Neil Young became the latest musician to win a gold medal in his song catalog and sold a 50% stake in his music to a British investment firm in a deal announced Wednesday.
The Hipgnosis Songs Fund has acquired half the copyright and income of about 1,180 songs written by 75-year-old rock star, composer of “Heart of Gold,” “Rockin’in the Free World,” and “Cinnamon Girl.” I said I did. .. “
The conditions are not published.
The deal comes a month after Bob Dylan sells more than 600 songs to Universal Music Publishing Group for $ 300- $ 500 million in property. Stevie Nicks is reported to have sold an 80% stake in her music to Primary Wave for $ 100 million.
Mercury Mercuriadis, founder of Hipgnosis Songs Fund Limited, said he bought his first Neil Young album at the age of seven.
“‘Harvest’ is my companion and I know every note, every word, every pause and silence intimately,” he said. “Neil Young, or at least his music, has been my friend ever since.”
The businessman also said Young’s late manager, Elliott Roberts, was also an idol for him.
Song publishing is increasingly regarded as a valuable asset in an industry where music sales are declining and the concert industry is stagnant due to the coronavirus epidemic. Companies generally promote the use of artist songs in movies, video games and advertising.
The use of the latter was a commitment to Young, who sharply criticized the artist whose 1988 song “This Notes for You” leased music for an advertising campaign. An accompanying video parody ad featuring Michael Jackson and Eric Clapton.
“I’m not singing for Pepsi”
In the song, Young sang, “I’m not singing for Pepsi, I’m not singing for Coke. I don’t sing for anyone. It makes me look like a joke.”
Since then, it has become much more common for musicians to make money through advertising campaigns. However, according to Rolling Stone magazine, Young continued to resist using his music in this way, at least until 2016.
It was unclear whether the Hipgnosis deal would facilitate a change in policy.
In an announcement on Wednesday, Mercuriadis said that his company and Young “have a common honesty, spirit and passion born of their beliefs in music and these important songs. There is never a” Burger of Gold “. But we can work together to hear them in Neil’s words. “
As a solo artist, Young has released about 70 albums with bands such as Buffalo Springfield, Crazy Horse, Crosby, Stills, Nash & Young.
Neil Young is looking for a gold heart … by selling a catalog of songs to investors
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