New York: Pop juggernaut Justin Bieber has sold shares of his music publishing and recording catalog to Blackstone-backed Hipgnosis Songs Capital for $200 million, the company said Tuesday — in the industry’s latest massive rights deal.
The sale has been rumored for weeks, and sees the 28-year-old join a group of artists who have recently cashed in on their catalogs.
Hipgnosis has not publicly disclosed the terms of the deal, but a source close to the matter told AFP it was worth around $200 million.
Some relatively young modern stars, including Justin Bieber and Shakira, have sold significant stakes in their act — each of those celebs had deals with Hipgnosis — but the sales frenzy mainly took off with longtime artists like Bob Dylan and Bruce Springsteen.
The staggering sums—Springsteen’s catalog went to Sony for half a billion dollars—are seen as safe bets for older artists getting their finances in order and investors who can count on steady returns from time-tested music.
Younger catalogs are seen as riskier territory, but Bieber is one of the best-selling artists of all time, and now Hipgnosis has his share of some of the biggest hits of the 21st century including “Baby,” “Sorry,” and “Love Yourself.”
Hipgnosis Songs Capital is a billion dollar venture between financial giant Blackstone and British company Hipgnosis Song Management.
According to the deal, Hipgnosis acquired Bieber’s publishing rights to his back catalog of 290 songs — all of his music released before December 31, 2021 — including his writer’s share.
It also includes the artist’s rights to their lucrative master recordings as well as the rights to neighboring titles – a right that sees its owner receive a payment each time a song is played publicly.
But while Hipgnosis will take the revenue, longtime Bieber’s home Universal will continue to manage the catalog, according to Variety.
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After the Canadian native was discovered on YouTube as a teenager, Bieber rose to worldwide fame, selling more than 150 million records.
He has charted with eight number-one albums on the Billboard Top Albums chart, has 82 million monthly listeners on the streaming platform Spotify, with his songs streamed over 32 billion times alone.
“Justin Bieber’s influence on global culture over the past 14 years has been truly remarkable,” said Hipgnosis President Merck Mercuriadis in a statement.
“At just 28 years old, he’s one of a handful of defining artists of the broadcast era to reinvigorate the entire music industry, taking with him a loyal and global audience on a journey from teen phenomenon to culturally significant artist.” – France Press agency