Hipgnosis Songs is raising another £ 10million to buy artists’ music royalties
Hipgnosis Songs raised another £ 10 million for the artists’ music cartoons.
The music investment company issued 9 million shares at 119.5 pence per share, adding that the new shares will start trading next Wednesday.
A spokesperson for Hipgnosis said: “The net proceeds will be used to fund an investment in accordance with the company’s investment policy.”
Spree Spree: Hipgnosis purchased songs by artists like Pretenders, Fleetwood Mac, Mark Ronson, and Shakira (pictured) to capitalize on the broadcast revolution
The latest stock sale by the FTSE250 comes just over a month after Hipgnosis raised £ 75m in February.
Hipgnosis was founded by former Elton John and Guns ‘n’ Roses manager Merck Mercuriadis and advised by Nile Rodgers of funk chic. He’s been buying songs by artists like Pretenders, Fleetwood Mac, Mark Ronson, and Shakira to capitalize on the broadcast revolution.
But Hipgnosis has been criticized for not disclosing how much it is paying artists to get their songs, which has left investors trusting management that they’re getting a good deal.
Many musicians want to sell their songs to pay for their retirement or create property for their children.