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Stevie Nicks struck a deal to sell a controlling stake in its publishing catalog late last month, on the heels of Fleetwood Mac’s “Dreams” which hit the Billboard charts for the first time since 1977.
Music publisher Primary Wave has bought an 80% stake in the copyrights, which are valued at around $ 100 million, according to people familiar with the deal.
The agreement, which includes the hits “Edge of Seventeen”, “Rhiannon” and “Landslide”, highlights the growing value of music in the age of streaming. Ms. Nicks’ sale coincides with the recent buzz surrounding “Dreams” fueled by a viral TikTok video of a man skateboarding while listening to Fleetwood Mac’s former No.1 single. The song, written by Ms. Nicks, landed No. 21 on the Billboard Hot 100 in October, registering its best week in US download streams and sales.
Ms Nicks and Primary Wave plan to partner on marketing, branding and digital strategies to generate more revenue from its catalog, according to the publisher. Opportunities for music are expanding in new corners of the digital world, from video games to social media to advertising.
Over the past five years, ownership of music rights has become more valuable as revenue from music streaming has grown. Vivendi SA sold a 10% stake in Universal Music Group to Chinese internet giant Tencent Holdings Ltd. for 3 billion euros, or $ 3.37 billion, at the end of last year, valuing the world’s largest music company at more than $ 33 billion. Los Angeles-based investment firm Shamrock Capital Advisors LLC recently bought Taylor Swift’s early record catalog for over $ 300 million – about what famed talent manager Scooter Braun’s Ithaca Holdings LLC paid for the entirety of Ms. Swift’s old label, Big Machine Label Group LLC, a year and a half ago.
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