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(Alliance News) - Hipgnosis Songs Fund Ltd on Thursday hailed the recommendations of a UK parliamentary committee report on the music streaming industry that supports higher payments to artists.
The music intellectual property rights investor's catalogue includes work by the likes of Mark Ronson and singer-songwriter Neil Young.
The House of Commons Digital, Culture, Media & Sport Select Committee, a cross-party body, outlined its economics of music streaming report on Thursday.
The select committee recommended the UK government refer the sector to the Competition & Markets Authority, so the watchdog can perform a full industry probe.
"This is an impressive report from the DCMS Committee. In a short space of time our members of parliament have been able to distil why the songwriter and artist are not being remunerated properly with some accuracy, and we both applaud and support their efforts,"said Merck Mercuriadis, founder of Hipgnosis as well as of The Family (Music), the company's advisor.
"We are particularly focused on their recommendations that there be a full reset of streaming in law that gives songwriters and artists a fair share of the earnings, and that further to this the government refer the case to the Competition & Markets Authority to undertake a full market study into the economic impact of the major music groups' dominance."
Hipgnosis shares were flat at 121.20 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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