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Hipgnosis Forecasts Higher Streaming Earnings After Solid Year By Reuters

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© Reuters. FILE PHOTO: In this illustration, taken on June 28, 2021, a headset is seen in front of a Hipgnosis logo. REUTERS / Dado Ruvic / Illustration / File photo GLOBAL BUSINESS WEEK AHEAD

(Reuters) – Hipgnosis Songs Fund, the owner of the rights to artists like Neil Young and Shakira, increased its dividend on Monday and said it expects higher streaming earnings in the future as the pandemic accelerates the move to online listening. .

The company, which earns royalties every time a song it owns airs, said annual earnings before taxes rose 7% to $ 44.5 million and net asset value increased 11.3% to 1 , $ 68 per share.

“Going forward, this accelerated streaming will be enhanced as revenues from TikTok, Peloton (NASDAQ :), Triller, Roblox and other emerging digital platforms rapidly begin to pay off,” said CEO Merck Mercuriadis.

“We are entering an era where now, for the first time, almost all music consumption is paid for.”

The company has spent hundreds of millions of pounds buying the rights to classics and newer hits amid a live concert shutdown due to the COVID-19 pandemic.

Hipgnosis raised its annual dividend target by 5% to 5.25 pence a share and said its portfolio of 138 catalogs worth about $ 2 billion saw a 10.4% jump in comparable valuation during the year ending in March.

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