Prince business affairs: Who will retain final copyright and licensing rights to Prince’s music, existing and vaulted music. Millions is at stake.
With questions relating to how Prince came to suddenly die, questions are now being asked as to how the iconic musician was managing his business affairs, with reports that chaos ensued prior to Prince’s death.
According to tmz, Prince business affairs were being run without a steady hand of control, with no direct presiding management watching at the helm.
The tabloid notes sources telling that Prince regularly traded out advisers, particularly if he didn’t like what they were saying or going about matters.
Also of note were a lack of ‘high powered attorneys’ with experience sorting and negotiating Prince’s business affairs.
The revelations cast aspersion as to how Prince’s business affairs and music rights are to be handled going forward, especially in lieu of a will, which may see the singer’s sister, Tyka Nelson inheriting all of her brother’s estate, including up to 2000 unreleased songs.
A cause of concern argues Prince’s first business manager, Owen Husney who told AP: ‘I’m sure Tyka is a great person. I would be remiss to think she has the music business savvy to be able to handle a body of work that’s got to be worth 250 to 500 million dollars,’
‘Prince’s music has never really appeared in commercials. God forbid someone gets hold of this thing and it winds up in some toothpaste commercial.
‘I pray that he has left it in good hands with people who know what they’re doing.’
The unfolding situation has put Warner Bros Music which Prince in 2014 agreed to give the outlet licensing rights to digitally remaster previous hits while retaining copyright ownership in a state of concern, as it considers who ultimately gets to control rights, and profits of Prince’s music, existing and unreleased?
Tmz goes on to report reports of Prince’s music fortune being close to $300 million being inflated, and probably closer to half that. Nevertheless even at half that and what may yet to be released to the public and under whose auspices, legal wrangling may be the next albatross regarding Prince’s passing away.