Wednesday, January 13, 2021
Folk-rock superstar Neil Young has joined the trend and sold a stake to his music catalog. Young reportedly sold a 50% stake in his catalog to investment company Hipgnosis for an estimated $150 million. The deal covers 1,180 songs.
Young is only the latest in a number in a number of artists that have decided to sell their rights or at least a portion of them to the highest bidder.
Neil Young, an influential songwriter, rose to fame in the 1960s and has remained an icon ever since. Young has released to studio albums and is a two-time member of the Rock & Roll Hall of Fame (one as a solo artist and one as a member of Buffalo Springfield).
Founder of Hipgnosis, Merck Mercuriadis stated, "This is a deal that changes Hipgnosis forever." Mercuriadis is understandably excited for the deal and what is to come of it.
Mercuriadis has been a longtime fan of Neil Young stating, "I bought my first Neil Young album aged 7. 'Harvest' was my companion and I know every note, every word, every pause and silence intimately. Neil Young, or at least his music, has been my friend and constant ever since."
Sounds like the deal was mutually beneficial for all parties!
See Jack Guy, Neil Young has sold a big stake in his 1,180 songs, CNN Business, January 6, 2021.
Special thanks to Mark J. Bade (CPA, GCMA, St. Louis, Missouri) for bringing this article to my attention.