Shakira performs during an event. File

Gulf Today Report

Online music streaming is turning out to be a lucrative phenomenon for the industry as coronavirus has crushed the concert earnings of singers.

As pandemic has all but shut down live concert earnings and a growing list of musicians including the likes of Bob Dylan and Neil Young have sought to monetise their back catalogues.

The latest to join the trend is Colombian pop superstar Shakira who has sold the rights to her catalogue of 145 songs to London-listed Hipgnosis Songs Fund, the investment firm said on Wednesday.

The specialist investment firm did not disclose financial details of the deal, which is Hipgnosis' most recent after others this year with Neil Young, Fleetwood Mac guitarist Lindsey Buckingham and record producer Jimmy Iovine.

Shakira performs on stage along with other dancers. File

Shakira has sold over 80 million records and has a strong following on music streaming platforms Spotify and YouTube and is  famous for her songs such as "Hips Don't Lie", "Whenever, Wherever", "Underneath Your Clothes" and 2010 FIFA World Cup song "Waka Waka (This Time For Africa)."

"At eight years old, long before I sang, I wrote to make sense of the world," three-time Grammy award winner said in a statement.

"Each song is a reflection of the person I was at the time that I wrote it, but once a song is out in the world, it belongs not only to me but to those who appreciate it as well," she said.

"I know Hipgnosis will be a great home for my catalogue."

Hipgnosis founder Merck Mercuriadis hailed the deal with Shakira, calling her "the Queen of Latin Music."

"What no one should ever take for granted is that she is one of the most serious and successful songwriters of the last 25 years, having written or co-written virtually every song she has ever recorded," he said.