democrats have proposed on
both capital gains and ordinary income. For his estate, he can plan tax
strategies on his remaining assets without his heirs and the government
engaging in a lengthy fight over the value of the copyrighted assets
after his death
Born Robert Allen Zimmerman in Duluth, Minn., in 1941, Mr. Dylan broke
into New York’s Greenwich Village folk scene in the early 1960s. He
later transformed the genre by introducing electric guitar. Mr. Dylan
has sold more than 125 million records globally.
Bob Dylan's 'Poetic Expressions' Win 2016 Nobel Prize for Literature
0:00 / 3:38
0:34
Bob Dylan's 'Poetic Expressions' Win 2016 Nobel Prize for Literature
Bob Dylan's 'Poetic Expressions' Win 2016 Nobel Prize for Literature
American rock star Bob Dylan was awarded the 2016 Nobel Prize in
Literature, the first time a musician has won the prestigious award.
WSJ’s Lee Hawkins explains. (Originally published Oct. 13, 2016)
—Richard Rubin contributed to this article.
Write to Anne Steele at Anne.Steele-at-wsj.com
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved.
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