TIDMSONG
RNS Number : 1937F
Hipgnosis Songs Fund Limited
13 November 2020
13 November 2020
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Acquisition of Music Catalogue
The Board of Hipgnosis Songs Fund Limited, the first UK listed
investment company offering investors a pure-play exposure to songs
and associated intellectual property rights, and its Investment
Adviser, The Family (Music) Limited, are pleased to announce that
the Company has acquired a share of the music catalogue of Grammy
Award winning songwriter, record producer, and punk-funk inventor,
Rick James. Hipgnosis has acquired 50% of Rick James' Publishing
interests, Writers' share, Neighbouring Rights (Sound Exchange) and
Recorded Masters (UMG) share of income in his catalogue comprising
97 songs.
Rick James is best known for his iconic, platinum certified,
album 'Street Songs', which spent an unprecedented 78 weeks on the
US R&B chart, including 20 weeks at Number 1, and included the
global hit 'Super Freak'. 'Super Freak', with its funk, disco, rock
and new wave elements, has remained a global sensation with over
100 million streams on Spotify, and a listing in Rolling Stone
magazine's '500 Greatest Songs of All Time'. Its predominant riff
was sampled on MC Hammer's global Number 1, 'U Can't Touch This',
which has been streamed over 185 million times on Spotify. 'U Can't
Touch This' was an instant success, reaching Number 1 on the US
R&B Billboard chart, as well as the Top 10 of the singles
charts in the US, UK, Australia, Netherlands, New Zealand and
Sweden. The song has also been used extensively in television
shows, films and adverts ever since its release in 1990. Rick James
is amongst the most sampled and interpolated artists of all time
whose work has given birth to new songs and recordings by Kendrick
Lamar, Lana Del Ray, ASAP Rocky, Jay Z and many more.
'Street Songs' reached Number 3 on the Billboard 200 album chart
and Number 1 on the US R&B album chart. The album included the
hit 'Give It to Me', which spent five weeks at Number 1 on the US
R&B Billboard chart and has been streamed over 46 million times
on Spotify.
Rick James initially found success in 1977 after forming The
Stone City Band with their debut album 'Come Get It!' reaching
Number 3 of the US R&B albums chart. 'Come Get It!' featured
two hit singles with 'You and I' reaching Number 1 on the US
R&B Billboard, and 'Mary Jane' reaching Number 5 on the US
R&B Billboard and having been streamed on Spotify over 40
million times.
Rick James was also known for his soulful ballads including
'Fire & Desire', a duet with singer Teena Marie. Whilst not
released as a single, the song has become a classic hit. 'Ebony
Eyes', recorded with Smokey Robinson, has become another of Rick
James' most notable hits.
In addition to singing and songwriting, Rick James had a
successful career as a talented producer; working on hits including
Eddie Murphy's 'Party All the Time', The Temptations' 'Standing on
the Top', and with R&B, soul and funk group, Mary Jane Girls,
for whom he wrote and produced all recordings. The band released
two US gold certified albums, 'Mary Jane Girls' and 'Only Four
You', and are most recognised for their songs 'In My House', 'All
Night Long' and 'Candy Man'.
The Catalogue was acquired using proceeds from the Company's
July C Share fundraising.
Merck Mercuriadis, Founder of Hipgnosis Songs Fund Limited and
The Family (Music) Limited, said:
"Rick James was a true innovator. His "Punk Funk" philosophy and
style paved the way and influenced everyone from Prince to Michael
Jackson to Jay Z and the biggest names in hip hop. All the while he
was an incredible songwriter, producer, arranger, performer and
artist making iconic songs like 'Super Freak' and 'Give It to Me
Baby'. He's one of the most sampled and interpolated creators of
all time whose works have been turned into huge successes by MC
Hammer, Lana Del Ray and Kendrick Lamar just to name a few. We are
delighted to welcome his iconic work to the Hipgnosis Family and
look forward to working closely with his daughter Ty James and his
estate to ensure his legacy shines."
Ty James said:
"We are excited about our new venture with Hipgnosis, and
pleased to establish this epic partnership with a company that
truly appreciates the dynamic diversity of my Dad's music. Music
that transcends through decades. Our goal is for my Dad's music to
not only live, but to stay forever young and in the hearts of our
families, friends, fans. We are elated for what's to come from the
union of our powerful musical entities working together. More
greatness to come."
For further information, please contact:
The Family (Music) Limited Tel: +44 (0)1481 742742
Merck Mercuriadis
N+1 Singer - Joint Corporate Broker Tel: +44 (0)20 7496
James Maxwell / James Moat (Corporate 3000
Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales)
J.P. Morgan Cazenove - Joint Corporate Tel: +44 (0)20 7742
Broker 4000
William Simmonds / Jérémie
Birnbaum (Corporate Finance)
James Bouverat (Sales)
RBC Capital Markets - Joint Corporate Tel: +44 (0)20 7635
Broker 4000
Will Smith / Elliot Thomas / Lauren
Davies (Corporate Finance)
Lisa Tugwell (Sales)
Ocorian - Company Secretary & Administrator Tel: +44 (0) 1481
Mariana Enevoldsen 742614
The Outside Organisation Tel: +44 (0)7711 081
Alan Edwards / Nick Caley 843
FTI Consulting Tel: +44 (0)7771 978220;
Neil Doyle/ Paul Harris/ Laura Ewart +44 (0)7809 411882;
+44 (0)7761 332646
All US music publicity enquiries
Fran Defeo +1 917 767 5255
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
( www.hipgnosissongs.com )
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey
registered investment company established to offer investors a
pure-play exposure to songs and associated musical intellectual
property rights. The Company has raised a total of over GBP1.05
billion (gross equity capital) through its Initial Public Offering
on 11 July 2018, and subsequent issues in April 2019, August 2019,
October 2019, July 2020 and September 2020. In September 2019,
Hipgnosis transferred its entire issued share capital to the
Premium listing segment of the Official List of the FCA and to the
London Stock Exchange's Premium segment of the Main Market, and in
March 2020, became a constituent of the FTSE 250 Index.
About The Family (Music) Limited
The Company's Investment Adviser is The Family (Music) Limited,
which was founded by Merck Mercuriadis, former manager of globally
successful recording artists, such as Elton John, Guns N' Roses,
Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as
Diane Warren, Justin Tranter and The-Dream, and former CEO of The
Sanctuary Group plc. The Investment Adviser has assembled an
Advisory Board of highly successful music industry experts which
include award winning members of the artist, songwriter,
publishing, legal, financial, recorded music and music management
communities, all with in-depth knowledge of music publishing.
Members of The Family (Music) Limited Advisory Board include Nile
Rodgers, The-Dream, Giorgio Tuinfort, Starrah, Nick Jarjour, David
Stewart, Bill Leibowitz, Ian Montone, Rodney Jerkins, Bjorn
Lindvall and Chris Helm.
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