Many bands have been cashing in on selling stakes in their catalogs, masters and publishing as of late, and Canadian hard rockers Nickelback are apparently one of them. According to the band’s bassist Mike Kroeger, the band undertook such a financial arrangement several years ago.
Kroeger recently spoke to Audacy, revealing that he and his bandmates sold roughly “80%” of their rights to an undisclosed third party. His response was prompted by the interviewer speculating that Nickelback‘s catalog would likely be worth at least $200 million, to which Kroeger replied:
“Well, we found out how much it’s worth, ’cause we did sell 80% of it. [We did that] a couple of years ago. It is an interesting thing to try to assign a value to something like that. It’s very interesting. It was a really, really peculiar and interesting process, but we got a good partner and we’re real happy with how it went.”
While terms of the band’s arrangement were not shared, there’s little doubt the payout the band received would be a substantial one. The band’s fifth studio album, “All The Right Reasons“, went diamond in the United States alone, with the band also having racked up countless multi-platinum and gold certifications throughout their decades-long career. They also have numerous hit singles to their credit which remain evergreen tracks across rock radio stations, garnering daily plays and streams.
With the shift from physical to digital leaving many artists at the mercy of characteristically low streaming payouts and touring becoming the primary source of income , it’s become increasingly common as of late for bands to take the upfront payout from a third party rather than rely on the slow drip of royalties and the like.
Nickelback‘s former Roadrunner labelmates in Slipknot sold a stake in their catalog last year in a rumored $120 million deal. Funk rock icons Red Hot Chili Peppers are said to have once again cashed in this year, selling their masters in a a reported $300 million deal. Alternative metal outfit Deftones are another outfit who have reportedly recently taken a buyout, though figures of their arrangement were not publicly shared.
[via Blabbermouth.net]
