A London-listed firm offering investors the chance to cash in on the royalties from songs by famous artists has struck a multimillion pound deal for a catalogue including the Justin Bieber remix of global hit Despacito. Hipgnosis Song Fund, founded by the Merck Mercuriadis, the former manager of mega acts including Sir Elton John, Guns N’ Roses, Iron Maiden and Beyoncé, made its debut on the London stock exchange in July. The company, which aims to build a valuable portfolio of rights to songs that will generate good long-term returns for investors, has raised £200m to spend on catalogues. Hipgnosis has bought the song catalogue of the songwriter and producer Jason Boyd, better known by his professional name Poo Bear. He is one of Bieber’s closest collaborators. The catalogue includes the English language version of Despacito featuring Bieber, sung by Luis Fonsi and Daddy Yankee. Boyd has co-writer rights to nine of the 13 songs on Bieber’s hit album Purpose, which has sold 14m copies worldwide, including What Do You Mean? and Where Are You Now? He has also had top-10 hits with artists including Usher, David Guetta, Chris Brown and Jennifer Lopez. “It’s fortuitous to be able to acquire… Read full this story
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