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There are several reasons why music royalties seem attractive at the moment. Mr Martini believes investors are drawn in by a rate of return that is insulated from macroeconomic trends. Music rights offer a predictable stream of income—people tend to tune in no matter what the economy is doing. Owning a song is more fun than buying a slice of a company. And once they have been bought, songs need not require much attention.
有幾個原因可以解釋為什么現在的音樂版稅看起來極具吸引力。馬蒂尼認為，投資者是被與宏觀經濟趨勢絕緣的回報率所吸引。音樂版權提供了一個可預測的收入來源——無論經濟狀況如何，人們都會聽歌。擁有一首歌曲比購買一家公司的股份更為有趣。歌曲一旦被購買，就不需要太多關注。
Not everyone agrees that buying royalties should be a passive business, though. In 2018 a former manager of Iron Maiden and Guns N' Roses, Merck Mercuriadis, founded an investment company called Hipgnosis. More than 90% of the firm's shares are held by institutional investors, including axa, an insurer, and the Church of England. The aim is to improve the lot of songwriters, who do not have the same opportunities as performers to make money through tours and merchandise.
購買版稅應該是一項被動的業務，然而并非所有人都這么認為。2018年，曾擔任“鐵娘子樂隊”和“槍炮與玫瑰樂隊”經理的默克·摩科瑞迪斯創建了一家名為“希普諾西斯”的投資公司。該公司90%以上的股份由包括保險公司安盛和英國國教在內的機構投資者持有。這樣做的目的是為了改善許多詞曲作者的處境，他們沒有像表演者那樣通過巡回演出和商品銷售來賺錢的機會。
Hipgnosis has spent more than ￡650m ($870m) buying the rights to over 13,000 songs. It now owns a share of eight of the 25 most-played songs of all time on Spotify, a streaming platform, including tunes co-written with Ed Sheeran ("Shape of You") and Justin Bieber("LoveYourself"). In addition to the hits, Mr Mercuriadis also wants to boost returns from songs that have "been leftto languish" by big labels.
希普諾西斯公司已經花費了6.5億多英鎊(8.7億美元)購買了超過1.3萬首歌曲的版權。目前，在流媒體平臺“聲破天”上播放次數最多的25首歌曲中，有3首來自該公司，其中包括與艾德·希蘭合作的《你的樣子》以及與賈斯汀·比伯合作的《愛自己》。除了熱門歌曲，摩科瑞迪斯先生還想提高那些被大唱片公司“拋棄”的歌曲的收益。
Hipgnosis seeks to promote its catalogue by trying to place them in films, TV programmes and streaming playlists. Since it went public in July 2018, the cumulative return on its net asset value is just shy of 40%. Music to investors' ears.
希普諾西斯公司試圖通過把這些歌放在電影、電視節目和流媒體播放列表中來推廣自己的目錄。自2018年7月上市以來，其資產凈值的累計回報率略低于40%，這對投資者來說是個好消息。
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