Hipgnosis Songs Fund has published its interim results for the first half of its latest financial year, covering the six months to 30 September. They reveal the latest figures for its rights vault, which has grown to 146 catalogues and 65,413 songs, which Hipgnosis says have been valued at $2.55bn. The company’s revenues from this catalogue grew by 31% year-on-year to $74.1m in the six-month period, and Hipgnosis ended September with net debt of $550.9m.
The results also highlight the company’s success on TikTok, where it now has more than 334,000 followers. That’s “the largest presence on TikTok as a song management company” apparently, which means today we learned that people actually follow song management companies on TikTok.
Hipgnosis also outlined its views on NFTs, following the launch of its first one with Blondie and Hackatao. “We are taking our time and being very selective in our approach. We are working on a few very special and multi-layered projects which will see some of our top tier artists collaborating with some of the leading creators in the crypto art space,” it said, noting that it is “in communication with all the leading platforms including Nifty Gateway, Makers Place, SuperRare, Crypto.com and have also been reviewing the various options for minting NFTs in the most carbon friendly way”.