IT’S A TREND— SELLING STAKE IN SONGS,
Neil Young has NEWYORK— become the latest musician to strike gold with his song catalogue, selling a 50 percent stake in his music to a British investment company in a deal announced onWednesday.
The Hipgnosis SongsFund said ithadacquiredhalf ofthe copyright and income interests in some 1,180 songs written by the 75-year-old rock star, composer of “Heart of Gold,” “Rockin’ in the Free World” and“CinnamonGirl.” Termswere not disclosed. The deal comes a month after Bob Dylan sold publishing rights to more than 600 songs to the Universal Music Publishing Group for a reported fortune of between $300 million and a half billion dollars. Stevie Nicks sold an 80 percent stake in her music to PrimaryWave for a reported $100 million.
Merck Mercur iadi s, founder of Hipgnosis Songs Fund Limited, said that he bought his first Neil Young
album when he was seven years old.
“‘Harvest’wasmycompanion and I know every note, everyword, everypause and silence intimately,” he said. “Neil Young, or at least his music, has been my friend . . . ever since.”
The businessman also said Young’s late manager, Elliot Roberts, was equally an idol to him.
Inanindustrywheremusic sales have dwindled and the
concert industry is on hold due to the coronavirus pandemic, song publishing is seen as an increasingly valuable asset. The companies generally push for use of an artist’s songs inmovies, video games and advertising.
The latter use has been a sticking point for Young, whose 1988 song “ThisNote’s ForYou” sharplycriticizedartistswholeasedtheirmusicfor advertising campaigns. The accompanying video parodiedadsthatfeaturedMichael Jackson and Eric Clapton.
In the song, Young sang: “Ain’t singin’ for Pepsi, ain’t singin’ for Coke. I don’t sing for nobody. Makes me look like a joke.”
In the years since, it has become much more common for musicians to earn income through advertising campaigns. But at least through 2016, Young continued toresisthavinghismusic used this way, according to Rolling Stone magazine.
It was unclear whether the Hipgnosis deal augers a change in that policy.
InWednesday’sannouncement, Mercuriadis said that hiscompanyandYoung“have a common integrity, ethos and passion born out of a belief in music and these important songs. There will never be a ‘Burger of Gold’ butwe willwork together to make sure everyone gets to hear them on Neil’s terms.”
Young has released some 70albums as a solo artist and withbandslikeBuffaloSpringfield, CrazyHorseandCrosby, Stills, Nash & Young.