Hipgnosis Songs Fund has acquired another music catalogue- Hipgnosis Songs Fund (SONG) has acquired a music catalogue from Jason Boyd. Jason Boyd is a US-based song writer who goes by the name Poo Bear. He has collaborated with some of the biggest artists over the past 20 years, including: Usher, David Guetta, DJ Khaled, Fifth Harmony, Jennifer Lopez and Skrillex, but he mostly known for his collaboration with Justin Bieber.
Poo Bear co-wrote 9 out of 13 songs on Bieber’s hit album Purpose, which sold over 14 million copies. The catalogue includes “What Do You Mean?”, which was number 1 in more than 25 countries, “Where Are You Now?”, which has sold more than 9 million copies, and lastly the biggest song “Despacito (Justin Bieber Remix)”, which is the English version of Despacito, which was number 1 in 50 countries and was 2018 Grammy Awards Song Of The Year as well as the Billboard Music Awards Song Of The Year, and is tied for the longest running Billboard Hot 100 #1 of all time.
Hipgnosis will acquire a 100% interest in the catalogue, which has a total 214 songs, including the ones mentioned above.
The founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, Merck Mercuriadis had this say about the most recent acquisition:
“It’s fortuitous to be able to acquire a song catalogue of this importance so early in its life. Poo Bear is an extraordinary young man whose songs have not only been Number 1 and won Grammy Awards but also have a long life in front of them. In a streaming world that is growing every day his songs are at the forefront, Despacito on its own was Number 1 in more than 50 countries and is one of those truly rare songs that has united the globe. I’m delighted to welcome him to the Hipgnosis Songs Family.”
Poo Bear had this to say regarding the recent purchase of his catalogue:
“I’m extremely honoured and blessed to join forces with Merck, Nile, The Dream and Hipgnosis. This is something I’ve been working towards for 22 years and I finally feel confident and comfortable that I’m doing this deal with the best company in the business. It’s beyond the money, it’s the assurance that my catalogue will be respected and taken to even greater heights of success.”
[QD comment: It is good to see SONG making another acquisition – four months after its first. Unfortunately, there is no steer in the announcement of how much they paid for this or what the likely return is on the portfolio. We guess that we’ll have to be patient and wait for the company’s first set of results – the prospectus said that the NAV would only be published semi-annually.]
SONG- Hipgnosis Songs Fund has acquired another music catalogue