Jimmy Iovine just came up on a lot of money, while Hipgnosis Songs just came up on a lot of royalties.
According to Variety, the music mogul just sold his entire worldwide producer royalties to Hipgnosis Songs – a firm that has invested more than $1.5 billion in purchasing music catalogs in the last two and a half years. This includes 259 songs, as well as his film production royalties for Eminem’s film 8 Mile and 50 Cent’s Get Rich or Die Tryin’. The deal was for an undisclosed amount.
In a statement, Iovine revealed he’d be using the proceeds to build a high school in south Los Angeles as part of his Iovine Young Academy – his professional school at the University of Southern California in partnership with Dr. Dre.
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“I’m happy that my work as a producer with so many great artists has found the right home with Merck and Hipgnosis,” he said. “I am going to use the proceeds from the deal to help Iovine Young Academy’s initiative to build a high school in South LA as part of the Iovine Young Academy at USC and continue our efforts to support education.”
Prior to co-founding Interscope Records and later Beats By Dre, Iovine was a producer who worked with the likes of rock legends such as Bruce Springsteen, Tom Petty, John Lennon, U2 and more before venturing into Hip Hop. Suffice to say, south Los Angeles will be getting a state-of-the-art school.
Wonder if everyone is going to scrutinize this like when the rappers have been doing it.
Bob Dylan recently sold his entire catalog too
I know.
Neil Young just sold half f his too.
Somethings awry. Maybe streaming’s caused revenue to fall to the point that owners see it better to sale now before value lessens.
Don’t think it’s a “rap” thing – rap’s popular and copyright and publishing owners (whether Hipgnosis, Young Money, etc.) see it’s time to sell. It may be the smartest thing.
u cant say this is due to the music losing value or someone wouldn’t being buying it.
this is a scheme and I wouldn’t be surprised jimmy iovine is in on it.
RGEEZY sir, you are correct. The music isn’t losing value, but it’s not a scheme. And Jimmy I. isn’t “in on it”. It’s a London-listed company sitting on over a billion in equity capital and its founder Merck Mercuriadis believes hit songs have become an asset class that will generate revenues from consumers who treat music as essential and listen thru Spotify, Apple Music, etc.
This company co-owns 10 of Spotify’s top 30 most-played songs.
It’s not just about rap music. Neil Young just sold his, along with Fleetwood Mac, Bob Dylan, RZA, Barry “friggin” Manilow, Blondie… ain’t no scheme. It’s monopoly.
I do stand by my opinion that the artists/publishers/copyright owners see it better to sale now.
Fuck Jimmy, 50 and Em