LONDON: One Media iP Group has acquired the writer’s share to the royalties of over 250 tracks of Kid Creole and the Coconuts, an American band created by August Darnell, that transcends the essence of ‘Tropical Cool’.
The Acquisition includes the writer’s share of Kid Creole and the Coconut’s best known music tracks, as well as “Annie I’m Not Your Daddy”. The Acquisition has been funded through the Company’s existing cash resources. The Acquisition is in line with management’s expectations and the Company’s business plan.
The Acquisition adds to One Media’s recurring income model and has been completed through One Media’s Harmony iP asset release programme. Harmony iP allows music rights holders advanced access to the future earnings of their intellectual property by purchasing a portion of their rights upfront.
Kid Creole and his band, The Coconuts, have enjoyed over four decades of worldwide hits, having released over 15 albums and 27 singles during that time. His LP ‘Tropical Gangsters’ sold over 100,000 copies in 1982 and went on to gain him a prestigious Brit Award Winner for International Artist in 1983.
His music has stood the test of time, engaging a new generation of fans on digital platforms. On Spotify alone he commands over 154,000 listeners monthly and his chart-topping hit “Annie, I’m Not your Daddy” has been streamed over 4 million times as at 30 April 2021.
Kid Creole and the Coconuts introduced Latin, Calypso and Jive to a brand-new audience, crossing genres and breaking boundaries throughout their always uplifting releases. Their UK top ten hits included “Stool Pigeon”, “Annie, I’m Not your Daddy” and “I’m a Wonderful Thing Baby”.
August Darnell, the founder of Kid Creole and the Coconuts commented: “I started Kid Creole and the Coconuts in 1979. I had no idea then that I was destined to enjoy success around the world for the next 40 years. With the team at One Media iP and their Harmony iP initiative I have now ensured my musical legend will continue for another 40 years.”
Michael Infante, CEO of One Media iP, commented: “We are delighted to announce our third acquisition of the year executed through our innovative Harmony iP programme. The Kid has been a delight to work with and we look forward to many years of close association with him. I want to say, “who is the Daddy?” but that would be too corny.”
“Acquisitions such as these continue to add value to our business through a recurring revenue model and as such, we have a strong pipeline of future acquisition targets for 2021. Furthermore, our proprietary market leading anti-piracy TCAT software, can underpin and police the future integrity of artists income by assuring that all uses of tracks under our umbrella are protected and enforced and that all reporting of usage is carefully monitored. This is a significant advantage for One Media when securing royalty acquisitions such as these, and a huge positive for all parties involved in the income chain of rights monetisation.”
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