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    SONG   GG00BFYT9H72

HIPGNOSIS SONGS FUND LIMITED

(SONG)
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Delayed London Stock Exchange  -  11:35:21 2023-02-03 am EST
84.10 GBX   -1.06%
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Christmas tracks bring cheer to music catalogue investor Hipgnosis

12/08/2022 | 10:53am EST
Canadian singer Buble performs during his tour at Staples Center in Los Angeles

The company's portfolio has more than 65,000 songs, and includes "Queen of Christmas" Carey's 1994 song "All I Want for Christmas Is You", which is a popular Christmas standard and has been topping the Billboard Hot 100 chart during the holidays every year since 2019.

(Reuters) - Pop stars Mariah Carey and Michael Bublé's popular Christmas songs are bolstering Hipgnosis Songs Fund in the run up to the holidays, as the London-listed music catalogues investor continues to capitalise on the boom in music streaming.

Hipgnosis has co-owned the song since 2020, with founder and Chief Executive Officer Merck Mercuriadis' steadily pushing to build the company's roster as the pandemic drove people to listen to records online, making streaming more lucrative.

Last year, private equity firm Blackstone Inc agreed to deploy around $1 billion in partnership with Hipgnosis in a bet on the streaming boom, which the latter says in not going away anytime soon.

"In the wider music market, people continue to listen to and pay for music irrespective of today's cost of living challenges," Mercuriadis said on Thursday.

Hipgnosis, which owns rights to catalogues of artists including Neil Young and Shakira, added it also benefited from popular UK retail chain John Lewis using a track from its collection by the rock band Blink-182 for its seasonal ad.

"Strong streaming growth from traditional sources, together with price rises, and revenues from new emerging platforms, are also tailwinds," analysts at JPMorgan wrote in a note.

Hipgnosis said underlying net revenue grew 5.8% year-on-year to $65.1 million in the six months to September.

Stock was up 3% by 1515 GMT.

(Reporting by Pushkala Aripaka and Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BLACKSTONE INC. -2.01% 97.13 Delayed Quote.34.83%
HIPGNOSIS SONGS FUND LIMITED -1.06% 84.1 Delayed Quote.-2.55%
TESCO PLC -0.77% 246.4 Delayed Quote.9.90%
All news about HIPGNOSIS SONGS FUND LIMITED
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Financials
Sales 2023 120 M 145 M 145 M
Net income 2023 -27,7 M -33,5 M -33,5 M
Net Debt 2023 466 M 564 M 564 M
P/E ratio 2023 -36,3x
Yield 2023 6,24%
Capitalization 1 017 M 1 230 M 1 230 M
EV / Sales 2023 12,4x
EV / Sales 2024 13,4x
Nbr of Employees -
Free-Float 100,0%
Chart HIPGNOSIS SONGS FUND LIMITED
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Technical analysis trends HIPGNOSIS SONGS FUND LIMITED
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 5
Last Close Price 84,10 GBX
Average target price 120,00 GBX
Spread / Average Target 42,7%
EPS Revisions
Managers and Directors
Merck Mercuriadis Chief Executive Officer
Edward John Cockle President
Christopher Arthur Helm Chief Financial Officer
Andrew Lang Sutch Chairman
Bjorn Olof Lindvall Chief Operating Officer
Sector and Competitors