Primary Wave Music ­Publishing, the company who owns Nirvana's back-catalogue, has made just $2million from licensing the band's songs over the last two years, it has emerged.

The company bought a 50% stake in the back-catalogue from the late Nirvana frontman Kurt Cobain's wife Courtney Love in 2007, in a deal reported to be worth $50million.

But figures published by Portfolio magazine indicate that the song library is struggling to match the revenue other band's generate from similar licensing deals.

Estimated figures from music, advertising, and video game-industry analysts suggest Primary Wave has so far made slightly more than $2.3million from its acquisition.

The figure includes a $50,000 deal with the makers of Guitar Hero to permit the use of Nirvana's 'Breed' in the video game.

By comparison, Aerosmith earned a reported $5 million from licensing 24 songs to Guitar Hero.

Portfolio also claims Primary Wave has earned an estimated $480,000 from thirteen TV and film deals. In 2008 alone, The Jonas Brothers earned $1million from 105 licensing deals.

Martin Bandier, chairman and CEO of Sony/ATV Music Publishing said: “Nirvana was so revolutionary that it’s very difficult to match different projects, and there are tons of iconic groups that allow their music to be utilized.”

The deal between Primary Wave and Love was widely criticised by fans, with many accusing Love of tarnishing the band's legacy.

(by Jason Gregory)