Hipgnosis Songs Fund Reports 9.2% Drop in Catalog Value Amid Internal Conflict
Despite the decrease in value, the fund's net revenue grew by 14% year over year, amidst significant changes including a board reorganization and the sale of non-core songs.
- Hipgnosis Songs Fund has reported a 9.2% decrease in the value of its music catalog, causing concern among investors.
- The fund's board and its investment advisor, Hipgnosis Song Management, are in conflict over the valuation of the catalog.
- The fund's net revenue grew by 14.0% year over year to $65.8 million, up from $57.6 million in the equivalent prior-year period.
- Higher interest rates and changes to U.S. royalties have negatively impacted the fund's value and income.
- The fund has undergone significant changes, including a board reorganization and the sale of non-core songs.
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