The British songwriting team TMS (Timmy Allen, Matt Goss, and Mark Taylor) have sold their music catalog to Hipgnosis Songs Fund for an undisclosed sum. The deal includes all of their songwriting royalties from their catalog of over 3,000 songs.
TMS, who have written hits for artists such as Spice Girls, Kylie Minogue, and Take That, have had a successful career spanning over three decades. Their catalog includes classics like "Wannabe," "Can't Get You Out of My Head," and "Relight My Fire."
According to Music Business Worldwide, Hipgnosis has been on a buying spree, acquiring catalogs from other successful songwriters and artists such as Neil Diamond, Tim Balmes, and Mark Ronson.
Music rights, also known as musical copyrights, are the legal rights that give the owner the exclusive right to exploit a musical composition or lyrics. These rights can be bought and sold, and ownership can bring significant financial gains through royalties.
The Performing Right Society (PRS) and BMI (Broadcast Music, Inc.) are two of the largest music rights organizations that collect and distribute royalties to songwriters and publishers.
Who owns the right to music and how it is bought and sold can be complex issues in the music industry. For more information on music rights, check out the Copyright Clearance Center.
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