Bruce Springsteen Net Worth In 2021: A $500M Agreement Gives Sony Ownership Of His Music

Famous New Jersey-born musician singer-songwriter Bruce Springsteen just sold his music catalog to Sony Music Entertainment for what could be up to $500 million.

The New York Times reports that the deal would be the largest ever transaction for a single artist's catalog. Billboard initially reported the story.

"I am one artist who can truly say that when I signed with Columbia Records in 1972, I came to the right place. During the last 50 years, the men and women of Sony Music have treated me with the greatest respect as an artist and as a person. I’m thrilled that my legacy will continue to be cared for by the Company and people I know and trust," Springsteen said about the news.

According to Spotify, Springsteen’s has nearly 10 million monthly listeners, and his most streamed songs include “Dancing in the Dark,” “Born in the U.S.A.,” and “I’m On Fire,” all of which are from the same album “Born In The U.S.A.”

"The two agreements cover the recorded music and music publishing rights to all of Springsteen’s songs, including 'Born to Run,' 'Born In The USA,' 'Dancing in the Dark,' 'Glory Days,' 'The River,' 'Hungry Heart,' 'Brilliant Disguise,' and 'I’m On Fire,' among many others. Sony Music Publishing partnered with Eldridge on the songwriting catalog purchase," Sony said in a statement.

Eldridge is a holding company based in Greenwich, Connecticut.

Sony now has the rights to these songs and all of Springsteen’s 20 other albums under two separate agreements. The rights would allow them to make money off the use of the songs in movies and TV, including cover versions and performance royalties.

According to BBC, last year Springsteen’s music made $15 million in revenue. The sale follows similar sales by artists like Bob Dylan and David Bowie and groups like Blondie to groups like Warner Music and Universal Music Group. The purchase of Springsteen’s music would top all these more recent sales of famous artists’ music and their back catalog of work.

Springsteen’s latest album, “Letter to You,” was released in October 2020. He also reopened Broadway in June with “Springsteen on Broadway” after COVID-19 halted Broadway productions for over a year. Former President Barack Obama and Springsteen also released a podcast called Renegades, Born in the USA, the last of which was released from February until April 2021.

Outside of the most recent purchase, Springsteen’s net worth reportedly sits around $500 million, half a billion dollars, while he makes tens of millions a year, up to $80 million by some reports.