In a simple twist of fate, Universal Music Group announced Monday that it acquired Bob Dylan’s entire songwriting catalog.
Dylan’s oeuvre spans nearly 60 years and more than 600 songs, and his songs have been covered by other artists more than 6,000 times.
“To represent the body of work of one of the greatest songwriters of all time — whose cultural importance can’t be overstated — is both a privilege and a responsibility,” Universal Music Production Group Chairman and CEO Jody Gerson said in a statement. “We look forward to working with Bob and the team in ensuring his artistry continues to reach and inspire generations of fans, recording artists and songwriters around the world.”
Universal did not disclose the price of the agreement, but it is estimated at more than $300 million, according to the New York Times. When the Michael Jackson estate sold its half-share of rights to songs from Dylan, the Beatles, and others, it fetched $750 million, according to the Associated Press.
Dylan, 79, has sold more than 125 million records around the world and has continued to tour and perform his music at nearly 100 concerts each year until the coronavirus pandemic shuttered events.
Last month, a trove of the Nobel Prize-winning songwriter’s thoughts on anti-Semitism and unpublished song lyrics sold at auction for roughly $495,000.
Dylan has been hailed as “one of our culture’s most influential and groundbreaking artists” since he started his career in New York City’s Greenwich Village folk music scene, according to the press release announcing the “landmark agreement.”
“As someone who began his career in music publishing, it is with enormous pride that today we welcome Bob Dylan to the UMG family,” said Universal Media Group CEO Sir Lucian Grainge. “It’s no secret that the art of songwriting is the fundamental key to all great music, nor is it a secret that Bob is one of the very greatest practitioners of that art. Brilliant and moving, inspiring and beautiful, insightful and provocative, his songs are timeless — whether they were written more than half a century ago or yesterday.
“It is no exaggeration to say that his vast body of work has captured the love and admiration of billions of people all around the world. I have no doubt that decades, even centuries from now, the words and music of Bob Dylan will continue to be sung and played — and cherished — everywhere.”
The deal for Dylan’s catalog includes 100% of his rights to every song he’s written and includes both his income as a songwriter and the control of each song’s copyright, according to the New York Times. Vivendi, the French conglomerate that owns Universal, will collect all future earnings from Dylan’s songs.
