Popular Canadian singer Justin Bieber has reportedly sold a part of his music rights to Hipgnosis Songs Capital for $200 million.
The company has now acquired the pop star’s ownership interest in some of the biggest recent hits, including “Baby” and “Sorry.”
Bieber, one of the best-selling artists of the twenty-first century, joins a growing list of performers who have cashed in on their catalogues.
As a result of the decision, Hipgnosis will be compensated each time a song that includes a portion of their music is heard in public.
The company, 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 catalogue.
That includes his writer’s share and any of his music that was released before December 31, 2021.
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.
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Artists are increasingly selling shares of their work to music funds, like Justin Timberlake and Shakira, who have agreements with Hipgnosis.
However, the trend is more prevalent among older artists. Both Bruce Springsteen and Bob Dylan have sold back catalogue rights to Sony in the past two years.
Springsteen is said to have gotten $500 million (£376 million) for the sale of his life’s work.
The Hipgnosis Songs Fund is building up a catalogue of hit songs – and inviting big institutional investors to share in the proceeds.
It was originally reported in December that a Bieber deal valued at over $200 million was in the works amid founder/chief executive Merck Mercuriadis‘ efforts to “close about $500 million in deals” between mid-November and mid-December.
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