Tainy Sells His Music Catalog For $25 Million
Songwriter and producer Tainy has just made history. Sources say that the hitmaker successfully sold his popular and extensive music catalog to the female-led music-rights company Influence Media for an estimated $25 million.
We all know Tainy is incomparable when it comes to his music magic. He is currently one of the greatest producers in the industry. Two of his hits, “DÁKITI” by Bad Bunny and Jhay Cortez and “Telepatía” by Kali Uchis, landed him the top two spots of radio’s most-consumed Latine songs based on MRC Data’s US 2021 Year-End Report. As if that wasn’t much of a Latine boss move, he’s now continuing to leave his mark by selling his pre-2021 music catalog to the media company for a massive eight-figure deal.
“I am happy to continue to be a part of this cultural awakening for Latino music and artists in this business. This acquisition solidifies my hard work and the power that Latin music has in the global mainstream. Thanks to my manager Lex and attorney Jason for helping us make history,” Tainy told Variety about the business deal.
While the business partners didn’t disclose much further information, this transaction supports the noticeable trend of artists selling their music catalogs. But why are they selling? According to The Wall Street Journal, it’s about the payout: “Investors and music publishers have been buying catalogs for as much as 30 times their average annual royalties.” They note that one of the reasons why music publishers are after buying music catalogs is because we are currently living in a streaming era. And as far as anyone can tell, that isn’t changing anytime soon.
We’ve also seen this with other Latine stars such as Shakira, who sold her 145-song catalog last year. While many speculate that the reasoning behind many stars selling is for the upfront cash, others observe the tax benefits, lack of being able to tour based on COVID-19, and using this transaction towards an investment opportunity.
Whatever the case may be, it’s great to see that Tainy can enjoy the fruits of his pre-2021 labor while simultaneously preparing for his next musical chapter, which includes his newest endeavor: Netflix’s upcoming “next Latine hottest artist” competition show, La Firma. There’s no telling where his business will go next.