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Jimmy Iovine Sells His Production Catalog



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 4 months ago '10        #1
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Jimmy Iovine Sells His Production Catalog
 

 
While Jimmy Iovine is best known as one of the music industry’s biggest power players — a cofounder of both Interscope Records and the Beats by Dre headphone empire, and as an Apple Music executive — he began his career as music producer and engineer, working with Bruce Springsteen, Tom Petty, John Lennon, Patti Smith, U2, Stevie Nicks, Dire Straits and many others from the mid-1970s to the early 1990s.

The ever-growing Hipgnosis Songs, which has invested more than $1.5 billion in music catalogs in just two and a half years, announced that it has acquired 100% of Iovine’s catalog of worldwide producer royalties, comprising 259 songs, and his film production royalties for the Eminem-starring “8 Mile” and 50 Cent’s “Get Rich or Die Tryin’.” Terms of the deal were not disclosed.

Iovine was represented by Paul Wachter of Main Street Advisors and attorneys Eric Sacks and Don Friedman of Grubman Shire Meiselas & Sacks.

Iovine was barely 20 years old when his engineering career began in earnest with work on Lennon’s “Walls & Bridges” and “Rock and Roll,” albums, and continued with countless hours expended on the notoriously demanding Springsteen’s albums “Born to Run” and “Darkness on the Edge of Town.” His breakthrough as a producer came with Patti Smith’s top-selling album “Easter,” which spawned a global hit single with the Springsteen-cowritten “Because the Night.” His hot streak continued over the next dozen years, with smash albums for Petty (“Damn the Torpedoes”), Dire Straits (“Making Movies”), Nicks (“Bella Donna”), U2 (“Under a Blood Red Sky” and “Rattle and Hum”), Simple Minds (“Once Upon a Time”), and the Pretenders (“Get Close”), among others. Those albums include hits such as Petty’s “Refugee” and “Don’t Do Me Like That,” Nicks’ “Stop Draggin’ My Heart Around” and “Edge of Seventeen,” U2’s “Desire,” and Simple Minds’ “Alive and Kicking.”

He moved away from production in 1990 when he co-founded Interscope Records and in the process helped to develop the careers of Tupac Shakur, Dr. Dre, Eminem, 50 Cent, Nine Inch Nails, Black Eyed Peas, Lady Gaga and many more. He also coproduced “8 Mile” and “Get Rich or Die Tryin’.” He cofounded Beats Electronics and Beats Music with Dre in 2008 and sold the companies to Apple in 2016 for $3 billion, with Beats Music becoming the foundation for Apple Music and Iovine becoming a top executive for the company, a post he left in 2018. In 2013, he and Dre gave a $70 million endowment to the University of Southern California to create the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation.

Hipgnosis’ annual report, released over the summer, showed its revenues soaring in its first full year of business, climbing to $81 million in the 12 month period ended in March 2020 from around $8.9 million in the preceding period. The firm, which has been on an unprecedented acquisition binge of hit songwriter and producer catalogs — been buying up catalogs by hitmakers ranging from Timbaland and Eurythmics’ Dave Stewart to Jack Antonoff and Jeff Bhasker — began trading on the London Stock Exchange in July of 2018. In September it acquired the Big Deal Music Group (and its 35-person staff, giving it a U.S.-based publishing infrastructure) and in November acquired some 33,000 songs from Kobalt’s Capital Fund.

Merck Mercuriadis, Founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said: “While barely in my teens I noticed that so many of my favorite albums had one name in common. The best albums by John Lennon, Bruce Springsteen, Patti Smith all had Jimmy Iovine on them. This continued through the 80’s with Stevie Nicks, Dire Straits, U2, Simple Minds, The Pretenders and more from Tom and Patti and I have been glued to everything Jimmy does ever since. His incomparable success with Interscope and Beats means that he would never have to make a deal for money again, but leave it to Jimmy to figure out the most efficient way possible to use his producer royalties to build a best in class high school in the inner city and once again make a massive difference, as he has throughout his life. It’s an honour to now be a custodian of his incredible work on these iconic albums and I’m very happy to welcome him to the Hipgnosis family.”

Iovine said: “I’m happy that my work as a producer with so many great artists has found the right home with Merck and Hipgnosis. I am going to use the proceeds from the deal to help Iovine Young Academy’s initiative to build a high school in South LA as part of the Iovine Young Academy at USC and continue our efforts to support education.”

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41 comments
 

 4 months ago '19        #2
aaf192020  topics gone triple plat - Number 1 spot x3
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Streams must be worthless.
+29   

 4 months ago '10        #3
Bandito  topics gone triple plat - Number 1 spot x6 OP
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 aaf192020 said
Streams must be worthless.
I think that's why you have groups like Hipgnosis acquiring all these songs. Once your catalog gets big enough you have better leverage negotiating royalties from streaming services.
+31   

 4 months ago '19        #4
aaf192020  topics gone triple plat - Number 1 spot x3
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 Bandito said
I think that's why you have groups like Hipgnosis acquiring all these songs. Once your catalog gets big enough you have better leverage negotiating royalties from streaming services.
Seems that way. A lot of producers and songwriters are selling. They're usually more in tune with the business side than artists themselves.

I heard from somewhere, I forget where, that artists can recover their masters after selling them through a loophole. I'm not sure if I believe that.
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 4 months ago '17        #5
Pythagoras  topics gone triple plat - Number 1 spot x1
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 Bandito said
I think that's why you have groups like Hipgnosis acquiring all these songs. Once your catalog gets big enough you have better leverage negotiating royalties from streaming services.
Alot of these sales are also not full ownership. Artists are keeping a portion of their royalties or selling for cash/an interest in the Hipgnosis as well.
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 4 months ago '06        #6
new2hiphop 
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He sold at the right time… u can’t take it with you
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 4 months ago '18        #7
Rugby Jones  topics gone triple plat - Number 1 spot x6
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I don't need a damn book report on his Life.

Just give me details about the deal.

I hate how people stretch out simple reports
+42   

 4 months ago '16        #8
AgentOrange 
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Wouldn't it be great if they take the music off streaming and people had to actually buy music. Then we get to see who really sells albums. No more breaking record sales when nobody is buy.
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 4 months ago '15        #9
Hitek 
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They're selling because they were offered a sh*t ton of money for it. The money he got in 1 payday would probably have taken 50+ years to make from royalties.
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 4 months ago '07        #10
DIPSET101 
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 4 months ago '11        #11
Sin  topics gone triple plat - Number 1 spot x50
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 Hitek said
They're selling because they were offered a sh*t ton of money for it. The money he got in 1 payday would probably have taken 50+ years to make from royalties.
But how do these private equity firms plan to capitalize on these investments?

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 4 months ago '17        #12
Harasnart 
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 Sin said
But how do these private equity firms plan to capitalize on these investments?

When they own enough publishing rights.. they can use it to demand more money from apple or Spotify? If I own half the big artists, would Spotify or APple pay more?

No different than streaming. Spotify doesn't make music, it just licenses the songs
+7   

 4 months ago '11        #13
Sin  topics gone triple plat - Number 1 spot x50
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 Harasnart said
When they own enough publishing rights.. they can use it to demand more money from apple or Spotify? If I own half the big artists, would Spotify or APple pay more?

No different than streaming. Spotify doesn't make music, it just licenses the songs
But they’ve been buying up 80 and 70 years olds catalog like bob dylan, Springsteen and Tina turner

Their fan bases aren’t big music streamers
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 4 months ago '10        #14
Bandito  topics gone triple plat - Number 1 spot x6 OP
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 Rugby Jones said
I don't need a damn book report on his Life.

Just give me details about the deal.

I hate how people stretch out simple reports
It was telling about his production career and the 200+ songs involved in the deal. The paragraph about him starting Interscope and Beats was the only unnecessary information.

 4 months ago '11        #15
yogi11 
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How much was the deal
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 4 months ago '10        #16
Bandito  topics gone triple plat - Number 1 spot x6 OP
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 Sin said
But they’ve been buying up 80 and 70 years olds catalog like bob dylan, Springsteen and Tina turner

Their fan bases aren’t big music streamers
It is not just streaming. They also get money from the music being used in movies and advertising. Look at a movie like Guardians of the Galaxy and how old music is used in it. That also creates a loop where people will hear a song in a movie and search for it on streaming services.

This song got a big revival when used in the opening of Guardians of the Galaxy.



3 year old video with 52 million views. Not bad for a song over 45 years old.
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 4 months ago '13        #17
3nl1ght3ned 
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 Bandito said
It is not just streaming. They also get money from the music being used in movies and advertising. Look at a movie like Guardians of the Galaxy and how old music is used in it. That also creates a loop where people will hear a song in a movie and search for it on streaming services.

This song got a big revival when used in the opening of Guardians of the Galaxy.




3 year old video with 52 million views. Not bad for a song over 45 years old.
Facts..I got put on to so many old school tracks just from hearing some catchy sh*t in a tv/movie.
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 4 months ago '04        #18
mccurt 
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they might start their own streaming service
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 4 months ago '11        #19
Sin  topics gone triple plat - Number 1 spot x50
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 Bandito said
It is not just streaming. They also get money from the music being used in movies and advertising. Look at a movie like Guardians of the Galaxy and how old music is used in it. That also creates a loop where people will hear a song in a movie and search for it on streaming services.

This song got a big revival when used in the opening of Guardians of the Galaxy.




3 year old video with 52 million views. Not bad for a song over 45 years old.
I feel like a bunch of remixed sampled songs are about to start dropping by major artists

Some laboratory made boy band covering bob dylan




Last edited by Sin; 01-27-2022 at 09:40 PM..

 4 months ago '17        #20
Harasnart 
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 Sin said
But they’ve been buying up 80 and 70 years olds catalog like bob dylan, Springsteen and Tina turner

Their fan bases aren’t big music streamers
Springsteen does 13 million listeners a month, Tina Turner does 10 million. Do the math, they add up.

Plus, these new streamers are hot for a few months or a year. Those classics will always be listened to, may not be as much as the flavor of the month.

Most people who "pay" for spotify/apple, mainly family plans, are older people. They listen to older music on average. Imagine if one of these companies pulled half the catalog and made it Apple exclusive? Most people would switch over as they have more music.

Once you accumulate enough classics, you could start your own Spotify. Spotify relies on other people's music.
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 4 months ago '17        #21
S550  topics gone triple plat - Number 1 spot x4
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The music industry is a sham
And got everyone thinking these artist are really paid
All the top execs and nobles are transitioning out. Get your bread while you can
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 4 months ago '11        #22
Sin  topics gone triple plat - Number 1 spot x50
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 Harasnart said
Springsteen does 13 million listeners a month, Tina Turner does 10 million. Do the math, they add up.

Plus, these new streamers are hot for a few months or a year. Those classics will always be listened to, may not be as much as the flavor of the month.

Most people who "pay" for spotify/apple, mainly family plans, are older people. They listen to older music on average. Imagine if one of these companies pulled half the catalog and made it Apple exclusive? Most people would switch over as they have more music.

Once you accumulate enough classics, you could start your own Spotify. Spotify relies on other people's music.
Hedge funds guys like bill ackman went right for the mothership of universal music group instead of individual artists


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 4 months ago '14        #23
killuminati  topics gone triple plat - Number 1 spot x14
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Smart move.. They'll own majority of the major catalogs soon & will able to set the price for streaming services to use their music
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 4 months ago '05        #24
That Dude 
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 Sin said
But how do these private equity firms plan to capitalize on these investments?

NFT's maybe something utilizing web3.0, commercial, media use, leasing , incorporating them in future apps etc. Would be my guess.
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 4 months ago '15        #25
d a n n y z 
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OVER 73% OF THE US MUSIC MARKET IS NOW CLAIMED BY CATALOG RECORDS, RATHER THAN NEW RELEASES





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