Questions over music royalty trusts following Neil Young's Spotify row

In January last year, the Hipgnosis Songs Fund announced it acquired 50% of the worldwide copyright and income interests of Neil Young's entire catalogue. At the time, Merck Mercuriadis, founder of trust, revealed just how exciting the acquisition was for him personally, saying: "I bought my first Neil Young album aged seven. Harvest was my companion and I know every note, every word, every pause and silence intimately. Neil Young, or at least his music, has been my friend and constant ever since." However, as Neil Young pulled his songs from Spotify, investors in the trust scratched ...