Entertainment

Hipgnosis Revenue Growth, Music Streaming Outlook in the Presented Economy – The Hollywood Reporter

Hipgnosis Songs Fund Ltd. The London-based company said on Thursday that revenue for the financial year ended March 31 was up 24.7%, “in part.”
due to the catalog acquisition during this period. “

The song rights company, founded in 2018 by Merck Mercuriadis, the former music director of Elton John, Beyoncé and Guns N’ Roses, reported annual sales of $200.4 million, compared with $160.7 million in the previous year.

A key profit metric, earnings before interest, taxes, depreciation and amortization (EBITDA), increased 21.8% to $129.9 million. But amid higher costs, the company, whose shares are listed in London, resulted in an operating loss for the financial year of $16.7 million, compared with a profit of $44.5 million for the year. previous finances. Copyright costs for the year rose to $32.0 million from $22.5 million, the company said.

Hipgnosis on Thursday also highlighted that its portfolio currently includes 146 categories with 65,413 songs with a total value of $2.69 billion. It bought eight categories in its latest fiscal year, with songs by the likes of the Red Hot Chili Peppers, Fleetwood Mac’s Christine McVie, Heart’s Ann Wilson and Rhett Akins.

Mercuriadis, who is also CEO of Hipgnosis Song Management, the fund’s investment advisor, said: “Over the past four years, we have acquired an unmatched portfolio of several successful songs. most public and culturally important of all time, now worth $2.7 billion. . “The unique strength of our portfolio is reflected in a 9.9% increase in operating net asset value (NAV) to $1,8491 per share, as reported by Portfolio Valuation. our independence.”

He also addresses current economic clouds and rising inflation. “As we expect, we continue to expect strong global revenue growth driven by continued adoption of paid streaming,” said Mercuriadis. “Despite the macroeconomic environment, the appeal of the music streaming proposition continues to grow. It is the lowest cost entertainment subscription service, and with a near-complete global music store offering, offers the most comprehensive on-demand entertainment subscription service. “

In May, Hipgnosis revealed an agreement to buy back Justin Timberlake’s catalog of songs, who said that Mercuriadis “values ​​artists and their creative work and has always been a strong supporter of musicians and storytelling”.

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