Rapper Nelly Sells Half His Music Catalog For $50 Million, Includes Hits Like 'Dilemma,' 'Ride Wit Me'
Rapper Nelly is the latest star to bag $50 million by selling 50% of his song catalog to invest firm HarbourView Equity Partners, per TMZ. This includes eight albums that have smash hits that made the rapper who he is today. Some of the hits include "Dilemma," "Ride Wit Me," "E.I.," "Hot in Herre" and more.
The Grammy winner joins a long list of artists who have parted ways with some of their discography. "My music is my legacy which I want to last beyond me, continuing to make my existing fans happy while reaching new generations and new audiences. I am excited to partner with Harbourview to create opportunities for the discovery of my music decades from now," he said in a statement, per Fox 5.
Back in January 2023, Dr. Dre, a celebrated rapper and Eminem's mentor sold his publishing for a whopping $250 million followed by another deal with Influence Media Partners for a cool $75 million the deal reportedly included 600 of his songs which were released between 2004 and 2020, as reported by Billboard.
What does it mean to sell a music catalog?
Selling a music catalog means parting ways with the rights of the songs, the royalties the merchandise revenue, and any potential decisions regarding the songs. When an artist sells a song catalog, it generally means that the demand for all these revenue streams is not as strong as they would like.
What is Nelly's Net worth?
Nelly, the American rapper, entrepreneur, and actor is worth $70 million, per Celebrity Net Worth. Nelly rose to fame with his album "Country Grammar" in 2000 which sold more than 10 million copies worldwide. Then came his album "Nellyville" which made him the most popular. He has also taken up acting gigs in movies like "Reach Me" and "The Longest Yard".
Nelly's real estate portfolio
Nelly first invested in real estate back in 2002 when he bought a partially built mansion in the St. Louis suburb of Eureka, Missouri for $1.925 million. The property was built on a 12-ac re land and featured a pool, a hot tub, a basketball court and more. By 2021 the mansion was falling apart and he had to sell it for a loss of around $599,000.
He was also the owner of a 2,679-square-foot house that he sold in 2010.
Other singers/bands who sold their music catalog
Justin Bieber; Net Worth- $310 million
Oh, baby! Justin Bieber sells his music catalog for a reported $200 million. pic.twitter.com/wFPaJgbT6r— E! News (@enews) January 25, 2023
The pop singer recently sold his entire back catalog to Hipgnosis Songs Capital for almost $200 million, per Diario. The company now has all the songs that the singer has made before 2021 which is almost a 290 song collection.
"When Justin made the decision to make a catalog deal, we quickly found the best partner to preserve and grow this amazing legacy was Merck and Hipgnosis," as per the singer's manager
"For 15 years I have been grateful to witness this journey and today I am happy for all those involved. Justin’s greatness is just beginning."
Imagine Dragons; Net Worth- $40 Million
Back in 2021, the band sold its music catalog for a whopping $100 million. The deal included their most popular songs like "Demons" and "Radioactive." The band gave away the song rights to Concord Music Publishing and said that they were happy working with them and believed that they will reach newer masses.
Shakira-Net Worth; $300 Million
In 2021, iconic singer Shakira sold her music catalog to Hipgnosis Songs Fund in a deal that included hits like, "Whenever, Wherever," "Hips Don't Lie" and more.