Katy Perry is the Latest Music Legend to Sell Music Catalog for Millions
An Industry Lacking Equity has become a Goldmine for The Already Rich Few
Executives did a good job of commandeering equity from the music industry and artists via streaming services. Streaming service domination in present day means less physical copy sales, as well as over-saturation in the industry, leading to less opportunities and equity for artists outside of the mainstream.
Now, some mainstream artists and music legends particularly don’t have to worry about equity personally. Since 2020, the likes of Universal Music Group and a host of different music investment groups have begun buying up artist music libraries. Bruce Springsteen, Future, Stevie Nicks, The Red Hot Chili Peppers, Bob Dylan, Justin Timberlake, Sting, David Bowie, Genesis, and Dr. Dre are just some of the artists fortunate enough to sell their music libraries for hundreds of millions in currency.
Katy Perry is the latest artist to sell catalog rights for $225 million. Although you may be thinking, “good for them”, it may not be a good thing that music corporations gain even more power away from the artists. After all, dominant music corporations like Spotify are exactly why the industry lacks equity for 99% of artists.
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