Veteran rock star Neil Young has sold half of his song catalog rights to the Hipgnosis Song Fund
British publishers are trying to take advantage of the boom in music evaluation amid the popularity of streaming services.
Under the terms of the deal announced Wednesday, Hipgnosis listed on the FTSE 250 is a 50% stake in the 1,180-track portfolio of 75-year-old Canadian singers, including “Heart of Gold” and “Rockin in the Free World.” Get “” and “Cinnamon Girl”.
Hipgnosis did not reveal the value of the estimated $ 150 million price tag. Music business around the world..
Less than a month after Universal Music Publishing Group signs the historic purchase agreement, the agreement is signed. Bob Dylan’s entire songwriting catalogIt is reported to be $ 300 million, including masterpieces such as “Blown by the Wind” and “The Times They Are Changing”.Just a few days ago, Fleetwood Mac vocalist and songwriter Stevie Nicks She sold an 80% stake in her music to Primary Wave for an estimated $ 80 million.
Music consumption is skyrocketing thanks to streaming platforms such as Spotify
And Apple Music has allowed listeners to rediscover and play some of their favorite tracks over the last few years. According to The Wall Street Journal, songwriter catalogs are 10-18 times more expensive than their annual royalties, compared to 8-13 times the previous year.
Founded by music industry veteran Merck Mercuridis, who previously managed artists such as Elton John, Beyonce and Morissy, Hipgnosis was listed on the London Stock Exchange in 2018 and is currently worth about $ 1.3 billion. We are proud of the market capitalization.
Publishers invest in intellectual property rights to songs and music, turning music royalties into a stable source of income, making money every time one of the songs is played on the radio or featured in a television ad or movie. Is making money.
“This is a deal that will change Hipgnosis forever,” Mercuriadis said when he announced the deal on Wednesday. “I built Hipgnosis to be the company Neil wants to join. We have a common honesty, spirit and passion born of our belief in music and these important songs.” He added.
In the 1960s and 1970s, Young released about 50 studio albums and more than 20 live albums. Of these, 18 are gold, 7 are platinum, and 3 are multi-platinum.
In December, Young dropped him Proceedings Opposed to President Donald Trump’s campaign to play his two songs without permission at a campaign rally.
Hipgnosis shares, which have already risen almost 3% so far this year, fell 0.28% in London on Wednesday.
The publisher has continued to acquire since it was acquired in September. £ 250m Through the issuance of shares to raise funds for further acquisitions.
Earlier this week, the company got a 100% catalog of 161 songs from a former Fleetwood Mac guitarist. Lindsey Buckingham, In addition, 50% of songs that have not been released yet. In addition, we won the royalties of worldwide producers from 259 songs. Jimmy IovineProduced artists such as Bruce Springsteen and Patti Smith before Apple founded Beats Electronics.
Purchased for $ 3 billion in 2014.
Hipgnosis is currently spending over £ 1bn to acquire rights to nearly 60,000 songs, including those by Blondie, Barry Manilow and The Pretenders’ Chrissie Hynde.
Neil Young hits the heart with 50% sale of song catalogs to publishers
http://www.marketwatch.com/news/story.asp?guid=%7B21005575-02D4-D4B5-4572-D1D3E50E54AB%7D&siteid=rss&rss=1 Neil Young hits the heart with 50% sale of song catalogs to publishers