Sony Music has acquired British rock band Queen’s music catalogue, which includes hits such as Bohemian Rhapsody, Radio Ga Ga and Another One Bites the Dust, for a reported $1.27 billion.
This news was first reported by hitAccording to the outlet, the only income outside of the contract will come from live performances, which will be retained by founding members Brian May and Roger Taylor, who still actively tour with singer Adam Lambert.
Another interested party came much closer to bidding, but stopped short at $900 million, because music rights are seen as an attractive investment because songs can continue to generate revenue for decades.
The $1 billion price tag would surpass the $500 million Sony paid to acquire Bruce Springsteen’s catalogue in late 2021, making it the largest deal of its kind.
FILE / Queen members Freddie Mercury, Brian May, Roger Taylor and John Deacon rehearse for their South American tour in New Orleans, USA, September 21, 1981. (Gavin Kent/Mirrorpix/Getty Images)
Sony acquired 50 percent of the rights to Michael Jackson’s music from the late rocker’s estate earlier this year, for at least $600 million, according to the BBC. Note.
Queen is the more popular of both artists, with 52 million monthly listeners on Spotify, compared to Jackson’s 41 million and Springsteen’s 20 million.
Queen Productions made a profit of $52 million for the year to September 2022, according to its most recent financial statements seen by the BBC.
Proceeds will be split equally between guitarist Brian May, drummer Roger Taylor, bassist John Deacon and the estate of the late singer Freddie Mercury.
variety Reports The success of the 2018 biopic bohemian rhapsody This raises the possibility of rights to the group’s name and likeness, as well as the possibility of a jukebox musical that could premiere in London or Broadway and then tour indefinitely.
