Justin Bieber has sold his music rights to Hypgnosis Songs Capital for more than $200 million, the company confirmed Tuesday.
Bieber’s manager, Scooter Braun, said in a statement: “Justin is truly a once-in-a-generation artist and that is reflected and recognized by the size of this deal.” “I’m grateful to have watched this journey for 15 years, and I’m happy for everyone involved today. Justin’s greatness is just beginning.”
The deal includes all of Bieber’s 291 songs released before the end of 2021, dating back to his latest album, “Justice.”
Hipgnosis celebrated the sale on Instagram, writing, “Welcome to the Hipgnosis family @justinbieber.
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Following the sale, Bieber’s master recordings will still be managed by Universal Music, which is said to still own the master recordings in perpetuity.
Bieber’s catalog is the largest acquisition for the music rights group and is said to be one of the largest for any musician of his age.
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“This acquisition is one of the biggest deals for an artist under the age of 70,” said Merc Mercuriadis, founder of Hipgnosis Song Management. “He’s one of the few artists who defines the streaming era, who has revolutionized the entire music industry at just 28 years old.”
Young artists are often considered more of a risk in catalog sales because their songs have not yet been able to withstand many challenges, but the “Never Say Never” singer’s continued success makes it special, according to the outlet.
Justin Timberlake, Neil Young, Kenny Chesney, Leonard Cohen, Nile Rodgers and Nelly Furtado have previously signed similar deals with Hypgnosis.
Timberlake sold his catalog for a little over $100 million, while Young sold 50% of it for $150 million.
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In the year In 2020, Bob Dylan sold his song catalog to an international music publisher for $400 million, Variety reported.
Generally, copyrights are not as valuable as the actual recorded songs and albums. However, the income from advertising and film licensing can be very lucrative for a while, especially for famous artists like Bieber.
A representative for Bieber did not immediately respond to a request for comment from FOX Business.
FOX Business’ Philip Nieto contributed to this report.