The deal covers copyright and revenue streams of 1,180 songs, Hipgnosis said in a statement Wednesday.
Young is the latest in a series of artists engaging in rights transactions, as streaming helps increase the value of back catalogs. Industry experts estimate the deal is worth about $ 150 million, reports the specialist publication Music Business Worldwide.
Young became a household name in the 1960s, both as a solo artist and as part of bands such as Buffalo Springfield, Crazy Horse and Crosby, Stills, Nash & Young.
The influential songwriter has released nearly 50 studio albums and is twice a member of the Rock & Roll Hall of Fame, as a solo artist and as a member of Buffalo Springfield.
“This is an agreement that will change Hipgnosis forever,” said Merck Mercuriadis, founder of Hipgnosis. He writes in the statement of his years-long love for Young’s music.
“I bought my first Neil Young album in 7 years. ‘Harvest’ was my companion and I know every note, every word, every silence and silence intimately. Neil Young, or at least his music, has been my friend and constant ever since. . “
Hipgnosis bought the rights to thousands of songs after the first public offering. The London-listed company gives investors “an exposure to songs and associated musical intellectual property.” ‘
Before launching Hipgnosis, Mercuriadis managed artists including Elton John, Guns N ‘Roses, Morrissey, Iron Maiden and Beyoncé.
And on Monday, Hipgnosis announced a deal for 100% of global producer royalties for influential record label Jimmy Iovine’s 259-song catalog, as well as his film production royalties for Eminem’s “8 Mile” and 50 Cent’s “Get Rich or Die” Tryin “. “
The agreement was, according to several reports, a major shift for the singer and songwriter, who controlled much of his own intellectual property. The financial terms of the sale were not disclosed, but the New York Times said it is estimated at more than $ 300 million.