Music legend Rod Stewart sells music catalogue for nearly $100 million

Iconic singer Rod Stewart has sold his illustrious song catalogue to Iconic Artists for a staggering sum of nearly $100 million.

The deal encompasses the marketing rights and ownership of timeless classics such as Maggie May, Baby Jane, and Do Ya Think I’m Sexy?

The announcement comes as Stewart celebrates an incredible milestone in his career, marking an impressive 60 years in the music industry.

In a statement, the legendary artist expressed his sentiments about the decision, saying, “This year marks my 60th year in the music industry.”

“The time is right, and I feel fortunate to have found partners in Irving and his team at Iconic that I can entrust with my life’s work and future musical legacy,” he added.

Stewart’s catalogue, spanning decades of hits and chart-toppers, has become a musical treasure trove, capturing the hearts of fans worldwide. The strategic move to sell his music catalogue is not only a financial windfall for the singer but also a calculated step to secure the legacy of his iconic contributions to the world of music.

Irving Azoff, Chairman and CEO of Iconic, welcomed Stewart to the Iconic family, expressing excitement about the new partnership.

“We are thrilled to welcome one of the most celebrated singer-songwriters of our time, Rod Stewart, to the Iconic family,” Azoff said

“Our new partnership with HPS provides us with the resources and flexibility to make blockbuster signings like this one and to continue the success of our legendary artists and their legacies.”

The sale of music catalogues has become a trend among veteran artists in recent years, with the likes of Bob Dylan and Neil Diamond making similar moves. The surge in the popularity of music streaming services has prompted artists to capitalise on the increased demand for their timeless tunes.

The sale of Stewart’s music comes after the Maggie May hitmaker was forced to address recent speculation surrounding his retirement plans.

The iconic musician sought to clarify prior comments he made about a possible retirement, reassuring fans that he is not hanging up the mic anytime soon and intends to continue his illustrious music career.

The confusion arose after an appearance on BBC Breakfast in which Stewart mentioned the possibility of retirement, leading to headlines suggesting that the legendary performer was preparing to bid farewell to the stage.

“My forthcoming concerts at Edinburgh Castle will be the last of the rock ‘n’ roll shows,” he said at the time.