Justin Bieber has officially closed a deal to sell his entire publishing rights and royalties from his master recordings to Hipgnosis for around a whopping $200 million.
via: CNN
Bieber sold his catalog to Hipgnosis, the music rights investment company announced Tuesday.
“Justin is truly a once in a generation artist and that is reflected and acknowledged by the magnitude of this deal,” Bieber’s longtime manager, Scooter Braun, said in a statement. “For 15 years I have been grateful to witness this journey and today I am happy for all those involved. Justin’s greatness is just beginning.”
Bieber’s publicist did not immediately respond to CNN’s request for comment.
The deal is valued at $200 million, according to Billboard. Rolling Stone called the sale the largest of any artist of Bieber’s generation.
Bob Dylan, Bruce Springsteen, Neil Young, Stevie Nicks, Justin Timberlake, Sting and many others have recently sold the rights to their royalties. Warner Music Group also purchased late British rock star David Bowie’s entire catalog spanning six decades.
Springsteen’s deal was worth about $550 million. Other artists’ catalogues have reportedly sold for an amount closer to Bieber’s haul.
Many artists at the end of 2021 had rushed to sell their rights before the Biden Administration allowed capital gains taxes to increase, Hannah Karp, editorial director at Billboard, told CNN last year. Others, particularly artists nearing the end of the careers, opted to sell their rights for estate planning purposes, Karp said.
But some younger artists like Bieber have begun selling, too. Imagine Dragons sold their catalog to Concord Music Publishing in August. Shakira stuck a deal announced this month with Hipgnosis Songs Fund for her entire catalog, which includes hits like “Hips Don’t Lie,” “Whenever, Wherever,” and “She Wolf.”
But Taylor Swift is taking the opposite tactic, fighting to maintain creative control and rerecording some of her songs to gain publishing rights to her music.
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