Who owns the rights to Elvis Presley’s music royalties and estate?
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Elvis has remained a timeless icon since his passing in 1977 at the young age of 42, consistently ranking as a top-selling music artist even amongst the greats. His posthumous success includes a vast catalog of 500 million records sold, second only to the Beatles. In the UK alone, he has amassed an impressive 48 top-50 hits, including five chart-topping singles. Elvis’s larger-than-life persona has been portrayed by various actors in over 31 feature films, with the latest portrayal by Jacob Elordi in the upcoming movie Priscilla, focusing on his relationship with his former spouse whom he wed in 1967 and parted ways with in 1973. Cailee Spaeny takes on the role of Priscilla in this film.
Yet, Sam sold the contract and the songs catalog created at Sun Records to RCA, a record company, in late 1955. From then on, Elvis remained contracted to RCA and earned royalties on record sales as per their agreement. However, in March 1973, Colonel Tom and Elvis approached RCA with a proposal: Elvis would receive a lump sum instead of ongoing artist royalties for his past recordings. By that time, Elvis had an extensive catalog, which would have brought RCA considerable profits.
Elvis Presley’s music rights are split between Universal Music and his daughter, Lisa Marie Presley. Lisa Marie Presley possesses 15% of those rights, while Universal Music controls 85%. Yet, RCA Records (a subsidiary of Sony Entertainment) owns all recordings of Elvis Presley before 1973. Elvis Presley, renowned as the King of Rock and Roll, remains one of history’s top-selling musicians. Even years after his passing, his musical legacy thrives, captivating audiences globally. Elvis’ iconic songs feature in various media such as movies, TV shows, radio, CDs, and streaming platforms. This article delves into the distribution of Elvis Presley’s music rights and the substantial revenue they continue to generate.
Presley’s estate, known as Elvis Presley Enterprises, Inc., consists of Graceland in Memphis, the licensing of Elvis products, and the creation of music, internet, or other media associated with the musician’s image. Regrettably, after Presley’s death, his entire estate was valued at only about $5 million, and he was mostly in debt, mainly due to his reputation for extravagant spending. Ultimately, the estate management costs were projected to exceed annual revenue, creating a difficult situation for those overseeing EPE.
MEMPHIS, Tennessee (AP) — The Elvis Presley business has been sold. Authentic Brands Group announced Tuesday that it has purchased Elvis Presley’s intellectual property from CORE Media Group. They are now collaborating with the founder of another company to run the Graceland tourist site. This acquisition grants Authentic Brands control over Elvis Presley Enterprises, the entity in charge of managing the licensing and merchandising rights to Presley’s image, name, and likeness. Additionally, they acquire a vast collection of music, photos, films, TV appearances, and performance specials featuring the legendary rock and roll icon.
Intermittent revenue boosts are vital for investors who have invested millions in Presley’s estate. Back in 2005, Elvis’ daughter, Lisa Marie, sold 85% of Elvis Presley Enterprises to CKX, headed by Robert F.X. Sillerman, whose company SFX merged concert promoters and was later sold to Clear Channel Communications, eventually becoming Live Nation, for a hefty $100 million. Mark Roesler of CMG Worldwide, representing notable estates like Marilyn Monroe and Jackie Robinson, believes that at the time, CKX may have paid too much. In 2011, a private equity firm acquired CKX, then transferred the Presley licensing rights to Authentic Brands Group for around $145 million.
Although Presley has songwriting credits on only a few songs, ABG retains the rights to his entire catalog. Presley, who passed away in 1977, is widely acknowledged as the top-selling solo artist in history, having sold over 500 million records. He also holds several records, including the most songs charting on Billboard’s Top 40, with 114 hits, 40 of which made it into the top 10 and 18 reaching the number one spot. Additionally, he holds records for the most RIAA-certified gold and platinum albums, the most albums charted on the Billboard 200, the most number one albums by a solo artist on the U.K. Albums Chart, and the most number one singles on the U.K. Singles Chart by any artist.
ABG purchased Elvis’ royalties in November 2013 from Elvis Presley Enterprises, managed by the family of the late music legend. This acquisition comprises a portion of all the licensing and merchandising associated with the star. I reinvested money into the business, and now I possess all those additional brands, Shaq revealed to Earn Your Leisure. Therefore, even if Shaq disappears, we will still have Elvis.