Bloomberg reported on the 29th (local time) that Sony Music is attempting to acquire the music copyright of the legendary British rock band Queen. The copyright is expected to reach a record high of $1 billion.
The media outlet reported that Sony Music is in negotiations along with other investors to acquire Queen’s music copyright, which includes rights to merchandise sales and business opportunities.
Bloomberg noted that the price of Queen’s music copyright is expected to reach an all-time high, but there is also the possibility that the deal may not go through.
The music copyright of Queen is held by Queen Productions, with equal shares owned by Brian May, Roger Taylor, John Deacon, and the foundation of the late Freddie Mercury. In the fiscal year ending in September 2022, it recorded a revenue of 40.9 million pounds ($51.9 million).
Sony Music previously acquired half of the music copyright rights of pop star Michael Jackson for $600 million. They also secured the music copyright of Bob Dylan.
The price of music copyrights has soared over the past decade due to the activation of paid streaming services and low interest rates. In 2022, Pink Floyd tried to sell their music copyright for more than $500 million but failed.