The lack of concerts caused by the pandemic has led many artists to sell the rights to their compositions.
Colombian singer Shakira has sold the rights to her 145 songs to the British investment company Hipgnosis Songs Fund amid a coronavirus crisis that has affected artists ’incomes due to a lack of concerts, Reuters says.
“Shakira is one more serious and successful songwriters over the past 25 years, has written or written virtually all the songs he sang, “says Hipgnosis on his Twitter account, give welcome to the three-time Grammy winner. Song Management Company e investment in intellectual property Music has not disclosed the financial details of the deal.
The Colombian artist, for his part, emphasized in his statement that Hypgnosis “it is a great home“His song list.” At the age of 8, long before singing, I wrote to understand the world. Each song reflects the person I was when I wrote it, but when the song goes into the world, no it just belongs to me, but also for those who appreciate it, “said Shakira.
Consequences of Covid-19
The coronavirus pandemic has almost disappeared concert income live and more and more artists want to make money from their songs. In this context, the increase in reproduction in 2005 streaming platforms has encouraged investors to invest in companies such as Hipgnosis, which is listed on the London Stock Exchange.
The company has so far acquired more than 120 catalogs and recently found contracts with former Fleetwood Mac guitarist Lindsey Buckingham, record producer Jimmy Iovinen and singer Neil Young, for whom it paid an estimated $ $ 150 million 50% participation in 1180 rights to his compositions. Bob Dylan, meanwhile, sold his entire list to Universal Music Group last December for an estimated $ 300 million.
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