Renowned musical group deemed as a cult Paraphrased: A highly acclaimed musical ensemble is regarded as a cult group by some. - Sony aims to purchase Queen's music catalog for a massive amount of money.
Form 1970 to Freddie Mercury's passing in 1991, the British rock band Queen was quite the success story. Their tunes such as "We Will Rock You," "Another One Bites the Dust," and "Bohemian Rhapsody" contributed significantly to global music history. Reports indicate that their massive hits are in the process of being sold off, potentially fetching a staggering amount.
As detailed by "Bloomberg," music powerhouse Sony Music is rumored to be in talks with another investor about acquiring the entire music catalog of the legendary group. The deal goes beyond just music rights and could also encompass marketing opportunities like merchandise. If the reports are true, a figure of a billion US dollars has been floated around as a potential purchase price.
Queen's Catalog is not the First of its Kind
As "Bloomberg" shares, Queen Productions Ltd, the company controlled by the remaining band members (Brian May, 76; Roger Taylor, 74; and John Deacon, 72), as well as the estate of Freddie Mercury, jointly own the rights to Queen's music. From the company's financial records, Queen Productions Ltd brought in a whopping $52 million in 2022.
Other notable musicians have also disposed of their songwriting catalogs. In 2021, Sony is said to have snapped up Bruce Springsteen's back catalog for $500 million, while in 2022 it's reported that Warner Music paid around $250 million for David Bowie's songs.
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- Freddie Mercury, the iconic lead singer of Queen, helped the band become a globally recognized cult band during their active years from 1970 to 1991.
- If reports are accurate, the music catalog of Queen, including hits like "We Will Rock You" and "Bohemian Rhapsody," is being pursued by Sony Music for an enormous sum, potentially over a billion US dollars.
- Mercury's bandmates, Brian May, Roger Taylor, and John Deacon, along with his estate, control Queen Productions Ltd, which generated $52 million in revenue in 2022, showcasing the immense value of Queen's music catalog.
- Sony Music has previously demonstrated its interest in music catalogs, having acquired the back catalogs of famous artists such as Bruce Springsteen for $500 million and David Bowie for around $250 million.
