Aging rocker Rod Stewart shares his song catalog, which includes hits like “Maggie May” and “Do Ya Think I’m Sexy,” and the name of Irving Azoff’s Iconic Artist Group. and sold part of his image rights for $100 million.
This was revealed by a person familiar with the transaction. wall street journal The rights Stewart sold cover not only his solo career, but also his time as a member of the Faces and the Jeff Beck Group.
The 79-year-old British rock star’s discography includes 10 No. 1 albums overall and studio albums that each sold more than 1 million copies, the Journal reported.
IAG also raised more than $1 billion in new funding for future catalog investments led by private market investment firm HPS Investment Partners, people told the Journal.
Stewart joins IAG’s roster, which includes the Beach Boys, Cher, Joe Cocker, Nat King Cole, David Crosby, Dean Martin, Linda Ronstadt, Graham Nash and Stephen Stills, according to the management company’s website. join.
On February 23, the songwriter will release his 32nd studio album, Swing Fever, during his ongoing world tour, which is scheduled to end in September. It’s been a month since he ended his 13-year stay in Las Vegas. The 200th performance was held at the Colosseum at Caesars Palace, the Journal reported.
Stewart, who is scheduled to perform five concerts within four days and is resting his voice, told the Journal in an email: My life’s work is safely in His hands. ”
Azoff, the former CEO of Ticketmaster and co-founder of IAG, finalized a deal in May to sell the catalog to London-based music catalog management company Hipgnosis after two years of negotiations. After the withdrawal, the company reportedly signed a contract with Stewart. journal.
The magazine reported that Hypnosis shareholders are pursuing founder Merck Mercuriadis on suspicion of mismanagement.
“This catalog represents my life’s work, and after many years of due diligence, I have decided that this is the right company to manage my catalog of songs, my career, and my legacy.” “It has become abundantly clear that we have not been able to resolve this issue,” Stewart said in a statement after walking away from the Hypnosis negotiations.
When the Post reached out to IAG for comment, a spokesperson pointed to a press release about the partnership with Stewart, in which Stewart said “the time is right” to sell his music catalog.
Since the pandemic, many music management companies have considered putting capital into the market, as low interest rates have made music catalogs an attractive investment with relatively predictable and steady returns, according to the Journal.
Demand for music rights peaked in 2021 and 2022, with many catalogs earning as much as 20 times their annual revenue.
“Interest rates always go up and down. Music is eternal,” Azoff told the Journal.
Meanwhile, IAG says it wants to function as an operating company rather than just a fund and add value to its music catalog by focusing on ancillary projects that can generate revenue.
For example, Azoff’s company had Ronstadt’s 1970 single “Long Long Time” featured prominently in a 2023 episode of HBO’s hit series “The Last of Us,” the Journal reported.
The more than 50-year-old song garnered attention as if it were a new release, and the Journal reports that streaming of Ronstadt’s music has increased more than fivefold since it was included on the HBO show.
