Hipgnosis Songs Fund Limited DCMS Committee Report (2908F)
July 15 2021 - 2:00AM
UK Regulatory
TIDMSONG
RNS Number : 2908F
Hipgnosis Songs Fund Limited
15 July 2021
15 July 2021
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
DCMS Committee Report
The Board of Hipgnosis, the first UK listed investment company
offering investors a pure-play exposure to songs and associated
musical intellectual property rights, and its Investment Adviser,
The Family (Music) Limited, are pleased to highlight today's
publication of the House of Commons' Digital, Culture, Media and
Sport ("DCMS") Select Committee's report into the Economics of
Music Streaming.
Merck Mercuriadis, Founder of Hipgnosis Songs Fund Limited and
The Family (Music) Limited, said:
"This is an impressive report from the DCMS Committee. In a
short space of time our members of parliament have been able to
distil why the songwriter and artist are not being remunerated
properly with some accuracy and we both applaud and support their
efforts. We are particularly focused on their recommendations that
there be a full reset of streaming in law that gives songwriters
and artists a fair share of the earnings, and that further to this
the Government refer the case to the Competition and Markets
Authority to undertake a full market study into the economic impact
of the major music groups' dominance. This is essential to ensure
that the unhealthy control that the major recorded music companies
have over streaming negotiations is addressed and to expose the
fundamental flaws that exist within the music industry. Our wish is
that this will lead to songwriters being paid fairly and equitably
and in a manner that recognizes that without the song we have no
music industry. Ultimately if we are to make streaming truly fair
for songwriters and artists it is critical that they are given a
direct seat at the negotiating table, have exclusive rights, not
merely a right to remuneration, and are paid in line with the share
taken by record labels."
For further information, please contact:
The Family (Music) Limited Tel: +44 (0)1481
Merck Mercuriadis 742742
Singer Capital Markets - Joint Corporate Broker Tel: +44 (0)20
James Maxwell / James Moat / Amanda Gray / 7496 3000
Alaina Wong (Corporate Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales)
J.P. Morgan Cazenove - Joint Corporate Broker Tel: +44 (0)20
William Simmonds / Jérémie Birnbaum 7742 4000
(Corporate Finance)
James Bouverat (Sales)
RBC Capital Markets - Joint Corporate Broker Tel: +44 (0)20
Elliot Thomas / Max Avison (Corporate Finance) 7635 4000
Lisa Tugwell / Adam Robertson (Sales)
Ocorian - Company Secretary & Administrator Tel: +44 (0) 28
Lorna Zimny 9693 0222
The Outside Organisation Tel: +44 (0)7711
Alan Edwards / Nick Caley 081 843
FTI Consulting Tel: +44 (0)7771
Neil Doyle/ Paul Harris/ Laura Ewart 978220; +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 almost GBP1.3
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, September 2020, February 2021 and July
2021. 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. Since April 2021, the Company has been resident in the
UK for tax purposes and is recognised as an investment trust under
applicable HMRC regulations.
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, David A. Stewart,
Poo Bear, Bill Leibowitz, Ian Montone and Rodney Jerkins.
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