Blue Raincoat Music Publishing today signed a deal with the estate of Nick Drake, the artist whose albums like Five Leaves Left, Bryter Later and Pink Moon inspired the likes of Radiohead, REM and Paul Weller.
It is the latest blockbuster back catalogue deal of recent days, adding to deals for artists including Shakira, Mick Fleetwood and Neil Young, as investors seek to profit from the vast array of media from online advertising to streaming services now seeking music tracks to complement their content.
Only yesterday producer Ian Levine sold the rights to a string of Take That songs to music publisher One Media iP Group.
Blue Raincoat has signed a global publishing deal for the catalogue that Drake built up in his short life.
He died in 1974 at the age of just 26 and only became globally famous after his death. More recently, a Volkswagen TV ad using Pink Moon triggered new interest in his music.
His sister, the actor Gabrielle Drake, has spent nearly 50 years protecting his legacy.
She said: “In his utter absence I have so often agonised about what to do. But every now and then it is as though he nudged my elbow and said: ‘this is right’. Such has been the case with Blue Raincoat.
Blue Raincoat is a record company founded in 2014 by industry figures Jeremy Lascelles and Robin Millar.
They moved into music publishing in a joint venture with independent company Reservoir Media in 2019.