DAVID COVERDALE catalog acquired by ROUND HILL MUSIC
Round Hill Music has acquired the music publishing, master rights and master rights royalties for, and entered into a long-term administration agreement for the neighboring rights income from the catalog of David Coverdale, legendary WHITESNAKE frontman and DEEP PURPLE lead singer from 1973 to 1976.
Key acquisition highlights:
* The catalog includes recordings from Coverdale’s career as a solo artist and as the frontman of WHITESNAKE.
* The catalog includes master royalty participation from recordings during Coverdale’s tenure as the lead singer of DEEP PURPLE.
* The catalogue includes Coverdale’s music publishing assets and long-term administration rights for Coverdale’s neighboring rights income.
* The catalog provides attractive exposure to WHITESNAKE’s 1987 self-titled multi-platinum album which sold over eight million copies in the U.S. alone.
* WHITESNAKE hits in the agreement include “Here I Go Again”, “Is This Love”, “Crying In The Rain”, “Still Of The Night” and “Fool For Your Loving”.
* DEEP PURPLE master royalty tracks included in the catalog include “Burn” and “Stormbringer”.
* Also included in the catalog is “The Last Note Of Freedom”, from the “Days Of Thunder” film soundtrack, co-written with Hans Zimmer and Billy Idol.
Coverdale is an iconic rock frontman best known for his role in WHITESNAKE, of which he was a founding member. Coverdale was also famously and firstly the lead singer of DEEP PURPLE from 1973 to 1976, featuring in their albums “Burn” and “Stormbringer”, both of which were certified gold in the U.K. before the band’s breakup in 1976. Following this, Coverdale released two solo albums “White Snake” (1977) and “Northwinds” (1978). After founding WHITESNAKE in 1978, Coverdale was present for all of their major successes, including the 1987 multi-platinum self-titled album and the 1989 album “Slip Of The Tongue”. In 1990 Coverdale co-wrote with Hans Zimmer and Billy Idol the song “The Last Note of Freedom” for the Tony Scott film “Days of Thunder”.
The catalog has diversified revenue exposures including, on the master side, streaming, comprising 23% of revenue mix, with the balance being comprised of 17% physical, 4% download and 6% sync. Revenue from the music publishing assets comprises 39% of revenue while neighboring rights royalties comprise 11%. In terms of geographical exposure, 47% of the revenue is from the U.S., while the balance is from other countries.
The top songs ranked by revenue are: “Here I Go Again”, “Crying In The Rain”, “Fool For Your Loving”, “Is This Love”, “Still Of The Night”, “Slow An’ Easy”, “Burn” and “Stormbringer”.
All figures above are based on the catalog’s royalty statements in the calendar years 2018-2020.
Trevor Bowen, chair of Round Hill Music Royalty Fund, commented: “The Board is pleased to provide RHM shareholders with access to David Coverdale’s own legendary catalog of hits as the frontman from one of best known rock bands of all time, who helped to define an era of music. We are delighted to be deploying capital into such high-quality acquisitions while continuing to evaluate further attractive opportunities.”
Josh Gruss, chairman and CEO of Round Hill, the company’s investment manager, commented: “David Coverdale is a true rock icon. As the frontman for two of the world’s greatest bands, WHITESNAKE and DEEP PURPLE, he has blazed a trail since the early ’70s, and his legacy and influence on the generations of artists that followed him cannot be understated. To have been entrusted with David’s work is a proud day for Round Hill.”
Coverdale commented: “I am thrilled beyond words to joyfully announce that my existing catalog of works, both songs and master recordings, which I have been involved in creating for over 50 years, is now in exceptionally safe hands with the fine people at Round Hill. I look forward immensely to working together with Josh Gruss and all at Round Hill to ensure the legacy of my existing works for future generations to enjoy.”