Howard says he hopes this will serve as a wakeup call for investment firms that have been aggressively pursuing artists’ catalogs in recent years, with musicians from Bruce Springsteen to Stevie Nicks selling the rights to their music. Now any streaming royalties that Young and Hipgnosis were collecting from the world’s most popular streaming service will be gone. “They were betting on recovering their massive investment through the continuing growth of streaming,” Howard says. As for Hipgnosis Songs Fund, the Blackstone-owned firm that bought a 50% stake in Young’s songwriting catalog for an estimated $150 million last year, they’ll likely see their investment in the artist’s music depreciate as well.
0 kommentar(er)
