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This text initially appeared on Business Insider.
Ozempic looks as if a wonder drug that’s changing people’s lives and will have profound effects on the entire economy.
It additionally looks as if it has generated at the very least 1,000,000 {dollars} for David Paton.
Paton, it seems, is likely one of the two males who wrote “Magic” for his band Pilot in 1974, when it turned a High 10 hit. And now a brand new model of “Magic” has turn into the theme track for Novo Nordisk’s Ozempic rollout within the U.S., which is blanketing TV and the web with this earworm:
Novo Nordisk initially ran a model of Paton’s track recorded by another person however has since leaned into the idea that 70-something Paton is the cheerful face behind its cheerful jingle.
Here is a video of Paton strolling into Abbey Highway Studios in London to file his personal model of the advert:
Paton acquired paid for each the duvet of his track that another person recorded and the one he did. And Paton is not the one winner from the Ozempic increase: Novo Nordisk additionally paid the property of his former bandmate who cowrote the track, and Sony Publishing, which administers Paton’s songwriting catalog.
None of them are saying how a lot cash is concerned, however The New York Times said it polled music-publishing executives who estimated the marketing campaign was “probably value seven figures to Paton.”
All of which illustrates why traders and music corporations proceed to bid significant quantities of cash on again catalogs by artists who have not put out hit music for a very long time. That features offers for superstars you have heard of, like Bruce Springsteen (a reported $500 million), and grab bags of rights to songs from the likes of John Lee Hooker, Pat Boone, and Ricky Nelson ($470 million).
These things acquired significantly costly in the course of the pandemic increase, the place every kind of property noticed their worth inflated — at the very least $5 billion worth of songs traded hands in 2021 alone. However it has stored going post-pandemic.
An enormous a part of the reason being the general development of streaming, which has created a brand new income stream for the music business — should you assume streaming quantity will improve, then it stands to purpose that songs you purchase as we speak will likely be value extra sooner or later as extra individuals entry them.
However Paton’s story illustrates one more reason: Music house owners can discover methods to monetize their work in motion pictures, TV exhibits, and commercials. The percentages that somebody goes to have their track plucked to promote a Large Pharma Surprise Drug aren’t very excessive — as a result of there aren’t very many Large Pharma Surprise Medicine, by definition — but when it occurs, it is a very massive payoff.
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