Hits by Lorde and The Weeknd sold as part of $150 million deal

Kiwi singer-songwriter Lorde's song Royals was a number one hit around the world. Photo/Getty Images

A collection of some of the world's hottest hits including Lorde's Royals and The Weeknd's Can't Feel My Face have been sold.

Songs Music Publishing catalogue of songs was purchased by Kobalt Capital Ltd, which buys music rights on behalf of investors, for more than US$150 million ($220m) according to Bloomberg.

The deal is the result of 13 years of work by the founder of Songs Music Publishing Matt Pincus, which saw the company handle the royalties on more than 3.5 per cent of the music played on the radio in America, in 10 of the past 12 quarters.

The collection also included Mark Ronson's hit Uptown Funk.

Kobalt Capital Ltd is a subsidiary of Kobalt Music Group Ltd, home to the likes of Paul McCartney, Kelly Clarkson and Calvin Harris. Bloomberg said the company was valued at US$775 million in May.

Music copyrights were becoming hot commodities according to Bloomberg, with streaming services including Spotify and Apple Music helping the industry bounce back from the struggles caused by likes of file-sharing.

After almost 20 years of decline, spending on music in the US was headed for its third straight year of growth, attracting interest from investors.

Bloomberg said Songs Music Publishing was expected to eventually shut down following the sale.