Tag: 1bn

Hipgnosis to pay bigger dividend as $1bn music rights spree pays off | Music industry

Hipgnosis, which owns the rights to 65,000 songs by artists from Neil Young to Beyoncé, has raised its dividend as it expects the pandemic-fuelled streaming boom to continue as listening increases on digital services such as TikTok and Peloton.

The London-listed company, which makes money every time one of the songs to which it owns the rights are played, almost doubled revenues from $82m to $160m in the year to the end of March.

This was fuelled by a $1bn (£722m) spending spree on evergreen hits during the pandemic, with Hipgnosis buying the rights to 84 song catalogues last year,

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