Founder of £1.4 Billion Music Fund Spurns New Music for Old Hits

The music industry has rebounded after more than a decade of piracy and songs have become a serious asset class. But that may not help the upcoming artists of today, as the sector’s biggest investors are mainly interested in old records.

“Our disruptive song management is built around the streaming paradigm, focused on managing and promoting our great hit songs of the past which have high demand rather than focusing on promoting continuous new releases with no track record,” said Hipgnosis Songs Fund’s investment adviser, led by founder Merck Mercuriadis, in its annual report Thursday. “There will never be another ‘Good Times’ by Chic, ‘Sweet Dreams (Are Made Of This)’ by Eurythmics, ‘Heart of Glass’ by Blondie.”