LONDON (UK) – One Media iP Group said on Monday that British songwriter and producer Ian Levine has sold them his share of royalties from some tracks of English pop group “Take That”. This has sent the shares of the music publisher 16% higher to 8 pence.
Apart from producer royalties from tracks in the band’s debut album, including “A Million Love Songs” and “I Found Heaven”, One Media has also purchased producer royalties of two other “Take That” tracks which were never released.
Generally, music producers take a percentage of the sales from an artist’s album or songs and this is known as producer royalties.
In the wake of the pandemic shutting down live concerts, several professionals are monetising their earlier works. Bob Dylan sold his back catalogue last month and so did Shakira and Neil Young.
One Media said its deal was done through its Harmony IP asset release programme, allowing music rights holders access the future earnings of their intellectual property by buying a portion of their rights.
The original line-up of “Take That” featured Robbie Williams and Jason Orange and had 56 number one singles and 39 number one albums globally.