Successful songwriting duo Debbie Harry and Chris Stein, the musical partnership that spawned Blondie’s greatest hits, have sold their catalog to a fast-growing investment fund.
The deal means 197 Blondie songs, including Heart of Glass and Rapture, now belong to the Hipgnosis Songs Fund.
They were sold for an undisclosed sum.
Founded by music industry veteran Merck Mercuriadis, the fund enables large institutional investors to earn income from music royalties.
It has been listed on the London Stock Exchange since July 2018.
Prior to establishing the fund, which now controls around 13,000 songs, Mr. Mercuriadis directed artists such as Beyoncé, Elton John, Iron Maiden and Guns N ‘Roses.
According to him, the songs are “as investable as gold or oil”.
“I’ve been following every move Debbie and Chris have made since day one,” he said.
“Their singles were not only massively successful, but they defined the era and the genre. ”
Debbie Harry and Chris Stein said they were “happy to be working with a progressive company”.
In an interview with the BBC last year, Mr Mercuriadis explained how his fund turns songs into investment vehicles.
“We are not speculating on new songs. The proven hit songs we buy have predictable and reliable revenue streams and a track record that stretches back many years, ”he said.
“We are actively managing the songs better than they have been before,” he added.
“We treat every song like it’s a business in its own right. ”
This means maximizing the opportunities for that song to generate revenue, whether it’s in TV commercials and video games or in cover songs by new artists.
Hipgnosis has repeatedly captivated the music industry by collecting works from old and new songwriters.
Earlier this week, he announced that he had acquired worldwide royalties for more than 900 songs from Barry Manilow.
Due to the tendency of songs to have multiple authors, the fund often does not own a song per se, but simply holds an interest in it.
However, that didn’t stop him from amassing over $ 1 billion in song rights.