DOCSLIB.ORG

Hot Pandemic Market: Music Royalties By:Anne Steele July 1, 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hot Pandemic Market: Music Royalties By:Anne Steele July 1, 2020 Industry News | 2 Hot Pandemic Market: Music Royalties By:Anne Steele July 1, 2020 Music Royalties Unable to tour, artists tap their catalogs for income as music rights increasingly are seen as ‘a sound alternative asset’ When Sonia Leigh’s tour dates were months are four times higher than they to five years, rising revenue from music- canceled this spring, erasing much of her have ever been. streaming services like Spotify Technol- expected income, the Nashville singer- ogy SA and Apple Inc.’s Apple Music has songwriter looked to leverage one of her Older catalog hits are commanding led to an increase in the value of music- most valuable commodities: her songs. higher prices than they were pre-Cov- rights ownership. Shares of Warner Music id-19, because they are generally per- Group Corp. made their debut in the Ms. Leigh is among many musicians who, ceived as the safest bet, thanks to a long public market last month and now value unable to tour this year because of the record, and have seen a particular rise in the third-largest label and publisher at coronavirus outbreak, are tapping their streaming during the recent pandemic. more than $15 billion. Vivendi SA sold a catalogs for income. The pandemic has Newer hits are holding steady, Mr. Young 10% stake in Universal Music Group to heated up the market for music royal- added. Sound recording royalties to REO Chinese internet giant Tencent Holdings ties, which was already surging thanks Speedwagon’s album “Hi Infidelity,” which Ltd. for €3 billion ($3.37 billion) late last to the explosion in streaming. “When my includes the 1980 pop-rock hit “Keep On year, valuing the world’s largest music U.K. tour schedule was canceled back Loving You,” recently auctioned off for company at more than $33 billion. Song- in March, it was like a gut punch, as I’m $179,500. Publishing royalties to Rihan- writer catalogs, meanwhile, have been sure it was to all of us who rely on tour- na’s song “Don’t Stop the Music” closed commanding multiples of 10 to 18 times ing for the majority of our income,” said at $203,000. annual royalties, compared with eight to Ms. Leigh, 41 years old. “At that point, 13 times before, according to people in- you look at your royalties to determine For many executives involved in such volved in the deals. what the alternatives could be to access deals, the trend supports a selling point enough money to get through this time.” they have been pushing for years. “One “The world has finally recognized music of the key parts to our thesis is these songs rights as a sound alternative asset,” said Ms. Leigh, who in addition to her own re- are uncorrelated to what’s happening in Larry Mestel, chief executive of music cording career has written songs record- the market,” said Merck Mercuriadis, chief publisher Primary Wave, which he said ed by Zac Brown Band and others, found executive officer of music-investment has $500 million of deals in the pipe- a lifeline with Sound Royalties, a specialty company Hipgnosis Songs Fund Ltd. line—half originating before Covid-19, music-finance firm that offers musicians half as a result of financial hardship stem- cash advances based on projected fu- The company’s shares, listed on the Lon- ming from the pandemic. ture royalty income. Investors see music don Stock Exchange two years ago, are royalties as a relatively safe, stable asset trading at a record, up 7% since the be- “The market was very strong before Covid amid current market volatility. ginning of the year. Hipgnosis, which buys for deals,” Mr. Mestel said. “It got even the rights to hit songs, including some re- stronger because artists have a limited Executives who oversee transactions for corded by Lady Gaga and Bruno Mars, way of making money.” Unlike firms seek- borrowing against, buying and selling said it expects income growth from a ing to buy assets outright, Sound Royal- music rights and royalty streams say their rise in music streaming to outweigh de- ties—the company with which Ms. Leigh phones have never been busier; they are pressed earnings from songs played in made her recent deal—encourages art- closing a record number of deals. Low in- businesses like gyms, restaurants and ists to hold on to their copyrights, which terest rates combined with an asset that other public places that are currently can have lucrative long-term value. produces yields largely untethered from closed. the broader economy are making music Artists can borrow between $5,000 and an attractive investment. “When you look at ‘Don’t Stop Believin’ $10 million or more. Deals typically range or ‘Livin’ on a Prayer’—consumption of from six months to five years and involve “We’ve seen the demand rise to meet these songs has gone through the roof a fee based on length, whether the artist the increase in willing sellers,” said Gary during the pandemic,” said Mr. Mercuri- is borrowing against a song or catalog, Young, co-founder of Royalty Exchange, adis, pointing to feel-good hits the com- and the age and historical performance a marketplace for buying and selling mu- pany owns part of. of the songs. “No matter how much an sic royalties. artist earns, losing any portion of expect- The company said in investor documents ed income takes its toll,” Sound Royal- “We weren’t sure if that was going to hap- that it is in active discussions on a pipeline ties CEO Alex Heiche said. “You tend to pen.” He said new investor sign-ups— with an acquisition value of more than expect and build a life around a certain mainly individuals—over the past two £1 billion ($1.2 billion).Over the last three amount of income.”.
Load more

Recommended publications
  • February 12, 2019: SXSW Announces Additional Keynotes and Featured
    SOUTH BY SOUTHWEST ANNOUNCES ADDITIONAL KEYNOTES AND FEATURED SPEAKERS FOR 2019 CONFERENCE Adam Horovitz and Michael Diamond of Beastie Boys, John Boehner, Kara Swisher, Roger McNamee, and T Bone Burnett Added to the Keynote Lineup Stacey Abrams, David Byrne, Elizabeth Banks, Aidy Bryant, Brandi Carlile, Ethan Hawke, Padma Lakshmi, Kevin Reilly, Nile Rodgers, Cameron and Tyler Winklevoss, and More Added as Featured Speakers Austin, Texas — February 12, 2019 — South by Southwest® (SXSW®) Conference and ​ ​ Festivals (March 8–17, 2019) has announced further additions to their Keynote and Featured Speaker lineup for the 2019 event. Keynotes announced today include former Speaker of the U.S. House of Representatives John Boehner with Acreage Holdings Chairman and CEO ​ ​ Kevin Murphy; a Keynote Conversation with Adam Horovitz and Michael Diamond of Beastie ​ ​ ​ ​ ​ Boys with Amazon Music’s Nathan Brackett; award-winning producer, musician and songwriter ​ ​ T Bone Burnett; investor and author Roger McNamee with WIRED Editor in Chief Nicholas ​ ​ ​ ​ ​ ​ Thompson; and Recode co-founder and editor-at-large​ Kara Swisher with a special guest. ​ ​ ​ ​ ​ ​ Among the Featured Speakers revealed today are national political trailblazer Stacey Abrams, ​ ​ multi-faceted artist David Byrne; actress, producer and director Elizabeth Banks; actress, ​ ​ ​ ​ writer and producer Aidy Bryant; Grammy Award-winning musician Brandi Carlile joining a ​ ​ ​ ​ conversation with award-winning actress Elisabeth Moss; professional wrestler Charlotte Flair; ​ ​ ​
    [Show full text]
  • Important Notice
    IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE UNITED STATES OF AMERICA (“UNITED STATES”) IMPORTANT: You must read the following before continuing. The following applies to the Registration Document (the "Registration Document" or the “Document”) following this page, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Registration Document. In accessing the Registration Document, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS REGISTRATION DOCUMENT CONSTITUTES AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES OF THE ISSUER IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE BONDS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE BONDS MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ("U.S. PERSONS"), AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATIONS"), NOR U.S. RESIDENTS (AS DETERMINED FOR THE PURPOSES OF THE U.S. INVESTMENT COMPANY ACT OF 1940) ("U.S. RESIDENTS") EXCEPT PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS. WITHIN THE UNITED KINGDOM (“UK”), THIS REGISTRATION DOCUMENT IS DIRECTED ONLY AT PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND WHO QUALIFY EITHER AS INVESTMENT PROFESSIONALS IN ACCORDANCE WITH ARTICLE 19(5) OR AS HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, PARTNERSHIPS OR TRUSTEES IN ACCORDANCE WITH ARTICLE 49(2) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (TOGETHER, "EXEMPT PERSONS").
    [Show full text]
  • Songwriting Studies at the Ivors Academy Press Release
    EMBARGOED UNTIL 12 NOON THURS 8th AUGUST 2019 Nile Rodgers delivers keynote speech as songwriters Get Lucky. Ivor Novello Award-winning musician and producer Nile Rodgers surprised a room full of songwriters, music industry workers, and academics on 8th August, emerging as the unannounced keynote speaker for the Songwriting Studies Research Network event held at The Ivors Academy in London, UK. Billed as a conference around the activities of an academic research network, delegates had expected a day full of panel discussions, debates, and papers, but alongside the advertised schedule they also witnessed an intimate, hour-long discussion between Rodgers and music manager Merck Mercuriadis. In a rapid-fire exchange the pair covered a variety of topics, including the future of music publishing and the secrets of songwriting success, before answering questions from the crowd. Research project leader, Dr Simon Barber from the Birmingham Centre for Media and Cultural Research at Birmingham City University, said: “Getting these kinds of rarefied insights from people who have ascended the upper echelons of the music industries is priceless. We can’t thank Nile and Merck enough for spending time answering our questions and sharing their expertise with the network.” The event – the second in a series of national forums organised by the network – also saw the launch of the Songwriting Studies Journal, a new publication edited by Barber that will develop and share work from researchers and practitioners related to the culture and practice of songwriting. Delegates went away with details of the first issue and an invitation to contribute. Following the event at The Ivors Academy, Rodgers and Mercuriadis then joined Dr Barber and his colleague Brian O’Connor for a live recording of their renowned podcast Sodajerker On Songwriting at the Queen Elizabeth Hall as part of the Meltdown Festival, capping off a day when the role of the songwriter was the focus for all.
    [Show full text]
  • July 2019 Main Auditorium, Glasgow Royal Concert Hall, Glasgow 28Th July 2019 Royal FesVal Hall, Southbank Centre, London
    (Header by Sven Kramer) Welcome to this month's new readers, from several different countries. Please join in! We would love to hear from you. Not long to go now before Russ appears with Trevor Horn. There are links for Hckets below. Just in case you haven't got round to finding the Estoril videos on TouTube, I have found one for you. A big favourite and thanks to Ian for the video. ANer a couple of months' break while we had all the "Experience" and Estoril pieces, Dave is back working his magic on the cover stories. Scroll down to the end and you will find Russ's friend from Portugal, Vania and her band, with a very beauHful song wriSen by Russ and Chris Winter. Dave's 'history' arHcle is about the song, I Surrender. So many covers of it! We have included six video previews with some very different versions but look for several other links in amongst them. For the most different version, have a listen to Sue Ellen. And, guess who Russ has been meeHng up with....read on! Sue THIS MONTH FROM RUSS "Chris'an sent ‘It’s Good To Be Here’ to be mastered, which I’m glad to say, it now is. However, three weeks ago, while listening to song ideas from last year that I recorded on my phone, there was one chorus I par'cularly liked, (just piano & voice). Believe it or not, I decided to finish the song and record it. Ian Ramage from BMG (my label) phoned to say he wanted to send the album to other countries, for them to plan the release.
    [Show full text]
  • Issue 419 | 19 December 2018 End-Of-Year Report 1
    thereport ISSUE 419 | 19 DECEMBER 2018 END-OF-YEAR REPORT 1 ISSUE 419 19.12.18 Hope and No.1 glory treaming subscriptions have trend, with three, growth excitement about the potential in brought growth back to the streaming is fuelling the China, India and Africa, there is much music industry – and in 2018 subscriptions the confidence to invest to celebrate from 2018. that has fuelled optimism and driving force. – in artists, technology and That’s not to say the year didn’t Sinvestment. The US, for example, saw copyrights alike. throw up some worries, arguments The global recorded-music industry 10% growth in the first half of 2018 for This is the key music industry trend and even the odd existential debate: lost 56% of its value between 1999 and both retail spending and wholesale of 2018. This is a growth industry once from Spotify’s growing pains, sluggish 2014, falling from annual revenues of revenues from recorded music, with more, and that is driving the decisions markets in Germany and Japan, and the $25.2bn to $14.2bn, according to the 46.4m music subscribers spending of the people within it, as well as failure to deliver (so far) of technologies IFPI. The memory of that 15-year period $2.55bn on their subscriptions – up 33% those outside with the resources to like VR and blockchain to the ever-tense should be enough to stop anyone in year-on-year and now accounting for invest in it. Optimism is back, although ‘value gap’ battles. our industry getting too carried away 55.4% of total spending.
    [Show full text]
  • IMPF Held Something of a Star-Studded General Assembly On
    INDEPENDENT MUSIC PUBLISHERS INTERNATIONAL FORUM March 09, 2021 IMPF held something of a star-studded General Assembly on Friday (March 5) with a line- up of very prominent names - Nigel Elderton, Helienne Lindvall, Golnar Khosrowshahi, Larry Mestel and Merck Mercuriadis - bringing a packed crowd of fellow publishers to the virtual meeting. Speaking from his position as Chairman of PRS for Music, Nigel Elderton gave a preview of the collection society’s AGM in May. He revealed projections for revenue reductions of around 15-20% in 2020, year-on-year, as a result of the Covid-19 pandemic, national lockdowns and the loss of the live industry. However, according to Elderton, PRS distributions to members actually increased last year by approximately 2% above 2019 figures by accelerating royalties through the system as much as possible in order to help flatten out the impact of the loss of live/general live income (80% down year-on-year). “There’s always a lag between money coming in and what goes out in royalties, but what we did last year was accelerate that in order to level out some of the bumps,” he explained. “In fact, last April’s distribution was the biggest in PRS’ history. We cleared the shelves of everything we had to keep the royalty levels up. “Distributions for 2020 are going to be just over 2% up. That is slightly misleading. The real impact is obviously coming this year. We think there’ll be another downturn of about 10%. It’s a moveable feast because of the continued problems of lockdown.
    [Show full text]
  • The Most Expensive Album Never Released | the Times
    14/05/2015 The most expensive album never released | The Times The most expensive album never released Burhan Wazir Published at 12:00AM, March 18 2005 Guns N’ Roses started recording Chinese Democracy in the mid­Nineties. But a decade and $13m later, Axl Rose still has to deliver IN THE HALCYON days before international terrorism cast an influence over contemporary songwriting and long before file­ sharing ransacked the music industry, I interviewed Matt Sorum in Los Angeles. Sorum, a drummer who had recently left Guns N’Roses, then the most successful rock group in the world, was, at the time, nursing his bruises. As we chatted, Sorum did his best to explain why he had fallen out with Guns N’Roses’s enigmatic and volatile lead singer Axl Rose, a frontman with a reputation every bit as controversial as that of Mick Jagger or Jim Morrison. Rose, now five years into the recording of a new Guns N’Roses album, their first release since 1993’s The Spaghetti Incident, had become a near­ recluse at his Malibu mansion. Guns N’Roses had fallen into disarray. While Rose held on to the bandname and had started work on a new album, called Chinese Democracy, Sorum had left in 1997 alongside the rhythm guitarist Gilby Clarke and bassist Duff McKagen. The lead guitarist, Slash, had quit in 1996. It has now been a decade since Guns N’Roses first started recording sessions for the elusive Chinese Democracy — Axl Rose refuses to conclude his efforts with a release. This despite an ever­changing roster of studio musicians, engineers, producers, consultants and executives who have rung up a white elephant costing around $13 million.
    [Show full text]
  • Annual Report 2020
    Don’t Stop Believin’ • Something Just Like This • Shape Of You • Girls Like You • Don’t Let Me Down • Castle On The Hill • Sweet Dreams (Are Made Of This) • What About Us • Love Yourself • In My Blood • Closer • No Tears Left To Cry • High Hopes • Look What You Made Me Do • There’s Nothing Holdin’ Me Back • Beautiful Trauma • What Lovers Do • Treat You Better • Uptown Funk • Photograph • Havana • Happier • Separate Ways/Worlds Apart • Faithfully • Breathin • Livin’ On A Prayer • Wanted Dead Or Alive • Single Ladies (Put A Ring On It) • Anyway You Want It • God Is A Woman • River • Locked Out Of Heaven • Roses • Shallow • Sick Boy • Love Me Again • Supermarket Flowers • Paris • Break Up With Your Girlfriend, I’m Bored • Smooth • Set Fire To The Rain • Skin• Umbrella • Close To Me • Green Light • Galway Girl • Feels • Rockabye • I Don’t Wanna Live Forever • #Selfie •We Are Young • Stone In Love • All Time Low • These Days • Best Of Me • It’s My Life • You Give Love A Bad Name • Baby • Just The Way You Are • Handclap • Great Are You Lord When • I Was Your Man • Eraser • Dive • Cold Water • 2002 • Symphony • Moves Like Jagger • Issues • Open Arms • New Man • Trumpets • Back To Black • Know No Better • Rise • 2U • What Do You Mean? • Mama • Marry You • Nothing Breaks Like A Heart • So Far Away • Don’t Wanna Know • Lost In Japan • Hey Look Ma, I Made It • All We Know • Wait • Live In The Moment • Here Comes The Rain Again •Let’s Stay Together • Treasure • Wheel In The Sky • Heart’s Don’t Break Around Here • Despacito (Remix) • Stitches • We
    [Show full text]
  • 250 Speakers Free Festival Register Today
    Bulletin YOUR DAILY ENTERTAINMENT NEWS UPDATE MAY 6, 2021 Page 1 of 24 INSIDE Live Nation Concert Revenue Ticks • AEG Presents Up 34.2% as Live Events Return Forms Climate Positive Touring BY GLENN PEOPLES Group The return of concerts in the U.S. and abroad is sweet Zealand’s largest festival, has sold out as well. • Travis Scott’s Astroworld Passes music to Live Nation’s ears after the pandemic-caused Breaking down Live Nation’s earnings further: Sell Out in Under an live music shutdown dropped revenues by 95% or Financial metrics - year-over-year (Q1 2021 vs. Q1 Hour — All 100,000 more in the last three quarters of 2020. Live Nation’s 2020) of Them earnings for the first quarter of 2021 showed only the Revenue: $291.6 million, down 79% from $1.37 billion • Don Everly Wins precursors to the comeback, as concert revenue ticked Operating loss: $303.2 million, up 76% from $172.7 Fight Over ‘Cathy’s up 34.2% from the fourth quarter of 2020 compared to million Clown’ With the 76% decline compared to the first quarter of 2020 Net loss: $322.7 million, up 53% from $210.9 million Brother’s Family that was almost untouched by the pandemic. Financial metrics - sequential (Q1 2021 vs. Q4 2020) • Universal Music CEO Michael Rapino said in a statement that Live Revenue: $291.6 million, up 22.4% from $237.4 to Award ‘X Factor Nation is “confidently planning our reopening, partic- million Israel’ Winner With ularly for outdoor shows, and we expect many of our Operating loss: $303.2 million, down 48.4% from Global Record Deal other major markets will follow this summer.” The $587.6 million • Sydney Pollack’s percent of people with at least one vaccination stands Net loss: $322.7 million, down 53% from $463.8 Lawyer May Face at 40% in the U.S.
    [Show full text]
  • Written Evidence Submitted by Hipgnosis Songs Fund Limited
    Written evidence submitted by Hipgnosis Songs Fund Limited DCMS Select Committee: Economics of Music Streaming Inquiry Hipgnosis Songs Fund Limited (“Hipgnosis”) welcomes the opportunity to respond to the committee’s inquiry into the economics of music streaming. Hipgnosis was founded to give the investment community access to extraordinarily successful hit songs by culturally important artists, and to establish songs as an uncorrelated asset class with attractive risk-adjusted returns. We believe we are disrupting the industry by delivering value for our investors and, crucially, our artists. We see ourselves as ‘Song Managers’ who act as custodians for the songs we own. Compared to the major music publishing houses, Hipgnosis are viewed as a real and safer alternative who can protect the meaning and legacy of songs as well as securing a song creator’s financial future. Hipgnosis is an advocate and catalyst for improving the share of income received by artists and songwriters via streaming and other channels. We aim to leverage our assets to address the structural imbalance between payments on recorded music (i.e. music that can be played back or reproduced) and payments on songs (i.e. the underlying composition of a piece of music) in favour of the songwriter. This ‘ulterior motive’ has been shared with and endorsed by our investors right from the start of our relationship with them; we want people to invest in our vision as well as our fund. The economic equation and the ‘70% divide’ Streaming has completely changed the economics of music. Previously, ‘going platinum’ – i.e. a million album sales to music enthusiasts – was the benchmark for success.
    [Show full text]
  • Round Hill Music Royalty Fund Initiation of Coverage
    Round Hill Music Royalty Fund Initiation of coverage Music and finance in harmony Investment trusts Special situations – music royalties 17 August 2021 Round Hill Music Royalty Fund (RHMRF) was launched in November 2020. Its fund manager, Round Hill Music LP, established in 2010, manages over Price $1.06 $900m (at end June 2021) and is one of the largest global music asset Market cap $350.9m owners, consistently a top 10 Billboard Top Publisher. RHMRF benefits NAV* $344.7m from Round Hill’s industry expertise and fully integrated business owning and exploiting music copyright assets. It focuses on mature catalogues NAV* $1.05 Premium to NAV* 1.2% (90% of its songs are over 10 years old) and high growth-potential master *As at 31 March 2021. rights (c 23% of portfolio at June 2021). We believe RHMRF’s assets to be Yield (prospective) 4.5% high quality, with strong potential to provide reliable and growing revenues Ordinary shares in issue 330.1m given the momentum in streaming and potential of new channels. Code/ISIN RHM/GG00BMXNVC81 Primary exchange LSE Global recorded music revenues by segment 2020 AIC sector Specialist – royalties 52-week high/low $1.08 $1.00 25.0 0.6 NAV* high/low $1.05 $0.98 0.7 0.4 *NAV as reported in the accounts on 31 March 2021. 20.0 0.8 0.40.9 0.9 0.5 2.3 0.11.0 1.0 0.5 2.5 1.2 2.0 1.2 0.4 2.6 Net gearing** 109% 0.1 2.7 1.2 0.4 1.5 15.0 1.3 0.3 0.3 2.3 1.7 **As at 30 June 2021, defined as total assets) less cash to 0.2 3.4 1.4 1.40.3 1.5 0.3 0.3 0.4 2.2 3.7 1.7 1.8 1.9 2.6 NAV*.
    [Show full text]
  • Hipgnosis Songs Fund Limited Interim Report 2020
    Hipgnosis Songs Fund Limited Interim Report 2020 Hipgnosis Songs Fund is the first UK investment company offering investors a pure-play exposure to Songs and associated musical intellectual property rights. Our focus is building a diversified Portfolio acquiring Catalogues that are built around proven hit Songs of cultural importance by some of the most talented and important songwriters globally. Our shares listed on the Main Market of the London Stock Exchange in July 2018 and transferred to the Premium Segment of the Main Market in September 2019. Since March 2020, Hipgnosis Songs Fund has been a constituent of the FTSE 250 Index. Review Unaudited Financial Statements Additional Information 3 Introduction From Merck Mercuriadis 23 Condensed Consolidated Statement 53 Alternative Performance Measures 6 Financial and Operational of Comprehensive Income 54 Glossary of Capitalised Defined Highlights 33 Condensed Consolidated Statement Terms 8 Portfolio at a Glance of Financial Position 58 Directors and General Information 01 The Chair’s Statement 43 Condensed Consolidated Statement 59 Corporate Summary 31 Investment Adviser’s Report of Changes in Equity 60 Advice to Shareholders 16 Hipgnosis Songs Group: 53 Condensed Consolidated Statement Big Deal For Diversification of Cash Flows 19 Kobalt Fund 1 Catalogue 63 Notes to the Condensed Acquisition Combines Quality Consolidated Financial Statements and Scale 24 The Family (Music) 26 Hipgnosis Music Group 27 Investment Objective and Policy 29 Principal Risks and Uncertainties 03 Directors’ Responsibilities Statement 13 Independent Review Report 2 Interim Report 2020 Hipgnosis Songs Fund Limited Introduction From Merck Mercuriadis Founder, Hipgnosis Songs Fund Ltd and The Family (Music) Ltd. 6. The convenience of streaming would give the passive (349 out of every 350 people) consumer incentive to pay for music for the first time ever and they would go from nil contribution to £120 per annum.
    [Show full text]