WSJ "Value and Influence Comparable to The Beatles"
[Asia Economy Reporter Jeong Hyunjin] Legendary American singer-songwriter Bob Dylan has transferred the rights to over 600 songs he created over 60 years to Universal Music, the world's largest music company, according to reports by The Wall Street Journal (WSJ) and others on the 7th (local time).
According to the reports, Dylan handed over the rights to more than 600 songs, from early 1960s releases like "Blowin' in the Wind" and "The Times They Are a-Changin'" to this year's 39th studio album "Rough and Rowdy Ways," to Universal Music. Although the contract details were not disclosed, Bloomberg cited sources saying Dylan's songs are valued at over $200 million (approximately 217 billion KRW).
Dylan, who is 79 years old this year, debuted in 1962 and has released a total of 39 studio albums, selling over 125 million copies worldwide. Known as the godfather of American folk music, he released songs conveying messages of anti-war, resistance, freedom, and love, and in 2016 became the first singer to receive the Nobel Prize in Literature for creating "new poetic expressions." Until the COVID-19 pandemic, he consistently performed over 100 shows annually.
WSJ evaluated that the value of the 600 songs Dylan composed over 60 years rivals that of the world-famous rock group The Beatles. Foreign media reported that Dylan's songs have been continuously loved, performed by superstars such as Adele and Stevie Wonder.
Meanwhile, WSJ reported that as the music streaming industry has settled, the price of rights has also increased. In the past, the appropriate price for rights was 8 to 13 times the annual royalties each song earned, but now it has risen to 10 to 18 times. In the 1970s, famous female singer Stevie Nicks recently signed a contract to sell the rights to songs she composed for $100 million.
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