Hipgnosis Songs Fund Limited, which offers investors a pure-play exposure to songs and associated intellectual property rights, and its Investment Adviser, Hipgnosis Song Management Limited have agreed digital administration and sub-publishing partnerships with the Society of authors, composers and publishers of music (Sacem) and peermusic. Along with Hipgnosis Songs Group ("HSG"), they will provide a modern, global network for the collection of song royalties for Hipgnosis. Hipgnosis has entered into a direct administration partnership with Sacem, one of the world-leading Collective Management organizations ("CMO"), to collect digital rights for the writers' share and Hipgnosis' own publisher share, primarily in the UK and the European Union.

In addition, Hipgnosis has entered into a sub-publishing partnership with peermusic to collect publishing rights and other royalties in the rest of the world excluding the US. Hipgnosis will continue to use HSG for royalty collection in the United States. Together these partnerships eliminate a link in the royalty collection process, which is expected to materially reduce third party administration and collection fees, the length of time it takes to collect digital revenues and to expand global publishing and synch footprint.

Hipgnosis will initially revert 36 Catalogues to these new partnerships, including Neil Young, Red Hot Chili Peppers, Chrissie Hynde and Jack Antonoff. Additional Catalogue administrations will be transferred to these partners, where appropriate, as their administration rights revert.