If your faith in the value of songwriting catalogues is strong, but you need more proof… well, Leonard Cohen’s storied songwriting catalogue is the latest to be snapped up.
Hipgnosis is the buyer in this case, with a deal to acquire rights in 278 songs and derivatives. That includes the songwriter’s share of royalties from Cohen’s pre-2000 catalogue, and ownership of 100% of the copyrights, including both publisher’s and songwriter’s share, of his work from 2001 onwards.
The catalogue was bought via Hipgnosis’s partnership with investment giant Blackstone. As is customary in such deals, there are Big Stats in the announcement: Cohen’s ‘Hallelujah’ has been covered more than 300 times; sold nearly 10m copies; and rackedup more than 5bn streams.
Hipgnosis did not say how much it paid for the catalogue, and as yet, industry sources aren’t tattling on the likely figure.