Kanye West claims his music catalog was put up for sale without his knowledge
Kanye West claims his valuable catalog of music was being put up for sale behind his back.
“My edition is going on sale without my knowledge,” the artist and clothing designer wrote in all caps in her Instagram story tuesday. “Not to sell.”
The announcement comes amid a report from Billboard suggesting West, who goes by Ye, has quietly scoured his catalog for potential buyers, which could generate a sale of up to $175 million.
The “Donda” rapper went on to compare the situation to that of Taylor Swift where the pop singer-songwriter was embroiled in a tug of war with manager Scooter Braun over the ownership of his first six albums. Swift eventually re-recorded her albums, starting with her 2008 album “Fearless” and then her 2012 album “Red.”
West also shared a screenshot of a text conversation with someone close to Gee Roberson, West’s former manager.
“Can you ask Gee who sells my posts,” West asked.
Roberson’s rep called the report “fake news” and said publishers had just pitched in to buy West’s catalog.
Publishers, music companies and private equity firms have shelled out hundreds of millions of dollars to buy catalogs of music artists in recent years as the success of music streaming services such as Spotify and Apple Music has grown. the value of recorded music.
Over the past two decades, songwriting catalogs have typically sold for around eight to 12 times the publisher’s net share, or gross profit. Today, some valuations are 25 to 30 times the publisher’s share. Sony Music Entertainment bought Bruce Springsteen’s recordings and songs last year for $500 million. Earlier this year, Warner Chappell Music bought David Bowie’s songwriting catalog for $250 million.
The Billboard report had stated that West was asking for an assessed price of up to 35 times the net publisher’s share.
Billboard has estimated that songs in West’s catalog generate over $13.25 million in publishing royalties annually. West’s share of song ownership, based on songwriting credits, nets about $5 million in profit, according to the report.
The 24-time Grammy winner has four No. 1 hits on the Billboard Hot 100. Nine of his albums have debuted at No. 1. Overall, West has sold approximately 160 million records, among never sold again for a recording artist.
Meanwhile, he is embroiled in a tussle with Gap after ending his partnership with the clothing retailer last week, in part over a disagreement with sales and what West reps have called the Gap’s failure to meet other obligations in their original 2020 contract.
“Notably, Gap does not dispute that it failed for more than two years to sell a single product in a single Gap store, including one of its 500+ stories in America,” the termination notice said. shared by West on Instagram.
West recently hired Elon Musk’s attorney Alex Spiro to help with the legal battle, according to the New York Post, and also announced the hire on his Instagram.