DAVID COVERDALE "Thrilled Beyond Words" As Round Hill Music Acquires Catalog Of WHITESNAKE / DEEP PURPLE Legend
January 14, 2022, a year ago
Round Hill Music Royalty Fund Limited has announced that the company has acquired the music publishing, master rights and master rights royalties for, and entered into a long-term administration agreement for the neighbouring rights income from, the catalogue of legendary Whitesnake frontman and Deep Purple lead singer from 1973 to 1976, David Coverdale.
Key acquisition highlights:
· The catalogue includes recordings from Coverdale's career as a solo artist and as the frontman of Whitesnake.
· The catalogue 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 neighbouring rights income.
· The catalogue provides attractive exposure to Whitesnake's 1987 self-titled multi-platinum album which sold over 8 million copies in the US 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 catalogue include "Burn" and "Stormbringer".
· Also included in the catalogue is "The Last Note of Freedom", from the Days of Thunder film soundtrack, co-written with Hans Zimmer and Billy Idol.
· In 2016 Coverdale was inducted into the Rock and Roll Hall of Fame.
David 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 UK before the band's break-up 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 catalogue 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 neighbouring rights royalties comprise 11%. In terms of geographical exposure, 47% of the revenue is from the US, 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 catalogue' s royalty statements in the calendar years 2018-2020.
Due to commercial sensitivities, the Company is unable to disclose financial details for each acquisition as it occurs. However, on completion of the investment of proceeds from the C Share fundraise of US$86.5 million, together with the remaining undrawn balance of its existing revolving credit facility, the Company will make further financial disclosure on the acquisitions.
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 catalogue 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."
David 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."