Monarch transfers musical ownership for an astronomical sum exceeding one billion pounds.
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Queen, a renowned British rock band, has been raking in the dough from their legendary tunes and merchandise. However, there's a secret about their latest mega-deal that needs to stay under wraps.
Reports from "Variety" and "Hits Daily Double" suggest that Queen is in talks to sell their entire music catalog to Sony Music for a bombastic sum of one billion pounds (approximately 1.2 billion Euros). Their catalog, which houses hits like "We Are The Champions" and "We Will Rock You," is set to change hands.
This blockbuster deal covers recordings, publishing rights, and even merchandise sales. However, it's important to note that the earnings from their live performances, which the band members Brian May and Roger Taylor continue to perform under the name Queen + Adam Lambert, are off the table. Similarly, royalties from recordings in North America, which were sold to Disney in the 2000s, are also excluded.
It looks like the remaining Queen members had been eyeing a sale for some time, with Sony Music being the lucky bidder. Another contender dropped out with an offer of 900 million pounds.
More Green than for MJ or the Boss
Sony Music has been making waves in the music rights market lately. In February, they splashed out 600 million dollars for half of Michael Jackson's catalog, and another 500 million for Bruce Springsteen's. The acquisition of Queen's catalog is expected to outshine these figures.
Queen's first album as a band was released in 1973, and they gained international recognition in 1975 with the song "Bohemian Rhapsody." The band, made up of Freddie Mercury, Brian May, Roger Taylor, and John Deacon, went on to become one of the most successful bands of all time. Mercury's untimely death in 1991 didn't dim the band's legacy, and their star has only risen further, especially with the biopic "Bohemian Rhapsody." To date, they have sold a whopping 315 million physical albums worldwide.
According to their business records, Queen's songs generated approximately 40 million pounds in royalties during the 2021 business year from sales and streams.
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Sony is reportedly set to acquire Queen's entire music catalog, which includes hits like "We Are The Champions" and "We Will Rock You," for a record-breaking sum of over 1 billion pounds, surpassing their previous purchases of Michael Jackson's and Bruce Springsteen's catalogs.
The upcoming deal with Sony Music Entertainment will not only involve the transfer of recordings and publishing rights but also merchandise sales, further expanding Sony's expansive music rights portfolio.
