After two years of negotiations with Hipgnosis, a British music intellectual property investment and song management company, Rod Stewart has called off a deal to sell his award-winning catalog.
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According to Billboard, Stewart, 78, has opted to maintain the ownership of his work. Whether the hitmaker would sell his full catalog, a portion, or a royalty stream is still being determined.
“This catalog represents my life’s work,” said Stewart. “And it’s [become] abundantly clear after much time and due diligence that this was not the right company to manage my song catalog, career, or legacy.”
The decision to terminate the sale has the music industry divided. Two music asset buyers told the publication that they believe the statement was issued publicly to “drum up business for the catalog” and “to generate calls from potential suitors.”
Meanwhile, others don’t think an artist like Stewart needs to seek public attention to attract potential opportunities.
The announcement comes as a surprise, as Hipgnosis Songs have partnerships with a handful of notable musicians. They have catalogs, publishing rights, and stakes of Fleetwood Mac’s Lindsey Buckingham and Christine McVie, Red Hot Chili Peppers, Justin Timberlake, Neil Young, Justin Bieber, and many more.
Stewart’s catalog includes his solo work and his recordings with The Faces and Jeff Beck Group, a British rock ensemble. The Rock & Roll Hall of Famer has become a leading voice in entertainment. The artist was propelled into the spotlight in the 1960s after becoming the frontman of The Jeff Beck Group. Shortly after he received a taste of success with the two bands, he embarked on a solo career.
In 1971, he released his first record, Every Picture Tells A Story. The eight-song collection includes “Tomorrow Is A Long Time,” smash single “Maggie May,” “(Find A) Reason to Believe,” and more.
The hitmaker is best known for his signature rasp and musical risk-taking, which became his secret recipe for longevity in the industry. His hits include “Da Ya Think I’m Sexy?” “All for Love,” “Sailing,” and “I Don’t Want to Talk About It.”
Due to a non-disclosure agreement, Hipgnosis had not spoken out about the failed deal.
The business move comes weeks before Stewart’s 2023 international tour. The run will begin on June 20 in Ireland. The North American run will kick off on July 29 at Nugget Event Centre in Sparks, Nevada.
Photos By Denise Truscello
