Colombian pop superstar Shakira has become the latest artist to sell the rights to her 145-song catalog to Hipgnosis Songs Fund, which is listed in London, the investment firm said on Wednesday, as the coronavirus crisis sinks earnings from concerts.
Hipgnosis Songs Fund is a British song management and music intellectual property investment company, co-founded in 2018 by Nile Rodgers and Merck Mercuriadis, who at the time led the careers of figures such as Beyoncé and Elton John.
The three-time Grammy winner, famous for her songs like “Hips Don’t Lie,” “Whenever, Wherever,” “Underneath Your Clothes,” and the 2010 FIFA World Cup song “Waka Waka,” has sold more than 80 million records and has a huge following on music streaming platforms Spotify and YouTube.
The pandemic has all but wiped out earnings from live concerts, and a growing list of musicians have sought to monetize their discographies. Bob Dylan sold his entire catalog last month and has been followed by others, like Neil Young.
An increase in views on streaming platforms, which has sent several old hits to the top of current charts, has added interest from investors. JP Morgan said that Hipgnosis was an attractive investment given its long-term income due to copyright laws.
“At the age of eight, long before singing, I wrote to make sense of the world“Shakira, 43, said in a statement. “Each song is a reflection of the person I was at the time I wrote it, but once a song goes out into the world, it not only belongs to me, but also to those who appreciate it,” he said. “I know Hipgnosis will be a great home for my catalog.”
The specialist investment firm did not disclose financial details of the deal, which is Hipgnosis’ latest after others this year with Neil Young, Fleetwood Mac guitarist Lindsey Buckingham, and record producer Jimmy Iovine.
Bob Dylan It sold its entire catalog to Universal Music Group in December for an amount close to $ 250 million.
Hipgnosis founder Merck Mercuriadis welcomed the deal with Shakira, calling her “the Queen of Latin music.”
“She is one of the most serious and successful songwriters of the last 25 years, having written or co-written practically every song she has recorded.“, said.
(With information from EFE and Reuters)