The 28-year-old Canadian, Justin Bieber struck the deal with Hipgnosis Songs Capital, following in the footsteps of Justin Timberlake and Shakira.
Justin Bieber has sold his share of the rights to his music for a reported $200m (£162m).
Hipgnosis Songs Capital, who now owns the Canadian’s share of his back catalog, will now receive a payment anytime one of the songs is played in public.
The company has acquired the rights to the 290 songs Bieber released before 31st December 2021, which include the smash hits, ‘Baby’, ‘Sorry’, and ‘Love Yourself’.
Musicians are increasingly selling stakes in their work to music funds with stars including Justin Timberlake and Shakira also striking deals with Hipgnosis.
However, the trend is more common among older artists, with the likes of Bruce Springsteen, Bob Dylan, and Paul Simon all recently securing multimillion-dollar deals for their work.
The Hipgnosis Songs Fund is a $1bn (£811m) venture between Hipgnosis Song Management and the financial firm Blackstone.
The fund floated on the London Stock Exchange in July 2018.
Merck Mercuriadis who founded the fund has previously said hit songs can be “more valuable than gold or oil”.
On striking the deal with Bieber, he said:
“The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable.
“At only 28 years of age, he is one of a handful of defining artists of the streaming era that has revitalized the entire music industry, taking a loyal and worldwide audience with him on a journey from teen phenomenon to a culturally important artist”.
Merck Mercuriadis
Bieber’s manager for 15 years, Scooter Braun, said:
“When Justin made the decision to make a catalog deal, we quickly found the best partner to preserve and grow this amazing legacy was Merck and Hipgnosis.”
Scooter Braun
Justin Bieber Celebrates With Hailey After He Sells Music Catalog For $200M
Justin Bieber is looking like a $200 million date night after his music sale.
The Canadian singer is feeling himself after selling the rights to his entire library of music for $200 million and the proof is in the pants.
The Biebers busted out some eye-catching polka dot trousers Tuesday night as he headed out to dinner with his wife, Hailey in New York City … fresh off his huge payday.
Justin also rocked a pink jacket, beanie, and a pair of black and brown boots while Hailey wore a leather jacket and matching vest and heels.
The couple’s got $200 million reasons to enjoy a night out in the Big Apple earlier in the day.
As reported, the deal’s been in the works since December and it’s being hailed as the most lucrative music rights sale for any artist from Justin’s generation.
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