Liechtenstein-based AP Music Royalties Fund (APMRF) has acquired the publishing rights catalog of British songwriter Chris Demetriou.
APMRF operates as part of Alternative Partners (AP), an independent Swiss-based investment advisory company.
Financial terms of the acquisition were not disclosed.
With a career spanning back to 1966, Demetriou’s most notable composition, He’s Gonna Step On You Again, performed by John Kongos, soared to the No.4 position on the UK Singles Chart in 1971.
The song gained further recognition when the Happy Mondays re-recorded it as Step On in 1990, achieving commercial success in the United Kingdom and the United States.
Q Magazine recognized Step On as one of the 100 Greatest Singles of All Time in 1999. On Spotify, Step On has amassed over 47 million streams to date.
Darren Michaelson, Manager of APMRF, said: “The Happy Mondays were one of the bands that inspired me to get into the industry over 30 years ago seeing them live at Liverpool University. ‘Step On’ is an evergreen and we have huge plans for it moving forward. We are thrilled to have such a gem within our portfolio and thank Chris for entrusting us with his works.”
“The Happy Mondays were one of the bands that inspired me to get into the industry over 30 years ago seeing them live at Liverpool University. ‘Step On’ is an evergreen and we have huge plans for it moving forward. We are thrilled to have such a gem within our portfolio and thank Chris for entrusting us with his works.”
Darren Michaelson, APMRF
Commenting on the deal, Demetriou added: “I am happy to entrust my catalog to the Alternative Partners team, who have shown tremendous respect and appreciation for my work. I have known Darren Michaelson for many years and I know he will be an excellent custodian of my life’s work.“
In 2021, APMRF made waves by acquiring the Barometer Music Royalties Fund I, co-founded and co-managed by Michaelson and Andy Gershon, the current managers of APMRF.
Since then, it has expanded its portfolio by acquiring several other assets, including Gerig, one of Germany’s largest independent music publishing companies. The company acquired the catalog of Gerig through a partnership with German music publisher, ROBA for somewhere around EUR €10 million to €20 million.
Additionally, APMRF secured recording royalties from the Spice Girls’ greatest hits, such as Wannabe, 2 Become 1, and Viva Forever through a deal with Stannard and Rowe, the producers of the catalog.
The fund also purchased a minority share of the Simple Minds’ recording royalties for their chart-topping hits like Don’t You Forget About Me and Alive and Kicking from the 1980s and early 1990s.
APMRF’s acquisitions extend further to include the producer royalties of Tom Allom (known for his work with Judas Priest and Def Leppard) and the songwriting royalties of Bill Padley (credited for Atomic Kitten’s Whole Again and Blue’s compositions).
Notably, the fund also acquired the Taio Cruz recording catalog, including the timeless hit Dynamie to its collection.Music Business Worldwide