Blondie's Debbie Harry and Chris Stein sell rights to future royalties
Blondie‘s Debbie Harry and Chris Stein have sold their future royalties to a fast-growing investment fund.
Purchased by the Hipgnosis Songs Fund, this means the company will now earn income from 197 Blondie songs, including ‘Heart Of Glass’ and ‘Rapture’.
Harry and Stein received an undisclosed lump sum for their catalogue and said they were “happy to be working with a progressive company,” according to the BBC.
The fund was founded by music industry veteran Merck Mercuriadis, who before becoming an investor managed artists including Beyoncé, Elton John, Iron Maiden and Guns N’ Roses.
The Hipgnosis Songs Fund, which has been listed on the London Stock Exchange since July 2018, allows investors to see an income from music royalties.
“[Songs are] as investible as gold or oil,” said Mercuriadis.
Speaking specifically about Blondie, he said: “I have followed every move that Debbie and Chris have made since day one. Their singles have been not only massively successful but era and genre-defining.”
The band’s iconic leader and its co-founder, guitarist and songwriter were set to head out on the road this month, with discussions chaired by artist Rob Roth about the five decades of Blondie and their lives as artists and creative partners promised.
It has now been confirmed that they will now tour in November 2020 instead.
“We’re sending all our love to our friends in the UK. We’re thinking of you all. We were very excited to bring our In Conversation tour to you. But safety must always come first,” said Stein and Harry.
