British songwriter and producer Ian Levine has sold his rights to a string of smash hits by pop group Take That to music publisher One Media iP Group.
The deal covers producer royalties to tracks from the group’s 1992 debut album Take That & Party – which was certified platinum twice in the UK – including A Million Love Songs, Could It Be Magic and I Found Heaven.
The company has also snapped up Levine’s rights to two other recorded Take That tracks that have never been released. One Media iP did not disclose the cost, saying only that it had acquired the rights for a “modest consideration”.
Levine is the latest musician to sell his rights to investors who are on the hunt for hits that can bring in extra revenue in the new streaming era. Artists including Shakira and Fleetwood Mac members Mick Fleetwood and Stevie Nicks have also cashed in on their back catalogues, selling rights to companies including Primary Wave, Hipgnosis and BMG.
Bob Dylan is believed to have struck the one of the most lucrative deals to date, having sold off publishing rights to his entire catalogue of songs to Universal Music for an estimated $300m (£221m).
Rights owners receive a cut of royalties when songs are played or covered on the radio, when they are streamed, or played in stores. They also claim income from album sales and when songs are used in TV adverts and films.
The One Media iP chief executive, Michael Infante, said: “Given the current global crisis and corresponding impact on the live music sector, we have found an increasing number of artists are evaluating alternative income opportunities and are looking favourably upon our initiative.
“We remain focused on building momentum and scaling the business, and look forward to keeping the market updated on our progress.”