Music artist John Legend just made a big move — he’s sold his catalog of music to DL Music IP LP, an affiliate of San Francisco-based KKR Credit Advisors and BMG Rights Management.
According to Bloomberg, a UCC filing revealed that John Legend sold the copyrights alongside his right to receive royalties from songs dating from 2004-2021. This would include music from John Legend’s debut album “Get Lifted“(2004) and the smash hit “All Of Me” (2013).
While the financial specifications of the agreement have not yet been disclosed, what we do know is DL Music IP LP purchased a 50 percent stake in John Legend’s impressive catalog.
“It’s a great time to be a seller because the valuations are so high,” said Eli Ball, founder of Lyric Financial, a provider of financial services to the music community that’s owned by Utopia Music, Bloomberg reports. “Legend is still at the top of his game, and he has even more platforms to exploit his music, which is good for him, KKR and BMG.”
John Legend's Decision To Sell His Catalog
Legend’s decision is a rare one, as typically deals of this nature are completed by artists who are nearing the end of their career or by the estate of the passing artist. As one would imagine, Legend is still at the top of his game at 43 years of age and, according to Entertainment Weekly, becomes one of the youngest artists to place his catalog up for grabs.
John Legend now joins a growing list of global superstars who have sold their music catalog.
Music Business Worldwide reports Bob Dylan sold his catalog to Universal Music Group for around $350 million, Bruce Springsteen sold both his master rights and song rights to Sony Music Group for a combined $550 million, David Bowie’s estate sold his career-spanning song rights to Warner Music Group for about $250 million, and Neil Young sold half of his song catalog to Hipgnosis for around $150 million.