David Bowie's estate sells songwriting rights to Warner

New York

DAVID Bowie's estate has sold the publishing rights to his "entire body of work" to Warner Chappell Music, the company said on Monday (Jan 3), the latest massive deal in a roaring song rights purchasing boom.

Warner Chappell did not reveal the financial terms of the agreement, but according to trade publications, the price tag is estimated at upwards of US$250 million. Recent years have seen a series of blockbuster music rights acquisitions by corporations - including from superstars Bruce Springsteen, Bob Dylan and Tina Turner - a trend driven by the anticipated stability of streaming growth combined with low interest rates and dependable earning projections for time-tested hits.

The Bowie deal includes hundreds of songs spanning the glam rock pioneer's six-decade career, including Space Oddity, Changes,Life on Mars? and Heroes. "All of us at Warner Chappell are immensely proud that the David Bowie's estate has chosen us to be the caretakers of one of the most groundbreaking, influential, and enduring catalogues in music history," said Guy Moot, head of WCM, in a statement.

"These are not only extraordinary songs, but milestones that have changed the course of modern music forever." Warner now houses Bowie's work as a songwriter as well as a recording artist.

The owners of a song's publishing rights receive a cut in a number of scenarios, including radio play and streaming, album sales, and use in advertising and movies. Recording rights govern reproduction and distribution.

Warner Music Group has handled much of Bowie's recorded catalogue since 2013, last year adding his recordings from 2000 to 2016 to the fold.

The announcement comes days before Bowie's birthday on Jan 8, when he would have turned 75, and the sixth anniversary of his death on Jan 10.

Music catalogues have always changed hands but the current publishing sales frenzy has escalated rapidly, with financial markets increasingly drawn to lucrative music portfolios as an asset class.

Springsteen's publishing and recorded music rights recently went to Sony for a staggering US$500 million, with Dylan also selling his full publishing catalogue to Universal for hundreds of millions of dollars. AFP