Blackstone, Hipgnosis partner to invest in music as online streaming booms

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

(Reuters) -Blackstone said on Tuesday it would deploy around $1 billion in partnership with an advisory firm owned by music executive Merck Mercuriadis to buy music rights and record songs as online streaming gains popularity and becomes more lucrative.

As part of the partnership, Blackstone will take an ownership stake in Hipgnosis Song Management, an adviser to the London-listed music catalogues investor Hipgnosis Songs Fund (SONG).

The pandemic and lack of live concerts has prompted artists, including Bob Dylan, to monetise some of their older work, at a time streaming services have been garnering listeners.

Mercuriadis, founder and CEO of Hipgnosis Song, has sealed deals with several artists this year including Shakira, Taylor Swift songwriter Joel Little, Neil Young as well as Metallica producer Bob Rock.

"This new partnership with Blackstone will deliver financial strength to invest in proven songs," Mercuriadis said in a statement.

SONG will also benefit from the Blackstone investment as it would be able to co-invest in the acquisition of future music rights, the companies said.

Blackstone has a growing interest in music, and has also invested in MNRK Music, formerly known as eOne Music, and SESAC.

(Reporting by Yadarisa Shabong in Bengaluru;Editing by Vinay Dwivedi)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Tech News

Xiaomi to open car plant in Beijing with annual output of 300,000 vehicles - Beijing govt
India tells public to shun Musk-backed Starlink until it gets licence
Not for the faint hearted: 'Happy Game' is anything but
El Salvador ‘Bought the Dip,’ Acquiring 100 More Bitcoin
Keeping people awake on Zoom: Ways to liven up a digital meeting
Facebook offers remedies to address EU concerns about Kustomer deal
Paris slows rented e-scooters to 10 km/h in urban areas
WhatsApp wins approval to double payments offering to 40 million users in India - source
Mobile phone museum launches online
Payments firm Klarna's Jan-Sep losses grow on soured credits

Others Also Read