The company confirmed on Tuesday that Justin Bieber has sold his music rights for more than $200 million to Hipgnosis Songs Capital.
Bieber’s manager, Scooter Braun, said in a statement, according to Variety: “Justin is truly a once-in-a-generation artist and that reflects and acknowledges the size of this deal.” “For 15 years I was grateful to witness this journey, and today I am happy for everyone involved. Justin’s greatness is just beginning.”
The deal includes all 291 of Bieber’s songs released before the end of 2021 through his latest album, “Justice.”
HipGnosis celebrated the sale on Instagram, where he wrote: “Welcome to the HipGnosisjustinbieber family.”
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After the sale, Bieber’s master recordings would still be managed by Universal Music, and the company would own the master recordings in perpetuity.
Bieber’s catalog is said to be the largest acquisition for a music rights group and is said to be one of the largest for a musician of his age.
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“This acquisition ranks among the largest deals ever made for an artist under the age of 70,” Merck Mercuriadis, founder of Hipgnosis Song Management, told Variety. “At just 28 years old, he is one of a handful of defining artists of the streaming era who have reinvigorated the entire music industry.”
Younger artists are often considered a riskier selling catalog because their songs haven’t stood the test of time, but the “Never Say Never” singer’s continued success makes him an exception, according to the outlet.
Justin Timberlake, Neil Young, Kenny Chesney, Leonard Cohen, Neil Rodgers and Nelly Furtado have previously signed similar deals with Hipgnosis.
Timberlake sold his catalog for just over $100 million, and Young sold 50% of it for about $150 million.
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In 2020, Bob Dylan sold his song catalog to Universal Music Publishing for $400 million, Variety reported.
In general, publishing rights are not the same value as the actual recorded songs and albums; However, revenue from advertising and movie licenses can provide significant profit over a period of time, especially for popular artists like Bieber.
Bieber actor did not immediately respond to the Fox Business request for comment.
Philip Nieto from Fox Business contributed to this report.