Share Name Share Symbol Market Type Share ISIN Share Description
Hipgnosis Songs Fund Limited LSE:SONG London Ordinary Share GG00BFYT9H72 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -0.50 -0.41% 121.50 3,458,414 16:35:15
Bid Price Offer Price High Price Low Price Open Price
121.50 122.00 123.00 121.50 122.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 8.01 2.36 1.17 103.8 969
Last Trade Time Trade Type Trade Size Trade Price Currency
17:09:23 O 6,329 121.987 GBX

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Date Time Title Posts
22/1/202111:52Hipgnosis Songs Fund Limited304

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Hipgnosis Songs (SONG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-01-22 17:09:23121.996,3297,720.56O
2021-01-22 16:36:37122.00100,000122,000.00O
2021-01-22 16:36:19122.00100,000122,000.00O
2021-01-22 16:35:15121.50265,658322,774.47UT
2021-01-22 16:28:42122.5025,00030,625.00O
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Hipgnosis Songs (SONG) Top Chat Posts

Hipgnosis Songs Daily Update: Hipgnosis Songs Fund Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker SONG. The last closing price for Hipgnosis Songs was 122p.
Hipgnosis Songs Fund Limited has a 4 week average price of 119.50p and a 12 week average price of 115.50p.
The 1 year high share price is 126p while the 1 year low share price is currently 85.50p.
There are currently 797,254,294 shares in issue and the average daily traded volume is 1,908,910 shares. The market capitalisation of Hipgnosis Songs Fund Limited is £968,663,967.21.
riverman77: I disagree that this is not a growth share. Huge growth in streaming and new platforms (tik tok, etc) set to continue for many years, plus opportunity to add value through more active song management (placement in films/ads/games etc). There is also talk of legal changes giving songwriters greater share of revenues, although not looked into this in any detail. I would also argue that song catalogues will continue to fetch higher and higher prices so that's another source of growth.
yieldsearch: the FT article (and Stifel) is raising valid potential concerns: 1) Nav. ultimately, what is the value of any asset? at any moment, the price people are willing to pay for it. Why would a third party assessor would value above the price paid? For level 3, it makes all sense to mark it down to the 2nd bid/cover price, if such information is available. never really above the price paid (this is assuming that SONG bought cheap, and the rest of the market is underbidding... coming from a company who never bought such asset, thats a bit rich.) and can we please change the valuation company every other year. obviously conflict of interest if it is always the same company doing the valuation... 2) cash accrual /cash lag: should definitely be a concern for income investor (and really this is not a growth share). and more financial metrics/less verbiage is better for my shares (platinum here platinum there, well, tbh, i really just care about my platinum dividend). This is not a collection of song, it is a financial investment. The team has far better knowledge than me on music and history and number of months on billboards, but they probably need also some dude with financial mind. give me some dividend cover, cash projection, nav sensitivies to dcf tables etc etc
xtrmntr: From investors chronicle DIVERSIFICATIONRichard CurlingHipgnosis Songs Fund (SONG) owns the intellectual property rights and royalty income of songs and music. It has built a portfolio of 117 catalogues and 57,000 songs. This is well diversified across genre and vintage as it is spread over the past five decades. This includes over 2,500 songs that have reached a No.1 chart position, and 16 out of the top 20 most streamed songs of all time.Music is becoming ever more profitable with the rise of streaming services such as Spotify (US:SPOT), which have made it easier to monetise music rights.Hipgnosis Songs Fund's portfolio is conservatively valued using a discount rate of 9 per cent and, as music copyright lasts for 75 years after the death of the artist, these are exceptionally long life assets.The trust's shares yield 4.3 per cent [at the end of October], so you get a good income and excellent opportunities for capital growth.Peter HewittWhen Hipgnosis Songs Fund came to market two years ago, I thought that if it was to be successful the real story would be capital growth. And its latest results [to the end of March] showed capital growth coming through. If you add in the income it produces, it makes quite a tidy return.Music streaming is steadily increasing and Hipgnosis Songs Fund's managers have an ability to get 'synch' deals for individual songs, for example, placing them in an advert, computer game or TV series, which maximises return.Because it is now done digitally, the ability to collect royalties in a timely manner is much improved.Hipgnosis Songs Fund offers prospects for both capital and income growth, neither of which are sensitive to the direction of equity markets.Peter WallsHipgnosis Songs Fund offers exposure to the revenue generated by songs and associated music intellectual property rights. The growth of music streaming accelerated in 2020 with platforms such as Spotify reporting strong growth in subscriptions. The trust's returns are uncorrelated with equity markets and the catalogues of songs have copyright protection of at least 70 years. Hipgnosis Songs Fund also has a yield of more than 4 per cent.
edwardt: They own songs for something like 30 yrs adulterous death of song write from memory. It also includes covers of song by other artists. They earn big if song used in advert etc. Part of thesis a small team with a concentration of songs will mean more active management. Dyor.
xtrmntr: Hipgnosis Songs Fund (SONG), which invests mainly in music royalties, has unveiled another share placing to raise over £250 million from institutional and private investors as the investment trust continues its rapid expansion. The shares are being issued at 116p - a 7.9 per cent discount to the share price at time of issue. The trust hopes to raise £250m from institutional investors, with a further £4m of shares available via a retail offer. Hipgnosis says it will invest the proceeds in a "significant pipeline of catalogues" which include some of the most influential hit songs of the past six decades.The trust, which launched in 2018 and now has net assets over £700m, is designed to capitalise on the changing way we consume music. The managers pay a lump sum to artists for song rights and aim to maximise revenue potential through streaming rights and by placing the song in films and TV shows. Hipgnosis now owns the rights to nearly 20,000 songs with Barry Manilow and Amy Winehouse among its big names. The fund's pipeline includes exclusivity on approximately 50 catalogues worth roughly £250m, according to the fund's investment adviser, with discussions on further catalogues worth a total of more than £1 billion. Private investors can buy shares through the PrimaryBid platform. At the time of writing, the placing was expected to be open until 11am on 24 September, but could be closed earlier or later at the trust's discretion. PrimaryBid does not charge investors commission, and there is a minimum investment amount of £100. The placing comes shortly after the trust announced it had invested more than 80 per cent of the proceeds from a share issue in July which raised over £230m. Recent acquisitions for the fund include songs from Pretenders lead singer Chrissie Hynde and English songwriter Steve Robson. The trust currently yields 4.17 per cent, according to Winterflood data, and has been popular among investors looking to diversify portfolios away from equities and bonds. Owing to the rise in paid-for music streaming and the longer-term nature of contracts, the revenue stream has proved more resilient than equity dividends over the coronavirus crisis. Ryan Hughes, head of active portfolios at AJ Bell, says "the trust should certainly bring diversification to a portfolio and offer low correlation to equites and bonds." However, he adds that one point that may be an issue for some investors is the lack of transparency around the deals it is doing with artists which makes the trust difficult to accurately value.James Carthew head of investment company research at QuotedData, says "it would be fair to say that there was some scepticism about the concept of the fund when it was launched, especially given that Hipgnosis was shy about saying what they were paying for these catalogues, but, as successive results have demonstrated the success of the fund to date, even shrugging off the fall in income from live music, nerves have settled."
rambutan2: And another... Acquisition of Music Catalogue The Board of Hipgnosis Songs Fund Limited, the first and only UK listed investment company offering investors a pure-play exposure to songs and associated intellectual property rights, and its Investment Adviser, The Family (Music) Limited, are pleased to announce that the Company has acquired the music royalty catalogue of American hip hop and R&B music producer, Ernest 'Dion' Wilson, known as 'No I.D.'. Hipgnosis has acquired 100% of the artist's worldwide copyrights and publishing royalties, including writer's share of income, in the Catalogue which comprises 273 songs. No I.D. has achieved incredible commercial success with artists including Kanye West, Jay-Z, Alicia Keys, Usher, Rihanna, Common, Drake and Ed Sheeran. His songs and productions have collectively been streamed more than 7 billion times and his catalogue includes some of the most successful songs of hip hop culture, including: 2x platinum certified 'Run This Town' by Jay-Z featuring Kayne West and Rihanna (300 million streams); 4x platinum certified 'Holy Grail' by Jay-Z featuring Justin Timberlake (400 million streams); Jay-Z's gold certified 'The Story of O.J.' (30 million streams); Drake's 3x platinum certified 'Find Your Love' (150 million streams); Kanye West's platinum certified 'Black Skinhead' (600 million streams), 'Bound 2' (300 million streams), 'Dark Fantasy' (200 million streams), the gold certified 'Gorgeous' (200 million streams), 'So Appalled' (100 million streams) and 6x platinum certified 'Heartless' (500 million streams); and 2x platinum certified 'Kiss Me' by Ed Sheeran (500 million streams).
epo001: I may have made a mistake buying SONC. I didn't read thoroughly enough and assumed they would convert to SONG on a 1:1 basis. As it when they eventually convert they will effectively be scaled down by the prevailing share price. AND it seems I may miss out on any dividends until then. Are these 2 points correct? If so then buying SONC is a gamble on the share price falling below 100. Is that the point to SONC? Have I just been stupid and should sell again swallowing the spread and 2 sets of dealing costs? EDIT: I really must learn to read more carefully. It seems that some dividends are payable to C class shares.
epo001: What is the difference between SONG and SONC? The latter are rather cheaper but (or is that because) seem to pay no dividend. Why should it be £5 a share? What scope is there for share price growth in SONG? The songs have a predictable revenue stream but isn't this likely to be constant in the short/medium term, declining thereafter. Buying the next Pink Floyd/Elton John before they become famous might do it but ultimately are they not just acquiring song books to preserve the royalty stream? EDIT: answering my own question Https://
rambutan2: Can't complain: RESULT OF C SHARE ISSUE Further to its announcement on 2 July 2020, Hipgnosis Songs Fund Limited ("Hipgnosis"), the first and only UK investment company offering investors a pure-play exposure to songs and associated intellectual property rights, and its Investment Adviser, The Family (Music) Limited, are pleased to announce that as a result of significant demand from existing and new investors the Placing has been oversubscribed, exceeding the target amount of GBP200 million. Accordingly, the Board has resolved to increase the gross proceeds of the Issue to approximately GBP236.4 million, making it Hipgnosis' biggest equity raise to date. As the Investment Adviser, The Family (Music) Limited, is in active discussions on a pipeline of Catalogues with an acquisition value of over GBP1bn, the Company continues to expect to deploy the net proceeds of the Issue within three months. The Placing has now closed and gross proceeds of approximately GBP233.4 million have been raised at a price of 100 pence per C Share pursuant to the Placing Programme described in the Prospectus published by the Company on 27 September 2019. In addition, further gross proceeds of approximately GBP3.0 million have been raised at a price of 100 pence per C Share pursuant to the PrimaryBid Offer. Merck Mercuriadis, Founder of Hipgnosis Songs Fund Limited and The Family (Music) Limited, said: "Our mantra is that proven songs produce predictable and reliable income and are a highly investable uncorrelated asset class that can rival gold. I'm very grateful for the incomparable support we have had from our great institutional investors from day 1 and delighted that they are now, with us having become one of the biggest yielders on the FTSE 250, joined with significant participation from the retail sector. This is our biggest fundraise to date, and the biggest fundraise by a LSE listed investment trust since the COVID-19 lockdown, which speaks volumes for the financial community's recognition of Songs as an asset class. In line with our current performance we will do our utmost to continue to deliver strong results for our investors by buying extraordinarily successful proven songs by culturally important artists and managing them with great responsibility. At the same time we will use the influence of our great songs and financial wherewithal to bring reform to the way the songwriter is remunerated. The songwriter is unjustly at the bottom of the traditional music business economic equation, our intention is to take the songwriter to the top! "
rambutan2: From Citywire today: ...Stifel analyst Sachin Saggar is cautious about Hipgnosis’ plans to raise gearing, or borrowing, from 20% to 30% but was positive after comparing its business to Warner which has a huge catalogue of around 1.4m songs that generated $643m last year. ‘In comparison, Hipgnosis had a catalogue of around 13,000 songs that generated £65m in the full year to 31/3/20. ‘While it might not be fair to make direct comparisons, we do note that SONG’s thesis is built around adding value to catalogues through active song management and that requires a more concentrated portfolio of songs per sync manager (with Hipgnosis targeting 500 songs per manager compared to some of the larger players having up to 20,000 songs per manager).’ Christopher Brown of JPMorgan Cazenove, one of SONG’s brokers, claimed the discount offered ‘outstanding value’ for two reasons: ‘the yield (4.4%) and the material capital growth potential from streaming growth and a significant re-rating of an asset class that is proving its resilience in the current environment’.
Hipgnosis Songs share price data is direct from the London Stock Exchange
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