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The company's portfolio has more than 65,000
songs, and includes "Queen of Christmas" Carey's 1994 song "All
I Want for Christmas Is You", which is a popular Christmas
standard and has been topping the Billboard Hot 100 chart during
the holidays every year since 2019.
Hipgnosis has co-owned the song since 2020, with founder and
Chief Executive Officer Merck Mercuriadis' steadily pushing to
build the company's roster as the pandemic drove people to
listen to records online, making streaming more lucrative.
Last year, private equity firm Blackstone Inc agreed to deploy
around $1 billion in partnership with Hipgnosis in a bet on the
streaming boom, which the latter says in not going away anytime
soon.
"In the wider music market, people continue to listen to and pay
for music irrespective of today's cost of living challenges,"
Mercuriadis said on Thursday.
Hipgnosis, which owns rights to catalogues of artists including
Neil Young and Shakira, added it also benefited from popular UK
retail chain John Lewis using a track from its collection by the
rock band Blink-182 for its seasonal ad.
"Strong streaming growth from traditional sources, together with
price rises, and revenues from new emerging platforms, are also
tailwinds," analysts at JPMorgan wrote in a note.
Hipgnosis said underlying net revenue grew 5.8% year-on-year to
$65.1 million in the six months to September.
Stock was up 3% by 1515 GMT.
(Reporting by Pushkala Aripaka and Yadarisa Shabong in Bengaluru;
Editing by Krishna Chandra Eluri)
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