The sale represents the latest of artists selling their rights to music industry giants.
Universal Music Publishing Group (UMPG) did not disclose financial terms of the deal, but the sale is estimated to be around C$318.5 million.
It brings together the lyricist catalog of the 70-year-old artist with that of his recorded music, already controlled by Universal.
Universal will now receive all revenue and royalties related to the author’s works of hits like Every Breath You Take and Roxanne with The Police, or even Fields of Gold in solo.
In a statement, Sting said ravi
that UMPG now manages its catalog.
It is absolutely essential for me that all of my work takes up residence where it is esteemed and respected.
said the singer.
Owning the rights to catalogs – which allow you to earn royalties for each use of a song, whether it’s a download, a passage in a film or an advertisement – can be very profitable on the market. long term.
Like Springsteen and Dylan
The former bassist and frontman of The Police adds his name to a growing list of rock stars who have sold all or part of their musical catalog through transactions for astronomical amounts, but never officially confirmed.
In 2021, Bruce Springsteen sold all of his music rights to Sony Music for a record sum estimated at around C$630 million, while Nobel Literature Prize winner Bob Dylan did the same with Universal Music, for a windfall of some 382 million Canadian dollars.