Much reflection on the big news last Wednesday that Neil Young has sold a stake in his song catalog or ... after the goldrush, as it were.
Generally, there is sort of a sigh of "oh well, guess that's just the way it is." Many applaud Neil for negotiating a deal and securing a nice nest egg. Others fear that this is yet another step towards diminishing independent artists and their rights.
So who is Merck Mercuriadis and what is Hipgnosis really up to? (for more, see comments below)
For us here at TW, we want to take a moment to clarify our position on the deal.
First, no one really knows what the terms and conditions are of the deal. Only a statement by Merck Mercuriadis, the founder of Hipgnosis Songs Fund Limited was issued. There is even confusion over the amount of the deal. The $150,000,000* figure seems somewhat in dispute, however this BBC News headline cites the 9 digit figure. Is that British pounds? Euro? USD?
All that aside, here is how we see this from a positive perspective 1st. The deal achieves what we assume are Neil's 2 main priorities: his family and NYA.
The lump sum allows Neil not to have to worry over the care of his son Ben, who with special needs, requires expensive 24/7 health care. From that perspective, everything else is irrelevant.
Neil, Pegi & Ben say "Good Night. Thanks for coming. We love you all."
2015 Bridge School Benefit Concerts
Second, the ability to sustain NYA in perpetuity is certainly another driver of the deal. Running NYA with the enormous library, high resolution audio and video streams is very expensive in terms of staffing and technical services and support, particularly at the bargain subscription fee.
By guaranteeing early subscribers a lifetime annual fee of just 19.99/year, Neil has locked himself into a fixed revenue stream with ever increasing costs which clearly was not the best way to structure the arrangement.
So those are the pros of the deal and all that really matters.
Yes, we do have a major concerns, as a fan and music lover. But this is Neil's deal and he's done what he thinks is best -- with or without the late, great Manager Elliot Roberts' guidance.
Presumably it also gives Lookout Management staff leadership and direction folded under Hipgnosis, where they will continue to review and care for Neil Young's song catalog, per Neil's terms and conditions. This also avoids a day (like the Prince estate) of when the family and associates fight over the artist's legacy and how best to preserve and monetize. Again, another positive on the situation.
Otherwise, we do think that we've clearly expressed ourselves previously over our concerns. Did Neil sell out to vultures too quickly and leave money on the table? In the long run, who really has controlling interest given a 50/50 split? Questions, questions, questions. See coverage here and here.
Comment of the Moment: Neil Young Sells Song Catalog Stake For $150,000,000
— ThrashersWheat (@ThrashersWheat) January 7, 2021
See https://t.co/OczO5SMoo9
☮️♥️@NeilYoungNYA pic.twitter.com/uY9hFY6Pgu
Neil Young's 1988 "This Note's for You"
In the meantime, see How Banning Neil Young Outed MTV’s True Corporate Colors.
HarryO w/ Volume Drinkers: Brand New Guy & Paul D.
Madison Square Garden, NYC, NY - 12/15/2008
I trust in Neil's ability to make decisions in his life, what's best for his music & projects/archive moving forward. Wish him & his family, friends & loved ones the very best.
ReplyDeleteNeil hasn't been an independent artist since he first signed a record contract in the mid 60s.
ReplyDeleteGood luck to Neil I'd love to see his will and where ole Mrs Young features.
ReplyDeleteThrasher, you and Us Readers, need to pivot from being Bloggers and Commentators to being Investigative Bloggers and Investigative Commentators and dig into who is Merck and what is his company's Mission Statement? We need to understand the transaction and the catalogue's new coowner and the implications for the ecosystem of the music industry. What is this new evolution and what does this mean for the future of Neil's music for our and future generations, and for the rest of the industry? So to do this I have provided a link below to the Company's web page.
ReplyDeleteMost interestingly which has not been mention is that RUSTIES IN THE UK can also be a part owner of Neil's music by buying shares in Higpinosis on UKStock Exchanges.
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey registered investment company established to offer investors a pure-play exposure to songs and associated musical intellectual property rights. The Company's Investment Adviser is The Family (Music) Limited, which was founded by Merck Mercuriadis, former manager of globally successful recording artists, such as Elton John, Guns N' Roses, Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as Diane Warren, Justin Tranter and The-Dream, and former CEO of The Sanctuary Group plc.
One of the things I am wondering is did Neil get a seat for himself (which he could have a Trusted business advisor occupy as proxy) on the Board of Directors of the Fund? A few other artist who have sold their property to Higpinosis have Board Seats. If not why not?
Among The other song catalogues Higpinosis owns are: DAVE STEWART, CHRISSIE HYNDE, DEBBIE HARRY AND Chris Stein (BLONDIE), BARRY MANILOW, JOURNEY, 10cc, RICHIE SAMBORA. We can only hope, for shits and grins, Higpinosis buy's Neil Diamond's and Neil Sedaka's catalogue and corners the market on all the great music by the Neils. By the way, I dyslexically (or maybe in a Freudian slip) read the name of the company as Pighignosis as in Capitalist Pig ;)
So be an informed Neil Young fan, do your own research. Here's the link to HIgpinosis https://www.hipgnosissongs.com/about
@ HtH - thanks for the interest and sharing here.
ReplyDeletegood points. we hereby officially declare you to be Lead Investigative Bloggers and Investigative Commentators and dig into who is Merck and what is his company's Mission Statement.
congrats.
As a starting point, why did Bob go down one path and Neil go down an almost completely opposite approach?
the TW platform is yours.
Thrasher doesn’t NEED to do anything. I second the motion that Hounds sniff out whatever needs to be sniffed out. Thrasher gives us TW out of the goodness of his heart, and Thrashette is a supportive spouse... Thank God TW is there. Have a great day. Alan in Seattle
ReplyDeleteps - So who is Merck Mercuriadis and what is Hipgnosis really up to?
ReplyDeleteHipgnosis, the investment fund buying up song catalogs (most recently Neil Young's), can no longer solicit investors in the United States, Canada, Australia, Japan and South Africa.
https://www.digitalmusicnews.com/2021/01/08/hipgnosis-blocked-soliciting-investors/
hmmm, seems like this has already gotten a bit ... shall we say "phfishy"?!
One thing that we don't know about are the deal or NY's intentions. For instnace, he may plan to invest a sizable amount of this windfall into philanthropy. Will he make a big donation to the Bridge School? Donate to organizatons dedicated to fighting climate change? Support indigenous people's efforts to stop pipelines on their sacred lands? We simply don't know. Such plans could put this deal into a whole new light.
ReplyDelete@ Alan - thanks for support! :)
ReplyDeletemaybe we need to deputize you as well?! Any particular role you'd like to be appointed to? Rabble Rouser in Charge? Chief of Enthusiasm?
@ NYBD11-12 - good point about philanthropy.
actually that was something that we were hoping to see clarified by Neil himself.
He'll probably make a statement at some point. Afterall, folks are already saying, "So Neil. You just pocketed 150 million. So what're going to do?"
well, it certainly won't be going to DisneyLand.
Bridge, Farm Aid, Painted Turtle, the list goes on forever of worthy causes to endow.
I'm just hoping that Neil himself is still making these decisions. To be honest, based on many of recent events surrounding Neil, I'm really starting to wonder....
ReplyDeleteAnd nothing for nothing, but speaking as someone who lives paycheck to paycheck, if guys like Neil and Dylan still need to worry about a "nest egg", then I gotta wonder what they've been doing with their money for the last 50 years or so.
thrasher
ReplyDeletec’mon man!
NOBODY needs 150 MILLION pounds to raise his kid and run his website
or 150 MILLION dolllars for that matter!
ReplyDeleteNY can do what he wants and always does!
let’s not lionize him or make excuses for his greedy hand!
also, he hasnt bothered to comment on it on NYA but he is happy go opine on those capitol hill morons who tried to disrupt the count
As long as he keeps on writing more wonderful tunes, who cares. Rock on you old bugger.
ReplyDelete