2023-10-26 15:14:41
Published on Oct. 26, 2023 at 4:39 p.m. Updated on Oct. 26, 2023 at 5:14 p.m.
The shareholders of the Hipgnosis Songs Fund (HSF), a pioneer in investments in music catalogs, have made their anger heard. Gathered Thursday morning in London for an annual and then extraordinary general meeting, they expressed their discontent in several key votes for the future of this fund created in 2018 by Elton John’s ex-manager, Merck Mercuriadis.
Listed in London, the fund has invested $2.2 billion to date in the acquisition of 146 catalogs including 65,000 songs by artists such as Neil Young, Shakira, the Red Hot Chili Peppers and Mark Ronson, at a time when Interest rates were low and the value of catalogs was booming. But interest rates have climbed, enthusiasm for these assets has ebbed and the fund today finds itself in limbo, while its shareholders voted against its continuation with 83% of the votes, according to the “Financial Times”. .
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