Los Angeles, Sep 29 (SocialNews.XYZ) The family of Avicii, the late, multi-platinum-selling Swedish DJ, has sold 75 per cent of his master recordings and publishing to Pophouse Entertainment, the Stockholm-based company co-founded by ABBA's Bjorn Ulvaeus.
The family and estate will maintain ownership of the remaining 25 per cent.
Terms of the deal, which is estimated to be for nine figures, were not disclosed.
According to the announcement, a joint venture has been created between the family and estate of Avicii and Pophouse "to safeguard Avicii's indelible legacy through future global endeavours", such as the interactive tribute museum in Stockholm, "Avicii Experience", that Pophouse and the Bergling family together opened in February.
Avicii's father, Klas Bergling, commented: "Pophouse has presented a concrete concept and proposal for the long-term care and development of Tim's musical heritage.
"Through this deal, we are also securing the Tim Bergling Foundation's long-term finances, creating opportunity to act decisively on the Foundation's commitments to supporting such important issues as mental health and well-being of young people. Working with the Tim Bergling Foundation is a full-time commitment for us. The foundation has only been running for a few years and much needs to be done for a long time to come."
Pophouse CEO Per Sundin, who first signed Avicii to Universal Sweden in 2010 as CEO of that company, said: "Tim was not only one of the world's best DJs, he was an extremely productive genius who always went his own way, mixing genres, challenging conventions and creating music history.
"I followed his whole journey, and it is with honour and pride that I and the entire Pophouse company, together with the Bergling family, will nurture and introduce his music to new generations of listeners in all parts of the world."
Earlier this year, Pophouse acquired the masters and publishing of DJ-producers Swedish House Mafia, which at the very least is musically and thematically consistent with the Avicii catalog, as the two acts are arguably the biggest Swedish dance-music artists in musical history.
As it did with Avicii's family, Pophouse formed a joint venture with the trio's members to develop and amplify the brand worldwide.
Avicii, who died in 2018 at the age of just 28, first rose to prominence in 2011 with his Grammy-nominated single 'Levels' and the following year was ranked as the No. 1 DJ in the world by DJ Magazine.
His 2013 debut studio album, 'True' hit the top 10 in more than 15 countries, powered by its lead single, 'Wake Me Up'.
Over the following years, he released multiple hit singles and collaborated with artists including David Guetta, Coldplay frontman Chris Martin, Nile Rodgers, Zac Brown, Adam Lambert, Rita Ora and produced records for Madonna, Coldplay, Guetta and Tiesto.
However, he suffered from substance abuse and depression, and after his death his family issued a statement that implied he took his own life.
In 2019 his family launched a mental-illness and suicide-prevention foundation in his honour.
Four years after his death, his music still garners more than 30 million listeners a month on Spotify alone.
Source: IANS
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