Justin Bieber has sold his music rights for more than $200 million to Hipgnosis Songs Capital, the company confirmed on Tuesday.
“Justin is truly a once-in-a-generation artist and that is reflected and recognized by the magnitude of this deal,” Bieber’s manager Scooter Braun said in a statement, according to Variety. “For 15 years I have been grateful to witness this journey, and today I am happy for everyone involved. Justin’s greatness has only just begun.”
The deal includes all 291 Bieber songs released before the end of 2021 through his latest album “Justice.”
Hipgnosis celebrated the sale on Instagram, writing, “Welcome to the Hipgnosis family @justinbieber.”
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After the sale, Bieber’s master recordings would still be administered by Universal Music, and the company will still own the master recordings in perpetuity.
Bieber’s catalog would be the band’s biggest acquisition of music rights and one of the biggest for a musician his age.
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“This acquisition ranks among the biggest deals ever for an artist under 70,” Merck Mercuriadis, the founder of Hipgnosis Song Management, told Variety. “At just 28, he is one of a handful of defining artists in the streaming era that revitalized the entire music industry.”
Young artists are often seen as more at risk in a catalog sale because their songs haven’t yet stood the test of time, but the “Never Say Never” singer’s continued success makes him an exception, according to the point of sale.
Justin Timberlake, Neil Young, Kenny Chesney, Leonard Cohen, Nile Rodgers and Nelly Furtado have previously signed similar deals with Hipgnosis.
Timberlake sold his catalog for just over $100 million and Young 50% of his for about $150 million.
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In 2020, Bob Dylan sold his catalog of songs to Universal Music Publishing for $400 million, Variety reported.
Generally, publishing rights do not have the same value as recorded songs and albums; however, revenue from advertising and movie licensing can generate significant profits over a period of time, especially for popular artists like Bieber.
A representative for Bieber did not immediately respond to FOX Business’ request for comment.
Phillip Nieto of FOX Business contributed to this report.