The chair of the Hipgnosis Songs Fund slammed the fund’s investment advisers for “ongoing failures in the financial reporting and control process”, as the music rights investment vehicle discovered contract drafting errors that he said could cost millions.
The comments came alongside monthly results that showed the world’s best-known songs fund, which owns hits by artists from Beyonce to Neil Young, crashed to a $63.7 million loss in the year to 30 September. Revenue declined due to lower-than-expected receipts from a US Copyright Board ruling on retroactive payments from streaming services like Spotify.
