Fresh from publishing its latest annual report, Hipgnosis Songs Fund has raised yet more money to spend buying up music catalogues.
This time it’s a share placement that raised £156m (around $215m), a few million more than the company’s target of £150m. It won’t be gathering dust in the Hipgnosis corporate wallet, mind. “We will deploy this immediately into our pipeline of songs,” said founder Merck Mercuriadis. “We will now have a portfolio of almost $2.5 billion of extraordinarily successful and culturally important songs.”
As we reported yesterday, Hipgnosis saw its revenues grow by 66.1% to $138.4m in its last financial year, with streaming its largest revenue stream, followed by performance and mechanical/master royalties.