NFTs next hit may be music industry, former manager for Elton John, Beyonce says

FILE PHOTO: A headset is seen in front of displayed Hipgnosis logo in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) - As a former music manager who once counted Elton John, Beyonce and Guns N’ Roses as clients, Merck Mercuriadis has an eye for talent and a knack for identifying trends.

As streaming services such as Spotify and Apple Music gained mainstream popularity, Mercuriadis formed the Hipgnosis Songs Fund to acquire music rights. The fund, which went public in 2018, has invested $2.5 billion acquiring the publishing rights to 64,000 compositions from such hitmakers as Timbaland, Fleetwood Mac’s Lindsey Buckingham, The Pretenders’ Chrissie Hynde, Rick James and Neil Young.