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Entertainment

Web Desk
January 21, 2021

'Metallica' producer Bob Rock sells rights to over 40 tracks

Entertainment

Web Desk
Thu, Jan 21, 2021
'Metallica' producer Bob Rock becomes latest music insider to sell lucrative record catalogues 

Record producer Bob Rock has sold his share of rights from a catalogue of 43 songs, including heavy metal band Metallica’s self-titled album and singer Michael Bublé’s Call Me Irresponsible  to Hipgnosis Songs Fund, the latest music insider to sell lucrative record catalogues as the explosion of online streaming attracts investors.

The COVID-19 pandemic has prompted a growing list of music industry professionals to monetise their older work by selling valuable tracks and albums as the global health crisis has all but shut down earnings from live concerts.

London-listed investment firm Hipgnosis announced a discounted placement offering of its ordinary shares on Thursday along with the deal, which is at least the fifth for the company this month after agreements with Shakira and Neil Young.

“The breadth of Bob Rock’s enormous successes are almost impossible to match by any creator in the history of music,” said Hipgnosis Songs Founder Merck Mercuriadis, who has previously been a manager to artists Elton John and Beyoncé.

Rock co-produced Metallica’s self-titled 1991 record, most commonly referred to as The Black Album, which includes hits such as Nothing Else Matters  and The Unforgiven. Songs from the album have been streamed more than seven billion times, Hipgnosis said.

The value of the music deals was undisclosed. - Reuters