NEW YORK: Universal Music has bought the entire back catalogue of Bob Dylan’s songs, it announced on Monday, in a purported nine-figure deal for one of the most prized rights’ collections in music history.

The deal covers more than 600 song copyrights spanning 60 years including Blowin’ In The Wind, The Times They Are a-Changin’, Like A Rolling Stone, Lay Lady Lay and Forever Young, Universal Music said in a statement.

The music company gave no financial details of the purchase, but the Financial Times reported it was a “nine-figure deal”. The New York Times estimated the price at more than $300 million.

“The deal is the most significant music publishing agreement this century and one of the most important of all time,” Universal Music said in its statement.

The value of owning music rights has soared in recent years with the surge in popularity of streaming sites such as Spotify, a trend that has grown during the pandemic lockdowns.

Dylan, who burst onto the folk scene in New York in the early 1960s, has sold more than 125 million records around the world.

His songs, which include some of the most popular ever written, still feature in movies and in advertisements decades after they were released.

The US folk and rock legend’s songs are also frequently covered by other artists, generating massive royalties.

Published in Dawn, December 8th, 2020