Shares in One Media iP soared greater than 16% on Monday, after the music writer and distributor snapped up the producer royalties of a number of tracks by pop group Take That from British songwriter and DJ Ian Levine.
One Media iP
which is listed on London’s junior AIM inventory market, stated that the tracks included “A Million Love Songs,” “Might It Be Magic” and “I Discovered Heaven,” from Take That’s debut 1992 studio album “Take That & Occasion,” which has been licensed two-times platinum within the U.Ok.
The corporate stated it has additionally acquired the producer royalties of two different recorded Take That tracks which have by no means been launched.
Shares in One Media iP surged 16.36% to eight pence in midafternoon London buying and selling.
A string of high-profile artists have struck profitable offers to promote their music rights in current weeks, as publishing homes look to money in on the growth in music valuations amid the recognition of streaming companies like Spotify
and Apple Music
Songwriter catalogs are fetching sale costs 10 to 18 instances annual royalties, in contrast with 8 to 13 instances in earlier years, in keeping with a report in The Wall Road Journal.
The deal continued the aggressive acquisition spree by London-listed Hipgnosis, which earlier in January introduced offers for rights to music by veteran rock star Neil Younger, Fleetwood Mac guitarist Lindsey Buckingham, and file producer Jimmy Iovine.
Corporations like Hipgnosis put money into songs and musical mental property rights, and generate revenues by turning music royalties into a gradual earnings stream, getting cash every time considered one of their songs is performed on the radio or featured in a tv advert or movie.
One Media, which accomplished a £6 million ($8.1 million) fundraise in August 2020, stated the acquisition of producer royalties to a lot of Take That’s prime hits was “for a modest consideration.”
For the reason that boy band was fashioned in Manchester in 1990, it has achieved 28 prime 40 singles and 17 prime 5 singles within the U.Ok. Singles Chart, 12 of which have reached primary, together with ‘Again for Good’ and ‘Best Day.’