Young sells half of his song rights for £ 110m
ROCK legend Neil Young has agreed a £ 110million deal to sell half of his song rights.
The 75- year- old Canadian folk rocker has joined a string of stars by signing for investment firm Hipgnosis.
The fund, which lets people invest in hit songs, has previously spent £ 1billion snapping up rights to tracks from the likes of Mark Ronson, Barry Manilow and Blondie.
Under the deal with Young, the Hipgnosis Songs Fund receives 50 per cent of the future payments on 1,180 songs written by him.
The Heart Of Gold singer, who rose to prominence in the 1960s, is considered to be one of the world’s most influential songwriters.
He is known not only for his work as a solo artist, but also with the bands Buffalo Springfield, Crazy Horse and Crosby, Stills, Nash & Young.
Young has released almost 50 studio albums and more than 20 live albums, of which 18 have been certified gold, seven platinum and three multi- platinum.
Hipgnosis founder Merck Mercuriadis, who turns music royalties into an income stream, views songs “as investible as gold or oil”.
On signing Young, he said: “This deal changes Hipgnosis for ever. I bought my first Neil Young album aged seven. Harvest was my companion.
“I know every note, every word, every pause and silence intimately.
“Neil Young, or his music, has been my friend and constant ever since.”
Hipgnosis bought 100 per cent of the rights to Lindsey Buckingham’s 161 songs for an undisclosed amount. They include hits that he wrote or co- wrote for Fleetwood Mac.
The firm has been listed on the London Stock Exchange since July 2018.
When songs owned by the fund get played on the radio or placed in a film or TV show, it makes money.
Mercuriadis has managed artists such as Beyonce, Elton John and Iron Maiden.