David Bowie: Singer's Mansion sells rights to all of his work to WCM
David Bowie's house has sold the rights to publish "all of his work" to Warner Chappell Music, including hundreds of songs including Space Oddity, Changes, and Let's Dance.
WCM already has the right to publish music worldwide in its song catalog, the singer's legacy told the news. Variety estimated the deal was worth "over $250 million (£185m), but the terms of the agreement were not disclosed.
Bowie died of cancer in 2016. He has been hailed as an extraordinary artist and genius by other music stars, including Sir Paul McCartney, the Rolling Stones, Brian Eno, and Madonna.
The contract with WCM includes 26 studio albums released during Bowie's lifetime and the posthumous release of the studio album Toy and two studio albums from Tin Machine, the rock supergroup Bowie led. Songs released as singles from soundtracks and other projects are also included.
Given the ups and downs of the music industry over the past 20 years, the allure of extensive checks may not come as a surprise - especially to "hereditary" performers.
Streaming hasn't completely replaced the billions of losses caused by the CD decline. Still, it has proven to be a regular and largely recession-proof stream of income for many established artists. In addition, this is a lucrative asset for record labels and several new companies entering the market.
As the music industry becomes more complex, with licensing agreements for streaming, advertising, film, video games, and online video negotiations, artists - or their properties and families - have large, hassle-free bank deposits, and the complicated work of turning music money is left to the expert.
With Spotify adding 60,000 songs to its catalog every day, the odds for a new band to set off a wave seem more formidable than ever - an inherited artist with 50 years of fame and proven sales seems a relatively safe bet.
Bowie has released 111 singles, an average of two dollars per year, and 51 music videos during his career. The deal follows big names, including Bruce Springsteen, Bob Dylan, and Paul Simon, who recently sold the rights to their music catalog.
"These are not only amazing songs but also important stages that forever change the direction of contemporary music," he said.