Tina Turner opted to sell the rights to her music catalog, a somewhat controversial yet lucrative move that handed a significant boost to her reported net worth.
Trailblazing music icon Tina Turner has passed away aged 83, her official social media channels have confirmed. Though a cause of death has not been given at the time of writing, the double Rock n Roll Hall of Fame inductee had suffered from a number of health issues during her later years.
Turner is believed to have sold over one hundred million records during her career, and the sale of her musical assets ensured her reported net worth was staggering at the time of her passing.
Tina Turner’s reported net worth explored
Turner is widely regarded as one of the most influential contemporary music artists of all time, maintaining a global profile as a household name for over eight decades.
So, unsurprisingly, her reported net worth is astoundingly high. According to Celebrity Net Worth’s most recent evaluation, Turner had a net worth of $250 million, meaning she left a quarter of a billion behind at the time of her death.
Throughout her career, Turner was recognized time and time again at high-profile award ceremonies, and her list of accolades included 12 Grammy’s and seven Billboard awards.
Fellow icon Mariah Carey paid tribute to Turner, describing the late star as “an incredible performer, musician and trailblazer”.
Tina Turner sold the rights to her music catalog
While Turner was obviously an enormous star, the reason her reported net worth is so big is likely to be partly down to the fact that she sold her music catalog.
Back in October 2021, Turner sold the exclusive rights to her entire discography to German music group BMG. The deal granted BMG total access to control all of her recordings as well as her publishing royalties and naming rights.
Though an official fee was never confirmed, Forbes reports that the transaction was believed to be valued at over $50 million – at a hefty fee, though likely a beneficial one to BMG given the size of Turner’s discography, and the international reach her music had and will continue to have beyond her death.
Artists are typically reluctant to sell their catalogs as it means forfeiting the creative freedom they hold over their music, though, as shown by Turner, it can certainly be a rather lucrative move.
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Other stars who have sold their catalog
Turner’s decision to sell her catalog may have been viewed as controversial by some, but she certainly wasn’t the only artist to do so in the last few years.
According to a report by Rolling Stone, a number of high-profile artists have turned to trading in their catalogs, with tax benefits, personal circumstances like ill health and the general temptation of being offered a sizeable lump of cash all being cited as potential reasons for the surge.
Bob Dylan is just one example of a major artist to have done so in recent years. Back in 2020, the Lay, Lady, Lay singer shipped his discography to Universal, in a deal rumored to be worth around $300 million.
Taylor Swift famously began re-recording her albums back in 2021, after it was revealed that record label owner Scoter Braun had sold the rights to her catalog to Shamrock Holdings.
The post Tina Turner owes eyewatering rumored net worth sum to sale of her music catalogue appeared first on HITC.
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