2022年1月20日 星期四

A $550 Million Springsteen Deal? It’s Glory Days for Catalog Sales. 工人皇帝5.5億美元進帳 音樂版權的輝煌年代

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2022/01/21 第368期 訂閱/退訂看歷史報份
紐時周報精選 A $550 Million Springsteen Deal? It's Glory Days for Catalog Sales. 工人皇帝5.5億美元進帳 音樂版權的輝煌年代
Air Filters and Outdoor Spaces: Office Costs Rise as Workers Return 員工回歸 辦公室支出增加
A $550 Million Springsteen Deal? It's Glory Days for Catalog Sales. 工人皇帝5.5億美元進帳 音樂版權的輝煌年代
文/Ben Sisario

工人皇帝5.5億美元進帳 音樂版權的輝煌年代

In 1972, a struggling New Jersey musician hustled into Manhattan for an

audition at Columbia Records, using an acoustic guitar borrowed from his

former drummer.


"I had to haul it 'Midnight Cowboy'-style over my shoulder on the bus and

through the streets of the city," the rocker, Bruce Springsteen, later

recalled in his memoirs.


Half a century later, he can afford plenty of guitars. Last month Sony,

which now owns Columbia, announced that it acquired Springsteen's entire

body of work — his recordings and his songwriting catalog — for what two

people briefed on the deal said was about $550 million.


The price, which may be the richest ever paid for the work of a single

musician, caused jaws to drop throughout the music industry. But it was

only the latest mega-transaction in a year in which many prominent

artists' catalogs have been sold, fetching eye-popping prices.


The catalog market was already bubbling a year ago when Bob Dylan sold

his songwriting rights for more than $300 million, but since then it

has maintained a steady boil. The list of major artists who have recently

sold their work, in full or in part, includes Paul Simon, Neil Young,

Stevie Nicks, Tina Turner, Mötley Crüe, Shakira and the Red Hot Chili

Peppers, many for eight-figure payouts or more. The industry is abuzz

about impending deals for Sting and the songwriting catalog of David



"Almost everything now is transacting," said Barry M. Massarsky, an

economist who specializes in calculating the value of music catalogs

on behalf of investors. "In the last year alone, we did 300 valuations

worth over $6.5 billion," he added.


Not long ago, music was seen as a collapsing business, with rampant

piracy and declining sales. No longer.


Streaming and the global growth of subscription services like Spotify,

Apple Music and YouTube have turned the industry's fortunes around.

One result is a spike in the pricing of catalogs of music rights to

both recordings and to the songs themselves.

串流服務與Spotify、Apple Music和YouTube等全球訂閱服務成長,已經扭轉該產業的命運,結果使得唱片和歌曲本身的音樂版權曲目價格飆漲。

New investors, including private equity firms, have poured billions of

dollars into the market, viewing music royalties as a kind of safe

commodity — an investment, somewhat like real estate, with predictable

rates of return and relatively low risk.


Air Filters and Outdoor Spaces: Office Costs Rise as Workers Return 員工回歸 辦公室支出增加
文/Julie Weed

員工回歸 辦公室支出增加

The cost of office maintenance dropped significantly in the pandemic when

workers went remote, as companies saved money on services like cleaning

and security, as well as perks like dry cleaning and endless pantry



But as employees begin to head back to the office, the cost of running the

workplace is increasing.


By December, about 40% of workers had returned at least part time, although

the omicron variant of the coronavirus has put a chill on return-to-office

plans. And developers still expect that employees will be back on site in

the long run, even if hybrid work becomes more common. CP Group, which owns

and manages 32 office buildings, mostly in the Southeast and Southwest,

has bought $1.2 billion of office space since May, a wager that staffs will



More robust air filtration and newly installed outdoor spaces are among the

items that will add to developers' costs when more employees return. New

cleaning practices may make those services more expensive, and landlords

are offering new amenities to lure tenants back.


"Operating expenses were down a bit in 2020," said Kristin Mueller, chief

operating officer for property management at JLL, a real estate services

company that oversees more than 1,000 office buildings across the United

States. "For 2022 properties budgets, we are anticipating modest overall



The cost to run the office today remains lower than pre-pandemic levels

but not as significantly as many managers expected, because each savings

area has a factor that can complicate or offset it, Mueller said.


Having fewer employees on site translates to less daily cleaning and trash

collection, for instance, but those reduced janitorial services are often

countered by directives for deep disinfecting, as well as higher labor

costs for maintenance. And spending on supplies like coffee filters,

pens and paper towels may be down, but they have been replaced by

purchases like hand sanitizer and masks.


Because the coronavirus is spread through airborne transmission, one of

the most significant changes in building operation has been a focus on

air quality. Many companies are scrutinizing their ventilation, which

could involve installing more robust air filters to screen out virus

particles, for example, or replacing the building's air more frequently.


NPE愈來愈強大 科技業者必須強化專利管理能力

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