Hipgnosis allots new shares to look into buying 50 artist catalogues
UK based copyright investment company is seeing the growing pool of money in the music industry and taking action.
They’ve made a number of interesting deals in the past few months, seeking to buyout artist’s catalogues, from rap producer No I.D. to Wu Tang legend RZA, all the way back to new wave pop stars Blondie.
It looks like this has paid off- back in August, the company’s market capitalisation (the value of equity in the company) hit 1 billion for the first time in the London Stock Exchange.
Looking to double down on its strategy, the company announced this week that they plan to allot a large number of new shares on the market to help fund the acquisition of 50 catalogues, some of which contain some of the biggest hit songs of the past decade. The end goal is 250 million.
The company in the last year has kickstarted what has been called the ‘publishing revolution’. In the midst of a serious discussion in the media about ownership and the artist/label balance, companies like Hipgnosis are making it clear that the value of an artists catalogue is most definitely sought after.