Renowned British music icon Rod Stewart has made headlines as he recently finalized a deal to sell his extensive back catalogue for a staggering sum of nearly $100 million (£79.3 million). The agreement, brokered with Irving Azoff’s Iconic Artists Group, encompasses Stewart’s publishing catalogue, recorded music, and a portion of his likeness and image rights.
In a statement provided to The Wall Street Journal, Stewart expressed confidence in the partnership, stating, “Irving and I are a couple of old-timers, and I believe we have a mutual respect and admiration for each other. My life’s work is in safe hands with him.”
This strategic move comes amidst Iconic Artists Group’s ambitious push to expand its portfolio, having recently raised over $1 billion (£793.5 million) in capital for future investments in catalogues. Azoff’s company has established itself as a key player in the industry, having previously acquired the catalogues of music legends such as The Beach Boys, Cher, and Dean Martin.
Stewart’s catalogue, spanning a remarkable six decades and boasting 10 No. 1 albums, represents a treasure trove of musical history. From his chart-topping solo hits to his contributions with bands like Faces and the Jeff Beck Group, Stewart’s influence on rock music is undeniable.
Despite this significant sale, Stewart remains active in his musical pursuits, currently embarking on a world tour and gearing up for his final Las Vegas summer residency at the Colosseum at Caesars Palace. Additionally, fans can anticipate the release of his 32nd studio album, a vibrant big-band homage titled “Swing Fever.”
As Stewart continues to leave an indelible mark on the music industry, his decision to entrust his legacy to Iconic Artists Group underscores the enduring value of his remarkable body of work.