Until a few years ago, music publishing was considered to be a rather boring business field in which music rights are acquired and licensed for various uses. This business model has not principally changed, but music rights have become a speculative investment in recent years, when new players such as Hipgnosis, Primary Wave and Round Hill entered the market with spectacular music catalogue acquisitions in the multi-digit million range.
This blog entry traces the development of the music rights market and the most important players in recent years and is the introduction to a multi-part blog series on “Music as an Investment”.
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Music as an Investment – Part 1: An Overview
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The Battle of the Giants
In recent months, spectacular sales of music catalogues by well-known musicians have made headlines. In early December 2020, Universal Music Publishing Group announced to buy the publishing rights and the author’s share of Bob Dylan’s roughly 600-songs catalogue for an estimated US $300 million to US $400 million. This is remarkable since Sony Music Publishing (formerly Sony/ATV Publishing) administers the Dylan publishing catalogue for licensing outside the USA. Up to now, the artist has exploited the publishing rights within the USA by himself with his own music publishing company.[1]
Sony’s response was immediate. In March 2021, Sony Music Publishing announced that it had bought Paul Simon’s publishing catalogue of all songs from his collaborations with Art Garfunkel and as a solo artist for a rumoured US $200 to 250 million, which was previously managed by Universal Music Publishing.[2]
The purchase of Bob Dylan’s music recordings for an estimated US $150 million in July 2021 by the Sony Music Group can also be seen as a challenge for Universal, for which the artist also expressed his gratitude: “Columbia Records and Rob Stringer have been nothing but good to me for many, many years and a whole lot of records.” And he adds meaningfully: “I’m glad that all my recordings can stay where they belong.”[3] Bob Dylan indicates that he has been recording for CBS Columbia since 1962, which was bought by Sony Corporation in 1988. Therefore, he was obviously smart enough to secure the master rights to his Columbia recordings. In any case, Dylan’s collaboration with Sony Music continues, with further recording projects agreed, such as the “Bootleg Series”.[4]
To prevent Sony from losing another valuable superstar music catalogue to the competition, the company announced in mid-December 2021 that it had acquired both the publishing rights and the master rights to Bruce Springsteen’s songs.[5] There was danger ahead. Springsteen, who has been under contract with Sony’s Columbia label since 1972 and until then had exercised control over his rights himself, had signed an administration agreement with Universal Music Publishing for his entire publishing catalogue at the end of July 2017.[6] It was rumoured that Universal and Sony had a bidding battle for the Springsteen catalogues, in which the Sony Music Group finally prevailed with a purchase price of US $550 million for both catalogues. Sony financed the purchase of the master catalogue from its operating cash flow, but Sony Music Publishing had to get financial support from the US investment firm Eldridge Industries for the acquisition of the publishing catalogue.[7]
According to information provided by Sony Corporation’s Vice President and CFO Hiroki Totoki to investors in March 2022, Sony Music Group has spent a total of US $911 million on music catalogue acquisitions in ten months.[8] This compares with catalogue investments by Universal Music Group in 2021 totalling US $459 million. However, Universal Music Group (UMG) had already spent a total of US $1.06 billion on catalogue investments in 2020.[9] This does not take into account the US $300m deal to buy the publishing catalogue of British singer/songwriter Sting[10] and the acquisition of all publishing and master rights of US pop star Neil Diamond[11], as these acquisitions were not made until early 2022.
Also the third music major, Warner Music Group (WMG), has not been modest about music rights purchases either. In early 2022, its music publishing company Warner/Chappell bought the global publishing rights to all of David Bowie’s songs from his heirs for an estimated US $250 million.[12] WMG had previously paid US $400m for the successful US indie label 300 Entertainment, founded in 2012 by ex-Warner CEO Lyor Cohen and his vice Kevin Liles.[13] In order to remain liquid to buy further music catalogues, Warner Music Group entered a cooperation with Influence Media Partners in February 2022 to establish an investment fund in the amount of US $750 million. The financial capital comes from the world’s largest US investment company BlackRock, which manages a whopping US $10 trillion in investor capital.[14] Influence Media has already spent US $300 million on the acquisition of 20 music catalogues, including the songs of Puerto Rican rapper Bad Bunny, songwriting and production team Stereotypes (including Bruno Mars), songwriter Jessie Reyez, who has written hits for Dua Lipa and Calvin Harris, and hits by Ariana Grande and Justin Bieber, penned by Skyler Stonestreen.[15]
All three music majors have thus invested billions in the purchase of music rights in recent years. Music Business Worldwide estimates that around US$5 billion was spent on catalogue acquisitions in 2021 alone, and that it was even more in 2022.[16]
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New entrants into the music rights business
BMG Rights Management[17]
What seems like a battle of the giants for the most lucrative music rights catalogues of superstars was initiated years ago by newcomers or re-entrants to the music industry. In 2009, the US private equity firm Kohlberg Kravis Roberts & Co. (KKR) and the German Bertelsmann AG founded the joint venture BMG Rights Management. KKR provided EUR 250 million for the acquisition of music rights, which BMG was entitled to exploit commercially. The irony of the story is that BMG Music Publishing had sold its extensive music publishing catalogue to Universal Music Group in a deal worth around US $2.2 billion, which was approved by the EU competition authority in May 2007.[18] One year later, Bertelsmann also withdrew from the still crisis-ridden phonographic market by transferring its share from the Sony-BMG joint venture to Sony Music Entertainment. Only a small music catalogue of around 300 artists remained with BMG, which was re-established on 1 October 2008 as BMG Rights Management and in which KKR took a 51 per cent stake a year later.[19]
The newly formed music rights company immediately went on a shopping tour and by 2010 had acquired numerous smaller music publishers for hundreds of millions of euros, including the 100,000-songs catalogue of Chrysalis Music Ltd. In the same year, the two owners of BMG Rights Management announced that they would invest a total of EUR 400 million in catalogue acquisitions over the next three years.[20] In 2011, this fresh capital was used to buy the US music publisher Bug Music for US $300 million.[21] In a bidding battle against Warner/Chappell one year later, BMG Rights Management bought the “Rosetta” catalogue for US $90 million, which Sony/ATV had had to sell due to competition requirements imposed by the EU Commission in the course of the EMI Music Publishing deal.[22] Despite KKR sold its stake in BMG to Bertelsmann AG for US $390 million in March 2013, this did not stop BMG’s expansion. It invested around EUR 1.0 billion in the acquisition of music catalogues until 2019.[23] Not only music publishers were bought worldwide, but also labels such as Mute Records[24] and Sanctuary Records[25], among others, as well as label and publishing conglomerates such as the Australian Alberts Music[26] and the Nashville-based BBR Music Group.[27] BMG also expanded its portfolio with companies specialising in production music[28], i.e. music produced specifically for radio, TV, cinema films, games, advertising, etc., which can be accessed via music libraries. In recent years, music catalogues have also increasingly been purchased directly from well-known artists, such as the master catalogues of Mötley Crüe[29] and Simple Minds[30] and all song rights of Tina Turner[31].
This has to do with the fact that new players with strong investors behind them have entered the music rights market and bought up catalogues directly from superstars of the music business. This has probably also prompted KKR to re-enter the music rights market. In March 2021, BMG and KKR announced that each party would provide US $500 million for acquisitions of music catalogues, with each partner taking a half interest in the acquired rights.[32] The first acquisitions have already been made – the purchase of the publishing and master catalogue of US rock band ZZ Top for an estimated US $50m and the purchase of John Legend’s publishing catalogue[33] – and more are sure to follow.
BMG Rights Management and its financial partner KKR are thus getting involved in the current boom in the acquisition of music rights catalogues, which they themselves initiated in 2009. BMG re-entered the music business after leaving it in order to become the world’s fourth-largest music company.[34] However, BMG no longer sees itself as a phonographic company with an associated music publisher, as the “old” BMG used to be, but as an integrated music rights company that commercially exploits the various music catalogues.[35]
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Music as an investment and speculative object
Primary Wave[36]
In September 2013, BMG bought the catalogue of US music publisher Primary Wave in a US $150m deal and also entered the artist agency business with the joint venture BMG/Primary Wave Artist Services.[37] However, Primary Wave is worth mentioning here for another reason. The music publisher was one of the first companies to acquire the author’s share of the publishing rights, primarily to monetise their use in TV, film and advertising (synchronisation rights of musical works). Primary Wave entered the music rights business in 2006 by purchasing a 50 per cent share in the artist-related publishing rights of the founder and frontman of the grunge band Nirvana, Kurt Cobain, for US $50 million.[38]
Over the next few years, further catalogues were acquired from renowned artists such as ex-Beatles John Lennon,[39] Motown music producer Lamont Dozier,[40] “Earth, Wind & Fire” founder, Maurice White,[41] and pop duo Hall & Oates.[42] These deals were financed by Credit Suisse and the hedge fund Plainfield Asset Management, which also became a shareholder in Primary Wave.[43] However, when Plainfield got in serious financial troubles due to the financial crisis in 2008 and eventually had to file for bankruptcy, Primary Wave bought back its stake in the company[44] and partnered with the SunTrust Bank, which together with Credit Suisse US provided $125 million for acquisitions in 2013.[45]
However, Primary Wave turned away from the music publishing business after selling its music rights catalogue to BMG for US $ 150 million to enter the film production and artist management business,[46] which was merged and expanded with the already existing talent management division.[47] Since then, Primary Wave operates the two corporate divisions “Primary Wave Music Publishing” and “Primary Wave Entertainment”. In 2016, however, the music publishing business came back into focus for Primary Wave. With the purchase of the publishing catalogue of Steve Cropper, who wrote hits for Otis Redding, Eddie Floyd and Wilson Pickett as well as for the studio band “Booker T and the MGs”[48], a year-long and still ongoing acquisition of music catalogues began, initially financed by BlackRock Alternative Investors, a division of the world’s largest investment company of the same name, by providing US $300 million.[49]
In 2019, the Primary Wave IP Fund 1 was exhausted, but a further US $500 million was raised for a second investment fund to buy a 50 per cent share in the publishing rights of Whitney Houston’s songs[50] and for a revenue share in the the exploitation of publishing and master rights of the British band “Culture Club”.[51] In 2020, the Primary Wave IP Fund 2 bought also a majority share in the publishing catalogue of songs written by Ray Charles before 1964[52] and an 80 per cent share in the publishing rights of “Fleetwood Mac” band member, Stevie Nicks, which, according to media reports, cost approximately US $100 million.[53] In January 2021, Primary Wave entered the recording business purchasing Sun Records for US $30 million, which has become known as a career springboard for Elvis Presley, Johnny Cash, Jerry Lee Lewis, Carl Perkins and Roy Orbison. Primary Wave did not only buy the historically significant master catalogue, but also the publishing rights and the well-known Sun Records logo.[54]
In June 2021, however, the financial resources of the second fund were also exhausted and Primary Wave needed fresh capital for further music rights acquisitions. It raised US $375 from the US investment company Oaktree Capital Management, which, in return, became a minority shareholder in Primary Wave.[55] With this cash injection, Primary Wave enlarged its catalogue by acquiring a share of pop superstar Prince’s royalty streams from publishing and master rights[56], as well as a similar rights package from James Brown for US $90 million.[57]
There is no end of Primary Wave’s acquisition activity in sight after its CEO, Larry Mestel, announced at the end of December 2021 that he still had US $1.0 billion available for music rights purchases.[58] For example, the music publishing catalogue as well as the artist-related master rights of the “Queen” member, Paul Rodgers could be acquired for US $20 million and US $40 million were spent for the song catalogues of the two members of the US band “America”, Gerry Beckley and Dewey Bunnell.[59] Primary Wave was also able to secure the Bob Dylan share in the two albums by the supergroup “The Traveling Wilburys”, which Dylan recorded together with George Harrison, Jeff Lynne, Roy Orbison and Tom Petty.[60]
All in all, Primary Wave has raised US$ 1.4 billion from various investment funds since 2016 to buy numerous music catalogues from musicians, especially their shares in publishing and master rights. Thus, Primary Wave successfully identified a gap in the rights business and was one of the first companies to monetise it. Subsequently, new entrants to the market took up this concept and turned music rights into an investment and speculative object.
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Hipgnosis Songs Fund[61]
One such company is the Hipgnosis Songs Fund. While Primary Wave defines itself as a music publisher, Hipgnosis has gone one step further and describes itself as a “song manager, (…) who can protect the meaning and secure the financial future of the creator’s songs”.[62]
Hipgnosis was founded in 2018 by former Sanctuary Group CEO and music executive Merck Mercuriadis. It went public on the London Stock Exchange in July of the same year to raise investor capital for the acquisition of song catalogues. An Investment Adviser Board consisting of well-known musicians, music producers and legal advisers, recommends, which catalogues should by acquired. The Adviser Board however is not directly appointed by the Hipgnosis Songs Fund, but by Hipgnosis Song Management Ltd, which is a separate legal entity.[63]
On 11 July 2018, the first acquisition was made purchasing a 75 per cent stake in the 302 track song catalogue of Terius Y. Nash, better known as The-Dream, who also sits on the Investment Adviser Board, for US $23.3 million.[64] Nash is responsible for numerous chart successes such as Rihanna’s “Umbrella”, Beyoncé’s “Single Ladies (Put a Ring on It)” and Mariah Carey’s “Touch My Body”.[65] Subsequently, another 11 music catalogues with more than 3,000 songs by renowned musicians and songwriters were purchased in 2018.[66]
In the financial year 2019/20 ending 31 March 2020, the aggressive acquisition activity was continued with the purchase of further 42 catalogues or 10,180 songs, including the publishing catalogues of the Chainsmokers (42 songs, including “Closer”),[67] Timbaland (108 songs, albums and songs by Justin Timberlake, Nelly Furtado, Jay Z, Rihanna and Drake)[68] and a 70 per cent stake in Mark Ronson’s catalogue (315 songs, including “Upton Funk!” and “Shallow”).[69] The acquisitions were made through the issuance of preference shares, so-called Class C shares, which were later converted into ordinary shares after the proceeds of the issue had been invested in accordance with the investment guidelines, in this specific case for the purchase of music rights.[70]
This financing method was also used in the financial year 2020/21 to purchase further 84 catalogues of 50,807 songs for the equivalent of US $1.1 billion.[71] Particular media attention attracted the purchase of a 50 per cent share in the publishing and author rights of Neil Young’s 590-song catalogue for an estimated US $150 million[72] and a 100 per cent share in the publishing rights of 145 Shakira songs.[73] To make this billion-dollar investment, the Hipgnosis Songs Fund needed an additional credit line of US $600 million, which was provided by a syndicate of banks led by JP Morgan Chase.[74] This acquisition brought the total net value of the catalogue to US $1.88 billion on 31 March 2021.[75]
The rising financing costs are probably one reason why the acquisition activity was massively reduced in the following financial year 2021/22.[76] Therefore, only 1,315 songs were added to the overall catalogue until August 2021, after which no more acquisitions were made at all.[77] However, another reason could be that in October 2021 the US investment company Blackstone Group took a stake in Hipgnosis Song Management Ltd (HSM) and provided around US $1.0 billion for the acquisition of further catalogues. The new acquisitions are not made by the listed Hipgnosis Songs Fund, but through the private Hipgnosis Songs Capital Fund.[78] However, Hipgnosis Songs Fund can take a 20 per cent stake in any acquisitions made by the Blackstone-financed fund.[79]
The collaboration of one of the world’s largest investment companies with Hipgnosis is another indication that music rights have become an object of investment and speculation. Hipgnosis is also the first company to define itself as a music rights fund that promises its investors corresponding returns. Consequences of this development for music as a cultural good will be discussed in detail in the last part of this blog series, but here it can be concluded that the music publishing business has changed significantly in recent years and new players such as Primary Wave, Hipgnosis, Round Hill and Reservoir as well as investment companies have entered the music rights market to make profits.
In the following parts of this series “Music as Investment”, BMG Rights Management, Primary Wave, the Hipgnosis Songs Fund and other new players in the music rights business are presented and analysed in detailed case studies. In a concluding blog entry, I will reflect the current development on the music rights market, and I will explain why music has become an investment and speculative object.
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Endnotes
[1] Music Business Worldwide, “Universal buys Bob Dylan publishing rights, acquiring catalog worth hundreds of millions of dollars“, December 7, 2020, accessed 28.02.2023.
[2] Music Business Worldwide, “Paul Simon sells song catalog to Sony Music Publishing“, March 31, 2021, accessed 02.28.2023 and Music Business Worldwide, “The important detail of Bruce Springsteen’s $500m-plus catalog sale to Sony Music Group“, December 17, 2021, accessed 28.02.2023.
[3] Music Business Worldwide, “Sony Music acquires Bob Dylan’s recorded music catalog“, January 24, 2022, accessed 28.02.2023.
[4] Ibid.
[5] Sony Music Group press release, “Sony Music Group Announces Acquisition of Bruce Springsteen’s Music Catalogs“, December 16, 2021, accessed 28.02.2023.
[6] UMPG press release, “Bruce Springsteen signs with UMPG to globally administer iconic catalog“, July 31, 2017, accessed 28.02.2023.
[7] Music Business Worldwide, “The important detail of Bruce Springsteen’s $500m-plus catalog sale to Sony Music Group“, December 17, 2021, accessed 28.02.2023.
[8] Music Business Worldwide, “Sony spent an average of $91m on music catalog acquisitions every month over the past 10 months“, March 14, 2022, accessed 28.02.2023.
[9] Music Business Worldwide, “Universal Music Group spent $459m on catalog acquisitions last year… less than half what it spent in 2020“, March 3, 2022, accessed 28.02.2023.
[10] Music Business Worldwide, “Sting sells song catalog to Universal for $300m+“, February 10, 2022, accessed 28.02.2023.
[11] UMG press release, “Universal Music group acquires Neil Diamond’s complete song catalogue and all master recordings“, February 28, 2022, accessed 28.02.2023.
[12] Music Business Worldwide, “Warner buys David Bowie song catalog for $250m+“, January 3, 2022, accessed 28.02.2023.
[13] Music Business Worldwide, “Confirmed: Warner paid $400m in cash to acquire 300 Entertainment“, December 18, 2021, accessed 28.02.2023.
[14] Music Business Worldwide, “BlackRock teams with Warner to launch new $750m music-buying fund via Influence Media“, February 24, 2022, accessed 28.02.2023.
[15] Wall Street Journal, “BlackRock, Warner Music Invest $750 Million in Female and Diverse Artists“, February 24, 2022, accessed 28.02.2023.
[16] Music Business Worldwide, “At least $5 billion was spent on music rights acquisitions in 2021. Could 2022 be even bigger?“, January 10, 2022, accessed 28.02.2023.
[17] A case study on BMG Rights Management will follow in part 2 of the blog series “Music as an Investment”.
[18] Reuters, “Universal Music closes on BMG, asset sales expected“, May 25, 2007, accessed 28.02.2023.
[19] Financial Times, “Bertelsmann forms music duo with KKR“, July 7, 2009, accessed 28.02.2023.
[20] Billboard, “BMG Has $500 Million To Spend“, August 31, 2010, accessed 28.02.2023.
[21] Billboard, “BMG Rights Management to Purchase Bug Music“, September 12, 2011, accessed 28.02.2023.
[22] Billboard, “BMG Beats Warner/Chappell to ‘New Wave’-Heavy EMI Publishing Divestitures for $90 Million“, December 20, 2012, accessed 28.02.2023.
[23] See annual reports of Bertelsmann AG, 2013-2019.
[24] Musicweek, “BMG buys Mute catalogue from Universal“, December 21, 2012, accessed 28.02.2023.
[25] Billboard, “Universal Sells Sanctuary Label to BMG“, February 14, 2013, accessed 28.02.2023.
[26] Music Business Worldwide, “BMG acquires Australian indie publisher and label Alberts“, July 5, 2016, accessed 28.02.2023.
[27] Music Business Worldwide, “It’s official: BMG paid $103m for Broken Bow Records and its parent“, May 18, 2017, accessed 28.02.2023.
[28] BMG press release, “BMG launches full-service international sound agency BMG Production Music“, February 6, 2017, accessed 28.02.2023.
[29] Music Business Worldwide, “BMG buys bundle of Tina Turner rights in music’s latest big-money deal“, October 6, 2021, accessed 28.02.2023.
[30] Music Business Worldwide, “BMG acquires music interests of Scottish rock band Simple Minds“, July 19, 2022, accessed 28.02.2023.
[31] Music Business Worldwide, “BMG buys bundle of Tina Turner rights in music’s latest big-money deal“, October 6, 2021, accessed 28.02.2023.
[32] Music Business Worldwide, “BMG and KKR are ready to spend $1bn on music copyrights – and that’s just for starters …“, April 6, 2021, accessed 28.02.2023.
[33] Music Business Worldwide, “Now John Legend sells: BMG and KKR buy catalog from All Of Me hitmaker“, January 7, 2022, accessed 28.02.2023.
[34] Bertelsmann AG press release, “BMG als viertgrößtes Musikunternehmen der Welt bestätigt“, June 7, 2022, accessed 28.02.2023.
[35] See interview with BMG Rights Management CEO Hartwig Masuch on March 1, 2013 in Billboard Magazine: “BMG CEO Hartwig Masuch On Buying Out KKR: ‘We No Longer Need The Old Label System'”, March 1, 2013, accessed 28.02.2023.
[36] A case study on Primary Wave will follow in part 3 of the blog series “Music as an Investment”.
[37] Music Business Worldwide, “Primary Wave agrees $150m deal with BMG“, September 3, 2013, accessed 02.03.2023.
[38] Forbes, “Smells Like New Revenue“, October 24, 2006, accessed 02.03.2023.
[39] Billboard, “Primary Wave Lands Lennon Share“, April 13, 2007, accessed 02.03.2023.
[40] Reuters, “Dozier catches Primary Wave“, July 30, 2007, accessed 02.03.2023.
[41] Primary Wave press release, “Primary Wave acquires an interest in the song catalog of Maurice White“, May 23, 2007, accessed 02.03.2023.
[42] Billboard, “Primary Wave Increases Stake In Hall & Oates Songs“, May 18, 2007, accessed 02.03.2023.
[43] Musikwoche, “Primary Wave will Nirvana-Katalog versilbern“, October 29, 2007, accessed 02.03.2023.
[44] Primary Wave press release, “Primary Wave: The Turning Point“, September 5, 2013, accessed 02.03.2023.
[45] Billboard, “Primary Wave Nabs $125 Million Financial Partnership“, May 9, 2013, accessed 02.03.2023.
[46] Variety, “Evolution Management Merging into Primary Wave“, November 10, 2014, accessed 02.03.2023.
[47] The Hollywood Reporter, “Primary Wave Merges Talent Management Division With Intellectual Artists Management“, January 21, 2015, accessed 02.03.2023.
[48] Primary Wave press release, “Primary Wave partners with Steve Cropper in the ownership of his music publishing catalogue“, April 4, 2016, accessed 02.03.2023.
[49] Billboard, “Primary Wave’s CEO Explains a New $300 Million BlackRock Partnership, Getting Smokey Robinson a Sneaker Deal“, September 28, 2016, accessed 02.03.2023.
[50] Music Business Worldwide, “Primary Wave Music Publishing acquires 50% stake in Whitney Houston Estate“, May 20, 2019, accessed 02.03.2023.
[51] Music Business Worldwide, “Primary Wave buys Culture Club catalog stake in ‘multi-million dollar deal’“, June 29, 2019, accessed 02.03.2023.
[52] Music Business Worldwide, “Primary Wave agrees ‘multi-million deal’ to acquire majority stake in Ray Charles’ pre-1964 publishing catalog“, May 20, 2020, accessed 02.03.2023.
[53] Wall Street Journal, “Stevie Nicks Sells Stake in Songwriting Catalog“, December 4, 2020, accessed 02.03.2023.
[54] Music Business Worldwide, “Primary Wave buys legendary Sun Records in $30m deal, including masters for Johnny Cash, Jerry Lee Lewis“, January 28, 2021, accessed 02.03.2023.
[55] Music Business Worldwide, “Primary Wave raises $375m investment from Oaktree Capital, sells minority stake“, June 11, 2021, accessed 02.03.2023.
[56] Wall Street Journal, “Publisher Buys Stakes From Prince’s Heirs in Bid to Steer Singer’s Legacy“, July, 30 2021, accessed 02.03.2023.
[57] Music Business Worldwide, “Primary Wave acquires stake in bundle of James Brown rights in $90m deal“, December 13, 2021, accessed 02.03.2023.
[58] Music Business Worldwide, “Primary Wave has over $1 billion to spend on music rights… and it’s not wasting any time“, December 20, 2021, accessed 02.03.2023.
[59] Music Business Worldwide, “Primary Wave spends $60m on stakes in Paul Rodgers and America catalogs“, January 12, 2022, accessed 02.03.2023.
[60] Music Business Worldwide, “Primary Wave buys Bob Dylan’s share of The Traveling Wilburys“, May 11, 2022, accessed 02.03.2023.
[61] A case study on Primary Wave will follow in part 4 and 5 of the blog series “Music as an Investment”..
[62] Annual report Hipgnosis Songs Fund Ltd. 2021, p 23.
[63] Annual report Hipgnosis Songs Fund Ltd. 2022, pp 36-37.
[64] Music Business Worldwide, “Merck Mercuriadis fund pays $23m to buy 75% stake in The-Dream catalog“, July 11, 2018, accessed 02.03.2023.
[66] Annual report Hipgnosis Songs Fund Ltd. For the period from June 8, 2018 to March 31, 2019, p 5.
[67] Wikipedia, “The Chainsmokers“, accessed 02.03.2023.
[68] Music Business Worldwide, “Timbaland catalog acquired by Hipgnosis Songs Fund“, October 16, 2019, accessed 02.03.2023.
[69] Music Business Worldwide, “Hipgnosis acquires majority stake in Mark Ronson catalog, including Uptown Funk and Shallow“, April 23, 2020, accessed 02.03.2023.
[70] Annual report Hipgnosis Songs Fund Ltd. 2020, p 10.
[71] Due to new legal requirements, the reporting currency was changed from British pounds (GBP) to US dollars (US$) in the 2020/21 financial year (Annual report Hipgnosis Songs Fund Ltd. 2021, p 10).
[72] Music Business Worldwide, “Hipgnosis acquires 50% of Neil Young’s song catalog for around $150m“, January 6, 2021, accessed 02.03.2023.
[73] Music Business Worldwide, “Hipgnosis buys 100% of Shakira’s publishing catalog, spanning 145 songs“, January 13, 2021, accessed 02.03.2023.
[74] Annual report Hipgnosis Songs Fund Ltd. 2021, pp 144-147.
[75] Annual report Hipgnosis Songs Fund Ltd. 2021, p 141.
[76] Annual report Hipgnosis Songs Fund Ltd. 2022, p 11.
[77] Annual report Hipgnosis Songs Fund Ltd. 2022, p 9.
[78] Blackstone press release, “Blackstone and Hipgnosis Song Management launch $1 billion partnership to invest in songs, recorded music, music IP and royalties“, October 12, 2022, accessed 02.03.2023.
[79] Annual report Hipgnosis Songs Fund Ltd. 2022, p 11.
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