ICM Crescendo Music Royalty Fund, a Canada-based music rights-buying fund, has acquired a catalog of songs owned by High Society Management (HSM), including rights to songs by Puerto Rican singer, rapper and songwriter Anuel AA.
Financial terms of the deal were not disclosed.
According to the announcement, HSM’s catalog consists of Anuel AA’s hit songs including Sola (Remix), Soldado Y Profeta (Remix) and Nacimos Pa Morir (feat. Jory Boy).
Anuel AA has over 33.6 million monthly listeners on Spotify and over 23 million YouTube subscribers.
The artist, born Emmanuel Gazmey Santiago, released his chart-topping album Real Hasta La Muerte, in July 2018. During that year, Anuel held the title of most-viewed musician on YouTube worldwide for more than 26 weeks.
Calgary-based ICM Crescendo Music Royalty Fund was established via a partnership with Canada-headquartered ICM Asset Management and Crescendo Royalty Corporation in July 2020.
Thursday’s (April 6) news marks the latest deal for the fund, following its purchase in August 2022 of Albert Grossman’s “commission rights” to classic recordings performed by Janis Joplin and Gordon Lightfoot.
Elsewhere, in February this year, ICM announced that it had acquired a catalog of songs by Grammy-winning producer Dave Tozer, who has worked with John Legend, Kanye West, Jay-Z, Justin Timberlake, John Mayer, Kimbra, Natasha Bedingfield, Musiq Soulchild, Emile Sande, and Mayer Hawthorne.
“Latin music is the fastest growing genre in the industry, and we’re excited about the addition of Anuel AA music for our investors.”
David Vankka, ICM Crescendo Music Royalty Fund
Commenting on the new deal, David Vankka, Portfolio Manager of ICM Crescendo Music Royalty Fund, noted that “Latin music is the fastest growing genre in the industry, and we’re excited about the addition of Anuel AA music for our investors”.
He added: “Anuel is considered one of the major players in Latin urban music, has a massive social media following, and is kicking off a significant arena tour in April 2023 to provide his highly-anticipated new album.”
In the first half of 2022, Latin music grew 23% year over year to reach $510 million, according to data from the RIAA. The genre is expected to have hit the $1 billion mark in 2022.
Music Business Worldwide
