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Metallica and song producer Michael Bublé has sold his rights to investors in a wave of back catalog sales from artists and other rights holders looking to cash in on the music streaming boom.
Bob Rock has sold his producer rights to the eponymous heavy metal band Metallica album and songs by Canadian singer Michael Bublé, including Call Me Irresponsible, Crazy Love and Christmas.
The deal, for an undisclosed amount, gives investment firm Hipgnosis Songs Fund the rights to 43 songs.
The buyer is one of a small number of companies that acquire the rights to conventional securities. The advent of streaming music and easily editable social media videos has reinvigorated the number of listeners to some classics and the income associated with them. For example, Fleetwood Mac’s Dreams returned to the charts last fall 43 years after its first release after a video of a skateboarder syncing lyrics with lyrics went viral.
Hipgnosis was founded in 2018 by Merck Mercuriadis, who has previously directed artists such as Elton John, Guns N ‘Roses and Beyoncé. The company was listed on the London Stock Exchange that year, raising over £ 1 billion, and has since bought the rights to songs from artists, including Eurythmics co-founder Dave Stewart and Barry Manilow. He became a member of the FTSE 250 mid-cap investment index in March 2020.
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Hipgnosis has already announced deals with Shakira and Neil Young this year, while competitor BMG has bought the rights to Mick Fleetwood of Fleetwood Mac.
Rock said, “I put my heart and soul into these recordings. I know how much Merck loves music, so it was an easy business to set up. “
Mercuriadis said: “The scale of Bob Rock’s enormous success is almost impossible to match by any creator in the history of music. From Metallica’s most famous black album to Michael Bublé’s Christmas, he’s produced some of the greatest albums of all time that continues to be evergreen year after year.
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