Who Owns Adele's Masters? XL Holds the First Three, She Holds 30
Quick Answer: Who Owns Adele's Masters in 2026?
First three studio albums (19, 21, 25): XL Recordings, part of the UK indie Beggars Group, holds the recorded rights. Beggars confirmed to Music Business Worldwide that the U.S. recording rights reverted to XL during 2021, ending a long licensing agreement with Sony Music/Columbia in that territory, and that XL "now owns the recorded rights to Adele's first trio of albums globally." musicbusinessworldwide.com
Fourth album 30 (2021) and future releases: The album's rights line reads "℗ 2021 Melted Stone under exclusive license to Columbia Records, a Division of Sony Music Entertainment". Melted Stone is Adele's own company, so she holds the recording and Sony licenses it. music.apple.com
So the short answer is XL/Beggars for the early catalog and Adele-controlled Melted Stone, licensed to Sony, for 30 onward. The commercial terms behind either arrangement have never been published.
The Indie-to-Major Transition
Adele's ownership journey demonstrates how artists can transition from indie labels to major-label partnerships while gradually gaining more control. The record reveals the strategic value of this progression model.
The XL Recordings Foundation
Adele's early success with XL Recordings demonstrates how indie labels can develop artists effectively. XL's focus on artist development and creative freedom helped Adele build her brand before transitioning to major-label distribution. The evidence suggests that indie foundations can be valuable even when artists later move to majors.
The Melted Stone Model
Adele's creation of Melted Stone Ltd. for her fourth album represents a strategic evolution toward artist ownership. By owning the masters while licensing to Columbia, Adele captures master royalties while leveraging Sony's global infrastructure. This model combines the benefits of ownership with major-label resources, creating an optimal structure for established artists.
What the 2021 Reversion Actually Changed
It is worth being precise about who gained here. When the U.S. licence between XL and Sony/Columbia ran out in 2021, the rights did not go to Adele; they went back to XL, which no longer has to share that revenue with a licensing partner. musicbusinessworldwide.com The general lesson still holds for artists: the length of a licence term, not just the headline royalty rate, decides where the money sits a decade later.
What Adele's Ownership Reveals
1. The Indie Development Advantage
Adele's success with XL Recordings demonstrates how indie labels can effectively develop artists before major-label partnerships. XL's focus on artist development and creative freedom helped Adele build her brand authentically, creating a foundation that major labels couldn't replicate. This suggests that indie foundations can be valuable even when artists later transition to majors.
2. The Gradual Ownership Progression
Adele's ownership journey-from XL ownership to Melted Stone ownership-demonstrates how artists can gradually gain more control as their commercial success increases. This progression model allows artists to benefit from label support early while securing ownership later, creating an optimal path for long-term value creation.
3. The Artist Imprint Strategy
Melted Stone Ltd. represents a model where artists own masters while licensing to majors for distribution. This structure allows Adele to capture master royalties while leveraging Sony's global infrastructure, creating the best of both worlds. This model may become standard for established artists seeking ownership without sacrificing major-label resources.
4. The Catalog Split Value
Adele's split ownership-XL for early albums, Melted Stone for recent ones-creates an interesting dynamic where different parts of her catalog have different ownership structures. This split may influence how the catalog is marketed and licensed, with XL potentially focusing on legacy value while Melted Stone emphasizes current releases.
Why Ownership Changed Over Time
Indie Beginnings (2006‑2015)
Adele signed to XL Recordings in 2006, aged 18. XL kept the recordings; the U.S. release of 19 came through a joint venture with Columbia announced in March 2008. billboard.com
Direct Sony Deal (after 25)
Adele's XL contract expired after 25. Her manager Jonathan Dickins then signed a global deal with Sony Music that Music Week reported as being worth around £90 million, though the move was never formally announced and the terms have never been published. musicweek.com
Rights Reversion (2021)
The U.S. licence to Sony/Columbia ended and the U.S. recording rights to 19, 21 and 25 reverted to XL during 2021, leaving the indie in control of the first three albums globally. musicbusinessworldwide.com
Artist Imprint Model (2021‑present)
30 came out through Adele's own Melted Stone under exclusive licence to Columbia - her first album marketed globally by Columbia rather than split between XL/Beggars territories and Columbia in North America. musicweek.com
Timeline: Adele's Master Rights at a Glance
| Year | Album / Event | Master Owner (2026) | Distribution Path |
|---|---|---|---|
| 2008 | 19 | XL Recordings | XL (world) / Columbia (U.S. pre‑2021) |
| 2011 | 21 | XL Recordings | XL / Columbia (U.S. pre‑2021) |
| 2015 | 25 | XL Recordings | XL / Columbia (U.S. pre‑2021) |
| After 25 | Global Sony Music deal, reported at £90m, never formally announced | n/a | Sets stage for the Melted Stone/Columbia structure |
| Nov 2021 | 30 | Melted Stone Ltd. | Columbia Records (global) |
| Jul 2024 | Adele tells ZDF she has "no plans for new music at all" and wants "a big break" | n/a | No fifth studio album announced as of August 2026 |
Sources: reversion of the U.S. rights to XL musicbusinessworldwide.com; the reported Sony deal and the move to Columbia musicweek.com; the July 2024 ZDF interview usmagazine.com.
The Players Explained
XL Recordings & Beggars Group
- Independent label founded in 1989, run and co-owned since the 1990s by Richard Russell.
- Beggars Group paid Russell £2.6m in October 2024 to take its stake in XL to 51%, so XL is now a Beggars subsidiary rather than a joint venture. musicbusinessworldwide.com
- Holds the recorded rights to 19, 21 and 25 worldwide. Adele's royalty terms with XL have never been made public.
Sony Music & Columbia Records
- Signed Adele directly once her XL contract expired after 25; Music Week reported the global deal at around £90m, a figure neither Adele nor Sony has confirmed.
- Columbia became her label home in the UK as well as the U.S. from October 2021, handling release, marketing and streaming strategy for 30. musicweek.com
Melted Stone Ltd.
- Melted Stone Limited is a UK company (no. 06555877) whose active director and secretary at Companies House is Adele Laurie Blue Adkins, born May 1988. find-and-update.company-information.service.gov.uk
- It holds the © and ℗ in the 30 recordings and licenses them exclusively to Columbia. discogs.com
- MBW describes the Sony arrangement as "a licensing agreement via her own Melted Stone Ltd" covering 30 and future recordings. What Adele is paid under it has not been disclosed. musicbusinessworldwide.com
Financial Impact of Master Ownership
The early catalog:
No one publishes a per-album revenue split for Adele, but 2021, the year the U.S. rights came back to XL, left a visible mark on Beggars Group's accounts. Group revenue rose 29.7% to £79.98m and operating profit rose 54.5% to £10.03m, up from £6.49m the year before. musicbusinessworldwide.com
The 30 era:
Melted Stone owns the recording and Columbia licenses it, which normally means the artist company keeps the master income and pays the label a distribution and services fee. The actual rate Adele negotiated has never been filed or announced, so any percentage you see quoted for it is guesswork.
What XL itself is worth:
There is no public valuation of Adele's first three albums on their own. The nearest hard number is for the whole label: Beggars Group's calendar-2024 accounts carried XL Recordings' net assets at a fair value of £210.7m, and the group as a whole turned over £109.9m ($140.4m) that year with operating profit up 48.6% to £10.5m. musicbusinessworldwide.com musicbusinessworldwide.com
Could Adele Re‑Record Her Early Albums?
In principle, yes. A re-recording restriction is a contract term, not a statutory right: a recording contract typically bars the artist from re-cutting the same songs for a defined period after the deal ends, which is the clause Taylor Swift waited out before releasing her "Taylor's Version" albums. Adele would face the same mechanism, because she writes or co-writes her material and therefore controls the underlying songs even where XL controls the 2008-2015 recordings. What we cannot tell you is the length of her window: the terms of Adele's XL contract have never been published, and any specific figure for it would be invented. There is also no public sign she wants to. As of August 2026 she has released no re-recordings, and she has not released new music at all since 30.
Publishing Rights Snapshot
- Songwriting: Adele writes or co-writes her material, so she does not hold the whole writer's share on every song. "Rolling in the Deep" is credited to Adele Adkins and Paul Epworth; "Easy on Me" to Adele Adkins and Greg Kurstin.
- Her publishing company: Melted Stone Publishing Limited (UK company no. 07603226) lists Adele Laurie Blue Adkins as an active director at Companies House, and it appears in the 30 credits alongside her co-writers' publishers, including Kurstin Music and EMI Music Inc. Who administers the catalog day to day is not disclosed in those credits. find-and-update.company-information.service.gov.uk discogs.com
- Why it matters: Publishing and recording are separate rights. Even on the three albums whose recordings XL controls, the songs themselves are a stream of income Adele shares only with her co-writers and their publishers.
Frequently Asked Questions
Does Adele own her first three albums?
No. XL Recordings holds the recorded rights to 19, 21 and 25. Her royalty terms with XL have never been made public, so treat any specific percentage you see quoted as unverified. musicbusinessworldwide.com
Who owns 30?
The rights line on the album reads "℗ 2021 Melted Stone under exclusive license to Columbia Records, a Division of Sony Music Entertainment". Discogs lists Melted Stone as both the © and ℗ holder, licensed to Columbia. music.apple.com discogs.com
Will Sony eventually own the masters outright?
Nothing published says so. The credits describe an exclusive licence to Columbia, with Melted Stone as the rights holder. Licence lengths and any reversion or buy-out terms are not disclosed.
Are U.S. rights different?
Not any more. The U.S. licence to Sony/Columbia ended in 2021 and those rights reverted to XL, which now holds 19, 21 and 25 worldwide. musicbusinessworldwide.com
Key Takeaways: Who Owns Adele's Masters in 2026
- XL Recordings holds the recorded rights to 19, 21 and 25 worldwide; XL itself has been majority-owned by Beggars Group since October 2024.
- Melted Stone, Adele's own company, holds 30 and licenses it exclusively to Columbia/Sony.
- The U.S. licence to Columbia on the first three albums lapsed in 2021 and those rights reverted to XL.
- Adele writes or co-writes her songs and publishes through Melted Stone Publishing Limited, of which she is a director, sharing writer credit with collaborators such as Paul Epworth and Greg Kurstin.
- What she actually earns under either the XL deal or the Sony licence has never been disclosed. Percentage splits circulating online are not sourced to any filing.
Final Word
For those researching who owns Adele's masters, the 2026 landscape is a tale of two eras: indie‑owned classics at XL and artist‑owned futures via Melted Stone with Sony muscle. It's a masterclass in evolving leverage as an artist's star power-and negotiating strength-grows.