Downtown Music sells songs catalog to Concord for $400 million, sources say msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Downtown will leave the ownership business and focus on music services exclusively
Brian Welk | April 26, 2021 @ 10:12 AM
Warner Bros.
Downtown Music Holdings has sold its publishing library of 145,000 songs, including tracks by Beyoncé, Lady Gaga, Jay-Z and more, to Concord Music Group.
It’s the latest example of the sale of a large music catalog as the industry has seen a flurry of sales for record multiples. But instead of an artist directly selling their own music library to a private group, another company is now getting out of the music ownership business entirely at a point when the market could be nearing its peak. After the sale, Downtown will now focus exclusively on music services, including publishing administration and its label services division, DashGo.
Revealed: Billboard s 2021 International Power Players msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
The band last released
A Beautiful Place to Drown, their 10th studio album, last year right before the coronavirus pandemic shuttered the live events industry indefinitely. A 20th anniversary tour was nixed and, instead, Silverstein took the opportunity to head back into the studio to work on new material with global events serving as the lyrical catalyst. Bankrupt is predicated upon jarring, lunging rhythms and a fractured song structure that speaks to the message that wealth and power are corruptive forces currently causing society to splinter.
Guitarist and songwriter Paul Marc said of the new track, I don’t know how to feel anything but rage anymore. The rich are getting richer and poor are getting poorer. Wages are stagnant, tuition costs are rising, jobs are being automated/off-shored, costs of a home are laughable in most major cities. The walls feel like they’re closing in and escape is starting to feel impossible. Two-faced leaders and greedy elected officials
Silverstein Drop Topical New Song Bankrupt + Book 2021 Tour loudwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from loudwire.com Daily Mail and Mail on Sunday newspapers.