Another day, another catalogue acquisition for deep-pocketed investment firm Hipgnosis Songs Fund. This time it belongs to Grammy-winning songwriter and producer RedOne, whose credits include collaborations with Lady Gaga (‘Poker Face’, ‘Bad Romance’ and ‘Just Dance’ included); Nicki Minaj, Enrique Iglesias and Jennifer Lopez.
Hipgnosis has acquired 100% of RedOne’s songs and recorded music interests: copyright, writer royalties and producer royalties for 337 songs, for an undisclosed amount.
The news comes shortly after Hipgnosis, which is listed on the London Stock Exchange (LSE) raised $233.4m through its latest shares issue: “our biggest fundraise to date, and the biggest fundraise by a LSE listed investment trust since the COVID-19 lockdown, which speaks volumes for the financial community’s recognition of songs as an asset class,” said founder Merck Mercuriadis.
The company’s recent annual report revealed that by the end of March, it had spent £679m on amassing a collection of 54 catalogues and 13,291 songs, while generating £64.7m of revenues in its last financial year.