Digital music rights investor A multimedia iP has acquired, for a “modest consideration” the percentage of the licensee’s royalty share of the revenues from Mike Bennett Productions’ catalog of rights, he said on Tuesday.
The AIM-listed company said the catalog contains revenue from more than 6,000 recordings provided by writer and producer Mike Bennett and his respective partners.
As part of the “one-third of the genre” royalty buyback, following the 5658 and 21 Vision agreements, the company said it had acquired “upstream” royalties from long-term content providers, which under of “Harmony IP” initiative, had released revenue that would have been earned during the copyright term.
One Media iP has stated that Mike Bennett Productions is one of its long-term licensors, with its revenue increasing in line with the anticipated growth in the music industry.
The deal would see the percentage amount that One Media iP paid Mike Bennett in royalties is now kept by the group.
While not increasing revenue, withholding royalties payable would have an impact on the bottom line of cost savings, the board said.
He said the company’s Harmony IP initiative has a policy of buying back percentages of revenue streams, whether derived from artists, labels or publishing.
The revenue stream was described as “strong” and continued to grow, having been acquired “well within” the purchase criteria published by the directors.
The company said the recordings featured numerous backing tracks and karaoke songs, as well as live albums or re-recordings performed by the Rubettes, Stranglers, rappers Wee Papa Girl and Wishbone Ash.
“Mike Bennett has long been associated with One Media and has produced many of the company’s audiovisual books featuring Rik Mayal, Bobby Davro and Anita Harris,” said Michael Infante, Managing Director.
“Mike’s last recordings for One Media were his work with Neville Staples of the Specials performing John Lennon’s hit ‘Imagine’ in a Ska style.”
Infante said her talents extended to creating Edgar Allen Poe’s reinvented rewrite in ‘PoZest,’ distributed by One Media.
“Mike’s work on Glamnesia – an A to Z of 1970s glam rock – is poised to become a definitive audio encyclopedia and documentary on the evolution of styles of music in this decade.”
At 1202 BST, shares of One Media iP Group were down 1.95% to 7.48p.