In Nile Rodgers’ NPR interview about CRB-rates appeals, he also mentioned the Hipgnosis Songs Fund in the UK as something that has “demonstrated to the financial community that hit songs are as investable financial instruments as gold or oil”.
As the interview was published, the fund was preparing to grow again – by around $185m. That’s the amount (£141.5m in sterling) raised by the fund and its founder Merck Mercuriadis, less than a year after drumming up more than $260m last summer to buy stakes in various songwriters’ catalogues.
Mercuriadis, who also manages Rodgers, also referred to the ‘gold/oil’ comparison in his statement on the new raise. “Less than a year ago we set out to demonstrate to the financial community that proven hit songs were as predictable and reliable, and therefore as investable as gold or oil,” he said. “Having raised over £140 million today and almost £350 million since the IPO, I am delighted that we have this tremendous early support from best in class investors as this is not only a vote of confidence in Hipgnosis, it’s an acknowledgement of the power of hit songs all over the world.”