Slowly but surely, the mess of the Prince estate is being cleaned up.
Are you tired of hearing all the negative news about the Prince estate?
I know I am.
Thankfully, this latest report is a bit refreshing.
According to a recent article in The New York Times titled “Universal’s Deal for Prince’s Song Rights May Bring a Wider Audience,” the Prince Estate recently signed over his songwriting rights to the Universal Music Publishing Group.
What does this mean?
The estate and Universal Music will work together to give fans access to about 1,000 songs.
Universal Music does not own these song.
Ownership still belongs to the estate.
Also, the rights to music recorded by Prince are not included
Instead, these are receiving separate bids.
Why is this deal important?
The catalog includes chords, melodies and lyrics of songs Prince wrote.
Unlike many artists, Prince retained the copyrights and publishing rights of his songs.
He kept tight security on his songs.
None was allowed on YouTube and by 2015 only Tidal was allowed to stream.
After leaving no will, the estate appointed L. Londell McMillan and Charles Koppelman—both with significant experience in the music industry—to manage his catalogues and bargain for new deals in the industry.
The ultimate result of this arrangement?
You have not heard the last of Prince.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: The New York Times (November 2, 2016) “Universal’s Deal for Prince’s Song Rights May Bring a Wider Audience”
