Diplo says that there's a growing trend for artists to sell their music catalogs because it's more convenient to have the money upfront. That's the reasoning he gave to explain his own decision to sell his Mad Decent Publishing catalog to Olivier Chastan‘s music rights and brand management company Iconoclast. When asked about the deal at LAX, Diplo revealed to TMZ what he intends to do with the money.
"It's a great investment because when you stream music it just constantly goes. So a record like 'Lean On,' one of my songs with Major Lazer, always has 400,000 streams. It's always gonna generate capital so it's a great investment." As for why keeping the catalog wouldn't be a great investment for him, Diplo explained: "I don't want to wait 20 years for it to reach the max. I just want money now so I can go do stuff with it." As for what he wants to do with the money, he added that he wants to make a movie, invest in property, and more.
Diplo At The Grammys
Olivier Chastan explained Iconoclast's decision to purchase Diplo's catalog in a statement provided to Billboard. He described the body of work as “one of the most exciting and original catalogs where Brazilian Baile Funk and Angolan Kuduro mix with EDM and pop."
“I first became aware of Mad Decent when Kevin Kusatsu and Diplo were working on the first Major Lazer album,” Chastan continued. “The sound was completely different, the songwriting utterly original and fresh-sounding, and the production uniquely creative. Our acquisition of the Mad Decent Publishing catalog illustrates our commitment to preserving and growing culturally significant art of any era including with artists that are shaping contemporary music.”
Diplo is far from the first artist to sell their catalog in recent years. Bruce Springsteen did so in 2021, bringing in $500 million in exchange. Justin Bieber also recently sold his catalog for $200 million while Dr. Dre sold a portion of his for just over $200 million.
Major Lazer's "Lean On"
[Via]
