Tina Turner sells music rights for $ 50 million
The rights to the legendary singer's music catalog were bought by the record label BMG. It is estimated that she received $ 50 million, and the director of the company says that they will bring Tina's music closer to the younger generations.
Legendary American singer Tina Turner has sold the rights to her own music catalog, including hits such as (Simply) The Best and Nutbush City Limits, to BMG. The record label also received rights to Tina's name, image and future sponsorships, and other contracts.
The company did not reveal how much it paid for the rights, but industry sources say that it is a sum of 50 million dollars. Turner said that she is convinced that her music is "in reliable hands".
Warner Music will remain the record company that will distribute the star's music.
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"Tina Turner's musical journey has inspired hundreds of millions of people around the world and continues to attract new audiences," said BMG CEO Hartwig Masuch.
"We are honored to take over the business of managing Tina Turner's music and commercial interests. It is a responsibility that we take seriously and we will follow it diligently. She really is simply the best. The company, " he added, "intends to present the singer's work to a new audience, especially on streaming platforms and social networks where music is represented, such as TikTok."
"Like any artist, the protection of a life's work, a musical heritage, is something personal," Tina Turner wrote in a statement. "I am convinced that with BMG and Warner Music, my work is in professional and reliable hands."
The star has mostly retired since 2009, but interest in her work has grown thanks to an HBO documentary based on her life.
She is the last among the artists to cash in on the value of her musical work, after Blondie, Shakira, as well as Stevie Nicks from Fleetwood Mac.
Universal Music Group paid close to $ 400 million last year to buy all of Bob Dylan's songs, while Neil Young earned about $ 150 million by selling a 50 percent stake in his music to London-based investment firm Hipgnosis.
Contracts provide performers and writers with guaranteed profits, while new owners collect royalties each time songs are broadcast, sold, or released in movies.
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By: Sarah R.
