In a backstage interview with the Associated Press at this year's Coachella Valley Music And Arts Festival in Indio, California, VAN HALEN frontman David Lee Roth revealed that he sold his music publishing catalog for a substantial sum last year.

Roth stated, "I sold my publishing eight months ago," and joked, "For the first time in my life I can rub two coins together and create a little interest." Several classic rock artists have recently sold their back catalogs, often for large sums, with some deals estimated at as much as half a billion dollars.

A number of iconic musicians have sold substantial rights to their music, including KISS, Bruce Springsteen, Paul Simon, Bob Dylan, Stevie Nicks and Neil Young.

Investors, major music companies and private equity firms have poured billions of dollars into buying song catalogs, believing that the rise of streaming and growing music revenues will make song rights acquisitions highly lucrative in the long term.

Roth's catalog sale is part of a larger trend in the music industry, where artists are selling their songwriting catalogs to secure large sums of money.

Roth has been open about his financial situation, saying, "I'm not going to explain the statement," adding that it was all taken care of and the explanation was in a safe.

Roth is currently touring with a new solo tour that kicked off earlier this month in Airway Heights, Washington.

The tour will visit numerous cities across North America throughout the year.