Bruce Springsteen closed the $500 million deal with Sony, proving that he remains "The Boss" in the music industry.
Springsteen, as one of the biggest rockers in the music industry, shocked everyone when he sold his catalog - over 300 songs and 20 studio albums - and their publishing rights to the corporate group company.
According to Billboard, Springsteen entered the early negotiations with Sony in November. At that time, sources revealed that the initial bid was around $350 million. However, Sony Music Publishing collaborated with Eldridge on the music publishing portion to secure the deal.
Following the development, the singer released a statement saying he felt he came to the right place when he signed with Columbia Records in 1972.
"During the last 50 years, the men and women of Sony Music have treated me with the greatest respect as an artist and as a person. I'm thrilled that my legacy will continue to be cared for by the company and people I know and trust," he said.
Bruce Springsteen's Journey With Columbia Records Explored
For the entire 50-year career Springsteen has, he famously recorded his songs for the company, becoming one of the top-selling stars in the 1970s and 1980s. He was also granted ownership of his earlier albums as part of the incentives he got when he re-signed with the label in the 1980s and 1990s.
According to the RIAA website, Springsteen's album catalog scored 65.5 million sales in the United States alone. The number includes the sales he made for his 15-time platinum recipient, "Born in the USA," and 5-time platinum, "The River."
MRC Data added that his music has already generated 2.25 million album consumption units in the past years since 2018.
Sony's move will be instantly beneficial for them since the financial statistics of Springsteen's catalog have been blooming recently. Securing Springsteen's masters added the value of the expenditures they made so far in the last six months. It also included the multi-million dollar deal the company made to obtain the rights to Paul Simon's back catalog.
The new deal came after the Universal Music Publishing Group secured Bob Dylan's publishing catalog between $375 million and $400 million.
Springsteen grabbed the good news a few weeks after releasing his most recent studio album, "Letter To You," in October. Fans expect him to release more music in the next coming months.
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