Primary Wave has officially acquired a stake in the recorded and publishing catalogs of Christian singer-songwriter Matt Redman as part of a broader partnership agreement.
16-year-old Primary Wave announced its deal with Watford, England-born Matt Redman via a formal release that was emailed to Digital Music News. The transaction represents the third music-IP investment that Primary Wave has made during the last month or so, having inked an agreement with “Eye of the Tiger” songwriter Jim Peterik and a reportedly $90 million pact with the James Brown estate in mid-December.
But as mentioned, today’s purchase will see Primary Wave secure “a stake in the income stream” of Redman’s publishing catalog, and the transaction likewise encompasses the 47-year-old’s “master royalties and other rights,” higher-ups said.
Since arriving on the scene with 1993’s Wake Up My Soul, Matt Redman has released a total of about 20 studio, live, and compilation albums. 2011’s 10,000 Reasons – which the two-time Grammy winner (and five-time nominee) dropped via Universal Music Group’s Sparrow Records – has been certified gold by the RIAA, and Redman currently boasts north of 1.35 million monthly listeners on Spotify.
Addressing the Primary Wave deal in a statement, Matt Redman – whose most popular tracks include “10,000 Reasons (Bless The Lord),” “The Heart of Worship,” and “Blessed Be Your Name” – struck an optimistic tone regarding the future of his body of work.
“I’m so grateful for this new partnership with Primary Wave, and their passion to get behind these songs in a new way,” said the “Gracefully Broken” artist. “They have such a standout reputation across so many genres, so I’m excited to see what lies ahead.”
And Dominic Pandiscia, chief strategy officer for Gaither Music Group as well as Primary Wave Business Development, added: “Matt Redman’s songs mean so much to so many people and are truly timeless. It’s truly an honor to partner with him and his catalog.”
In addition to the initially noted IP plays that Primary Wave has made during the last month, companies including Round Hill Music, Sony Music, Warner Music, and BMG have closed recent deals for high-profile catalogs. Meanwhile, Northleaf Capital Partners in December unveiled a $303.8 million bond offering backed by the catalogs of The Who and Tim McGraw, to name some.
But 2020 and 2021 also saw Reservoir (NASDAQ: RSVR), Hipgnosis (LSE: SONG), Universal Music, Concord, Irving Azoff’s Iconic Artists Group, Eldridge Holdings, and Shamrock Capital Advisors make song-rights purchases of their own.