Why are all these companies buying up thousands of songs?
[This was my weekly column for GlobalNews.ca. – AC]
There those within the music industry — artists, especially — who believe technology has devalued music to the point where it’s worth almost nothing.
Royalties from the sales of things like compact discs have dropped to almost nothing while streaming pays a pittance of what physical music used to provide.
But a lucky few are making more money than they ever thought possible, thanks to a burgeoning gold rush where a couple of forward-looking companies are gobbling up massive amounts of intellectual property. They’re buying the rights to song catalogues.
Royalties from the sales of things like compact discs have dropped to almost nothing while streaming pays a pittance of what physical music used to provide.
But a lucky few are making more money than they ever thought possible, thanks to a burgeoning gold rush where a couple of forward-looking companies are gobbling up massive amounts of intellectual property. They’re buying the rights to song catalogues.
The sale price? A staggering US$100 million.
