A rebound in performing rights and heightened demand for physical product helped the value of global music copyright reach $41.5 billion in 2022, surpassing the $40 billion mark for the first time, according to a report released Monday (Nov. 6). While record labels commanded a majority of the global market, the $5 billion annual increase was “evenly shared” between recorded music and music publishing, noted the report’s author, Will Page.
Source: Global Value of Music Copyright Climbed to $41.5B in 2022
Hipgnosis Songs Fund is facing an uncertain future as some 83.2% of its investors voted Thursday that a new board make major structural changes to the overextended company. Investors also rejected a proposal by its leadership to shore up its finances by selling off around $440 million of its 65,000-song catalog to a sister fund backed by Blackstone.
In a note to shareholders today (October 24) , HSF’s board said that “following substantive engagement with a number of parties”, it did not receive a “Superior Offer” as part of the ‘go shop’ process. HSF’s board said in a shareholder update that it had “received feedback through the process [from] a number of the parties assessed that they could not justify paying a higher price” than the $440 million offer from HSC.
No less than 99% of those who voted (around 69% of the fund’s total eligible shareholders) did so in favor of the deal. Last month, Alchemy Copyrights, LLC, trading as Concord, agreed terms on a deal whereby it would acquire the entirety of Round Hill Music Royalty Fund (RHM) – the UK-listed fund operated by Round Hill Music – if it could secure RHM’s shareholder approval. That approval is now in the bag.