This is a big deal for Hipgnosis and music-related stocks more generally \u2013 because the FTSE 250, the sibling of the FTSE 100, is a prestigious list of companies to join.<\/p>\n
It is a UK cousin of the S&P 500, the US-based index showing the daily stock performance of 500 of America’s biggest companies.<\/p>\n
As Rolling Stone<\/a> points out, Hipgnosis’ stock price largely withstood wider market turmoil last week, staying steady despite the FTSE 100 seeing 11% of its value knocked off due to concerns over the global outbreak of coronavirus.<\/p>\n “We have a tremendous pipeline in place to continue, in what are very challenging times, to give the financial community access to these wonderful assets that have very low correlation to wider markets.\u201d<\/p>\n Merck Mercuriadis, Hipgnosis<\/span><\/p><\/blockquote>\n That made it the worst week for the FTSE 100 since the 2008 financial crash; a description which also applied to the S&P 500, which was down 11.5% in the same period.<\/p>\n Discussing the FTSE 250 addition, Merck Mercuriadis, Hipgnosis founder, said, \u201cThis is a tremendous achievement in only 20 months and I would like to thank our investors and our incredible songwriters for their belief and helping us to firmly establish proven SONGs as an asset class. We now have a strong track record in raising money, investing it in great songs, managing them well and paying dividends.<\/p>\n “We have a tremendous pipeline in place to continue, in what are very challenging times, to give the financial community access to these wonderful assets that have very low correlation to wider markets.\u201d<\/p>\n![](\"https:\/\/www.musicbusinessworldwide.com\/files\/2018\/11\/Merck-Mercuriadis-e1544184839937-80x45.jpg\")
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