Don’t stop them now!
Sony Music is in the process of acquiring the music catalog of the legendary rock band Queen for a whopping £1 billion. That’s roughly $1.27 billion in real money.
This deal, which is one of the biggest music catalog acquisitions in history, includes Queen’s songs and a number of other unspecified rights.
According to Hits, one aspect of the deal not included involves live performances, a particularly important element considering founding members Brian May and Roger Taylor still actively tour with singer Adam Lambert.
They will retain the rights to those concert receipts.
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Queen Music Catalog’s Massive Appeal
The fact that Queen’s music catalog is selling for such a massive amount nearly 33 years after lead singer Freddie Mercury passed away is a testament to the enduring popularity and commercial success of the band’s music.
Not to mention their global appeal.
Hits like “Bohemian Rhapsody,” “We Will Rock You,” and “Another One Bites the Dust” continue to resonate with audiences worldwide, making the band’s catalog a highly valuable asset.
And that is being reflected in the selling price. Just how massive is the $1.27 billion price tag?
“Born to Run” rocker Bruce Springsteen sold his music catalog to Sony for roughly $550 million. Making the acquisition of Queen’s music catalog a significant markup. Or maybe their music is just better.
The entertainment conglomerate also reportedly shelled out $600 million for a stake in Michael Jackson’s music catalog which actually had a similar, if not slightly higher valuation than Queen’s.
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They Will, They Will Rock You
With the rise of streaming platforms and the increasing value of music rights, companies like Sony are looking to capitalize on the long-term revenue potential of iconic music catalogs.
Having the Queen music catalog in their arsenal is no different. And the success of the biopic Bohemian Rhapsody in 2018 is a signal that fans still love Mercury and the band.
The movie soared to the top of the box office charts, becoming the highest-grossing music biopic of all time with a whopping $910 million in ticket sales worldwide.
NBC News reports that a “jukebox musical” involving Queen and their music is ‘likely’ to open in London or on Broadway and then tour indefinitely.
Revenue generated from that tour would now go to Sony, giving them a financial lift if the musical generates significant receipts.
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