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Blondie duo's song rights sold in 'Atomic' deal | |
(about 2 hours later) | |
Hit songwriting duo Debbie Harry and Chris Stein, the musical partnership behind Blondie's biggest successes, have sold their future royalties to a fast-growing investment fund. | |
That means their income from 197 Blondie songs, including Heart of Glass and Rapture, now goes to the Hipgnosis Songs Fund. | |
They received an undisclosed lump sum. | |
Founded by music industry veteran Merck Mercuriadis, the fund allows investors to see an income from music royalties. | |
It has been listed on the London Stock Exchange since July 2018. | It has been listed on the London Stock Exchange since July 2018. |
Before setting up the fund, which now controls about 13,000 songs, Mr Mercuriadis managed artists including Beyoncé, Elton John, Iron Maiden and Guns N' Roses. | Before setting up the fund, which now controls about 13,000 songs, Mr Mercuriadis managed artists including Beyoncé, Elton John, Iron Maiden and Guns N' Roses. |
In his view, songs are "as investible as gold or oil". | In his view, songs are "as investible as gold or oil". |
"I have followed every move that Debbie and Chris have made since day one," he said. | "I have followed every move that Debbie and Chris have made since day one," he said. |
"Their singles have been not only massively successful but era and genre-defining." | "Their singles have been not only massively successful but era and genre-defining." |
Debbie Harry and Chris Stein said they were "happy to be working with a progressive company". | Debbie Harry and Chris Stein said they were "happy to be working with a progressive company". |
Income streams | Income streams |
In a BBC interview last year, Mr Mercuriadis explained how his fund turns songs into investment vehicles. | In a BBC interview last year, Mr Mercuriadis explained how his fund turns songs into investment vehicles. |
"We don't speculate on new songs. The proven hit songs that we buy have predictable and reliable income streams and a track record that goes back many years," he said. | "We don't speculate on new songs. The proven hit songs that we buy have predictable and reliable income streams and a track record that goes back many years," he said. |
"We actively manage the songs better than they've been managed previously," he added. | "We actively manage the songs better than they've been managed previously," he added. |
"We treat each song as if it was a business in its own right." | "We treat each song as if it was a business in its own right." |
That means maximising the opportunities for that song to generate income, whether in TV commercials and video games or in cover versions by new artists. | That means maximising the opportunities for that song to generate income, whether in TV commercials and video games or in cover versions by new artists. |
Hipgnosis has repeatedly captivated the music industry by snapping up works by songwriters old and new. | Hipgnosis has repeatedly captivated the music industry by snapping up works by songwriters old and new. |
Earlier this week, it announced that it had acquired the worldwide royalties from more than 900 Barry Manilow songs. | Earlier this week, it announced that it had acquired the worldwide royalties from more than 900 Barry Manilow songs. |
Given the trend for songs to have multiple authors, the fund often does not own a song outright, but merely has a stake in it. | Given the trend for songs to have multiple authors, the fund often does not own a song outright, but merely has a stake in it. |
However, that has not stopped it from amassing more than $1bn worth of song rights. | However, that has not stopped it from amassing more than $1bn worth of song rights. |
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