Hipgnosis Songs Fund Limited (LON:SONG) has bought a music catalogue from The Chainsmokers – the Grammy-winning electronic music duo behind hits such as Closer and Don’t Let Me Down.
Over the past five years, the duo, made up of Alex Pall and Andrew Taggart, has enjoyed a string of top ten hits which have been streamed hundreds of millions of times.
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Last year, the pair took home a combined US$46mln, according to Forbes, making them the highest-paid DJs in the world.
In return for an undisclosed upfront fee, Hipgnosis will now receive the royalties from 32 Chainsmokers songs, including those mentioned above, as well as Something Just Like This, which features Coldplay.
Hipgnosis will also receive royalties from ten other songs written by Taggart, such as 1-800-273-8255 by Logic featuring Alessia Cara and Khalid which reached number three in the US.
“The Chainsmokers are the highest paid duo in the world not only because they know how to spin records better than anyone else but because they have created amongst the very biggest hits in the world for the dance and pop community over the last seven years,” said Hipgnosis founder Merck Mercuriadis.
“This is a set of songs that people can't stop playing and that will define the lives of so many people that have grown up in the 2010s.”
Hipgnosis shares were down 0.6% to 104.4p on Tuesday.