Hipgnosis hits the right note with earnings: Profits on song in lockdown as fans streamed more music
Hipgnosis saw profits climb during lockdown as fans stuck at home streamed more music than ever.
The London-listed company, which owns the rights to 65,000 songs by artists from Neil Young to Beyonce, almost doubled revenues in 2020 from £60million to £115million and increased profits from £30million to £32million.
Hipgnosis’s portfolio of 138 song catalogues is valued at £1.6billion, 10 per cent more than what they cost to buy.
Money streams: Hipgnosis owns the rights to 65,000 songs by artists including Blondie (pictured)
The company hailed a ‘remarkable year’ which saw the business buy catalogues including music by Neil Young, Fleetwood Mac, Blondie and Barry Manilow.
Hipgnosis, founded by music industry executive Merck Mercuriadis, is also rumoured to be talking with Oasis’s Noel Gallagher about acquiring his back catalogue.
Chief Exec Merck Mercuriadis said: ‘Going forward this accelerated streaming will be enhanced as revenues from TikTok, Peloton, Triller, Roblox, and other rapidly emerging digital platforms start to be paid through,’ .
‘We are entering an era where now, for the first time ever, almost all consumption of music is paid for.’