After selling the masters and publishing rights to all his recorded music and songwriting, Bruce Springsteen's lifetime earnings shot up to at least $1 billion before taxes, Forbes estimates
after returning from a two-year tour of the United States and Europe to support his first No. 1 album,Bruce Springsteen arrived home at his rented New Jersey ranch house, not far from where he grew up in the blue-collar town of Freehold, and dropped $10,000 on his first extravagant purchase: a 1982 Chevy Z28 Camaro. Born to Run.
“I’d never spent $10,000 on myself. It felt as conspicuous as if I were driving a solid gold Rolls-Royce.” Today, the man who once sang of being haunted by the ghost of Tom Joad can afford a fleet of luxury cars. In December, the Boss sold the masters and publishing rights to all his recorded music and songwriting—including 11 multiplatinum albums and five gold singles—for what sources say was almost $500 million, bringing his lifetime earnings up to at least $1 billion before taxes,estimates. The buyer was Sony Music Group, parent company of his longtime label, Columbia Records.
The Boss isn’t the only rocker on a financial roll. Other classic acts to sell their lucrative music catalogs in the past year include Bob Dylan, Paul Simon and Neil Young, who hauled in a combined $500 million before fees, enough for each to earn a spot in this year’s rankings. “These deals haven’t been hand-to-hand combat,” says Jon Landau, Springsteen’s manager of nearly half a century. “Everybody is getting what is in their interest.
The giant paydays have as much to do with estate planning as timeless songs. These musicians, all of whom are in their 70s and 80s, get a guaranteed nest egg and an income alternative to touring. It’s also a smart way to cash in during a bull market for music and get ahead of likely higher tax rates.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
U.S. Households Took On $1 Trillion in New Debt in 2021The increase, the largest since 2007, was largely the result of a big jump in mortgages and auto loans.
Weiterlesen »
How Rockers Bruce Springsteen, Neil Young, Bob Dylan And Paul Simon Made $1 Billion In 2021We explain how The Boss went from $20,000 in his bank account to over $1 billion in lifetime earnings.
Weiterlesen »
Venus Protocol Launches $1 Million Dollar Grant Program to Promote Innovation in DeFi | HackerNoon'Venus Protocol Launches $1 Million Dollar Grant Program to Promote Innovation in DeFi ' blockchain defi
Weiterlesen »
South Loop home that former Mayor Richard M. Daley once owned sells for $1.2MThe four-level, 3,405-square-foot town home in the South Loop that former Mayor Richard M. Daley and his late wife, Maggie, owned was sold on Friday.
Weiterlesen »
Disney to Boost Content Spending by Up to $1 Billion This QuarterDisney plans to increase spending on Disney Media and Entertainment Distribution (DMED) programming by more than $1 billion this quarter versus the same period last year. For the current quarter, t…
Weiterlesen »
Household debt jumped by $1 trillion in 2021, the most since 2007In the fourth quarter alone, household debt grew by $333 billion to $15.58 trillion, the largest quarterly rate of increase since 2007 as well
Weiterlesen »