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Stevie Nicks sold the majority of its song catalog to music publisher Primary Wave last month, the company said in a press release on Friday.
As part of the deal, Primary Wave acquired an 80% stake in Nicks’ copyright, valued at around $ 100 million, the Wall Street Journal reported, citing people familiar with the deal.
This year, the 1977 Fleetwood Mac song “Dreams”, written by Nicks, was back on the Billboard charts for the first time in over 40 years. It peaked at # 21 in October and had its best week of streams and downloads. The newfound popularity was boosted by a viral September TikTok from creator Nathan Apodaca on a longboard, drinking cranberry juice and syncing to the song.
The video was recreated by Mick Fleetwood, Dr Phil and the CEO of Ocean Spray.
Primary Wave in the deal acquired a copyright interest in some of Nicks’ most popular songs and solo tracks with Fleetwood Mac, including “Edge of Seventeen” and “Landslide,” as well as “Dreams,” the company said in the statement. The deal also includes rights to his name and likeness, which will be used to sign new artists.
“To say we’re thrilled to welcome the incredible Stevie Nicks to the Primary Wave family would be a dramatic understatement,” said Larry Mestel, CEO and Founder of Primary Wave. “If Primary Wave were to start our business today, Stevie Nicks would be one of the shining pillars, a true legend among legends.”
He added: “She is a revolutionary artist, and the longevity of her iconic career has come from writing instantly recognizable and critically acclaimed songs that stand the test of time.”
The music publisher has already acquired songs from other older artists like Ray Charles and
Songwriters catalogs have become more valuable as streaming revenue has grown in recent years, and catalogs have started selling up to 18 times their annual royalties, according to WSJ, as prices have increased. throughout the pandemic because they are seen as relatively safe.
“Stevie’s music, while exceptionally well known, is still very under-marketed and un-marketed,” Mestel told WSJ. “There is enormous potential for his songs to be invigorated and introduced into youth culture.”
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