Springsteen sells music catalog for $500 million

Bruce Springsteen sold his music rights to Sony, including classic hits such as 'Born in the USA'

In this file photo taken in 2017, Bruce Springsteen performs in Toronto, Canada

Bruce Springsteen has reportedly sold his music rights to Sony for half a billion dollars, the latest superstar singer to join a frenzy of catalog sales fueled by the pandemic.

According to The New York Times and US entertainment outlet Billboard, the sale consists of Springsteen's music catalog as well as his entire body of work as a songwriter such as iconic hit "Born in the USA," which has sold nearly 30 million copies.

Nicknamed "The Boss" and "America's dad," Springsteen, 72, has been with Sony's Columbia Records for his entire 50-year career, selling more than 150 million records.

He recently launched a conversational podcast and accompanying book with former US president Barack Obama, titled "Renegades: Born in the USA."

The Covid-19 pandemic has left the performance industry reeling, but music publishing -- a normally under-the-radar side of the business -- is a booming business. 

In October, 81-year-old Tina Turner sold her music rights to German group BMG for an undisclosed amount.

Fleetwood Mac's Stevie Nicks reportedly received $100 million for her majority stake in the group's catalog, while Canadian-American singer Neil Young, the punk band Blondie and Shakira also signed deals for unspecified amounts.

The company leading much of the business is Hipgnosis Songs Fund, a British investment and management company launched on the London Stock Exchange in July 2018.

Music blogger and analyst Alan Cross defended Springsteen against charges of "selling out."

"By selling to Sony, he knows that they will keep his music alive for decades to come. They kinda have to because they need to make their money back."

"The main reason is simply that we've all been sort of forcibly retired, and can't do anything about it," he said.

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