Queen's Music Catalog Sold for £1 Billion: A New Record in the Music Industry
Queen, one of the most influential and beloved bands in music history, continues to make headlines. Led by the legendary Freddie Mercury, alongside Brian May, John Deacon, and Roger Taylor, the iconic British rock band created some of the biggest hits of the 1970s and 1980s. Now, Queen's musical legacy has set a new industry record with the sale of their music catalog for an astonishing £1 billion!
Sony Music Announces Acquisition
Sony Music has announced the acquisition of the legendary rock band Queen's music catalog in a deal that has set a new record in the music industry. According to HITS Daily Double reports, Sony Music purchased the catalog for £1 billion, approximately $1.27 billion.
Long-term Agreement Details
The deal is long-term, with Sony Music Publishing overseeing the financial, copyright, and contractual details of the agreement. Given the individual contributions of each founding member—such as each writing at least one chart-topping single—the components of the deal are more complex than they might seem.
Secondary Income Sources
The agreement includes secondary income sources, such as revenue from the 2018 Freddie Mercury biopic 'Bohemian Rhapsody.' If a jukebox musical featuring Queen's catalog has been produced, the deal would cover that as well. Additionally, it might include a portion of the revenue from the North American main recording catalog owned by Disney since 1990. When Universal Music Group's licensing agreement with Queen expires in 2027, the income will shift to Sony.
Exclusions from the Deal
Revenue from live performances is not part of this massive deal. As you may know, surviving Queen members Brian May and Roger Taylor continue to perform and tour with singer Adam Lambert.
Earnings and Catalog Highlights
John Deacon, Brian May, and Roger Taylor, who currently receive eight-figure payments from Queen Productions Ltd, earned £73 million in the year 'Bohemian Rhapsody' was released. Queen's catalog includes iconic hits like 'Bohemian Rhapsody,' 'Another One Bites the Dust,' 'Somebody to Love,' 'We Will Rock You,' and 'We Are the Champions.'
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