Investors strike deal with Eurythmics co-founder Dave Stewart for his copyright of more than 1,000 songs
He's signing over his massive catalog of music copyrights including his work alongside Annie Lennox
The song management and investment company known as Hipgnosis Song Fund has all but finalized a deal with former Eurythmics co-founder Dave Stewart for his share of copyright interest in the music he has produced over the course of his career. Stewart’s coveted catalog of songs contains some 1,068 credited creations, of which he is writer, artist, and/or producer.
The Evening Standard reported that Dave Stewart will be joining the advisory board of Hipgnosis following their deal’s completion. Already on the board is major musician Niles Rodgers.
The Guardian reported that the music-focused fund was started by Merck Mercuriadis whose managing career in the music industry includes working with the likes of Beyoncé, Guns N’ Roses, and Elton John. His words on the major deal were as follows:
“The work Dave and Annie did together as Eurythmics defines the 1980s and 1990s but still remains timeless today. I’m not generally one for puns but sweet dreams are literally made of this.”
Another recent purchase landed Hipgnosis Song Fund the bulk of Jason Boyd’s (also known as Poo Bear) catalog of song and collaboration copyright interest. This netted the fund copyright interest in many of Bieber’s recent hits, including “What Do You Mean?” as well as Usher’s “Caught Up.”
CNBC revealed Hipgnosis to have acquired rights to a number of major hits back in 2018, when it first hit the London Stock Exchange. Acquisitions included songs such as “Baby” by Justin Bieber, “Umbrella” by Rihanna, and Beyoncé’s “Single Ladies”.
Dave Stewart’s words following the deal’s announcement were:
“[Merck] sees his company more like a song management company unlike many publishers who act more like a collection agency and wait for the money to pour in. I’m excited to be on the advisory board of this forward thinking company.”