Legendary British Rock Band Pink Floyd in the Spotlight
Reunion After 28 Years to Help Ukraine... Expecting Record-High Copyright Sale Price
[Asia Economy Reporter Park Byung-hee] British rock band Pink Floyd, reunited after 28 years to support Ukraine, is expected to sit on a fortune.
Pink Floyd has put their music copyrights up for sale, and with Warner Music and BMG competing, major foreign media reported on the 12th (local time), citing insiders, that the highest price ever for music copyrights is expected.
The selling price of Pink Floyd's copyrights is expected to soon surpass $500 million (approximately 644.8 billion KRW) and exceed last year's record of $550 million (approximately 708.1 billion KRW) set by Bruce Springsteen when he sold his music copyrights to Sony Music.
Recently, private equity funds have taken an interest in the record business, significantly raising the value of music copyrights. With ultra-low interest rates continuing for several years and the revival of the record industry thanks to streaming services, private equity funds have entered the record market.
According to the International Federation of the Phonographic Industry (IFPI), the record industry market size has grown for seven consecutive years. Last year's sales reached $25.9 billion, an 18.5% increase compared to the previous year.
BMG, competing with Warner Music for Pink Floyd's music copyrights, is supported by the major U.S. private equity firm Kohlberg Kravis Roberts (KKR). Major U.S. private equity firms such as KKR, Blackstone, and Apollo invested over $3 billion last year in acquiring music copyrights.
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Pink Floyd, which debuted in 1967 and disbanded in 1995, is considered one of the greatest bands of all time. According to the Recording Industry Association of America (RIAA), Pink Floyd sold 75 million albums in the U.S. alone, more than Springsteen's 65.5 million. Pink Floyd reunited after 28 years to support Ukraine and released the new song "Hey Hey Rise Up" last month.
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