The Spanish artist Enrique Iglesias sold his musical catalog for more than $100 million to Influence Media Partners. The agreement includes both songs and image rights for the singer, who will release his latest album in February.
The exclusive was announced by Bloomberg. Despite not knowing the exact figure for which the sale was closed, close sources assured that the amount was valued at nine figures. Furthermore, the agreement represents very good news for the music industry, since values have dropped drastically in recent months, "in part because rising interest rates have made transactions more costly to finance." Fernando Giaccardi, the former manager for the Spanish singer, explained how they came to close the agreement, in which Iglesias actively participated:
Influence Media Partners got a bargain. We could’ve gotten more money if we went to more places but we didn’t because it wasn’t about that. It was about the relationship, how can we help each other and brand the music.
Acquiring Enrique Iglesias' catalogue, a ‘game-changing moment’ for Influence Media Partners
The founder and managing partner of Influence Media Partners, Lylette Pizzaro, spoke with Variety assuring that achieving the Enrique Iglesias catalog "is a game-changing moment" for the company:
Enrique is a global icon and having him as a part of our Influence Media family is a game-changing moment for us. “For a quarter of a century, he has captivated fans globally with chart-topping and record-breaking hits. From ‘Experiencia Religiosa’ to ‘Hero’ and ‘Bailando’ to ‘I Like It’ and ‘Be With You,’ there are few artists who come close to accomplishing what Enrique has achieved commercially. He has played a pivotal role in introducing bilingual music to the masses. We couldn’t be more excited to partner with one of the most recognizable figures in modern music.
Enrique Iglesias also spoke about the sale of his musical catalog, expressing satisfaction that Influence Media Partners managed to obtain the rights to all his songs:
My songs hold immense significance for both my fans and me. I’m excited to be working with the Influence Media team. I feel confident we will build an enduring partnership for my music and future projects.