Pop superstar, Justin Bieber has confirmed the sale of his shares of his music publishing and recording catalog.
Bieber sold his rights to the Blackstone-backed Hipgnosis Songs Capital, Hipgnosis said Tuesday.
The sale — which reportedly is valued at more than $200 million — has been rumored for weeks.
The 28-year-old has now joined a who’s who of artistes, including Bruce Springsteen and Bob Dylan, who have cashed out recently on their catalogs.
Hipgnosis did not publicly disclose terms of the deal, but a source close to the matter told AFP it was worth around $200 million.
Read Also: ‘Get The Sax, Make Some Music’ – Wizkid Replies Seun Kuti
Contemporary stars including Justin Timberlake and Shakira have sold large stakes in their work – both also struck deals with Hipgnosis – but the move has mostly been seen among legacy artists like Bob Dylan and Bruce Springsteen.
The staggering sums – Springsteen’s catalog went to Sony for a reported half billion dollars – are considered safe bets both for older artists getting their finances in order and investors who can count on consistent returns from time-tested music and the viability of streaming.
Younger catalogs are seen as riskier territory, but Bieber is among the best-selling artists ever, and now Hipgnosis has his share in some of the 21st century’s biggest hits including ‘Baby’ and ‘Sorry.’
Hipgnosis Songs Capital is a $1 billion venture between financial giant Blackstone and the British Hipgnosis Song Management.
Hipgnosis said they acquired Bieber’s interest in his publishing copyrights to his 290-song back catalog – all of his music released prior to December 31, 2021.
Bieber’s longtime home Universal will continue to administer the catalog, another source close to the deal said, and still owns the artist’s master recordings. Hipgnosis has acquired the artist’s stake in his masters as well as his neighbouring rights – a royalty that sees its owner receive a payment every time a song is played publicly.