Wed. Jul 24th, 2024

Sony pays a million dollars for Queen’s music.

By triji Jun 26, 2024
News

With the acquisition of Queen’s renowned collection for one billion pounds, Sony Music creates history and ensures that legendary classics will be available for future generations.

as part of a historic transaction, ony Music is purchasing the music record catalogue of the British rock band Queen, in addition to various other rights. The total amount of the purchase is around $1.27 billion, which is equivalent to £1 billion. Hits was the first publication to disclose the news, and it stated that the agreement covers all revenue streams with the exception of live performances. Brian May and Roger Taylor, who are original members of the band and are now touring with singer Adam Lambert, will keep their live performances.

Another bidder, according to Variety, came close with a bid of $900 million but ultimately fell short of the target price. By surpassing any previous transaction in the industry that was officially stated to be worth more than one billion dollars, this acquisition represents the largest purchase of a single artist’s repertoire in the history of industry. The strong battle among companies that were fighting for the prized archive of the legendary British band that is recognized for timeless classics such as “Bohemian Rhapsody,” “Another One Bites the Dust,” and “Radio Ga Ga” was brought to light by the bidding war.

The music of Queen continues to be an essential component of rock music, and throughout the course of time, it has developed into timeless classics. Their position is firmly established by the success of songs like “We Will Rock You,” “We Are the Champions,” and “Bohemian Rhapsody” on a global scale. Further evidence of the band’s lasting popularity and musical legacy was provided by the success of the biographical film “Bohemian Rhapsody,” which starred Rami Malek in the role of the famous Freddie Mercury.

From a long time ago, record labels have been interested in purchasing the Queen record archive. After a series of complicated negotiations, Sony emerged as the buyer. In the past, Disney successfully bought the group’s recorded music rights for the United States and Canada in the 2000s. This acquisition came after an original licensing deal worth $10 million in 1991. Upon the conclusion of the transaction, the remaining royalties of select band members will be transferred to Sony Music, while these rights will continue to be owned by Disney. Additionally, whenever the group’s distribution arrangement with Universal, which now covers areas outside of the United States and Canada, expires in the future years, it will be transferred to Sony.

The band Queen was initially established in London in 1970 by Brian May and Roger Taylor, who had previously collaborated in a band called Smile. The following year, Freddie Mercury joined the band as a vocalist and pianist, and John Deacon joined the band as a bassist.

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