Pat Boone-This Week’s Podcast

Pat Boone says the Black artists whose songs he covered thanked him for doing so, it meant money in their bank accounts and career opportunities. Pat grew up in Nashville and found his way as a singer, and after ups and downs he got his big break and… Pat went to college, he had a family, he acted in movies…he did it all. You’ll enjoy hearing him talk about it!

https://podcasts.apple.com/us/podcast/pat-boone/id1316200737?i=1000545910775

https://music.amazon.com/podcasts/9ff4fb19-54d4-41ae-ae7a-8a6f8d3dafa8/the-bob-lefsetz-podcast

https://www.stitcher.com/show/the-bob-lefsetz-podcast

Dark-This Week On SiriusXM

Tomorrow, December 21st, is the shortest day of the year. Therefore, the topic will be songs that have the word “dark” in the title, because that’s what it will be most of the day, DARK!

Tune in tomorrow, December 21st, to Volume 106, 7 PM East, 4 PM West.

Phone #: 844-6-VOLUME, 844-686-5863

Twitter: @lefsetz or @siriusxmvolume/#lefsetzlive

Hear the episode live on SiriusXM VOLUME: siriusxm.us/HearLefsetzLive

If you miss the episode, you can hear it on demand on the SiriusXM app: siriusxm.us/LefsetzLive

Mailbag

From: Graham Gouldman

Subject: Re: Good Morning Judge

Hi Bob,

Thanks for writing about 10cc and in particular ‘Good Morning Judge’.

Here’s some info about how that song was born.

The title comes from the punch line of a joke I’d heard, but can’t fully remember, something about getting drunk, drunker then it’s “Good morning judge”.

Also I’d had a conversation with my dad where we were discussing long term prisoners becoming institutionalised. The last verse of the song speaks to this.

Best wishes

Graham Gouldman

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From: Bill Siddons

Subject: Re: Twisted Business

In 1983 I toured all the labels in the Atlantic Euro system with Phil Carson,  doing a label presentation for the new CSN album which was followed by Phil doing his Twisted Sister pitch and he put me to shame.  He put on a performance that showed me what a pitch was, and Twisted Sister became a priority for all those WEA labels  because of it.  I think Phil Carson broke them but perhaps Jay Jay made Phil do it.  In any case I learned how to create excitement and also that Dire Straits outsold all of us in every country 10 to 1.

Bill Siddons

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From: Jeff Appleton

Subject: Re: Twisted Business

I first met Jay Jay in KC when I was local Atlantic Rep. No matter what anyone says getting radio to play Twisted Sister was not an easy task. Then the videos hit and they exploded. Meeting band first time Dee was what you expected. Flamboyant and knew how to handle an audience and the people who came back stage. He seemed to know exactly how far to go with each show and was the consumate host back stage. But the person I spent more time with was Jay Jay. He wanted to know who was playing the record,who wasn’t. What were programmers saying, what was I hearing from record store people. How many tickets sold, what kind of promotions I did. What could he and the band do to help the upcoming shows that were not sold out. Every band says “we will do whatever it takes” until they get on the road and you have to beg them to get up early to do the morning show. That was never a problem with Jay Jay. He said it and he meant it. I lost track after Atlantic and after a few stops ended up at TVT. I get a call from Jay Jay- he was working with and managing Seven Dust and band was just signed to label. Our first meeting was getting caught up and then moved to answering all his questions and listening to his ideas on promoting the band. I just ordered the book. If you spend anytime with Jay Jay it can be motivational. I wish him nothing but much success.

Jeff Appleton

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From: Bill Hein

Subject: Re: Donny & Chris

Bob,

Greatly enjoyed your conversation with Donny Osmond, also heard him on the Adam Carolla podcast a few days earlier.

I tried to sign Donny to Enigma Records back when he had “Soldier of Love” out on Virgin UK (recorded at Peter Gabriel’s Real World Studios as I recall). Enigma was licensed to Virgin for international markets back then and Ken Berry tipped me off that Virgin Records America had passed on releasing Donny in the states. I can remember the WTF expressions of the Enigma rank & file when Donny visited our offices in Culver City. Donny was charming, intelligent, and talented with a huge work ethic. Eventually, Mike Curb got involved and pushed the project to Capitol who got airplay (#2 on Hot 100) for the single but didn’t do much to establish Donny as a grown-up album artist. The one that got away…

Bill Hein

Boulder, Colorado

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Subject: Re: Donny Osmond-This Week’s Podcast

Bob…

Quick story about Donny. I was a freelance concert reviewer for the New York Daily News (’88-’93.) He did a show at the Palladium in NYC back in ’89 when “Soldier of Love” was out. I dug him and took that angle for the review. I later heard he called the News and asked for me; he wanted to thank me for the review. In all my time at the newspaper, he was the only performer to do that. I dig Donny.

Matt Auerbach…

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From: Steve Waxman

Subject: Dave Schools podcast

Hi Bob

I didn’t know who Dave Schools was and I’ve never listened to Widespread Panic. I almost didn’t listen to this episode. Wow! That would have been a mistake. What an incredible conversation. This guy is amazing and incredibly insightful. Every 15 to 20 minutes stood in its own. This is a vital listen for every young musician.

As an aside, you always talk about the lack of relevance of guitar music these days but doesn’t it seem interesting that whenever a hip hop artist does a television appearance they put together a guitar, bass and drums band to play behind them?

Keep up the great guests and more women and hip hop artists please.

Steve Waxman

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From: Craig Anderton

Subject: Re: Get Back-Part Three

“especially in this day of Pro Tools and hard drives and…”

People choose to use Pro Tools the way they do. Before Pro Tools, musicians were synching up multiple tape machines, recording overdub after overdub, comping, shifting pitch…you name it. The only real difference is that now anyone can afford to a) be lazy, and b) think that creating something with “the look and feel” of music is the same as creating music.

But the same technology that allows people to be self-indulgent also makes it easy to capture first takes. With tape, you had to clean and demagnetize the heads, thread the reel, sometimes align the heads, wait for rewind and fast forward, hope the tape didn’t stretch, lubricate the pinch roller, set levels with far more care than is needed today, etc.

Since upgrading my setup a year ago, I can start recording in 30 seconds after turning on power. 30 seconds! As a result, these days, most of my parts are just a couple of  takes. I keep the hard disk going. When something good happens, I save it.

Yes, I do spend a lot of time mixing and mastering. But the music itself had already been captured by then.

The technology is neutral. What people don’t question enough is how they use it.

Craig

From: Joseph Taylor

Subject: Re: Those Fender Amps

I had a 68 Fender Twin. Great amp. I sold it, reluctantly, two years ago. It took up a lot of space and no club in a small market will let you play at that volume anymore. You’ve covered the decline in the record industry very well, but I’m here to tell you that live music on a local level is damn near ready for last rites. A buddy of mine was talking about a friends’ kids who have a popular regional band, and there’s a country band here in Central PA that’s supposed to be very popular. I went to their web-sites, and both bands work maybe 3 to 4 times a month, and that’s in a good month. Many months its two to three times. Hell, my wife and I were in a band in the early to mid-90s that did a lot of originals. She and the lead singer, also a woman, wrote a good third to half our songs, and we worked at least 4 times a month, sometimes even 6 times. I’ve been in bands that did obscure roots rock and worked every weekend, often two nights each weekend. Now, if you get a gig or two a month, you’re happy, and you usually work less. Covid didn’t help, but live music in bars was already hanging by a thread. Bar owners want the people to be able to talk and don’t want music so lively it might distract customers from watching sports on TV. I’m using a solid state, 20 watt amp. A 15 watt tube amp gets complaints from the bar owner and customers–too loud. As I said, I’m in a small market, but if you’re a musician who doesn’t do a solo act or maybe duo, you’re not working.

Joe T

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From: Jason Bernstein

Subject: Re: Newsom’s Texas Gun Law

Gun control is an issue our industry should support, but I believe it should be presented as a financial issue, not a legal one.

There are states in which the NRA has helped to pass legislation which makes it illegal to prohibit open carry and/or concealed weapons from entering a stadium or an arena.  That means when a metal detector goes off, you still have to allow the person in with a loaded gun. It’s the law in several states.

Often, there are carve outs for sports events, but since our industry isn’t part of the conversation, there are no carve outs for music (so you’re safe from guns at a football game, but not at a concert).

Stadium concerts commonly gross $5MM-$12M or more per night.  In a stadium of 60,000+ people for any major act, at least 25% of the audience is traveling. That’s a sold out arena’s worth of people needing hotels, airfare, taxis/Ubers, bars, restaurants, clothing, etc. Their spending has an impact.

If Artists stop performing at venues where guns cannot be prohibited, and municipalities start to realize they are losing shows and revenue because of their state’s lax gun control laws, then it becomes a community development/financial impact situation; that provides something the venue operators and local tourism boards can take to the legislature and use to start getting things reversed.

 

The time for thoughts and prayers is over.  We need conversations and actions.

Jason Bernstein

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From: Geronimo Son

Subject: Re: The Beatles: Get Back-This Week On SiriusXM

Thanks for having me on the air today!

I

t may sound incredibly stupid, but I had actually just called in to listen to the show haha.  I had been wanting to speak with someone about Get Back, someone who cares, so I had actually subscribed to Sirius today just to hear your show, just like you with Disney+, but the app wasn’t firing up right so I called in, I thought the number was a way to listen haha.

I won’t deny that there were times that John Lennon was an asshole, especially some of the mean things he later said in interviews, but he really didn’t come across that way to me in Get Back.

I did complain bitterly, perhaps more so than you have about Get Back, over Peter Jackson’s treatment of the Hobbit.  There was no need to water it down that much and make it into two movies  With Get Back, if the whole thing had been riveting from start to finish, I would have assumed that he had left out too much.  At least this way we know he didn’t cheat us! 

A point you said later in the show worth emphasizing is the fact that John and Paul needed to take George more seriously.  I was amazed to see how they acted after lunch on the day when George had left and John and Paul were jamming and joking around, carrying on as if nothing had happened!

Oh, and I’m happy that more people realize that Yoko isn’t the one to blame.  Maybe she added some tension, as any outsider might, but it certainly wasn’t her fault. Also, I will always love her because she tipped me a $100 dollar bill once on Congress Avenue in downtown Austin, TX.  I was busking, playing saxophone, it was a Sunday morning after SXSW and there was a welcome quiet in the street, just workers tearing scaffolding down, almost no one out and about.  I just went to play downtown for a bit before catching a bus to work.  I had my eyes closed, I was into the music and what I was doing, I think I was riding on a Duke Elllington number  and when I opened my eyes and I saw Yoko Ono bending down to put money into my case!  I kept playing, I think I bowed a bit and felt very honored as she kept walking down the street.  I later looked down and realized she had given me a hundred dollar bill!   I was very broke then and needing money for food and rent so I was incredibly grateful not only that she appreciated the music, but for the generous amount.  I hadn’t even known she was in town, I later saw in the Austin Chronicle that she had been a speaker at SXSW.

Anyway thanks again for having me on your show, 

it was nice taking to you!  Your rant about how hard it is to get someone on the phone these days made me laugh, how true!  Except when you’re not expecting to get through!  Haha

Geronimo

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From: Bettye LaVette 

Subject: Re: Ken Kragen-This Week’s Podcast

Robert,

Sometimes you make me so mad,

And then some times it seems you know .EVERYTHING.

I just like being amongst the MANY things you know.

This is one of the times when it’s fun being older than almost everyone, of the things you know.

When Kenny and the First Edition came about.

They came to Detriot, to work in a joint that held all of a hundred people, to promote, “WHAT CONDITION MY CONDITION WAS IN”.

I had covered it, and went to see them and brought Kenny a copy of my interpretation of Condition (it was big in Detroit ) he loved it. Took it to his brother who had just started a new label in Nashville with Shelby Singleton , SSS INTERNATIONAL AND SILVER FOX, which was Lelands label.

Turned out his brother,Leland Rogers had been my national promotion man on my recording “LET ME DOWN EASY.” A couple of years before, He was thrilled …as was I. Leland signed me, I may have been the first artist on the label

The side thing is Kenny, was so broke at the time, and his brother never felt he should give Kenny any ” finders fee”for bringing me to the label. It was good for me there for a moment, my…..third career I believe,🙄  but they were on  the outs , until ” KNOW HOW TO HOLD EM”at which time he hired his brother, and at least two of Lelands children in the, by then immense  Kenny Rogers ” aggregation.

See,now you know something else.

I hope your Holidays are WONDERFUL Baby!

B

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Subject: Re: The Springsteen Sale

Even though every situation is different, and every artists catalog has different circumstances . . . .

It is not just an emotional decision not to sell song publishing rights – it is a smart financial one !!

It is smart because – in two words Bob – CHARLIE CHAPLIN

Many auteurs and moguls through the twentieth century died middle class [or less fortunate], but Chaplin died a wealthy man because he did not sell and OWNED ALL OF HIS FILMS, the equivalent of either owning one’s physical masters or publishing rights or both.

If the given songwriting artist wants extra cash liquidity – sell a smaller 25%, 30%, 40% stake to Sony, Warner, whomever.

Bob, you are right that “now Sony owns the work of Bruce Springsteen, the poet laureate of the streets? That’s just sad” – this is certainly true too, but in most cases ownership should not be sacrificed if possible – ask Abkco, ask Experience Hendrix, even ask Calderstone – ownership of artist songwriters with catalogs will offer dividends in the twenty first century in ways that we don’t even know yet,

All the best to you Bob,

Phil Klausner

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Subject: Re: The Springsteen Sale

The Springsteen sale.  SONY, definitely not Born on the streets of Philadelphia, let alone in the USA.

Not intending to be nationalistic in any way or digging at the brilliant Springsteen, just the wry observations of life. In 1969 if one had told a 20 year old Bruce that in his lifetime ALL of his songs would belong to a jointly owned Japanese and German company he would have responded, in a loud New Jersey vernacular, “no fuckin’ way man”.

As in historical admiration of art, literature and philosophy from the Renaissance period, we music fans from decades gone by, are now witnessing the true evergreen riches of music from artists that shaped our lives and passions.

Like the “Get Back” docuseries has opened up a whole new dimension of appreciation for The Beatles recordings.

Stay well Bob. Your musings are thought provoking, as were Bruce’s long wordy songs.

Eddie Gordon

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Subject: Re: The Springsteen Sale

The sums paid for these legacy catalogs are uneconomical in the normal sense of business transactions.  There’s no rational financial analysis that could validate that any decent ROI or IRR could be achieved at these prices.  Remember, too, that these catalogs are depreciating assets — over the long run the revenue streams will diminish and at some point the term of copyright expires so no fees are collectible.

Most of the recent catalog deals are driven by the short term need for wealth funds to pay through a 5 – 6% return on capital to their limited partners.  Those VCs don’t care that they won’t later be able to unload the catalogs for a profit or that their terminal value will be shit compared to the purchase price.  As long as the VCs can meet the return on capital benchmark they promised their limited partners over a predetermined time frame, the price doesn’t matter.  This ponzi-like syndrome will continue until they find a better cash-flowing asset class.

The motivation for labels paying uneconomic prices is different.  When they buy the assets of a signed artist, they have unaccounted for royalties — over many years — that can be applied internally to reduce the nominal price.  They get the benefit of no longer needing to apply internal human and financial resources toward future accountings.  Universal overpaid for Dylan for the cache (and loss leader to entice other sellers) and to embarrass Sony. Sony responded by overpaying for Paul Simon to avoid further embarrassment and, now again, with Springsteen.

Jody Dunitz

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From: Simon Toulson-Clarke

Subject: Re: The Springsteen Sale

30x is crazy good, mostly I’m hearing between 16 and 22x.

I’ve been approached about my own catalogue and I’ve been working out the figures; with a small handful of 80s songs that continue to be played on radio it has value, though of course nothing like the big stars of that classic era such as the Boss and Dylan.

But let’s, for sake of argument, say that an artists’ performance and mechanical royalties can raise 20x their annual income as a lump sum.
So £100k pa could raise £2m. Sounds good…it IS good, particularly if the lump sum can transform your life (buy a nice house you can leave to your kids, build a better studio, whatever).

But 2 things about that: I have an 18 year old daughter who would get my royalties for another 70 years after my death. Let’s say I live another 25 years, that’s 95 years of income sold for 20. Maybe not so good.
Sure, the annual earnings may decline even though they’ve plateaued for 30 years. But they may also perk up and increase driven by a timely film or advertising sync which earns beaucoup sponduliks.

It’s a gamble either way.

But given that Covid has hit licensing income for writers in the last couple of years and would-be investors use the last 5 years to calculate the capital sum it looks a good deal for them at 5% pa. cos there isn’t much other than bricks and mortar consistently doing more, and 5% is about average for UK property’s annual value increase. Most other investments, if security is a concern, are struggling to make 2% or less.

Add to this the fact that the writer or rights holders’ slice of streaming, if it’s gonna go anywhere it’s gonna go up in the next few years – we may even inherit our old masters and the rights, then you may be looking at the very best moment for Corps and investment companies who are capital-liquid to invest in older song catalogues.

I’m still scratching my head about it I don’t mind telling you…

Very Best Wishes,
Simon TC

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From: Olivier Chastain

Subject: Re: The Springsteen Sale

You’re sadness about Bruce and Neil selling is misplaced in my opinion. You’re forgetting a key aspect which is succession. Not everyone is equipped to manage these legacies. Is Jon Landau going to continue managing it? He is the same age as Bruce and has worked his ass off to get him where he is – he deserves a break 😉 Bruce’s kids? My experience is that heirs are rarely interested in managing their parent’s legacy and tend to do more harm than good. Of course, the family could just keep doing admin deals for the publishing and licensing/distribution deals for the record side. Not bad solutions but it will not provide the catalog with the focus that a high price buyer will bring (either by choice or necessity).

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From: Timothy ‘Sully’ Sullivan

Hi Bob,

I think Sony wildly overpaid on the Springsteen deal.

My rationale: with The Beatles, Sinatra, Zeppelin, Dylan, the Stones- heck, even ABBA- their music passes along from one generation to the next. There are tons of people of all ages into them. Even very young ones.

I don’t personally know one person under 50 who’s into Bruce Springsteen.

I’d be willing to wager that for the under 40 demo, he’s essentially unknown. With the name recognition of Millard Fillmore, or probably less.

Meaning the future usage values will be lesser each passing year.

When the boomers are essentially gone as a consumer force (less than a decade away…!) the value of the catalog will collapse. It will take Sony decades, if ever to recoup on this one.

Unless they have some very powerful and currently not visible tricks up their sleeve…. unlikely.

Or if there is some Springsteen youth cult developing in Asia I’m unaware of.

The upside (and downside) of big corporate money: it belongs to someone else. Execs spend it foolishly all the time.

Like this.

All just imho of course,

Sully

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Subject: Re: The Springsteen Sale

Bob, Hank Ballard who wrote “The Twist”, lived at my house for the last year and a half of his life. I produced his last album. Naturally, i got to know him well and heard all the stories. He sold his publishing rights for “ The Twist” for 5 grand in 1969. He kept his writers share but  obviously gave up a lot.

Peter Miller

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From: Timothy Hadley

Subject: Re: The Springsteen Sale

Dear Bob,

Very nicely stated. Here’s another wrinkle–Buddy Holly died at 22 b/c someone was stealing from him and despite him selling millions of records, he couldn’t make ends meet. So he booked an Upper Midwest tour in the middle of winter, on a bus with a broken heater, and then decided to fly to Fargo instead of ride 366 miles on a freezing bus. He wasn’t getting paid properly, but instead of negotiating with his record label, he just went off on his own on a tour that was one bad idea after another–until disaster struck.

So it’s not always just about money. Sometimes it’s about people’s lives.

TY for an excellent article.

Tim

The Springsteen Sale

30x?!!!!

It’s the twilight of the gods. Pete Townshend said rock and roll would never die, but one thing’s for sure, its performers will. No one lives forever, and after the deaths of David Bowie and Glenn Frey, we knew it could come, not from bad behavior, not drugs and alcohol, but the vagaries of life, drawing the wrong genetic number, getting cancer or rheumatoid arthritis.

So what about the music? Even though modern rock is a footnote in the overall sphere of new music, classic rock still lives, everywhere, from radio to jukeboxes to streaming services to commercials to that speaker at the drive-in…will this continue?

What you have to know is the superstars who sold their rights for a lump sum ultimately regretted it. The two biggest examples being Elvis Presley and Led Zeppelin. Colonel Parker wanted his cash, and he thought the value of Elvis’s catalog had peaked. Peter Grant didn’t think Led Zeppelin was for the long term, he sold out the rights, thank god the internet came along and gave the band the opportunity to renegotiate. As for those people who’ve sold and are happy…scratch the surface, it’s more complicated than that. They own it, they can do what they want with it. And on one hand this is good, it might keep the music alive, on the other the use might not align with your identity/personality/career strategy. But if you’re dead?

The truth is most acts have not survived. For every Doors, there’s a Jefferson Airplane. Not everything from the past is worth a fortune.

As for selling your royalties, Josh Gruss of Round Hill Music told me he expects to make the money back in seven years. Some acts are just that broke, they need the cash, but unless you’re 85, why would you do that? Don’t forget musicians are historically terrible business people. But you know the maxim, everything is for sale, and if the price is high enough…

So they’re saying between $500 and $600 million. That’s a lot of cash, but the devil is in the details. Sell, and you pay 20% in taxes, whereas your yearly royalties are taxed at regular rates, as much as 37%. So…

It’s a calculation.

Let’s do the math. Bruce Springsteen is 72 years old. Is he gonna live another thirty years? Highly doubtful. There are some who live to 102, but very few. So this is the deal of a lifetime, he’s got to take the cash. And let’s not forget, when he and his wife die his heirs will have to pay significant inheritance tax, meaning if Bruce didn’t sell now, his children almost definitely would have to sell upon his death.

So anybody who says Bruce shouldn’t have taken this deal runs on emotion, not fact.

However, the big question is…what will Bruce Springsteen’s music be worth in the future?

Yes, Bruce’s songs are iconic, but you can’t cover “Born to Run,” or “Born in the U.S.A.” Those are records, those are Bruce’s. This isn’t Bob Dylan, or even Paul Simon, with umpteen covers. However, covers are not the only way you can make money on a legacy catalog. Hell, Cadillac offered the Doors $10 million to use “Break on Through” decades ago, and the band turned it down! The price is only going up. And hedge funds don’t invest unless they foresee a HUGE return. They don’t want 5-10%, they’re looking for a huge multiple, just like Bruce.

Now one thing we know, as long as there’s a copyright law, at least in the U.S., you’re gonna get paid (Disney keeps lobbying to have nothing expire, most notably Mickey Mouse). This is the silver lining of streaming. And it seems every couple of years there’s a new opportunity to monetize. No one foresaw TikTok, and all these social media companies are now licensing music. So there’s runway, in the short to medium term, but the long term? Elvis’s merch sales are down. His fans are dying. Nobody is forever. Well, maybe Frank Sinatra and the Beatles. And who could have predicted the Doors would hang around this long. But will your band last, will your songs last?

You don’t want to sell. These are your creations, these are your babies, you want to manage them, hold them closely. But now you’re confronted with death. No one lives forever. Like I said above, emotionally it might not make sense, but intellectually, financially, it certainly does.

Now I bet some of the previous sellers are now kicking themselves, thinking they should have held on. It’s always an issue when to sell. We saw this with SFX, what is now Live Nation. At first prices were extremely good, then they were stratospheric, but if you waited too long, the value went down. (And let’s not forget Sillerman sold SFX to Clear Channel, he got his money, and the music business has a history of consolidation, who is going to own your rights in the future? Certainly someone you have no relationship with, never mind whether your interests align.) We have no frame of reference, no history, no classic rocker has been dead so long their audience is gone, so we can properly compute the value of their works. Classic rock could be forever, or when Generation X is gone, it could take a swift fall. Then again, classic rock is just not music, it represents an era of experimentation, when the culture went hand in hand with the music, when musicians moved the needle in every day life, when music was everything. That is not today, which is why today’s music has a shorter lifespan. Think of the paintings and sculpture of the Renaissance, they’re forever! Could that be classic rock? Just may be, especially if there’s enough melody

So it’s weird. Despite Springsteen’s quote today, the label has always been the enemy, it doesn’t pay accurate royalties, the faces keep changing, you can never trust your label. So on one hand you get your money up front, on the other you lose control. Wasn’t classic rock all about control?

And how much money do you need?

Then again, you don’t want to just give it all to the government. The government essentially pays you to invest, to give some away, it’s one of the drivers of the economy. Then again, when you get really rich, how much can one person, one family purchase?

So Springsteen’s kids will inherit a ton of cash, but they won’t own any of the music. And cash? You can spend it all in a day. Music rights have almost a guaranteed return, ergo the 30x above. But stocks, other investments? They can go down as well as up. And never forget, Steve Bing died essentially penniless, with under 100k. And he was not a dumb guy.

So, this is a once in a lifetime opportunity. When the prices get insane, it’s hard to say no.

But once again, the valuations are by people who specialize in money, not music. It’s not feel, it’s math. There are a limited number of catalogs available. Is it key to have critical mass, or has Merck Mercuriadis driven the whole rights business right off a cliff? Remember when the internet came along, Napster? The labels had huge deals with legacy acts, they had to pay millions up front for albums that couldn’t possibly make a return equal to what was laid out. Stuff happens in the future you can’t foresee. Like Black Friday or 2008. You could lose money on all your stock, but if you still had your music assets, royalties would be paid.

On the surface 30x appears out of control. Springsteen just can’t say no. On another, it’s the death of the dream. The money was always there, but it was never up front. Hell, Bruce wanted to keep ticket prices low. Now the money’s right in your face and it affects credibility, it’s hard to create art with the dollar signs in sight. That’s a business proposition. And music is a business, but it survives on the efforts of artists. And the value of music grew to such heights because of classic rock. That’s why it’s classic! But when Bruce Springsteen and Neil Young sell out to the man, it breaks your heart. You can understand it, but still… The man was always the enemy. Corporations are the scourge of America. And now Sony owns the work of Bruce Springsteen, the poet laureate of the streets? That’s just sad.