Neil Young sold 50% of the global copyright and revenue interests in his 1,180 catalog to Hipgnosis Songs Fund Limited, the UK investment firm founded by Merck Mercuriadis, the manager. The move comes days after Hipgnosis, which has been locating left-wing and music catalogs for the past year, announced that it had acquired 100% of Lindsey Buckingham’s publishing rights as well as Jimmy Iovine’s royalties.
“I bought my first Neil Young album in 7 years,” Mercuriadis said in a statement. ‘Harvest was my companion and I know every note, every word, every pause and silence intimately. Neil Young, or at least his music, has been my friend and constant ever since. For the past 50 years, the friendship has taken me back to Buffalo Springfield, Crosby, Stills, Nash & Young, Everyone knows it’s nowhere, After the golden rush, and led me forward to On The Beach, Tonight is the night, Zuma, Come a time, Rust never sleeps, Trans, These notes for you, Freedom, Ragged Glory, Greendale and through each consecutive album and until last year’s Colorado. ”
Young has never licensed any of his songs for use in any commercial. In the video for his 1988 comeback hit “This Note’s For You”, he mocks artists such as Michael Jackson, Whitney Houston and Eric Clapton who kept the practice busy. “Don’t sing for Pepsi,” he sang. “Do not sing for Coke / I do not sing for anyone / make me look like a joke.”
The exact terms of the agreement with Hipgnosis have not been set out, but Mercuriadis says iconic songs like ‘Heart of Gold’ will not be used to sell fast food. “I built Hipgnosis as a business that Neil wanted to be a part of,” he said. ‘We have a common integrity, ethos and passion, born out of the belief in music and these important songs. There will never be a ‘Burger Of Gold’, but we will work together to ensure that everyone can hear them on Neil’s terms. ”
In his statement, Mercuriadis said Elliot Roberts, a longtime driver who passed away in 2019, was a good friend and mentor. Since Roberts’ death, Young has been run by Frank Gironda.
“Elliot was the example I wanted to be,” Mercuriadis said. ‘He and Neil were partners in crime and Elliot made sure that art was never compromised and that trade was always maximized. He complimented Neil’s integrity perfectly and together they protected the songs so fiercely that it became important to millions of people around the world. It was personal behavior that you could strive for, something that you could believe in … With the passing of Elliot last year, it was only natural that Frank, who worked so skillfully with him, would step into his shoes and also like that now seems logical. for Hipgnosis to work with Neil to ensure that his incredible songs reach all corners of the earth. ”
Young is the latest in a long list of veteran artists who have recently sold at least part of their publishing rights to music investment companies – a new kind of company in the music industry that offers huge payouts to artists in exchange for control over their lucrative royalties. . streams. Last month, Bob Dylan sold his total catalog for $ 300 million to Universal. Around the same time, Steve Nicks sold a majority of her publication to Primary Wave Music Publishing, along with her name and likeness.