TIDMSONG
RNS Number : 6364S
Hipgnosis Songs Fund Limited
18 March 2021
18 March 2021
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Acquisition of Music Catalogue
The Board of Hipgnosis Songs Fund Limited, the first UK listed
investment company offering investors a pure-play exposure to songs
and associated intellectual property rights, and its Investment
Adviser, The Family (Music) Limited, are pleased to announce that
the Company has acquired the catalogue of one of the most prolific
and successful songwriters in pop history, Carole Bayer Sager.
Carole Bayer Sager's catalogue spans 55 years and contains some of
the world's most popular and successful songs including A Groovy
Kind Of Love, When I Need You, Nobody Does It Better, That's What
Friends Are For, Heartlight, The Prayer, Don't Cry Out Loud, On My
Own, It's The Falling In Love, Arthur's Theme (Best That You Can
Do) and Heartbreaker. Carole Bayer Sager is one of the extremely
rare EGOT (Emmy, Grammy, Oscar, Tony) nominees and has been
decorated with Oscar, Grammy and Golden Globe wins.
Despite a successful solo career which saw her release three
albums in the 1970s, Bayer Sager is best known for her work as a
songwriter and producer for some of the world's most successful
artists, with collaborations with Carly Simon, Barbra Streisand,
Michael Jackson, Frank Sinatra, Bob Dylan, Whitney Houston, Ray
Charles, Dolly Parton, Aretha Franklin, Neil Diamond, Bette Midler,
Celine Dion, Phil Collins, Rod Stewart and Reba McEntire.
One of the most prolific song writers in history, key songs from
her catalogue include:
-- A Groovy Kind of Love was Bayer Sager's first Number 1 hit
which she wrote whilst still at High School. Initially recorded by
The Mindbenders in 1965, the song was a worldwide hit, reaching
Number 2 on the Billboard Hot 100. In 1988, Phil Collins released a
ballad version of A Groovy Kind of Love which reached Number 1 in
the UK and US, earned Collins a Grammy Award for "Best Pop Vocal
Performance" in 1989 and was the most performed radio hit of the
year. Standing the test of time, A Groovy Kind of Love has now been
streamed over 150 million times.
-- Don't Cry Out Loud, released in the US by Melissa Manchester,
reached the Top 10 on the Billboard 100 and, due to its length of
time in the charts, ranked as Billboard's 26th biggest hit of 1976.
The version performed by Elkie Brooks reached the Top 15 of the UK
singles chart.
-- When I Need You achieved worldwide success in 1977 after its
release by Leo Sayer. When I Need You topped the UK Singles chart
for three weeks, whilst also reaching Number 1 on the Billboard Hot
100 and the Billboard Hot Adult Contemporary Tracks chart. The song
has since been covered by many internationally recognised stars
including Rod Stewart, Céline Dion, Cliff Richard, Julio Iglesias
and Luther Vandross.
-- Nobody Does It Better was recorded by Carly Simon as the
theme song for the 1977 James Bond film, 'The Spy Who Loved Me'.
Nobody Does It Better became a major worldwide hit, spending three
weeks at Number 2 on the US Billboard Hot 100 and reaching Number 7
in the UK. Among the most successful Bond theme songs, it received
a nomination for "Song of the Year" at the 1978 Grammy Awards as
well as nominations at the Academy Awards, Golden Globes and Emmy
Awards.
-- You're Moving Out Today was Bayer Sager's first solo Number 1
single. Released from Bayer Sager's debut self-titled album in
1977, it reached Number 6 in the UK and spent four weeks at Number
1 in Australia. It was also a hit for Bette Midler.
-- It's The Falling In Love was included on Bayer Sager's second
solo album '...Too'. In 1979, Michael Jackson covered It's The
Falling In Love on his 9x platinum, and Grammy Award winning, album
'Off the Wall'.
-- Through the Eyes of Love by Melissa Manchester, which was the
theme song to the 1978 film 'Ice Castles' and was nominated for an
Academy Award, Golden Globe Award and Emmy Award.
-- Bayer Sager co-wrote the lyrics for the Broadway musical
They're Playing Our Song in 1978, which ran for over three years on
Broadway and received four Tony Award nominations including for
"Best Musical".
-- Heartbreaker (1978) and You're the Only One (1979) by Dolly
Parton, which both reached Number 1 on Billboard's US Hot Country
Songs charts. You're the Only One was nominated for an Academy of
Country Music Award for "Song of the Year".
-- It's My Turn by Diana Ross which was used as the theme song
to the film 'It's My Turn' in 1980. The song reached Number 9 on
the Billboard Hot 100 and the Billboard Hot Adult Contemporary
chart.
-- Arthur's Theme (Best That You Can Do) by Christopher Cross,
which was the main theme for the 1981 film 'Arthur'. The song
reached Number 1 on the Billboard Hot 100 and the Billboard Hot
Adult Contemporary chart and won both the Academy Award and the
Golden Globe Award for "Best Original Song" in addition to the Emmy
Award for "Song of the Year".
-- Heartlight, by Neil Diamond, was the first track on Diamond's
1982 album, also titled 'Heartlight'. The song reached Number 5 on
the Billboard Hot 100 and Number 1 on the Billboard Hot Adult
Contemporary chart.
-- That's What Friends Are For, which was initially recorded by
Rod Stewart for the film 'Night Shift'. That's What Friends Are For
reached Number 1 on the Billboard Hot 100 and won the Grammy Award
for "Song of the Year" as a remake by Dionne Warwick, Stevie
Wonder, Gladys Knight and Elton John. That's What Friends Are For
has amassed over 75 million streams on Spotify.
-- On My Own by Patti LaBelle and Michael McDonald topped three
different Billboard charts, including the Billboard Hot 100, and
reached Number 2 on the UK singles chart.
-- The Prayer, recorded by Celine Dion and Andrea Bocelli for
the 1998 film 'Quest for Camelot', won the Golden Globe for "Best
Original Song" in 1999 and was nominated for both an Academy Award
and a Grammy Award. The Prayer re-entered the charts in 2008 after
Celine Dion released a live version of the song as a duet with Josh
Groban, and in 2004 as a cover by Anthony Callea, the runner-up of
Australian Idol. Anthony Callea's cover version remained Number 1
on the Australian singles chart for five consecutive weeks, was
certified quadruple-platinum and currently holds the record for the
fastest-selling single in Australia.
Bayer Sager has collaborated with some of the greatest
songwriters of our lifetime including being one of the small
handful to have ever co-written with Bob Dylan, as well as having
long term collaborations with Albert Hammond, Burt Bacharach, Bruce
Roberts, Carole King, Carly Simon, David Foster, Kenny Edmonds,
Marvin Hamlisch, Melissa Manchester, Neil Diamond, Neil Sedaka,
Peter Allen and Toni Wine.
Bayer Sager's songs have been performed by many of the most
important artists of all time, including Agnetha Fältskog, Albert
Hammond, Andrea Bocelli, Anita Baker, Aretha Franklin, Barbra
Streisand, Bernadette Peters, Bette Midler, Bob Dylan, Carly Simon,
Carole King, Céline Dion, Charlotte Church, Christopher Cross,
Cliff Richard, The Corrs, Diana Krall, Diana Ross, Dionne Warwick,
Dolly Parton, Doobie Brothers, Dusty Springfield, Elkie Brooks,
Elton John, Frank Sinatra, Gladys Knight, Josh Groban, Judy
Collins, Julio Iglesias, Kanye West, Kenny Rogers, Leo Sayer, Liza
Minnelli, Luther Vandross, Melissa Manchester, Michael Jackson,
Michael McDonald, The Mindbenders, The Monkees, Neil Diamond, Patti
LaBelle, Peter Allen, Phil Collins, Randy Crawford, Ray Charles,
Richard Marx, Rita Coolidge, Reba McEntire, Roberta Flack, Rod
Stewart, Shaun Cassidy, Sheena Easton, Shirley Bassey, Steve Perry,
Stevie Wonder and Whitney Houston.
Over the course of her career, Bayer Sager has been nominated
for an incredible:
-- Four Grammy Awards, winning one
-- Six Oscar / Academy Awards, winning one
-- Ten Golden Globe Awards, winning three
-- Six Emmy Awards
-- Four Tony Awards.
In recognition of her outstanding contribution to the music
industry, in 1987 Bayer Sager was inducted into the Songwriters
Hall of Fame, and in 2019 received the "Johnny Mercer Award" from
the Songwriters Hall of Fame during their 50th anniversary
induction ceremony, becoming the sixth female songwriter to ever be
awarded this honour. Bayer Sager has also been awarded a star on
the Hollywood Walk of Fame.
Merck Mercuriadis, Founder of The Family (Music) Limited and
Hipgnosis Songs Fund Limited, said:
" This is one of the most important deals we have ever made.
Carole's iconic songs have been making the world go around for more
than 55 years. She has an elegance with words that has made these
songs universal and they are not only enormously successful but
truly beloved all over the globe. It's very special to welcome
Carole to the Hipgnosis family and it's an honor to now be the
custodians of these incredible songs that are of genuine cultural
importance."
Carole Bayer Sager said:
"In speaking with Merck, I was surprised to find how intimately
acquainted he was with my catalogue of songs. Hearing his plans to
keep these songs alive and bring them to a new generation of
listeners, excited me and convinced me now was the right time to
allow a new custodian to take charge of their future. With Merck
and his Hipgnosis family I feel my songs are going to be nurtured
and cared for. I look forward to yet another wonderful
collaboration."
Catalogue Playlists:
Spotify
https://open.spotify.com/playlist/5iajB5y6fK4xO2u4Jp60qE?si=LU_S73evQ9CH0tfnZl9EKw
Apple
https://music.apple.com/gb/playlist/carole-bayer-sager-highlights/pl.u-zPyLmV6IeaEWX06
Key Catalogue Information:
Catalogue Carole Bayer Sager
Copyright acquired Publishing and Writers Share of Income
Number of Songs 983
Number 1s Top 10s Grammys
Accolades 49 109 1
-------- --------
2018 2019 2020
Revenue History $'000 $'000 $'000
------ ------
521 548 652
------ ------
Revenue mix Mechanical Performance Streaming Sync Writer's
by source(1) Share
8% 13% 16% 24% 33%
------------ ---------- ----- ---------
Revenue mix US Rest of World
by geography(1) 46% 54%
--------------
Revenue diversification(1) Top 3 Songs Top 5 Songs Top 10 Songs
41% 56% 76%
------------ -------------
Top 5 Songs Song Artist
by revenue(1) When I Need You Leo Sayer; Rod Stewart,
Celine Dion; Cliff
Richard; Julio Iglesias;
and Luther Vandross
--------------------------
The Prayer Celine Dion & Andrea
Bocelli; Anthony
Callea
--------------------------
That's What Friends Are Rod Stewart; Dionne
For Warwick, Stevie Wonder,
Gladys Knight & Elton
John
--------------------------
On My Own Patti LaBelle and
Michael McDonald
--------------------------
A Groovy Kind of Love The Mindbenders;
Phil Collins
--------------------------
(1) Based on the catalogue's royalty statement revenue in the
calendar year 2020
For further information, please contact:
The Family (Music) Limited Tel: +44 (0)1481 742742
Merck Mercuriadis
N+1 Singer - Joint Corporate Broker Tel: +44 (0)20 7496
James Maxwell / James Moat / Amanda 3000
Gray (Corporate Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales)
J.P. Morgan Cazenove - Joint Corporate Tel: +44 (0)20 7742
Broker 4000
William Simmonds / Jérémie
Birnbaum (Corporate Finance)
James Bouverat (Sales)
RBC Capital Markets - Joint Corporate Tel: +44 (0)20 7635
Broker 4000
Will Smith / Elliot Thomas / Lauren
Davies (Corporate Finance)
Lisa Tugwell (Sales)
Ocorian - Company Secretary & Administrator Tel: +44 (0) 1481
Julian Carey 742742
The Outside Organisation Tel: +44 (0)7711 081
Alan Edwards / Nick Caley 843
FTI Consulting Tel: +44 (0)7771 978220;
Neil Doyle/ Paul Harris/ Laura Ewart +44 (0)7809 411882;
+44 (0)7761 332646
All US music publicity enquiries Tel: +1 917 767 5255
Fran Defeo
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
( www.hipgnosissongs.com )
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey
registered investment company established to offer investors a
pure-play exposure to songs and associated musical intellectual
property rights. The Company has raised a total of over GBP1.1
billion (gross equity capital) through its Initial Public Offering
on 11 July 2018, and subsequent issues in April 2019, August 2019,
October 2019, July 2020, September 2020 and February 2021. In
September 2019, Hipgnosis transferred its entire issued share
capital to the premium listing segment of the Official List of the
FCA and to the London Stock Exchange's premium segment of the Main
Market, and in March 2020 became a constituent of the FTSE 250
Index.
About The Family (Music) Limited
The Company's Investment Adviser is The Family (Music) Limited,
which was founded by Merck Mercuriadis, manager or former manager
of globally successful recording artists, such as Nile Rodgers,
Elton John, Guns N' Roses, Morrissey, Iron Maiden and Beyoncé, and
hit songwriters such as Diane Warren, Justin Tranter and The-Dream,
and former CEO of The Sanctuary Group plc. The Investment Adviser
has assembled an Advisory Board of highly successful music industry
experts which include award winning members of the artist,
songwriter, publishing, legal, financial, recorded music and music
management communities, all with in-depth knowledge of music
publishing. Members of The Family (Music) Limited Advisory Board
include Nile Rodgers, The-Dream, Giorgio Tuinfort, Starrah, Nick
Jarjour, David A. Stewart, Bill Leibowitz, Ian Montone, Rodney
Jerkins, Björn Lindvall and Chris Helm.
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