A new investment fund backed by song royalties has revealed that huge hits by Justin Bieber, Beyonce and Rihanna will form part of its first catalog.
Hipgnosis Songs Fund, which was listed on the main market of the London Stock Exchange (LSE) on Wednesday, plans to build a portfolio of songs that generate a long-term income stream.
Following the listing, the company revealed that it has acquired a 75 percent interest in its first music rights catalog from musician Terius Youngdell Nash, better known as The-Dream. Included in the 302-song collection are Justin Bieber’s smash hit “Baby,” Rihanna’s “Umbrella” and Beyonce’s “Single Ladies.”
Hipgnosis is to pay $23.75 million for the stake.
The investment vehicle was founded by Merck Mercuriadis, the former manager of internationally renowned acts such as Elton John, Guns ’n’ Roses, Iron Maiden and Beyonce.