A groundbreaking deal involving the sale of Queen's complete music collection is estimated to be valued at more than $1 billion.
Amid an extensive period of negotiations, Sony has secured the acquisition of all rights to Queen's music catalog, finalizing a historic agreement that sets a new industry standard with a staggering deal worth $1.27 billion.
Sony stepped into the negotiation process back in February, and after weeks of discussions, a deal was successfully reached when an unidentified party recently bid up to $900 million.
Variety reported that the agreement comprises Queen's earnings from recorded-music rights in North America and a distribution arrangement.
Live performance profits are excluded in this deal, allowing original members Brian May and Roger Taylor, to preserve that revenue stream while touring alongside Adam Lambert under the band's name.
As of now, Universal Music Group oversees Queen's distribution agreement, which is planned to transition to Sony upon its expiration in a few years.
Despite this shift, Disney will continue to hold the recorded music rights indefinitely. Yet, following the deal's closure, some of the group members' remaining royalties will be directed towards Sony.
When its agreement with Universal Music Group expires in the coming years, Queen's distribution rights will transition to Sony for all regions worldwide except the US and Canada.
Queen's extensive music collection features timeless classics that have carved their place in history.
The Queen music catalog, along with a number of other rights, is in the process of being acquired by Sony Music for £1 billion (around $1.27 billion). https://t.co/X5Qpn0v3Hv
— Variety (@Variety) June 19, 2024
The recent acquisition deal for Queen's catalog surpassed even some of the largest music transactions. For instance, back in 2021, per The New York Times, Bruce Springsteen's music catalog was acquired by Sony Music for $500 million, which was less than half the price commanded by Queen's iconic music.
In the recent deal, Michael Jackson's estate offloaded his music collection for a substantial $600 million, according to the Rolling Stone, although it lags behind the lucrative 10-figure agreement secured by Queen.
Many iconic rock songs have stood the test of time within Queen's extensive music collection.
Some of their most celebrated hits include "Bohemian Rhapsody," "Another One Bites the Dust," "Radio Ga Ga," and many more, all of which have captured the hearts of music lovers worldwide.
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