(Reuters) – Colombian pop expert Shakira has become the latest artist to sell the rights to her catalog of 145 songs to the London-based Hipgnosis Song Fund, she said. investment company Wednesday, as a coronavirus crisis pushes concert earnings.
The three-time Grammy Award winner is best known for her songs such as “Hips Don’t Lie”, “Once Upon a Time”, “Underneath Your Clothes” and the 2010 FIFA World Cup song “Waka Waka” (This Time For Africa) ”, has sold over 80 million albums and has a strong following on the Spotify and YouTube music streaming platforms.
The pandemic has almost closed live concerts and a growing list of musicians have tried to make money on their back catalogs. Bob Dylan sold his back catalog last month and others have followed, such as Neil Young.
An increase in online music streaming, which has sent several old beats back to the top of the charts today, has added to the attraction for investors. JP Morgan said Hipgnosis was an attractive investment because its long-term income was due to copyright laws.
“At the age of eight, long before I sang, I wrote to make sense of the world,” Shakira, 43, said in a statement.
“Every song is a mirror of the person I was at the time I wrote it, but once a song is out in the world, it belongs not only to me but to those who appreciate it. also, ”she said. “I know Hipgnosis will be a great home for my catalog.”
The specialist investment firm did not reveal financial details about the deal, which is Hipgnosis’ latest after others this year with Neil Young, Lindsey Buckingham, guitarist Fleetwood Mac and recording producer Jimmy Iovine.
Bob Dylan sold his back catalog to Universal Music Group in December.
Merck Mercuriadis, founder of Hipgnosis, signed the agreement with Shakira, calling her the “Queen of Latin Music”.
“What no one should take for granted is that she is one of the worst and most successful songwriters in the last 25 years, having written or co-written almost her every song she’s ever recorded, ”he said.
Reporting by Yadarisa Shabong in Bengaluru; Edited by Edmund Blair