Cohen’s catalog follows Hipgnosis’s acquisition of other well-known artists, including Neil Young and Blondie.
Leonard Cohen becomes the latest in a growing list of catalog acquisitions by song investment company Hipgnosis. The legacy of the late rocker-poet sold his entire catalog of songs – somewhere in the region of 270 songs – to a song fund for an undisclosed amount.
The sale includes 127 of Cohen’s songs from his Stranger Music catalog, covering everything from the beginning of his career to 2000. This includes some of his best-known works including “Hallelujah”, “First We Take Manhattan” and “So Long”. , Marianne.
Along with this, the foundation also acquired a publisher/songwriter stake in Cohen’s “Old Ideas” catalog, which covers everything written from 2001 until his death in 2016.
“Now being the custodians and managers of the incomparable songs of Leonard Cohen is a wonderful, but very serious responsibility, which we approach with excitement and fully understand its importance,” said Hipgnosis founder Merck Mercuriadis.
“Leonard has written words and songs that have changed our lives, the most obvious being Hallelujah, but there is so much more we look forward to reminding the world of every day. He is revered throughout the world because of the scope of his work.”
Hipgnosis was founded by former artist manager Mercouriadis and Nile Rogers of Chic. The London-based firm made headlines last year after several multi-million dollar acquisitions for classic catalogs such as Lindsey Buckingham, Blondie and Fleetwood Mac’s Neil Young.
During the lockdown, the company spent close to a billion dollars on “reliable hits” while profiting from the surge in streaming caused by the pandemic.
“While we would never wish for a pandemic, it has not only demonstrated the predictable, robust, and uncorrelated nature of verified song revenue, but has accelerated the shift in consumer behavior towards streaming music consumption,” Mercouriadis told Music Week.
With an impressive portfolio of older hits as well as more recent works – like Shakira’s “Hips Don’t Lie” and Beyoncé’s “Single Ladies” – Hipgnosis relies on well-founded tracks for a notable income. 60% of their entire portfolio is songs released 10 or more years ago.