Shakira is the latest artist to sell the rights to her music for a multi-million dollar sum.
All 145 of her songs, including “Hips Don’t Lie” and “Whenever, Wherever,” are included in the deal. The songs made her the best-selling female Latin artist of all time, with 80 million records sold worldwide.
The deal was struck with the Hipgnosis Song Fund. The company did not disclose financial details of the sale, but it typically pays the equivalent of 15 years’ royalties up front. Many walk away with “about 25 years’ worth of money in one fell swoop.”
That provides the artists with immediate financial security, while Hipgnosis – which owns the songs in perpetuity – hopes to profit by building new revenue streams for the music via film and TV licensing, merchandise, cover versions and performance royalties.
Last year, Shakira starred in the Super Bowl half-time show with JLo, giving her song catalogue a further boost – and increasing its value to investors.