The David Bowie estate is negotiating the sale of the music catalog. Offers are around US$200M.
Already in the early 2000s David Bowie issued bonds based on his music and the royalty income from licensing. He was the very first artist then. The bond sold for US$30M then.
Recently, the David Bowie estate signed a long term licensing agreement for the so-called masters, the original recording by David Bowie, with Warner Music. This guarantees licensing income for the potential buyers. And it is an excellent basis to calculate the purchase price.
David Bowie is a prime example of successful licensing. And brand management and evaluation.