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Neil Young became the latest musician to land gold with his catalog of songs, selling a 50% stake in his music to a UK investment firm in a deal announced Wednesday.
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The Hipgnosis Songs Fund said it acquired half of the copyright and revenue for some 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 conditions 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 fortune of between $ 300 million and half a billion dollars. Stevie Nicks sold an 80% stake in his music to Primary Wave for $ 100 million.
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Merck Mercuriadis, founder of Hipgnosis Songs Fund Limited, said he bought his debut album from Neil Young when he was seven.
“’Harvest’ was my companion and I know every note, every word, every pause and silence,” he says. “Neil Young, or at least his music, has been my friend. . . since.”
The businessman also said Young’s late manager Elliot Roberts was an idol to him as well.
In an industry where music sales have declined and the concert industry is on hold due to the coronavirus pandemic, song editing is seen as an increasingly valuable asset. Companies generally advocate the use of an artist’s songs in films, video games, and advertising.
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The latter use was a sticking point for Young, whose 1988 song “This Note’s For You” sharply criticized artists who rented their music for advertising campaigns. The accompanying video parodied the commercials featuring Michael Jackson and Eric Clapton.
In the song, Young sang, “I don’t sing for Pepsi, I don’t sing for Coke. I don’t sing for anyone. It makes me sound like a joke.
In the years that followed, it became much more common for musicians to earn income through advertising campaigns. But at least until 2016, Young continued to resist having his music used in this way, according to Rolling Stone magazine.
It was not clear whether the Hipgnosis deal bodes well for a change in this policy.
In Wednesday’s announcement, Mercuriadis said his company and Young “have a common integrity, philosophy and passion that arose out of a belief in music and these important songs. There will never be a “Burger of Gold” but we will work together to make sure everyone can hear them on Neil’s terms.
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Young has released some 70 albums as a solo artist and with bands like Buffalo Springfield, Crazy Horse and Crosby, Stills, Nash & Young.
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