Shakira has sold over 80 million records and has strong popularity on the music streaming platforms Spotify and YouTube.
Colombian pop superstar Shakira has become the latest artist to sell the rights to his catalog of 145 songs to the London-listed Hipgnosis Songs Fund, the investment firm said on Wednesday, as the coronavirus crisis crushes the results of concerts.
Three-time Grammy Award recipient – famous for songs such as Hips Don’t Lie; Anytime anywhere; Underneath Your Clothes and 2010 FIFA World Cup song Waka Waka (This Time For Africa) – has sold over 80 million records and has strong popularity on the music streaming platforms Spotify and YouTube.
The coronavirus pandemic has virtually shut down income from live concerts and a growing roster of musicians have sought to monetize their back catalogs. Bob Dylan sold his catalog last month and has been followed by others like Neil Young.
A surge in online music streaming, which has sent several old hits back to the top of today’s charts, has added to the draw for investors. JPMorgan said Hipgnosis is an attractive investment given its long-term income from copyright laws.
“At eight years old, long before I sang, I wrote to make sense of the world,” Shakira, 43, said in a statement.
“Every song is a reflection of who I was when I wrote it, but once a song is released into the world, it doesn’t just belong to me, but also to those. who appreciate it, ”she said. “I know Hipgnosis will be a great home for my catalog.”
The specialist investment firm has not disclosed financial details of the deal, which is Hipgnosis’s most recent after others this year with Neil Young, Fleetwood guitarist Mac Lindsey Buckingham and record producer Jimmy Iovine. .
Bob Dylan sold his back catalog to Universal Music Publishing Group in December.
Hipgnosis founder Merck Mercuriadis praised the deal with Shakira, calling her “the queen of Latin music”.
“What no one should ever take for granted is that she is one of the most serious and successful songwriters of the past 25 years, having written or co-written virtually every song she has ever done. has never recorded, ”he said.