Justin Bieber, a Canadian singer, has reportedly sold his share of the rights to his music to Hipgnosis Songs Capital for $200 million.
The firm now owns the pop star’s stake in some of the biggest hits of recent years – including “Baby” and “Sorry”.
Bieber, one of the best-selling artists of the twenty-first century, joins a growing list of artists who have profited from their catalogs.
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Hipgnosis will now be paid every time a song in which they have a part is played in public.
The $1 billion venture between financial behemoth Blackstone and British Hipgnosis Song Management acquired Bieber’s publishing copyrights to his 290-song back catalog.
This includes all of his music released prior to December 31, 2021, as well as his writer’s share.
The deal also included the acquisition of the star’s artist rights to his master recordings.
Hipgnosis has not disclosed the terms of the agreement, but a source told AFP that it was worth around $200 million.
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Artists, including Justin Timberlake and Shakira, are increasingly selling stakes in their work to music funds, including Hipgnosis.
However, the trend is more prevalent among older artists. Bob Dylan and Bruce Springsteen both sold back-catalog rights to Sony in the last two years.
Springsteen reportedly received $500 million (£376 million) for the sale of his life’s work.
The Hipgnosis Songs Fund is amassing a catalog of hit songs and inviting large institutional investors to participate in the profits.
In July 2018, the fund went public on the London Stock Exchange.
The man who founded it, Merck Mercuriadis, previously said hit songs can be “more valuable than gold or oil”.
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“The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable,” he said, announcing the latest deal.