Artist Nelly has sold a portion of his catalog, per TMZ.
Close sources told the outlet Nelly has teamed up with HarbourView Equity Partners, and he will receive an estimated $50 million for 50% ownership of his catalog.
The deal encompasses eight albums and some of his top singles such as “Ride Wit Me,” “Dilemma” and “Hot in Herre.”
However, according to the outlet, there’s “no word yet on which parts of Nelly’s catalog — besides the above-mentioned singles — now belong to HarbourView.”
“As artists, we put our heart and soul into each track and there comes a time when you consider preservation of that artistry. My music is my legacy which I want to last beyond me, continuing to make my existing fans happy while reaching new generations and new audiences. I am excited to partner with HarbourView to create opportunities for discovery of my music decades from now,” Nelly said, Variety reports.
He joins artists like John Legend, Zaytoven, Irv Gotti, and more, who have decided to sell their catalogs.
Additionally, the relevance of the music over time is another aspect to consider. While at the height of their careers, some artists may choose to take a sure bet on the guaranteed money upfront.
For companies, the dollars they are putting down reflects their confidence in profiting from royalties, licensing, brand deals, among other streams of revenue that originally was allocated to the artists.
As AfroTech told you, Influence Media Partners acquired Logic’s catalog in an eight figure deal, which included tracks such as “1-800-273-8255,” “EVERYDAY,” “HOMICIDE,” and “6 SUCKER FOR PAIN.”
“Logic is a changemaker with an independent mindset and entrepreneurial spirit. He’s proven himself to be a multifaceted artist who never confines himself to one box,” Influence Media Partners’ Founding Advisor Rene McLean said in a news release. “Logic has made a tangible impact not only on the music charts, but on culture, and his commitment to destigmatizing and raising awareness around mental health issues is admirable. Influence Media is proud to partner with Logic to ensure his powerful body of work is heard for generations to come.”