Iconic Artists has bought Rod Stewart’s recorded music catalog for a reported $100 million (£79.3 million). The purchase, which also secures the rights to Stewart’s publishing catalog as well as his image and likeness stake, was made possible through Iconic Artists, the music investment firm founded by Irving Azoff. Iconic Artists has previously acquired the catalogs of other iconic performers such as the legendary groups The Beach Boys, Cher, and Dean Martin.
Stewart expressed his trust in Azoff, stating, “Irving and I are a couple of old-timers, and I believe we have a mutual respect and admiration for each other. My life’s work is in safe hands with him.” According to The Wall Street Journal, Iconic Artists recently raised over $1 billion (£793.5 million) in capital, and the funds will be allocated towards investing in additional catalogs.
Stewart is the latest musician to sell the rights to his back catalog, following Justin Bieber and Phil Collins, who sold the publishing rights to their master recordings for $200 million and $300 million, respectively. Other musicians who have also sold rights to their catalogs include Graham Nash and Katy Perry, the latter of whom sold her music rights for a reported $225 million (£180.5 million).
In contrast, Rod Stewart recently made headlines by claiming that he did not know any of Ed Sheeran’s songs. Despite this minor controversy, Stewart remains a celebrated artist with a rich legacy, and his catalog will continue to attract fans for generations to come
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