Beach Boys sell “underappreciated” rights to intellectual property, name and likeness

Beach Boys are monetising their legacy by selling controlling interest of their intellectual property music mogul Irving Azoff.

The sale sees the transfer of the bands master recordings, a portion of their publishing, The Beach Boys name, and memorabilia to Iconic Artists Group, a new venture run by Azoff. Financial terms were not made public knowledge, though as Bloomberg report, a source close to the deal claims the total value of the assets is USD $100 million to $200 million.

Launched last year, Azoff’s Iconic Artists Group is “dedicated to acquiring, and actively managing a portfolio of select artists’ assets and preserving the important legacy of these music icons.”

Azoff, who has managed a number of legacy acts including the Eagles, Steely Dan, Jimmy Buffet, and Jon Bon Jovi launched iconic with one question in mind: What happens to the artist that can no longer make revenue through touring?

“A lot of his artists are getting to a point in life where they want to think about estate planning, they want to think about the future of their legacy,” says Elizabeth Collins, co-President of the Azoff Company via Rolling Stone. “We’re not replacing anybody’s manager by any stretch of the imagination, but oftentimes, their manager is their same age.”

A statement released at the unveiling of the Azoff’s latest venture explains: “Iconic feels a void in the music business for legendary artists: a trusted steward for an artist’s intellectual property with the expertise to maximize the value of assets and maintain their brand.

“Iconic provides an alternative for artists who value legacy preservation; Iconic is dedicated to exposing the artistry and music of their artists to new generations. Iconic works in direct partnership with artists, their managers, record labels and publishers, and legal heirs to provide a solution that unites the music with the brand to efficiently drive value in both.”

The decision to sell The Beach Boys assets was made by remaining band members Brian Wilson, Mike Love and Al Jardine, alongside the sons of original member Carl Wilson, Jonah and Justyn, who took over their father’s estate after his 1998 death. All those involved will retain an interest in the assets. With future business decisions under The Beach Boys names left in the hands of Iconic.

“We think the Beach Boys is an underappreciated trademark,” Azoff said of the acquisition. “They are just not as important as they could and should be.”

The new deal may be the fix-all to the internal woes that have plagued the band since the 60s. Back in 1969, Brian, Dennis, and Carl’s father, Murry Wilson, sold the band’s publishing company to A&M Records for a meagre $700,000. A move that sparked tension within the group that shrouded their career.

The Beach Boys have handed over their rights to Iconic in the hopes of the brand being more lucrative than ever. “They can make the final decision on business decisions, which is what we really need — what we have needed, I should say,” Al Jardine told Rolling Stone.

With the band set to celebrate their 60th anniversary next year, Iconic are already sinking their teeth into developing a business plan for the anniversary.

This article originally appeared on The Industry Observer, which is now part of The Music Network.