Blackstone Inc.

BX -1.62%

plans to speculate $1 billion in obtaining track rights and managing catalogs, a transfer the asset supervisor mentioned will get pleasure from the fast expansion of on-line streaming.

The funding will come as a part of a partnership with an advisory company affiliated with

Hipgnosis Songs Fund Ltd.

SONG 1.66%

, a music-investment corporate that trades at the London Inventory Alternate. Hipgnosis, led via former pop-star supervisor Merck Mercuriadis, buys artists’ music catalogs and earns income when the track is streamed on-line or utilized in motion pictures or promoting.

Via partnering with the Hipgnosis advisory company, Blackstone hopes to money in on new ways in which enthusiasts are taking in track by way of the web. “The music industry has been at the forefront of the fast-growing streaming economy and is unlocking new ways of consuming content,” Blackstone government Qasim Abbas mentioned.

Bloomberg reported remaining week that Blackstone and the advisory company have been in talks.

The Hipgnosis fund could have the correct to co-invest within the new Blackstone partnership’s catalog acquisitions, the corporations mentioned. Blackstone will take an possession stake in Mr. Mercuriadis’s advisory company, and can make investments to give a boost to the company’s knowledge and era features to lend a hand the partnership set up track rights extra successfully.

Hipgnosis has mentioned that its objective is to determine songs as an funding asset elegance. Mr. Mercuriadis, its founder, previously controlled singers reminiscent of Beyoncé and Elton John and bands together with Weapons N’ Roses and Iron Maiden.

Hipgnosis went public in 2018. As of June, it owned the rights to greater than 64,000 songs, together with just about 14,000 top-ten hits. Neil Younger, Adventure, Fleetwood Mac and Mariah Carey are a number of the artists whose songs Hipgnosis has invested in.

The Covid-19 pandemic has boosted other folks’s use of streaming to hear vintage songs, Mr. Mercuriadis mentioned in June.

Write to Matt Grossman at [email protected]

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