Neil Young sells the rights to half of his songs for $ 150 million
Canadian-American singer Neil Young sold the rights to 50% of his business to the "Hypgenosis" investment fund.
This new move indicates a trend of this kind in the music sector, as it comes a month after Universal Music acquired Bob Dylan's songs.
The "BBC" revealed that the value of the deal, which includes 1180 pieces for Young (75 years), amounted to 150 million dollars.
And in early December, Universal Music invested $ 300 million, according to estimates by The New York Times, to buy the rights to Bob Dylan's works.
"Hypnosis" was founded in early 2018 by Mercuriades, the former business director of a number of famous music giants such as Elton John and Iron Maiden, and the fund's shares were floated on the London Stock Exchange in the same year.
This fund specialized in the acquisition of rights has managed to raise 625 million pounds (about 850 million dollars) so far from investors, according to its official website.
Since then, the fund has embarked on acquisitions that have included the work of successful American producer Timbaland and singer Barry Manilow.
Other investment vehicles have entered the race for rights, including "Concord" and "Primery Wave".
The growing popularity of streaming is the main reason why investors want to acquire the rights to the music business.
Neil Young was a member of the bands "Buffalo Springfield and Crosby", "Stiles" and "Nash & Young", and sang various genres, including his most famous song, "Heart of Gold" (1972).
