Hipgnosis Songs Fund has struck a big-money deal with legendary music executive Jimmy Iovine. Hipgnosis acquires Iovine’s worldwide producer royalties across 259 recordings, in addition to his movie production royalties for two films – 8 Mile and Get Rich Or Die Tryin’. Iovine won’t be using the money to feather his own nest, either: he’s going to invest the undisclosed fee into building a high school in South LA under the USC Iovine And Young Academy initiative.
Los Angeles-based Iovine is best known as the founder of Interscope Records, as well as the co-founder of Beats By Dre, which sold to Apple for $3bn in 2014.
Iovine has racked up an impressive list of credentials as a producer and engineer down the years. He rose to prominence as an engineer in the 1970s, working with John Lennon (Walls & Bridges, Rock & Roll) and Bruce Springsteen (Born To Run, Darkness On The Edge Of Town). In addition, Iovine produced U2’s Under a Blood Red Sky and Rattle and Hum (featuring Desire), Simple Minds’ Once Upon A Time (featuring Alive and Kicking), and The Pretenders’ Get Close (featuring Don’t Get Me Wrong). In 2002, Iovine co-produced the hit movie 8 Mile starring Eminem, which grossed over $240m. 8 Mile’s soundtrack has been certified 4x platinum in the US and has sold over 15 million copies globally. Three years later Iovine co-produced the film Get Rich or Die Tryin’ based on 50 Cent’s album of the same name. Iovine was also executive producer on the soundtrack which has sold over 3m copies worldwide.
Jimmy Iovine said: “I’m happy that my work as a producer with so many great artists has found the right home with Merck and Hipgnosis. I am going to use the proceeds from the deal to help Iovine Young Academy’s initiative to build a high school in South LA as part of the Iovine Young Academy at USC and continue our efforts to support education”.