Neil Young became the latest musician to find gold from his song catalog, selling a 50% stake in his songs to a British investment company in a deal announced on Wednesday.
The Hipgnosis Songs Fund said it acquired half of the copyright and profits of about 1,180 songs written by the 75-year-old rock star, composer of “Heart of Gold”, “Rockin ‘in the Free World” and “Cinnamon Girl”. “
The terms were not disclosed.
The deal comes a month after Bob Dylan sold the publishing rights to more than 600 songs to Universal Music Publishing Group for an estimated $ 300 million to half a billion dollars. Stevie Nicks sold an 80% stake in his music to Primary Wave for about $ 100 million.
Merck Mercuriadis, founder of Hipgnosis Songs Fund Limited, said he bought his first Neil Young album when he was seven.
“‘Harvest’ was 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 that Young’s late manager, Elliot Roberts, was also an idol for him.
In an industry where music sales have declined and the concert industry is paralyzed due to the coronavirus pandemic, music publishing is seen as an increasingly valuable asset. Companies often require the use of an artist’s songs in films, video games and advertising.
The latter use has been an obstacle for Young, whose 1988 song “This Note’s For You” has severely criticized artists who rent their music for advertising campaigns. The video accompanying the ads parodied with 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 Coca. I don’t sing for anyone. It makes me look like a joke.”
In the years that followed, it became much more common for musicians to make money through advertising campaigns. But, at least until 2016, Young continued to resist his music being used that way, according to Rolling Stone magazine.
It is not clear whether the Hipgnosis agreement portends a change in that policy.
In Wednesday’s announcement, Mercuriadis said his company and Young “have a common integrity, ethos and passion born out of a belief in music and these important songs. There will never be a ‘Golden Burger’, but we will work together to ensure everyone can hear. them under Neil. “
Young released about 70 albums as a solo artist and with bands like Buffalo Springfield, Crazy Horse and Crosby, Stills, Nash & Young.