Shares in One Media iP soared more than 16% on Monday after the music publisher and distributor snagged producer royalties on a selection of tracks from British composer and DJ Ian Levine’s pop group Take That. One Media iP OMIP, + 5.09%, listed on AIM London Junior Stock Exchange, said the tracks included “A Million Love Songs”, “Could It Be Magic” and “I Found Heaven” Take That’s debut studio in 1992. album “Take That & Party” which has been certified twice platinum in the UK
The company said it has also acquired producer royalties from two other recorded Take That tracks that have never been released. Shares of One Media iP rose 16.36% to 8 pence in mid-afternoon London trading. A number of high-profile artists have struck lucrative deals to sell their music rights in recent weeks as publishers look to cash in on the boom in music ratings amid the popularity of streaming services like Spotify SPOT. , -6.56% and Apple Music AAPL. , -1.37%. Composer catalogs are fetching sales prices 10 to 18 times annual royalties, compared to 8 to 13 times in previous years, according to a report by The Wall Street Journal. Read: 5 Reasons Musicians Like Bob Dylan, Neil Young, And Stevie Nicks Are Selling Their Song Catalogs Right Now Last week, Colombian pop star Shakira sold 100% of the publishing rights to her 145 catalog songs to Hipgnosis Songs Fund SONG, + 0.82%. The deal continued the wave of aggressive takeovers by London-listed Hipgnosis, which in early January announced deals for the rights to the music of veteran rock star Neil Young, Fleetwood Mac guitarist Lindsey Buckingham and record producer. Jimmy Iovine. Read: Neil Young hits heart of gold with sale of 50% of song catalog to publisher Companies like Hipgnosis invest in songs and music intellectual property rights, and generate income by turning music royalties into a revenue stream Steady, making money every time one of his songs is played on the radio or featured in a TV ad or movie. One Media, which completed a £ 6 million ($ 8.1 million) fundraiser in August 2020, said the acquisition of producer royalties for many of Take That’s top hits was “for a modest consideration”. Since the boy band was formed in Manchester in 1990, they have achieved 28 top 40 singles and 17 top 5 singles on the UK Singles Chart, 12 of which have reached number one, including ‘Back for Good ‘and’ Greatest Day ‘.