Yesterday it was reported that Kanye was looking for potential buyers to but his music catalog for a record $175 million, 35x the $5 million he makes off of his music annually. However, this seems to be fake news as Kanye has refuted claims that he is selling his extensive catalog.
Ye took to his IG stories earlier this morning where he shared the message, “Just like Taylor Swift… My publishing is being put up for sale without my knowledge … Not for sale,” referring to Swift’s former manager Scooter Braun who sold her masters.
Ye then shared text messages asking an unknown person to contact his former manager, Gee Roberson, to see what exactly was going on.
“From Gee … Fake news … Of course every publisher wants to pitch [their] hardest to buy. SMH.”
Billboard had reported yesterday that Kanye and his team had been quietly meeting with potential buyers over the last year to estimate a value for his music catalog. It was said that Ye makes $5 million annually from his catalog and is looking for a 35x gross profit, putting the selling price at $175 million.
News of Kanye refuting claims of wanting to sell his catalog comes after a number of artists have been selling their catalog for more than what they would continue to make from it just off of publishing and royalties. Chuck D recently sold a portion of his publishing rights, a few years ago, a company bought the rights to Timbaland’s music, and recently, Justin Timberlake sold his catalog.
However, unlike many artists who have sold their catalog, Kanye is very much still musically active and still turns out hits, making it harder to value his music.
The post Ye Refutes Claims That He Is Selling His Music Catalog appeared first on The Source.