Justin Bieber has sold his music rights to Hipgnosis Songs Capital for over $200 Million.
The company has now acquired the pop star’s ownership interest in some of the biggest recent successes, including “Baby” and “Sorry”
One of the best-selling musicians of the twenty-first century, Justin Bieber, has begun to cash in on his back catalog.
By doing this, Hipgnosis will now get compensated each time a song that contains a portion of their music is heard in public.
The business, a $1 billion joint venture between the American financial powerhouse Blackstone and the British Hipgnosis Song Management, now owns the publication rights to Justin Bieber’s 290-song back catalog.
All of his songs that was released prior to December 31, 2021, as well as his writer’s share, are included.
The agreement also included the purchase of the superstar’s artist rights to his master recordings.
The agreement’s terms have not been made public by Hipgnosis, although a source reportedly informed the AFP news agency that it was worth about $200 million.
Music funds are increasingly buying holdings in artists’ works, including Justin Timberlake and Shakira, who have agreements with Hipgnosis as well.
However, older artists are more likely to follow the trend. Both Bruce Springsteen and Bob Dylan have sold back catalog rights to Sony in the past two years.
Springsteen’s life’s work reportedly brought in $500 million (£376 million).
The Hipgnosis Songs Fund is creating a library of popular songs and encouraging major institutional investors to participate in the profits.
In July 2018, the fund went public on the London Stock Exchange.
Merck Mercuriadis, the company’s founder, once remarked that popular tunes can be “more valuable than gold or oil”
Announcing the new arrangement, he remarked, “The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable,”
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