Justin Bieber has reportedly sold his share of the rights to his music to Hipgnosis Songs Capital for $200 million. The corporation now owns the pop star’s part in some of the biggest successes of recent years – including “Baby” and “Sorry”.
Bieber, one of the best-selling artists of the twenty-first century, joins a growing list of artists who have profited from their catalogues. Hipgnosis will now be paid every time a song in which they have a part is played in public.
The $1 billion collaboration between financial behemoth Blackstone and British Hipgnosis Song Management acquired Bieber’s publishing copyrights to his 290-song back catalogue. This contains everything of his music released before to December 31, 2021, as well as his writer’s share. The purchase also included the acquisition of the star’s artist rights to his master recordings.
Hipgnosis has not announced the specifics of the agreement, although a source told AFP that it was valued roughly $200 million. Artists, including Justin Timberlake and Shakira, are increasingly selling interests in their work to music funds, including Hipgnosis.
However, the trend is more prevalent among older artists. Bob Dylan and Bruce Springsteen both sold back catalogue rights to Sony in the last two years. Springsteen reportedly received $500 million (£376 million) for the selling of his life’s work.
The Hipgnosis Songs Fund is amassing a catalogue of hit songs and encouraging large institutional investors to participate in the profits. In July 2018, the fund went public on the London Stock Exchange.
The guy who founded it, Merck Mercuriadis, previously declared popular tunes might be “more valuable than gold or oil”. “The impact of Justin Bieber on worldwide culture over the previous 14 years has truly been phenomenal,” he remarked as he announced the new agreement. Click here for the latest post.