The New York Times, CNBC and other media outlets reported on Monday (local time) that American singer-song writer and Nobel prize laureate Bob Dylan (81, photo) sold all recording rights of his music created over the last 60 years and future music to Sony Music Entertainment.
U.S. pop culture media Variety reported that the deal was worth between $150 million and $200 million (approximately 180 billion to 240 billion won), although the number was not confirmed. The agreement was concluded in July 2021. In 2020, Dylan had sold his song catalog to Universal Music for 300 million dollars (around 360 billion won).
Sony Music has become owner of Dylan’s recording rights, while Universal Music owns copyrights for Dylan’s lyrics and melodies. The copyright owner earns income when the music is played on radio, streaming, ads, or movies, while the owner of recording rights is eligible to determine album release. “I am glad that all my recordings can stay where they belong,” said Dylan. Dylan has more than 60 years of relationship with Columbia Records, subsidiary of Sony Music.
Dylan has released 39 albums in addition to his debut album in 1962, selling more than 125 million copies worldwide. He became the first musician to become a Nobel laureate in 2016, acknowledged for his poetic lyrics.
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