Beech Tree News Network

This past Sunday, CBS Sunday Morning correspondent Kelefa Sanneh looked at how music catalogs are becoming extremely valuable properties.  He also talked with Graham Russell and Russell Hitchcock of the band Air Supply, whose ‘80’s hits. including “All Out of Love”, are finding new life in unexpected ways.

Bob Dylan did it. So did Shakira.  They sold their music catalogs for millions and gave new life to some classic songs.  Traditionally, in the music industry, you’re only as good as your next hit.  For people like Air Supply’s Graham Russell and Russell Hitchcock, times are changing.  In 2020, Bob Dylan sold his entire catalog to Universal Music for a reported $300 million.  Bruce Springsteen sold to Sony Music a year later for about $550 million. 

Larry Nastelle’s company, Primary Wave, has been buying music catalogs since 2006.  Air Supply sold a portion of their rights to Wave 2 years ago.  The company places songs like “I’m All Out Of Love” in commercials and tv shows.  “All out Of Love” was featured in an episode of Young Sheldon this past season. 

Hitchcock and Russell retain veto power over where their song is placed because of soda.  Yes, a bad experience with soda.  We did an audio commercial for Dr. Pepper in the ‘80’s.  It was awful”, the pair say.  Nastelle has bought rights of artists ranging from Smokey Robinson to Kurt Cobain. 

In 1985, Michael Jackson outbid his former friend Pau McCartney for the publishing rights of the Beatles’ catalog.  It went for $47.5 million but was worth a lot more.  Some people took away a simple lesson: never sell your songs.

If you’d like to watch the clip, I’d suggest looking for the episode on demand.  It was an interesting story.