Monitoring Desk
Canadian singer Justin Bieber has reportedly sold his share of the rights to his music to Hipgnosis Songs Capital for $200 million.
The firm now holds the pop star’s ownership interest in some of the biggest hits of recent years, including Sorry and Baby. One of the best-selling artists of the twenty-first century, Justin Bieber, has begun to cash in on his back catalog. By doing this, Hipgnosis will get compensated each time a song containing a portion of their music is played in public.
Publication rights to Justin Bieber’s 290-song
The company, a $1 billion joint venture between Blackstone, a major financial institution, and Hipgnosis Song Management, a British corporation, obtained the publication rights to Justin Bieber’s 290-song back catalog. All of his songs released before December 31, 2021, as well as his writer’s share, are included. The agreement also included acquiring the star’s artist rights to his master recordings.
Hipgnosis has yet to make the deal’s details public, but a source reportedly said it was worth about $200 million. Artists, including Justin Timberlake and Shakira, are increasingly selling interest in their work to music funds, including Hipgnosis.
However, older artists are more likely to follow the trend. Bruce Springsteen and Bob Dylan have sold back-catalog rights to Sony in the past two years. Springsteen’s work reportedly brought in $500 million (£376 million). Bruce Springsteen sold his music rights for $500 million, while Bob Dylan sold his master recordings to Sony Music.
The Hipgnosis Songs Fund is creating a collection of popular songs and is seeking major institutional investors to participate in the proceeds. In July 2018, the fund went public on the London Stock Exchange. The man who founded it, Merck Mercuriadis, previously declared popular tunes might be “more valuable than gold or oil.” When announcing the most recent agreement, he remarked that Justin Bieber’s influence on the culture around the world over the previous 14 years had been genuinely astounding.
