REG - Hipgnosis Songs Fund - Acquisition of Music Catalogue

Hipgnosis Songs FundAnnouncement

13/11/2020 07:01

RNS Number : 1937F
  
Hipgnosis Songs Fund Limited
  
13 November 2020
  
 

13 November 2020
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Acquisition of Music Catalogue
The Board of Hipgnosis Songs Fund Limited, the first UK listed investment company offering investors a pure-play exposure to songs and associated intellectual property rights, and its Investment Adviser, The Family (Music) Limited, are pleased to announce that the Company has acquired a share of the music catalogue of Grammy Award winning songwriter, record producer, and punk-funk inventor, Rick James. Hipgnosis has acquired 50% of Rick James' Publishing interests, Writers' share, Neighbouring Rights (Sound Exchange) and Recorded Masters (UMG) share of income in his catalogue comprising 97 songs.
Rick James is best known for his iconic, platinum certified, album 'Street Songs', which spent an unprecedented 78 weeks on the US R&B chart, including 20 weeks at Number 1, and included the global hit 'Super Freak'. 'Super Freak', with its funk, disco, rock and new wave elements, has remained a global sensation with over 100 million streams on Spotify, and a listing in Rolling Stone magazine's '500 Greatest Songs of All Time'. Its predominant riff was sampled on MC Hammer's global Number 1, 'U Can't Touch This', which has been streamed over 185 million times on Spotify. 'U Can't Touch This' was an instant success, reaching Number 1 on the US R&B Billboard chart, as well as the Top 10 of the singles charts in the US, UK, Australia, Netherlands, New Zealand and Sweden. The song has also been used extensively in television shows, films and adverts ever since its release in 1990. Rick James is amongst the most sampled and interpolated artists of all time whose work has given birth to new songs and recordings by Kendrick Lamar, Lana Del Ray, ASAP Rocky, Jay Z and many more.
'Street Songs' reached Number 3 on the Billboard 200 album chart and Number 1 on the US R&B album chart. The album included the hit 'Give It to Me', which spent five weeks at Number 1 on the US R&B Billboard chart and has been streamed over 46 million times on Spotify.
Rick James initially found success in 1977 after forming The Stone City Band with their debut album 'Come Get It!' reaching Number 3 of the US R&B albums chart. 'Come Get It!' featured two hit singles with 'You and I' reaching Number 1 on the US R&B Billboard, and 'Mary Jane' reaching Number 5 on the US R&B Billboard and having been streamed on Spotify over 40 million times.
Rick James was also known for his soulful ballads including 'Fire & Desire', a duet with singer Teena Marie. Whilst not released as a single, the song has become a classic hit. 'Ebony Eyes', recorded with Smokey Robinson, has become another of Rick James' most notable hits.
In addition to singing and songwriting, Rick James had a successful career as a talented producer; working on hits including Eddie Murphy's 'Party All the Time', The Temptations' 'Standing on the Top', and with R&B, soul and funk group, Mary Jane Girls, for whom he wrote and produced all recordings. The band released two US gold certified albums, 'Mary Jane Girls' and 'Only Four You', and are most recognised for their songs 'In My House', 'All Night Long' and 'Candy Man'.
The Catalogue was acquired using proceeds from the Company's July C Share fundraising.
Merck Mercuriadis, Founder of Hipgnosis Songs Fund Limited and The Family (Music) Limited, said: 
"Rick James was a true innovator. His "Punk Funk" philosophy and style paved the way and influenced everyone from Prince to Michael Jackson to Jay Z and the biggest names in hip hop. All the while he was an incredible songwriter, producer, arranger, performer and artist making iconic songs like 'Super Freak' and 'Give It to Me Baby'. He's one of the most sampled and interpolated creators of all time whose works have been turned into huge successes by MC Hammer, Lana Del Ray and Kendrick Lamar just to name a few. We are delighted to welcome his iconic work to the Hipgnosis Family and look forward to working closely with his daughter Ty James and his estate to ensure his legacy shines."
Ty James said: 
"We are excited about our new venture with Hipgnosis, and pleased to establish this epic partnership with a company that truly appreciates the dynamic diversity of my Dad's music. Music that transcends through decades. Our goal is for my Dad's music to not only live, but to stay forever young and in the hearts of our families, friends, fans. We are elated for what's to come from the union of our powerful musical entities working together. More greatness to come."
For further information, please contact:



The Family (Music) Limited
Merck Mercuriadis
 


Tel: +44 (0)1481 742742




N+1 Singer - Joint Corporate Broker
James Maxwell / James Moat (Corporate Finance)
Alan Geeves / James Waterlow / Sam Greatrex (Sales)
 


Tel: +44 (0)20 7496 3000




J.P. Morgan Cazenove - Joint Corporate Broker
William Simmonds / Jérémie Birnbaum (Corporate Finance)
James Bouverat (Sales)
 


Tel: +44 (0)20 7742 4000




RBC Capital Markets - Joint Corporate Broker
Will Smith / Elliot Thomas / Lauren Davies (Corporate Finance)
Lisa Tugwell (Sales)
 


Tel: +44 (0)20 7635 4000




Ocorian - Company Secretary & Administrator
Mariana Enevoldsen
 


Tel: +44 (0) 1481 742614




The Outside Organisation
Alan Edwards / Nick Caley


Tel: +44 (0)7711 081 843




 
FTI Consulting
Neil Doyle/ Paul Harris/ Laura Ewart
 


 
Tel: +44 (0)7771 978220; +44 (0)7809 411882; +44 (0)7761 332646
 




All US music publicity enquiries
Fran Defeo


+1 917 767 5255



 
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
(www.hipgnosissongs.com)
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey registered investment company established to offer investors a pure-play exposure to songs and associated musical intellectual property rights. The Company has raised a total of over £1.05 billion (gross equity capital) through its Initial Public Offering on 11 July 2018, and subsequent issues in April 2019, August 2019, October 2019, July 2020 and September 2020. In September 2019, Hipgnosis transferred its entire issued share capital to the Premium listing segment of the Official List of the FCA and to the London Stock Exchange's Premium segment of the Main Market, and in March 2020, became a constituent of the FTSE 250 Index.
About The Family (Music) Limited
The Company's Investment Adviser is The Family (Music) Limited, which was founded by Merck Mercuriadis, former manager of globally successful recording artists, such as Elton John, Guns N' Roses, Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as Diane Warren, Justin Tranter and The-Dream, and former CEO of The Sanctuary Group plc. The Investment Adviser has assembled an Advisory Board of highly successful music industry experts which include award winning members of the artist, songwriter, publishing, legal, financial, recorded music and music management communities, all with in-depth knowledge of music publishing.   Members of The Family (Music) Limited Advisory Board include Nile Rodgers, The-Dream, Giorgio Tuinfort, Starrah, Nick Jarjour, David Stewart, Bill Leibowitz, Ian Montone, Rodney Jerkins, Bjorn Lindvall and Chris Helm.

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