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Neil Diamond has sold his catalog of songs and recording rights to Universal Music Group, the latest deal for musicians selling their portfolios.
The company, which did not disclose the value of the deal, said the pact included rights to all records of Mr. Diamond’s career, 110 unreleased tracks and one unreleased album. Universal’s publishing division has been Mr. Diamond’s publishing administrator for several years.
From the catalog of Mr. Diamond and recording rights under one roof, Universal has more control and the ability to use the music without the need to obtain approval from another rights holder.
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UMG has said it will release the artist’s future music as part of the deal if he decides to return to the studio.
LAS VEGAS, NEVADA – MARCH 07: Neil Diamond performs on the stage of the 24th annual Keep Memory Alive benefit “Power of Love Gala” for the Cleveland Lou Ruvo Clinic Brain Health Center at the MGM Grand Garden Arena on March 07, 2020 in Las Vegas, Nevada. (Photo by Denise Truscello / Getty Images for Keep Memory Alive / Getty Images)
Mr. Diamond’s song and rights deal comes after the value of copyright revenue from music rights has risen. The catalogs have sold 30 times more than their average annual copyrights. Bob Dylan sold his songwriting catalog, which included 600 copyrights for 60 years of music, to Universal in 2020 for between $ 300 million and $ 400 million. Last month, Mr. Dylan sold his recorded music catalog to Sony Music. Universal also recently bought the entire Sting song catalog for approximately $ 300 million, according to people familiar with the deal.
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Artists such as Frank Sinatra and Johnny Cash have made covers of some of Mr. Diamond, which include hits such as “Sweet Caroline”, “Red Red Wine” and “I’m a Believer”. Mr. Diamond’s music is also used in the film and television industry for shows such as “Friends” and “The Simpsons.”
LAS VEGAS, NEVADA – MARCH 07: Neil Diamond performs on the stage of the 24th annual Keep Memory Alive benefit “Power of Love Gala” for the Cleveland Lou Ruvo Clinic Brain Health Center at the MGM Grand Garden Arena on March 07, 2020 in Las Vegas, Nevada. (Getty Images)
Mr. Diamond’s relationship with Universal dates back to when the artist recorded with Universal’s MCA Records between 1968 and 1972, a period in which he released hits such as “Holly Holy” and “Song Sung Blue”.
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The deal brings Mr. Diamond’s work under one roof, giving Universal the opportunity to expand its songwriting at a time when revenue from music streaming has grown, thanks to the popularity of services from Spotify Technology SA, Apple Inc. and Amazon. com Inc.
The price of older catalog hits has risen from pre-Covid levels as they are seen as safer bets due to their mandate and the streaming of older songs has increased during the pandemic.