Jan 11, 2017 09:31 AM EST By Emily Marks, UniversityHerald Reporter

Monmouth University will become the new official home of Bruce Springsteen's works. This will pave the way for more research on the artist.

Asbury Park Press reported that Monmouth University and the iconic artist have confirmed the creation of The Bruce Springsteen Archives and Center for American Music. The announcement was made during "A Conversation with Bruce Springsteen" at the school's Pollak Theatre on Tuesday.

The school is set to become the official repository of the artist's written works, photographs, periodicals and artifacts. The collaboration is intended to broaden the current relationship of Springsteen and Monmouth University.

The school has been the home of the Bruce Springsteen Special Collection since 2011. The archive will also support and hold the legacy of other music icons such as Woody Guthrie, Robert Johnson, Hank Williams and Frank Sinatra.

University president Paul Brown has said that the school is excited for this opportunity. He also stated that Monmouth's location "brilliantly captures" the essence of Springsteen's music.

According to the New York Times, executive director of the Grammy Museum Robert Santelli was one of the people who played a major role in bringing the archives to the university. He will be taking on a leadership role at the new center.

The publication noted that this comes after "rock-related archives" have increased in value to museums, universities as well as other cultural institutions. These archives are typically used for scholarly study or to attract tourists.

Last year, Rolling Stone reported that Bob Dylan's archives, which includes handwritten lyrics, contracts and private letters as well as video and audio recordings, were sold by the artist to the George Kaiser Family Foundation and the University of Tulsa. It was priced at an estimated $15 to $20 million.

Dylan's archive will be housed at the Gilerease Museum in Tulsa. However, only scholars and experts on the artist will be allowed access to it.

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit