David Foster Sells Writer’s Share of Performance Royalties to Hipgnosis
Written by djfrosty on April 19, 2023
Songwriter and producer David Foster has sold a stake of his writer’s share of performance income for all of his songs to Hipgnosis Songs Capital, a partnership of Hipgnosis Song Management and funding from Blackstone.
Throughout his storied career, Foster has earned 47 Grammy nominations (16 of which were wins), three Academy Award nominations for Best Original Song (“I Have Nothing” by Whitney Houston for The Bodyguard, “Glory of Love” by Peter Cetera for The Karate Kid, Part II, and “The Prayer” by Celine Dion and Andrea Bocelli for Quest for Camelot), three Golden Globe nominations (also for “The Prayer” and “Glory of Love” as well as “The Secret of My Success” by Night Ranger for The Secret of My Success) and was inducted into the Songwriters Hall of Fame.
Apart from the songs that earned him these accolades, the songwriter has also written songs like “Got To Be Real” by Cheryl Lynn, “After the Love Has Gone” by Earth Wind & Fire, “It’s Falling in Love” by Michael Jackson, “Through the Fire” by Chaka Khan, “Hard to Say I’m Sorry” and “You’re the Inspiration” by Chicago, “St Elmo’s Fire (Man In Motion)” by John Parr, “Best of Me” by Cliff Richard, and more tracks from hit-making artists like Andrea Bocelli, Celine Dion, Madonna, Mariah Carey, Rod Stewart, Bette Midler, Bryan Adams, Destiny’s Child and Michael Bublé.
In 2011, peermusic purchased a majority stake in Foster’s song catalog. The deal encompassed all of the songwriter’s publishing vehicles — Foster Frees Music, Air Bear Music and One Four Three Music — and his catalog of more than 500 songs. The two had been longtime partners, and the team at peermusic has been administering Foster’s publishing for more than 25 years.
Hipgnosis’ deal with Foster aligns with other recent news from the company, which continues to invest in music IP. This year already, Hipgnosis has also acquired other legendary writers behind the world’s biggest hits, including their purchase of 40 songs from the catalog of Tobias Jesso Jr, this year’s Grammy winner for Songwriter of the Year, and their acquisition of rights from the catalog of TMS, the British writing trio behind “Someone You Loved” by Lewis Capaldi. Both deals were announced in February 2023.
Hipgnosis Songs Capital is an investment vehicle established by Hipgnosis in conjunction with Blackstone. In October 2021, the New York-based private equity firm pledged $1 billion to further investment in music IP and holds a majority stake in the venture. HSC is considered separate from Hipgnosis Songs Fund, the London-listed acquirer of music publishing and recording rights. Led by founder and CEO Merck Mercuriadis, the company also includes Hipgnosis Songs Management, which manages Hipgnosis Songs Fund’s catalog.
Mercuriadis says of the deal that “David is recognized globally as one of the greatest songwriters and producers of all time. He is the songwriters’ songwriter and the producers’ producer. David is truly special, and we are delighted to be working with his almost 50 years of incredible songs and to welcome him to the Hipgnosis family.”
Foster adds, “I’m very happy to be joining the Hipgnosis family. I’ve long admired what Merck and his team have built and I trust they will be terrific partners.”