Robbie Williams’ hit “Angels” and songs by the Britpop band Placebo have been bought by a new private equity backed music rights company.
(Bloomberg) —
Robbie Williams’ hit “Angels” and songs by the Britpop band Placebo have been bought by a new private equity backed music rights company.
Bella Figura Music Ltd. was founded by Alexi Cory-Smith, a former music industry lawyer, and attracted investment from Freshstream Investment Partners LLP.
The amount invested was not disclosed. Freshstream said it typically puts in between €30 million ($32 million) and €100m.
The music rights sector has become increasingly prominent due to companies such as Hipgnosis Songs Fund Ltd., an investment company that listed on the London Stock Exchange in 2018 and became a constituent of the FTSE 250 two years later.
Hipgnosis has bought the rights to songs by artists including Red Hot Chili Peppers, Shakira, Neil Young and Kaiser Chiefs. In December, it said it owns 65,413 songs valued at $2.67 billion.
“I’ve always wanted to have my own music company and after years in corporates the timing to take an entrepreneurial path felt right,” said Cory-Smith, chief executive officer of Bella Figura Music. She said that it hoped to become a “blueprint for a modern music company with a personal, hands-on approach.”
Rayhan Davis, Freshstream’s chief investment officer, added that Bella Figura was an “excellent opportunity to enter this growth market.”
–With assistance from Sabah Meddings.
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