Legendary rock band Queen has reportedly sold their iconic back catalogue of hits for a staggering £1 billion following a competitive bidding war. According to The Sun, the surviving band members and Freddie Mercury’s estate have agreed to the sale with Sony Music, surpassing Bruce Springsteen’s previous record deal of £393 million in 2021.
The publication states that Sony Music will now own all of Queen’s hits, including timeless classics such as Bohemian Rhapsody, Don’t Stop Me Now, and I Want To Break Free. Unlike other artists like Springsteen and Bob Dylan, who sold their catalogues but retained live performance rights, Queen will keep the rights to perform their music live.
Founding members Brian May, 75, and Roger Taylor, 74, continue to tour with Adam Lambert, 42, as their frontman since Freddie Mercury’s passing in 1991.
The deal reportedly includes revenue from merchandise, earnings from the 2018 biographical film Bohemian Rhapsody, and future projects and licensing deals. MailOnline has reached out to the band’s representatives for comment.
Queen’s catalog valuation is seen as akin to owning shares in companies that pay dividends, with the £1 billion price tag reflecting expected annual returns over several decades.
Music industry attorney Guy Blake commented earlier this year, calling the Queen deal ‘seismic’ and confirming the accuracy of the valuation. He highlighted Queen’s enduring popularity, boosted by streaming and the success of Bohemian Rhapsody, which introduced their music to a new generation.
In the streaming era, Queen’s music continues to attract millions of album consumption units, a metric combining streams and downloads that approximates album sales. Their resurgence in popularity among younger audiences has further bolstered the value of their catalogue.
Source: Daily Mail
