Lorde an overnight millionaire - US report
New Zealand singer-songwriter Lorde, whose single Royals has topped the US charts for the past six weeks, is reported to have signed a publishing deal and become an overnight millionaire.
The Wall Street Journal today reported Lorde, the performing alter-ego of North Shore 17-year-old Ella Yelich-O'Connor, last week signed a publishing deal with Songs Music Publishing (SMP).
Terms of the deal were not disclosed, but the Wall Street Journal reported other publishers had made bids of US$4 million (NZ$4.9m).
SMP founder and co-owner Matt Pincus said the seven-figure bid was "competitive" and they had pursued Lorde since February, well before Royals began topping charts worldwide.
Saiko Management, representing Lorde, said they had not chosen the highest bidder, but rather a new publisher that offered better opportunities to nurture digital revenue.
The deal covers the half-share of writing credits Lorde owns for her songs.
She shares credit with co-writer Joel Little, who in turn had earlier sold a publishing deal with Sony.
Fairfax Media reported last month the success of Lorde's song was certain to make her a millionaire before she turned 17.
She celebrated her 17th birthday last week.
The Wall Street Journal reported the publishing rights for a hit single can generate up to US$11m from radio airplay royalties and other licensing deals.
- Fairfax Media