Musicians' back catalogs are becoming extremely valuable properties, as music rights companies exploit old songs in commercials and other media.
Sanneh said to Hitchcock and Russell,"This is partly about celebrating and rewarding you for the music that you've made."
"Whereas before, if you signed a seven-album deal, they were promising to take all your money for seven albums!" laughed Russell. Asked if he could remember the first contract he ever signed, Hitchcock laughed,"Yeah, I think it was a blank piece of paper with our signatures at the bottom!""It was big," Hitchcock replied.Hitchcock and Russell also retain veto power over where the songs are placed, in part because of a bad experience with sodaMestel has bought rights of artists ranging from Smokey Robinson to Kurt Cobain. He held as an example a Converse sneaker bearing the writing of Cobain.
"It did," Mestel replied."We were the first company actually to put lyrics on the side of sneakers, and to turn the deal from a merch deal into a music deal, right? Because the lyrics had to be licensed." A 2008 Kurt Cobain Converse Collection sneaker, available with"lyric, notebook scribbles or distressed detailing ... distressed in the way Kurt Cobain wore them," according to a press release.. It went for $47.5 million, but it was worth a lot more. And some people took away a simple lesson: NEVER sell your songs.
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