Hipgnosis Songs Raises $185 Million to Acquire More Hits
Music IP investment company Hipgnosis Songs Fund has been racking up acquisitions as of late, including the rights to hits performed by Usher, Mariah Carey, Beyoncé and Shawn Mendes. And now, the Guernsey registered company is on track for even more growth.
Founder Merck Mercuriadis, the former manager to Beyoncé and Guns N' Roses, has raised another $185 million (£141.5 million) from investors to buy stake in hit-rich songwriters' catalogues -- just shy of a year after raising $260 million to fund the project.
The new funds, Mercuriadis says in a release, will help further prove that hit songs are "predictable and reliable, and therefore as investable as gold or oil."
"Having raised over £140 million today and almost £350 million since the IPO, I am delighted that we have this tremendous early support from best in class investors as this is not only a vote of confidence in Hipgnosis, it’s an acknowledgement of the power of hit songs all over the world," he continues. "Thanks to streaming, the music industry, once again, has its best days in front of it and our aim is to highlight the fact that great songs, and their creators, are its most valuable currency while delivering a great return for our investors."
Earlier this month, the company secured share in the copyright for six songs by Mendes' songwriting partner Teddy Geiger, including breakthrough "Stitches" and "Treat You Better." And in March, the company scooped up the catalogs of songwriters Johntá Austin, Sean Garrett and Rico Love, a 1,000-plus song repertoire that includes Usher's "Yeah," Carey's "We Belong Together" and Beyoncé's “Check On It."