Net income for the Hipgnosis Songs portfolio increased to $27.8m in the six-month period between 3/31 and 9/30, ahead of management’s expectations for the period. Adjusted operating profit for the period before tax increased to $17.3m.
As at 9/30, the company had invested approximately £319.4m in acquiring 27 catalogs, giving them interests in 7,475 songs. Since 10/1, the company has spent £186.1m to acquire another 15 catalogs, among them Jeff Bhasker, Timbaland and Fraser Smith.
Hipgnosis Songs Founder Merck Mercuriadis reported that during the April-September period the catalogs of Benny Blanco and The Chainsmokers beat expectations and that the Ari Levine, Neal Schon, Bernard Edwards and Itaal Shur catalogs all grew strongly on the comparative period in the prior year.
