Sony Music to purchase Queen's catalog for over $1B
Sony Music is reportedly acquiring the music catalog of iconic rock band Queen for a whopping £1B (around $1.27B), as confirmed by sources to Variety. The deal, first reported by Hits, does not include revenue from live performances, which will remain with founding members Brian May and Roger Taylor. Another bidder was in the running but fell short at $900M, leaving Sony as the successful purchaser.
Queen's catalog: A treasure trove of rock classics
Queen's music catalog, featuring timeless hits like Bohemian Rhapsody, Another One Bites the Dust, and We Will Rock You, is among the most valuable in rock history. The enduring popularity and financial success of these songs have made this acquisition a lucrative deal for Sony. The 2018 Hollywood biopic Bohemian Rhapsody has further amplified the band's global appeal, hinting at the potential for a long-running jukebox musical in London or Broadway.
Deal complexity: Disney's rights and future distribution
The acquisition process, which has been leaning toward Sony for several months, is complicated by Queen's recorded-music rights for the US and Canada. These rights were previously owned by Disney in the 2000s after an initial $10M licensing deal in 1991. Despite Disney retaining these rights indefinitely, certain royalties will be transferred to Sony once the deal concludes. Further, Queen's current distribution agreement with Universal will shift to Sony outside the US and Canada when it expires by 2026/2027.
Queen's journey: From London to global stardom
Queen, formed in London in 1970 by May and Taylor, released their self-titled debut album in 1973, featuring Keep Yourself Alive. The band's global breakthrough came with Bohemian Rhapsody, a unique mini-symphony that has become one of the most unusual hit singles of all time. The band played in stadiums worldwide and held the all-time attendance record for a single concert when their 1985 performance at the Rock in Rio Festival in Brazil drew an estimated 6,00,000 people.
Queen's enduring legacy and continued popularity
The band's legacy has grown over the years, with its songs still receiving extensive airplay. Stadium anthems like We Will Rock You and We Are the Champions remain fan favorites and despite being in their mid-seventies, May and Taylor continue to tour under the group's name. Despite vocalist Freddie Mercury's tragic death from AIDS complications in 1991, Queen's legacy continues to thrive today.
