Tyler Cashes In On Catalogue
Aerosmith frontman Steven Tyler is cashing in on the band's back catalogue, by selling the rights to a music marketing company. Tyler has written and co-written 160 songs, including Love in an Elevator and Dude Looks Like a Lady, worth an estimated $50 million (GBP25 million). According to the New York Post, the rocker has formed a partnership with Primary Wave Publishing, which was formed by former Arista and Virgin Records boss Larry Mestel. Primary Wave also own a stake in the Beatles songs written by John Lennon and the back catalogues of Kurt Cobain, Daryl Hall and John Oates. Tyler says, "I love the passion and commitment that Larry and his team put into marketing songs. Primary Wave's expertise will ensure that my catalogue will continue to rock generations well into the future and boldly go where no songs have gone before." The Post claims Tyler's deal coincides with a change in tax law. In 2006 the U.S. government lowered the tax rate on such sales from 38 per cent to 15 per cent.