{"id":26732,"date":"2023-09-22T10:44:44","date_gmt":"2023-09-22T14:44:44","guid":{"rendered":"https:\/\/alumni.cornell.edu\/cornellians\/?p=26732"},"modified":"2023-09-22T10:44:45","modified_gmt":"2023-09-22T14:44:45","slug":"salm-music-rights","status":"publish","type":"post","link":"https:\/\/alumni.cornell.edu\/cornellians\/salm-music-rights\/","title":{"rendered":"Meet the Alum Behind Some of Music’s Biggest Rights Deals"},"content":{"rendered":"\n

Steve Salm \u201993 is a founding partner at the firm that owns the catalogs of Genesis, KISS, Imagine Dragons, and much more<\/p>\n\n\n\n

By Lindsay Lennon<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

\n

What do rapper Tone Loc\u2019s platinum hit \u201cWild Thing,\u201d the soulful tune \u201cTime After Time\u201d by \u201980s pop queen Cyndi Lauper, and the soundtrack to the musical South Pacific <\/em>have in common? They\u2019re among the hundreds of thousands of songs whose rights now reside with a company helmed by a Cornellian.<\/p>\n\n\n\n

Steve Salm \u201993 has spearheaded the massive, headline-grabbing acquisitions of the rights to some of pop culture\u2019s most recognizable hits and collections on behalf of Concord<\/a>, the firm where he serves as a founding partner and chief business development officer.<\/p>\n<\/div>

\"Steve
Salm is based in NYC. (Provided)<\/em><\/figcaption><\/figure><\/div>\n\n\n\n

In 2022, Concord purchased the entire catalogs of Phil Collins and Genesis for a whopping $300 million. Two years earlier, Salm led the nine-figure acquisition of Imagine Dragons\u2019 back catalog, including smash hits like \u201cBeliever.\u201d <\/p>\n\n\n\n

As recently as September 2023, Concord added more than 30,000 songs to its portfolio, among them the catalogs of KISS, REO Speedwagon, and Cheap Trick\u2014as well as hits by Duran Duran and Pat Benatar.<\/p>\n\n\n\n

\u201cSome people know what commercial buildings are worth, or what a stock is worth,\u201d Salm observes. \u201cMy skillset is determining the economic and financial value of songs.\u201d <\/p>\n\n\n\n

Additionally, Concord\u2019s theatrical division owns the rights to some of Broadway\u2019s most beloved musicals\u2014notably, the entire Rodgers and Hammerstein collection, including The King and I<\/em> and The Sound of Music<\/em>.<\/p>\n\n\n\n

<\/div>\n\n\n\n

<\/p>\n\n\n\n

\n
\"A<\/figure>\n\n\n\n
\"A<\/figure>\n\n\n\n
\"A<\/figure>\n
Concord also owns the rights to classic musicals.<\/sup><\/sub> (\u00a92019 Subplot Studio)<\/sup><\/sub><\/em><\/figcaption><\/figure>\n\n\n\n
<\/div>\n\n\n\n

As Salm explains: when a seasoned musician like Collins or Lauper sells Concord the rights to their work, the company purchases the artist\u2019s future royalty streams for a lump sum payment.<\/p>\n\n\n\n

And he notes that there are now myriad and constantly evolving opportunities for such royalties, in an era of digital streaming and with the omnipresence of popular music\u2014heard in grocery store aisles, on the soundtracks of viral videos, and innumerable other milieus.<\/p>\n\n\n\n

Salm\u2014whose father, Herbert Salm, DVM \u201960, is also an alum\u2014recalls the first deal he ever made, when Foghat\u2019s catalog was up for grabs in 2007. The collection included the hit single \u201cSlow Ride\u201d\u2014which, months later, was used in the debut version of the popular video game Guitar Hero. <\/p>\n\n\n\n

\n

My skillset is determining the economic and financial value of songs.<\/p>\n<\/blockquote>\n\n\n\n

\u201cA song from the \u201970s gets repurposed for an entire new generation of fans\u2014that\u2019s what you see with \u2018evergreen\u2019 music,\u201d says Salm. \u201cThese songs get a whole new life.\u201d<\/p>\n\n\n\n

As an economics major in Arts & Sciences, Salm fell hard for grunge the first time he heard Pearl Jam\u2019s \u201cAlive\u201d on the radio. But as a \u201cmath guy who wanted to be a music guy,\u201d he says, he wasn\u2019t sure how he\u2019d break into the industry.<\/p>\n\n\n\n

Years later, while earning an MBA at Emory, he came across an ad seeking students to work as local reporters for MTV.com. For his application, Salm submitted a 1,000-word essay describing each step of his day in diary form, along with what song he was listening to at the time. <\/p>\n\n\n\n

<\/div>
<\/div><\/div>
\"Members
The Genesis deal made headlines. (Patrick Balls & Martin Griffin)<\/em><\/figcaption><\/figure>
\"Singer
Lauper sold Concord the rights to “Time After Time.” (Ruven Afanador)<\/em><\/figcaption><\/figure>
\"Members
The firm\u2019s roster includes pop rock sensations Imagine Dragons. (Provided)<\/em><\/figcaption><\/figure><\/div>
<\/div><\/section>\n\n\n\n
<\/div>\n\n\n\n

Salm was hired, writing concert reviews and covering local artists in the Atlanta area; a few months later, he started doing on-air interviews for an alternative rock radio station. <\/p>\n\n\n\n

The experience, he says, has proved invaluable in his current career.<\/p>\n\n\n\n

\u201cI spent a year and a half talking to big rock stars about their bands, songwriting, life on the road,\u201d he says. \u201cIt gave me a crash course on the psychology of a musician. I got a front-row seat to how rock and pop stars think and live.\u201d<\/p>\n\n\n\n

Published September 22, 2023<\/p>\n\n\n\n

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