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    Hipgnosis Made Mega Deals for Song Catalogs. Its Future Is Unclear.

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    The company’s shareholders on Thursday rejected a $440 million divestment plan and voted against maintaining its current structure.The future of Hipgnosis Songs Fund, the British company that helped kick off the music industry’s trend of top-dollar deals for artists’ song catalogs, is in question after its shareholders on Thursday rejected a $440 million divestment plan and voted against maintaining the company’s current structure.Hipgnosis, founded by Merck Mercuriadis, a former manager of stars like Beyoncé and Elton John, was listed on the London Stock Exchange in 2018 and pitched investors on music rights as a special kind of financial asset that is “more valuable than gold or oil.” Since then Hipgnosis, along with a sister fund backed by the private equity giant Blackstone, have spent more than $2 billion to acquire music catalogs from Neil Young, Shakira, Justin Bieber, the Red Hot Chili Peppers, Blondie and other artists and songwriters.But in recent months Hipgnosis has come under increasing pressure from dissatisfied investors who have seen the company’s share price drop in comparison to its so-called net asset value, an estimate of its catalogs’ worth prepared by an independent firm. Its share price closed at 74.20 pounds on Thursday, down about 43 percent from a high of 129.20 in November 2021. Its market capitalization is about $1.2 billion.The company also shocked investors last week by suspending its quarterly dividend, after saying that Citrin Cooperman, the independent firm that values its assets, had reduced the amount the company was expected to receive as a result of an industrywide royalty rate adjustment in the United States. Citrin Cooperman, the company said, had calculated that Hipgnosis would receive $21.7 million in retroactive payments, but recently reduced that to $9.9 million, and Hipgnosis said it had suspended the dividend payment — which had been announced at 1.3125 pence, or about 1.6 cents, per ordinary share — to remain compliant with its debt covenants.The global rise in interest rates has altered the calculus of many top-dollar catalog deals, but the investors in Hipgnosis have also grown concerned about the company’s management.“No investor ever knew that the fund was being managed so close to the edge that they were very close to tripping the debt covenant,” Sachin Saggar, a research analyst at Stifel, said in an interview.Hipgnosis recently proposed selling 29 catalogs for $440 million to the Blackstone-backed fund, which is managed by a company led by Mercuriadis. The proceeds were to help pay off Hipgnosis’ debt and buy back shares. But many investors balked, calling the price too low.At the company’s general meeting on Thursday, shareholders rejected the catalog sale and voted against maintaining the company’s structure as an investment trust, a decision that must be renewed every five years. According to an announcement by Hipgnosis, the company’s board now has six months to introduce proposals for future plans, which “may or may not involve winding-up the company or liquidating all or part of the company’s existing portfolio of investments.”The chairman, Andrew Sutch, and two other directors will leave the board.One possibility is that the assets could be sold to Hipgnosis Song Management, the advisory firm led by Mercuriadis, who has that right through an agreement known as a call option.In a statement on Thursday, Mercuriadis said: “Our conversations with shareholders have revealed a consensus that they are enthusiastic about the quality of the company’s iconic portfolio of songs, however it is also clear that they are asking for change and we respect that feedback.” More

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      Millions Danced Joyfully to Her Song. She Drew on Her Pain to Write It.

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      Nomcebo Zikode, the South African singer of the pandemic hit “Jerusalema” that inspired a global dance challenge, wrote the chorus while battling her own depression.It starts with a clap, and then the feet tap along to the beat: four times on each side, followed by a quick jump. As the melody rises, dancers dip low and twirl.It’s a dance easy enough for anyone to learn, and people all around the world have done so, with everyone from an urban dance crew in Angola to Franciscan nuns in Europe showing off their moves on social media.The “Jerusalema” dance, named for the South African hit song that inspired it, provided a moment of global joy during the lockdowns of the pandemic, a welcome distraction from the isolation and collective grief.But it was the chorus, a lamentation over a heavy bass beat, that was balm to millions. Sung in a low alto in isiZulu, one of the official languages of South Africa, audiences didn’t need to understand the song to be moved by it.The singer Nomcebo Nkwanyana, who goes by Nomcebo Zikode professionally, drew on her own intense pain when she wrote it.“Jerusalem is my home,” she sang. “Guard me. Walk with me. Do not leave me here.”After more than decade as an overlooked backing vocalist, and with her faith in music faltering, Ms. Zikode, 37, was in a dark place in 2019 when she wrote those words.Her manager, who is also her husband, insisted she write the lyrics to help her crowd out the voices in her head that were telling her to give up on music, and herself.Ms. Zikode, 37, was in a dark place when she wrote lyrics that would uplift millions.Alexia Webster for The New York Times“As if there’s a voice that says you must kill yourself,” she said, describing her depression at the time. “I remember talking to myself saying, ‘no, I can’t kill myself. I’ve got my kids to raise. I can’t, I can’t do that.’”She didn’t listen to the recording of the song until a day after it was made. As the bass began to reverberate through her car, everything went dark, she said, and she almost lost control of the vehicle. She pulled over, tears streaming down her face.“Even if you don’t believe it, this is my story,” she said. “I heard the voice saying to me, ‘Nomcebo, this is going to be a big song all over the world.’”And that prognostication soon proved true.In February 2020, a group of dancers in Angola uploaded a video showing off their choreography to the song, and challenging others to outdo them. As lockdowns were enforced just weeks later, the song was shared around the world.The global success of “Jerusalema” has taken Ms. Zikode on tour to Europe, the Caribbean and the United States. It also led to her being featured on the song “Bayethe,” which would win the Grammy award for Best Global Music Performance earlier this year.But while “Jerusalema” has brought her global renown, she has had to fight to earn any financial reward from it and to be recognized as part of its creative force.She sued her record label, and a settlement in December called for her to receive a percentage of the song’s royalties and to be allowed to audit the books of the label, Open Mic Productions, that owns the song.At least as important, the agreement also states that Ms. Zikode must be cited as the song’s “primary artist” alongside Kgaogelo Moagi, more commonly known as Master KG, the producer behind the instrumental track on “Jerusalema.”But even this victory in South Africa’s male-dominated music industry comes with significant caveats: For one, Master KG is receiving a higher percentage of royalties. And Ms. Zikode said she has yet to see payment. “I’m still waiting for my money,” she said.Open Mic did not respond to multiple requests for comment, but in a statement put out after her Grammy win, the label said: “She is a very talented artist and we welcome this agreement as a progressive resolution.”The global success of “Jerusalema” has taken Ms. Zikode on tour to Europe, the Caribbean and the United States.Alexia Webster for The New York TimesStruggles with money are nothing new to her.The youngest of four children born in a polygamous marriage, Ms. Zikode’s father died when she was young and her mother, the third wife, was left destitute. Desperate, her mother let a church outside Hammarsdale, a small town in South Africa’s eastern province of KwaZulu-Natal, take her daughter in for four years.There, she slept on bunk beds among rows of other children. She sewed her own clothes and helped to clean the dormitories. The church choir was a solace, but she sorely missed home until she was able to return in the 10th grade.Her mother sold maize or bartered what vegetables she could grow for secondhand clothes. The neighbors who would ask the young Ms. Zikode to sing for them would feed her and take her in for a few nights as her mother struggled.When she was old enough, Ms. Zikode learned to braid other people’s hair to earn some money, but remembers self-consciously pressing her elbows to her side, for fear that her customers would smell that she could not afford deodorant.But what she really wanted was to sing, and she got her break at an open-call audition. She spent years singing backup for gospel stars, sharing crowded apartments with other backing vocalists. When gigs dried up, she took computer classes as a career backup plan.Ms Zikode’s first major South African hit came in 2017 when she sang vocals on the song “Emazulwini” for a well-known house music producer and D.J., Frederick Ganyani Tshabalala. But what had seemed like a long-awaited break turned into a letdown when DJ Ganyani, as he is known, did all he could, she said, to prevent her from performing the song live on her own.“They try by all means to suppress the singers,” Ms. Zikode said of the D.J.s and producers who hold most of the power in South Africa’s music industry.DJ Ganyani did not respond to requests for comment.Hoping a record label would better protect her rights, Ms. Zikode signed with Open Mic, but once the deal was inked, the label went quiet, she said, and she was left hustling to record her debut album.Feeling abandoned by the record company, her husband and manager, Selwyn Fraser, sent messages to other artists, masquerading as his wife on Instagram and Twitter, trying to get bigger names to work with her.This outreach campaign connected Ms. Zikode with Master KG and resulted in “Jerusalema.”It’s not only the song that has made her a household name in South Africa, but also her very public fight for her royalties and recognition, in the courts and on social media, said Kgopolo Mphela, a South African entertainment commentator.“She’s coming across as the hero, or the underdog, taking on Goliath,” Mr. Mphela said.For all her struggles with reaping the monetary benefits of “Jerusalema,” Ms. Zikode’s musical career has made her financially comfortable and she now has a music publishing deal with a division of Sony Music.Her 17-year-old daughter and 8-year-old son want for nothing, she said. She and her husband renovated their home, adding an in-house studio.Ms. Zikode can also bask in the accolades that have come with her Grammy win for “Bayethe.”Ms. Zikode won a Grammy for “Bayethe,” which she performed with two other South Africans, the flutist Wouter Kellerman and the performer-producer Zakes Bantwini.Alexia Webster for The New York TimesOn a chilly April night in Johannesburg, in the Grammy’s afterglow, Ms. Zikode stepped out of a borrowed Bentley at an event to celebrate South Africans who have achieved international success.As she walked the red carpet, determined to own the moment, she granted every interview request, whether from the national broadcaster or a TikTok influencer. Later that night, she accepted two checks, one for herself and one for a charity she founded that helps impoverished young women.When she took the stage to perform the song that made her famous, she hiked up her gown to dance the “Jerusalema.” More

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      A Britney Spears Jukebox Musical Hopes for #SeeBritney Energy

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      “Once Upon a One More Time” is bringing hits like “Toxic” and “Circus” to Broadway. Will Spears’s fiercely protective base embrace it?The book writer for “Once Upon a One More Time,” the Britney Spears jukebox musical opening on Broadway Thursday night, often returns to a memory from five years ago, when Spears sat in a Manhattan theater a few rows in front of him and watched an early reading of the show.“I was just watching her and it was like, ‘Is she going to like this?’” the writer, Jon Hartmere, said recently, recalling his relief whenever he saw Spears clap along or smile as one of her songs came on. “It was pure delight.”A campy fairy-tale spoof that sidesteps the bio-musical formula to focus on a cast of disillusioned Disney princesses and storybook protagonists, “Once Upon a One More Time” is the latest in a long line of jukebox musicals that have plumbed the catalogs of acts including Frankie Valli and the Four Seasons, Michael Jackson, Tina Turner and the Temptations in pursuit of box office gold.The musical offers Spears-themed merchandise.Ye Fan for The New York TimesWith a track list stacked with hits such as “Stronger,” “Toxic” and “Circus,” the show has the potential for boffo success, but it also faces unique challenges. Originally conceived when Spears was under a conservatorship that gave her father vast control over her life, the production has assured fans that the show was fully authorized by the pop star herself after she was freed from the arrangement. But it is unclear how much her fiercely loyal fan base — whose activism helped fuel the unraveling of the conservatorship — will embrace it. It would likely only take one spirited comment from Spears, a 41-year-old star with a reputation for unfiltered and unpredictable social media posts, to win or lose that audience.Fans inside and outside the production have been keeping a close eye on Spears’s famously active Instagram account to see if she opines on the show (she hasn’t, yet). And cast and crew members have sought assurances internally that the production’s profits are benefiting Spears herself, rather than her former managers or her father, James P. Spears, who was named her conservator amid concerns about her mental health and went on to exercise control over her personal life and finances for more than a decade, even as she continued to perform.“As artists, we just want her to be able to make her own decisions and to live her life the way she hoped to,” said Keone Madrid, who directed and choreographed the show with his creative partner and wife, Mari Madrid. “We all yearn to honor her work.”Hunter Arnold, one of the show’s lead producers, said Spears signed the contract herself after the conservatorship was terminated and that no one else in Spears’s camp currently has a deal to receive profits.The outfit Taylor McKenzie wore to the musical was inspired by the one that Spears wore in the “Baby One More Time” video.Ye Fan for The New York TimesA representative for Spears did not make her available for an interview but confirmed the timing of the most recent deal and added that the singer had provided notes in response to videos of the Madrids’ choreography.The opening comes at a time when Spears’s life has continued to be the subject of gossip items. Since the legal arrangement was terminated, Spears has announced her marriage to Sam Asghari, something she had said she was not able to do under the conservatorship, and briefly returned to the music industry, releasing a track with Elton John. The legal battle over winding down the conservatorship has continued in Los Angeles, where her lawyers have lodged objections to some of the accounting during the conservatorship years.Within the production, the desire to please Spears has sometimes meant seizing on the dribs and drabs of information that they get from representatives of a reclusive megastar.Britney likes fairy tales? The show is based in a world where Cinderella, Snow White and Rapunzel are friends. Britney loves butterflies? The production made props of the insects and made the show’s branding into what looks like butterfly-shaped rainbow floodlights, which theatergoers can pose with outside the theater. (“That might be an example of where we had tried to lean in too hard,” Hartmere said of the show’s monthlong tryout in Washington, D.C., noting that the show had gotten rid of a “butterfly vortex” for the Broadway production.)”Once Upon a One More Time” invites fans to pose for shareable pictures. “The spirit of it has always been serving her desires,” Arnold said.Because of revelations around how Spears’s father and former management company benefited financially from the conservatorship, the musical’s financial structure has been a central point of scrutiny for some fans.Initially, production papers from late 2019 listed a company called Shiloh Standing, Inc., which was started by Spears’s father shortly after the creation of the conservatorship, as being entitled to 7.5 percent of the production’s net profits, according to documents filed with New York State’s attorney general’s office. Larry Rudolph, Spears’s former manager, was also slated to receive funds, including a $30,000 executive producer fee, plus $1,500 per week.The show’s creators have tried to cater to the wishes of Spears and her fandom.Ye Fan for The New York TimesBut plans for a short run in Chicago in 2020, followed by a Broadway transfer, were scuttled by the pandemic, the show was put on hold and, in that time, Spears’s world was transformed. Leslie Papa, a spokeswoman for the show, said that Spears’s contract was negotiated and signed in 2022, after the termination of the conservatorship, and provides all compensation directly to her.Arnold said Spears has a stake in the show’s royalties through music licensing proceeds, in addition to an underlying rights deal, which he said was carved out in recognition of her role in popularizing the music, even if other lyricists and music producers own much of the rights to the songs. He declined to specify the exact payment structure for Spears, and it is not included in government filings thus far.According to a copy of a 2022 budget for the Broadway musical that was shared with The New York Times by someone who was not authorized to discuss the production, the advance payment for the underlying rights deal associated with the show was $80,000. Arnold noted that with successful Broadway shows, royalties often quickly outpace initial advances.Several high school seniors from Pennsylvania came to see the show. Ye Fan for The New York TimesSo far some of the biggest social media accounts associated with the movement to end the conservatorship, known as #FreeBritney, have said little about the musical, especially in contrast to the fan excitement around the Elton John collaboration.But many of the ticket holders at previews at the Marquis Theater are quick to label themselves as devoted Britney fans, and they react with delight at the show’s many knowing references to the pop star, which include a snippet of the original choreography from “Oops! … I Did It Again” that tends to make the audience erupt. Because they spent their early teenage years internalizing Spears’s dancing on MTV, the Madrids, who are known for their narrative choreography and staccato isolations, consider themselves “natural extensions of her and her work.”“Her music has always been around in my life in one way or another,” Mari Madrid said.Those references are like a running inside joke that most of the audience seems to understand. The crowd doesn’t hear the word “Britney” through the entire show — it’s only at the end that the speakers blast the pop star’s most famous opening line: “It’s Britney, bitch.” None of the show’s official merchandise carries Spears’s image, but one fast-selling tote bag proclaims, “It’s Broadway, bitch.”Stoyanka Damyanova, who is visiting from Bulgaria, was there seeing the musical for the third time.Ye Fan for The New York TimesNelson Saavedra Jr., the owner of the #FreeBritney page on Reddit, has opted to support the show and has attended two preview performances already, noting that any direct assessment from Spears would influence his own thinking on it.“Britney signed the deal after she was free so let’s just move on and take that at face value,” Saavedra said. “Of course, that would change tomorrow if she said, ‘Please don’t go see this play.’”Audience members can be forgiven for thinking that the musical’s central theme — a cohort of famed damsels in distress taking control of their own lives — is some grand metaphor for Spears’s release from the conservatorship, but Hartmere said the parallels are just coincidence.“It’s this story about women learning what they can and should have out of life,” Hartmere said. “That’s always been the story from the get-go.”For Hartmere, returning to that memory of Spears watching that early performance also engenders some anxiety: What if she ends up disappointed that some songs did not make the final cut? The show’s creators could not figure out how to make the risqué lyrics from her 2016 track “Clumsy” fit for children, so the song was removed.Right now, the creators can only wait to see if Spears decides to attend a performance — which, they acknowledge, is anyone’s best guess.Michael Paulson and Liz Day contributed reporting. More

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      Syl Johnson, Soul Singer With a Cult Following, Dies at 85

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      He released dozens of records on an array of labels across five decades, and his work was heavily sampled by rappers. He enjoyed a career revival in his 70s.Syl Johnson, a Chicago soul singer and guitarist who built a cult following for his raw sound on 1960s songs like “Is It Because I’m Black” and, decades later, was heavily sampled by rappers, died on Sunday in Mableton, Ga., at the home of one of his daughters. He was 85.The cause was congestive heart failure, his daughter Syleecia Thompson said.Although never a chart-topping star, Mr. Johnson was beloved by record collectors and hip-hop producers for the driving power of his songs, and for a versatile vocal style that could match James Brown’s grunting gusto or Al Green’s lovelorn keening. He released dozens of singles and albums on an array of record labels across five decades, and he enjoyed a career revival in his 70s after an exhaustively researched boxed set, “Complete Mythology” (2010), introduced his work to a new generation.Mr. Johnson was also one of soul music’s most brazen and entertaining raconteurs, entrancing fans and journalists with his braggadocio and his tales of the music business’s underside. He proclaimed himself a “multifaceted genius” and compared himself favorably to giants of the genre like Mr. Brown, Mr. Green and Marvin Gaye.Mr. Johnson in an undated publicity photo. Although never a chart-topping star, he was beloved by record collectors and hip-hop producers for the driving power of his songs and his versatile vocal style.When Mr. Johnson’s performing career began slowing down in the 1980s, he opened a seafood restaurant in Chicago, invested in real estate and found a lucrative side business seeking out his royalties. Grooves and stray growls from tracks like “Different Strokes” (1967) and “Is It Because I’m Black” (1969) had become go-to samples in hip-hop, used hundreds of times by artists like Wu-Tang Clan, Whodini, Public Enemy, Kid Rock and N.W.A; even Michael Jackson used some of Mr. Johnson’s music.For help hunting down unauthorized samples, Mr. Johnson enlisted his children and their friends.“He would tell people in the neighborhood, ‘If you find any rapper who has sampled my music, I will pay you,’” Ms. Thompson told The New York Times in 2010. “And so all the kids, we would go buy cassettes and listen to see if we could hear his ‘wow!’ and his ‘aw!’”Mr. Johnson went after those royalties, sometimes through litigation. In recent years, his targets have included Jay-Z and Kanye West, who settled a case with Mr. Johnson in 2012.“I’m sitting in the house that Wu-Tang built with their money,” Mr. Johnson told The Times.Mr. Johnson was one of soul music’s most brazen and entertaining raconteurs, entrancing fans and journalists with his braggadocio and his tales of the music business’s underside.via The Numero GroupHe was born Sylvester Thompson on July 1, 1936, near Holly Springs, Miss., the sixth child of Samuel and Erlie Thompson, who farmed cotton and corn. Samuel Thompson sang at a local church and played the harmonica, and Sylvester and his older brothers Jimmy and Mack all took up the guitar. By 1950, the family had moved to Chicago.By the late 1950s, Sylvester was accompanying blues players like Junior Wells and Jimmy Reed, and in 1959 his first single, “Teardrops,” with echoes of the R&B crooner Jackie Wilson, was released under the name Syl Johnson on the Federal label. His stage name was chosen by Syd Nathan, the impresario behind King Records, of which Federal was a subsidiary.Mr. Johnson’s brothers also had extensive careers in music. Mack Thompson, a bassist and guitarist, died in 1991. Jimmy Johnson became a prominent blues guitarist in Chicago and died on Jan. 31 at age 93.Syl Johnson released singles on a variety of labels throughout the 1960s, with limited success, before signing with Twilight Records in 1967. Songs he recorded for the label like “Come On Sock It to Me,” “Dresses Too Short” and “Different Strokes,” with their gritty funk grooves and powerful vocals, raised his profile. “Different Strokes” — whose frequently sampled opening features Mr. Johnson’s deep grunts alongside giggles from the singer Minnie Riperton — reached No. 17 on Billboard’s R&B chart. (After learning that another label already owned that name, Twilight Records eventually rechristened itself Twinight.)“Is It Because I’m Black,” written as a response to the assassination of the Rev. Dr. Martin Luther King Jr., added a note of bitter social commentary. “Something is holding me back,” he sang. “Is it because I’m Black?”In 1971, Mr. Johnson signed to Hi Records in Memphis, Al Green’s home, where he worked with Willie Mitchell, the label’s house producer. Mr. Johnson’s time there — his output included a cover of Mr. Green’s “Take Me to the River” in 1975 — gave him perhaps his greatest exposure, though he later said he wished he had continued to record in Chicago.Mr. Johnson in performance at the Music Hall of Williamsburg in Brooklyn in 2009.Piotr Redlinski for The New York TimesHe continued recording into the 2000s, including an album with his brother Jimmy called “Two Johnsons Are Better Than One.” But he had mostly retired from music when he was approached in 2006 by the Numero Group, a Chicago label known for its extensive research, about a reissue project. Distrustful of record companies, he rebuffed the company for nearly four years.When he finally agreed, the label produced a six-LP, four-CD monolith with crisp historical photos and detailed liner notes. The boxed set cemented Mr. Johnson’s legacy and established Numero’s credentials as an authoritative outlet.“There is no Numero without Syl Johnson,” said Ken Shipley, one of the founders of the label, which has continued to represent Mr. Johnson as the owner of his music publishing rights and most of his recordings.In 2015, Mr. Johnson was the subject of a documentary, “Any Way the Wind Blows,” directed by Rob Hatch-Miller.In addition to his daughter Syleecia, Mr. Johnson’s survivors include three other daughters, Sylette DeBois, Syleena Johnson and Michelle Thompson; a son, Anthony Thompson; two sisters, Vivian and Marva Thompson; and a number of grandchildren and great-grandchildren.Mr. Johnson could be bitter in recounting his experiences with the music industry, but in later years he often expressed gratitude for being given another chance to make his mark.“Back in the day I didn’t get the proper chance, like a lot of people,” he told The Times after “Complete Mythology” came out.“But I didn’t drop out of my dreams,” he added, “and now these people went back and picked it up and said, ‘This is gold right here, man, you missed the gold.’ And I think that once you check it out, you’ll like it.” More

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      A $550 Million Springsteen Deal? It’s Glory Days for Catalog Sales.

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      Bob Dylan, Paul Simon, Tina Turner and others have all sold rights to their music for eye-popping prices. Here’s why.In 1972, a struggling New Jersey musician hustled into Manhattan for an audition at Columbia Records, using an acoustic guitar borrowed from his former drummer.“I had to haul it ‘Midnight Cowboy’-style over my shoulder on the bus and through the streets of the city,” the rocker, Bruce Springsteen, later recalled in his memoirs.Half a century later, he can afford plenty of guitars. Last week Sony, which now owns Columbia, announced that it acquired Springsteen’s entire body of work — his recordings and his songwriting catalog — for what two people briefed on the deal said was about $550 million.The price, which may be the richest ever paid for the work of a single musician, caused jaws to drop throughout the music industry. But it was only the latest mega-transaction in a year in which many prominent artists’ catalogs have been sold, fetching eye-popping prices.The catalog market was already bubbling a year ago when Bob Dylan sold his songwriting rights for more than $300 million, but since then it has maintained a steady boil. The list of major artists who have recently sold their work, in full or in part, includes Paul Simon, Neil Young, Stevie Nicks, Tina Turner, Mötley Crüe, Shakira and the Red Hot Chili Peppers, many for eight-figure payouts or more. The industry is abuzz about impending deals for Sting and the songwriting catalog of David Bowie.“Almost everything now is transacting,” said Barry M. Massarsky, an economist who specializes in calculating the value of music catalogs on behalf of investors. “In the last year alone, we did 300 valuations worth over $6.5 billion,” he added.Not long ago, music was seen as a collapsing business, with rampant piracy and declining sales. No longer.Streaming and the global growth of subscription services like Spotify, Apple Music and YouTube have turned the industry’s fortunes around. One result is a spike in the pricing of catalogs of music rights to both recordings and to the songs themselves.Tina Turner sold her music rights to BMG earlier this year.Pierre Bessard/Agence France-Presse — Getty ImagesNew investors, including private equity firms, have poured billions of dollars into the market, viewing music royalties as a kind of safe commodity — an investment, somewhat like real estate, with predictable rates of return and relatively low risk.For major music conglomerates like Sony and Universal, which bought Dylan’s songs, such deals help them consolidate power and gain negotiating leverage with streaming services and other tech companies, like social-media, exercise services or gaming platforms, that often make blanket deals to use music..css-1xzcza9{list-style-type:disc;padding-inline-start:1em;}.css-3btd0c{font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:1rem;line-height:1.375rem;color:#333;margin-bottom:0.78125rem;}@media (min-width:740px){.css-3btd0c{font-size:1.0625rem;line-height:1.5rem;margin-bottom:0.9375rem;}}.css-3btd0c strong{font-weight:600;}.css-3btd0c em{font-style:italic;}.css-1kpebx{margin:0 auto;font-family:nyt-franklin,helvetica,arial,sans-serif;font-weight:700;font-size:1.125rem;line-height:1.3125rem;color:#121212;}#NYT_BELOW_MAIN_CONTENT_REGION .css-1kpebx{font-family:nyt-cheltenham,georgia,’times new roman’,times,serif;font-weight:700;font-size:1.375rem;line-height:1.625rem;}@media (min-width:740px){#NYT_BELOW_MAIN_CONTENT_REGION .css-1kpebx{font-size:1.6875rem;line-height:1.875rem;}}@media (min-width:740px){.css-1kpebx{font-size:1.25rem;line-height:1.4375rem;}}.css-1gtxqqv{margin-bottom:0;}.css-1g3vlj0{font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:1rem;line-height:1.375rem;color:#333;margin-bottom:0.78125rem;}@media (min-width:740px){.css-1g3vlj0{font-size:1.0625rem;line-height:1.5rem;margin-bottom:0.9375rem;}}.css-1g3vlj0 strong{font-weight:600;}.css-1g3vlj0 em{font-style:italic;}.css-1g3vlj0{margin-bottom:0;margin-top:0.25rem;}.css-19zsuqr{display:block;margin-bottom:0.9375rem;}.css-12vbvwq{background-color:white;border:1px solid #e2e2e2;width:calc(100% – 40px);max-width:600px;margin:1.5rem auto 1.9rem;padding:15px;box-sizing:border-box;}@media (min-width:740px){.css-12vbvwq{padding:20px;width:100%;}}.css-12vbvwq:focus{outline:1px solid #e2e2e2;}#NYT_BELOW_MAIN_CONTENT_REGION .css-12vbvwq{border:none;padding:10px 0 0;border-top:2px solid #121212;}.css-12vbvwq[data-truncated] .css-rdoyk0{-webkit-transform:rotate(0deg);-ms-transform:rotate(0deg);transform:rotate(0deg);}.css-12vbvwq[data-truncated] .css-eb027h{max-height:300px;overflow:hidden;-webkit-transition:none;transition:none;}.css-12vbvwq[data-truncated] .css-5gimkt:after{content:’See more’;}.css-12vbvwq[data-truncated] .css-6mllg9{opacity:1;}.css-qjk116{margin:0 auto;overflow:hidden;}.css-qjk116 strong{font-weight:700;}.css-qjk116 em{font-style:italic;}.css-qjk116 a{color:#326891;-webkit-text-decoration:underline;text-decoration:underline;text-underline-offset:1px;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-color:#326891;text-decoration-color:#326891;}.css-qjk116 a:visited{color:#326891;-webkit-text-decoration-color:#326891;text-decoration-color:#326891;}.css-qjk116 a:hover{-webkit-text-decoration:none;text-decoration:none;}Despite the popularity of young acts like Drake and Dua Lipa, older material dominates online. According to MRC Data, a tracking service that powers the Billboard charts, about 66 percent of all music consumption — of which streaming is by far the largest part — is for material that is older than 18 months, and that number has been growing rapidly.And for artists, the sale can bring tax advantages. Royalties are typically taxed as ordinary income, while a catalog sale can qualify as capital gains, which typically have lower rates.Artists like Springsteen, 72, are part of the generation of music stars that, starting in the 1970s, first came to gain control of their work in large numbers, in ways that preceding generations did not.“A lot of artists were taken advantage of in the ’50s and ’60s,” said John Branca, Michael Jackson’s longtime lawyer, who is now one of the executors of Jackson’s estate. “With the emergence of better legal and management representation in the ’70s and ’80s, there was a push for the artists to obtain more power, more leverage, and ultimately to own their own work.”Many of those stars are now pulling the last lever of that control by deciding to sell, in numbers that were unthinkable even a decade ago, many executives and artists’ advisers say.The desire for control is now reflected in younger stars like Taylor Swift, who has campaigned in public about the importance of artists owning their work and criticized the marketplace in which catalogs of songs are bought and sold without the creators’ participation or approval. In Swift’s case, she has gone so far as to rerecord her own songs, in part to control the earnings from those tracks.“Part of the power of being an owner of your assets is that you get to decide when to cash out and how to cash out,” said Bill Werde, the director of Syracuse University’s Bandier Program on the music industry and a former editor of Billboard, the music trade publication.In general, selling out means giving up control, and buyers typically want to exploit assets fully to earn back their investment.Taylor Swift has spoken out about the importance of artists owning their catalogs.Robyn Beck/Agence France-Presse — Getty ImagesIn Springsteen’s case, the negotiations for the Sony sale included discussions about limiting how his work could be used in the future, with particular concern about any ads featuring two of Springsteen’s most iconic songs, “Born in the U.S.A.” and “Born to Run,” according to three people briefed on the deal who declined to be named because they were not authorized to speak publicly about it.Throughout his career, Springsteen consistently refused to license his music for ads, though in February he made his first-ever commercial appearance in a Jeep ad for the Super Bowl, delivering a message about the need for a “common ground” in the United States. (The soundtrack was not one of Springsteen’s hit songs but an atmospheric score composed by Springsteen and Ron Aniello.)Representatives for Sony and Springsteen declined to comment on the terms of the deal.Springsteen, one of the most successful singer-songwriters in pop history, essentially made two deals with Sony. One was for his so-called master recordings, the sounds of his music as captured on albums and single tracks. The other, sometimes described as music publishing, is for his songwriting rights — the words, melodies and musical structure of the hundreds of songs he wrote. With both sets of rights, Sony will have full control over the future use and earnings of Springsteen’s music and lyrics, except for any restrictions that were part of the deal.According to an estimate by Billboard, Springsteen’s two catalogs of music — his recordings and songwriting — earn about $17 million a year, after costs.Many older artists see this as a good time to sell — while their music remains popular, and market conditions are favorable.But behind the scenes, there has often been vigorous debate among artists and their advisers about whether to sell. For many of the most astute players, a key question is not so much the price but who is offering it, as private equity players and other financial specialists — which sometimes buy catalogs outright and sometimes merely provide the financing for specialist companies — wade into the tricky waters of protecting artists’ legacies in a world of commerce.“What does an artist mean over half-century career,” said Jeff Jampol, who manages the estates of the Doors, Janis Joplin and other stars, “if all of a sudden those assets just disappear into the maw of some huge hedge fund that has no connection to art, music or legacy?”While headlines highlight those who have decided to sell, there have been some dissenters.Diane Warren, the songwriter of hits like Celine Dion’s “Because You Loved Me” and Aerosmith’s “I Don’t Want to Miss a Thing,” told Rolling Stone that selling her catalog “would be like selling my soul.” When asked whether the Michael Jackson estate would consider selling Jackson’s rights, which may be worth well over $1 billion, Branca said, “I don’t think I would ever sell.”But as the prices rise, it may become harder for holdouts to resist. 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