This article originally appeared on Business Insider.
Ozempic looks like one Amazing drug that is changing people's lives and there may be profound effects throughout the economy.
It also looks like it generated at least a million dollars for David Paton.
Paton, it turns out, is one of the two men who wrote “Magical” for his band Pilot in 1974, when it became a Top 10 hit. And now a new version of “Magic” has become the theme song for Novo Nordisk's Ozempic in the US, which is sweeping TV and the Internet with this earworm:
Novo Nordisk originally ran a version of Paton's song recorded by someone else, but have since leaned into the idea that 70-year-old Patton is the happy face behind his jovial voice.
Here's a video of Paton strolling into London's Abbey Road Studios to record his version of the ad:
Paton was paid both for the cover of his song that someone else recorded and for what he did. And Paton isn't the only winner from Ozempic's boom: Novo Nordisk also paid the fortune of his former bandmate who wrote the song and Sony Publishing, which manages Paton's song catalog.
None of them say how much money is involved, but The New York Times said it surveyed music publishing executives who estimated that the campaign “will most likely be worth seven figures to Pato”.
All of this illustrates why investors and music companies continue to offer significant sums of money for back catalogs from artists who haven't released hit music in a long time. This includes offers for superstars you've heard of, such as Bruce Springsteen (a reported $500 million), and get bags of rights to songs from John Lee Hooker, Pat Boone and Ricky Nelson ($470 million).
These things became especially expensive during the pandemic boom, where all kinds of assets saw their value inflated — at least $5 billion worth of songs sold in 2021 alone. But she has continued to walk after the pandemic.
A big part of the reason is the overall growth of streaming, which has created a new revenue stream for the music industry – if you think streaming volume will increase, then it stands to reason that the songs you buy today will more in the future as more people access it.
But Paton's story illustrates another reason: song owners can find ways to monetize their work in movies, TV shows and commercials. The odds of someone getting their song ripped off for selling a Big Pharma wonder drug aren't very high – because there aren't many Big Pharma wonder drugs, by definition – but if it does, it's a very big windfall .