Canadian singer, songwriter and rock musician Neil Young, a member of the super band Crosby, Stills, Nash & Young, sold the rights to all of his 1,180 songs to the investment company Hipgnosis Songs Fund. The details of the agreement were not disclosed, but Music Business Worldwide suggests that the deal amounted to $150 million, the BBC Russian Service reports.
“This deal will change the fate of Hipgnosis forever,” said the founder of the Fund, Canadian entrepreneur Merck Mercuriadis. – I bought my first Neil Young album when I was seven years old, and Harvest – the musician’s fourth studio album – became my companion, I knew by heart every note, every word, every pause. Neil Young, at least his music, has since become my best companion.”
The company previously donated nearly $1.3 billion to buy the rights to songs by hit songwriter Mark Ronson, pop singer Barry Manilow, and rock bands Chic and Blondie. In January, Hipgnosis acquired the rights to 259 songs from legendary music producer Jimmy Iovine, as well as 100% copyright to 161 songs by Lindsey Buckingham, vocalist and guitarist of the rock band Fleetwood Mac.
Songs are the same commodity as gold or oil, says Mercuriadis. Income from investments in song hits is more stable because it is less subjected to market fluctuations.