Hipgnosis Songs Fund Limited has splashed the cash again.
This time, the publicly traded UK-based company has acquired both writer and publishing rights in the catalog of The Chainsmokers, the artist and producer duo made up of Alex Pall and Andrew Taggart, for an undisclosed fee.
Hipgnosis, led by industry veteran Merck Mercuriadis, has purchased 100% of the Chainsmokers’ interest including ASCAP (American Society of Composers, Authors and Publishers) income in their catalog, which comprises 32 Chainsmokers’ songs as well as 10 additional songs written by Andrew Taggart.
These additional Taggart-written songs include “1-800-273-8255” by Logic featuring Alessia Cara and Khalid which reached number 3 on the US Billboard Hot 100 and was nominated for ‘Song of the Year’ at the 2018 Grammy Awards.
The Chainsmokers are the 14th most streamed artist globally on Spotify with 41 million monthly listeners.
The Chainsmokers were represented in the deal by manager Adam Alpert and attorney Jaimie Roberts.
“The Chainsmokers are the highest paid duo in the world not only because they know how to spin records better than anyone else but because they have created amongst the very biggest hits in the world for the dance and pop community over the last seven years.”
Merck Mercuriadis, Founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said: “The Chainsmokers are the highest paid duo in the world not only because they know how to spin records better than anyone else but because they have created amongst the very biggest hits in the world for the dance and pop community over the last seven years.
“This is a set of songs that people can’t stop playing and that will define the lives of so many people that have grown up in the 2010’s. It’s my pleasure to welcome Alex, Drew and Adam to the Hipgnosis Family!”
In total, the songs in the catalog acquired by Hipgnosis have been certified 20x Platinum and 2x Gold by the Recording Industry Association of America (RIAA) and 9x Platinum and 2x Silver by the British Phonographic Industry (BPI)
In the past five years, The Chainsmokers have racked up 55 No. 1 and 245 Top 10 Chart positions globally as well as winning ‘Best Dance Recording’ at the 2017 Grammy Awards, two American Music Awards, seven Billboard Music Awards, and nine iHeart Radio Music Awards.
Their 2016 Grammy Award winning ‘Don’t Let Me Down’ featuring Daya, which reached No. 1 on the US Hot Dance/Electronic Songs, is certified 6x Platinum in the US and has been streamed over 1.2 billion times.
Their hit single ‘Closer’ featuring Halsey, reached No. 1 on the US Billboard Hot 100, where it stayed for 12 weeks, and went to Number 1 on over 30 Charts worldwide. As well as winning the ‘Top 100 Hot Song’, ‘Top Collaboration’ and ‘Top Dance/Electronic Song’ at the 2017 Billboard Music Awards; ‘Dance Song of the Year’ at the 2017 iHeart Radio Music Awards; and being nominated for the Best Pop Duo/Group Performance at the 2017 Grammy Awards, ‘Closer’ has been streamed 1.6 billion times as well as being certified Diamond in the US.
Their other hit singles include: ‘Roses’; ‘Until You Were Gone’; ‘Inside Out’; ‘All We Know’; ‘Setting Fires’; ‘Paris’; ‘Something Just Like This’; ‘The One’; ‘Honest’; ‘Young’; ‘Sick Boy’; ‘You Owe Me’; ‘Everybody Hates Me’; and ‘Somebody’.
The upcoming tour, ‘World War Joy Tour’, will run from September through November 2019 and is expected to feature all of the hits being purchased within this acquisition.
Earlier this month, Hipgnosis acquired the catalog of US-based hitmaker Benny Blanco.
In April, Hipgnosis raised additional funds of $185m with which to buy rights in the songwriter/publishing marketplace.
Hipgnosis, which was founded by veteran artist manager Merck Mercuriadis (pictured with client Nile Rodgers) acquired 12 catalogs in the period between June 8, 2018 and end of March 2019 for a total of approximately £120m ($153m): The-Dream, Poo Bear, TMS, Tricky Stewart, Giorgio Tuinfort, Bernard Edwards, Itaal Shur, Rico Love, Sean Garrett, Johnta Austin, Ari Levine and Sam Hollander.
The firm recently told its investors: “We now have a pipeline of catalogs with an aggregate value in excess of £1 billion.”Music Business Worldwide