How a longtime music director tries to protect artists’ legacy
Irving Azoff wants to preserve the legacy of artists in the age of music streaming, and his.
The music industry specialist has run several companies, including a concert promoter and record company, and has led some of the greatest artists of several generations, such as the Eagles, Bon Jovi, Steely Dan and Nicki Minaj.
His latest venture, Iconic Artists Group, joined a market crowded with musical investment and signed songwriting and recording catalog deals for The Beach Boys, David Crosby and Linda Ronstadt.
Over the past five years, music rights have become more valuable as the revenue from streaming services such as Spotify Technology SA and Apple Music from Apple Inc. has increased and music is used more in d ‘other areas, such as digital fitness, video games. and social media. Songwriters’ catalogs have selling prices that are 10 to 20 times their annual royalties, compared to eight to 13 times in previous years.
Mr. Azoff, a recent inductee to the Rock and Roll Hall of Fame, has raised nearly half a billion dollars from Guggenheim Securities for Iconic, and is selecting the artists he will hire as custodian of the work of their life. He also thinks about his own heritage and what he will entrust to his children.