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Bloomberg reported that representatives of the band have contacted potential buyers.
The report says the process began in early May.
Pink Floyd have sold 75 million records in the United States alone, the 10th most of any artist.
The music industry is one of the most successful in many parts of the world, especially in the United States, where groups and singers have become iconic figures in this sector such as Pink Floyd, who recently became known about a possible sale of their music catalog.
According to data from Statista, in 2021, the sale of physical music reported revenue to the global music industry of 5,000 million US dollars. This data represented an increase of 700 million compared to the previous year. Thus, the downward trend experienced by this format in recent times as a result of the boom in music streaming was halted.
Given these data, it is very important to highlight the increase in music streaming, where according to the latest report prepared by the International Federation of the Phonographic Industry (IFPI), recorded music revenues worldwide amounted to 25,900 million US dollars last year, that is, almost 18.5 percent more than the 21.9 billion reached in 2020.
Pink Floyd seeks to sell its iconic music catalog
According to a report, British rock band Pink Floyd is weighing the sale of its catalog of recorded music that includes legendary hits such as “Comfortably Numb” and “Another Brick in the Wall”.
Let us remember that this band is one of the most iconic and that it has positioned its name as a brand in the industry, thanks to the fact that it has some of the best-selling albums in history, so with this sale it could raise hundreds of millions of dollars. with an agreement.
In that same order, Bloomberg reported that representatives of the band have contacted potential buyers.
Also, part of the report says that the process began in early May, but it is too early to know what the outcome of the talks will be, so to date the band’s representatives have not commented.
Pink Floyd have sold 75 million records in the United States alone, the 10th most of any artist, the Recording Industry Association of America said.
They seek to cash in on the lucrative music rights market
Pink Floyd would join with this sale, to those also made by many legendary rockers such as Bob Dylan, Neil Diamond, Sting and Bruce Springsteen, who also sold their music catalog to take advantage of the lucrative music rights market.
Last year, Dylan sold his massive 600-song catalog to Universal Music Publishing Group for between $300 million and $400 million, whereas before, Bruce Springsteen sold his iconic catalog of songs and releases to Sony Music for a whopping $500 million.
This trend of selling their songbooks to investors or deep-pocketed record labels is also fueled by streaming, which offers the prospect of more lucrative royalties as customers flock to services like Spotify and Apple Music.
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