Producer Ian Levine sells some royalties from "Take That" songs to One Media (updated)
18/01/2021 08:28
(Adds details, background, shares)
Jan 18 (Reuters) - British songwriter and producer Ian
Levine has sold his share of royalties from some tracks of
English pop group "Take That" to One Media iP Group OMIP.L ,
the music publisher and distributor said on Monday, sending its
shares 16% higher to 8 pence.
Besides producer royalties from tracks in the band's debut
album, including "A Million Love Songs" and "I Found Heaven",
One Media said it has also bought producer royalties of two
other "Take That" tracks which were never released. urn:newsml:reuters.com:*:nRSR9127La
Music producers usually take a percentage of the sales from
an artist's album or songs, referred to as producer royalties.
The COVID-19 pandemic has all but shut down live concert
earnings and a growing list of professionals have sought to
monetise their older work. Bob Dylan sold his back catalogue
last month and so have Shakira and Neil Young. urn:newsml:reuters.com:*:nL4N2JO2HG
One Media's deal was completed through its Harmony IP asset
release programme, the company said, which allows music rights
holders access the future earnings of their intellectual
property by purchasing a portion of their rights upfront.
"Take That", whose original line-up also featured Robbie
Williams and Jason Orange, internationally had 56 number one
singles and 39 number one albums.
If gains hold, One Media iP Group stocks are set for their
best day in over two years.
(Reporting by Indranil Sarkar and Pushkala Aripaka in
Bengaluru; Editing by Arun Koyyur)
((Indranil.Sarkar@thomsonreuters.com; Mobile: +91
7022132226;))