Rod Stewart has reportedly walked away from negotiations with Hipgnosis Songs, so putting an end to a potential sale of his music collection. This information was revealed to Billboard by a spokesperson from his team. The musician also issued a public statement to explain his decision. Stewart expressed his concerns about the company, saying: “This catalog is the culmination of my life’s work.” And it’s [become] very evident after a lot of time and research that this was not the ideal firm to manage my music repertoire, career, or legacy.” Hipgnosis Songs is a well-established firm with exceptional collaborations.
Its portfolio comprises catalogs, publishing rights, and stakes from a variety of well-known musicians, including Fleetwood Mac’s Lindsey Buckingham and Christine McVie, Red Hot Chili Peppers, Justin Timberlake, and Neil Young. As a result, the current announcement was unexpected. Having said that, the actual nature of the transaction remains unknown. It’s unclear whether the singer intended to sell his whole discography or if the deal merely covered a small portion or a royalty stream. Hipgnosis and Stewart’s teams have both kept silent on the deal, with the former citing a non-disclosure agreement as the reason for their silence.
The surprising turn of events has stirred some discussion in the music industry. Some argue that the public announcement was issued as a planned attempt to raise the catalog’s worth, potentially inviting inquiries from other interested parties. However, some industry experts believe that a performer of Stewart’s caliber would not require such attention to entice potential consumers. The announcement occurred mere weeks before Rod Stewart’s international tour in 2023. The trip will begin in Ireland on June 20 and will conclude in North America on July 29.