Justin Bieber has sold a stake in the rights to his music to a company called Hipgnosis Songs Capital for $200 million.
The company now also has rights to the artist’s songs including recent hits like “Baby” and “Sorry”.
Bieber, one of the best-selling artists of the 21st century, has joined the ranks of artists who have raked in huge sums of money for their work.
This means that Hipgnosis will be paid as long as the song in their copyright is released publicly.
The company – a $1 billion joint venture between financial services firm Blackstone and British Hipgnosis Song Management – bought the rights to 290 of Bieber’s songs.
It includes all the songs he released before December 31(12) 2021 – with his copyright as the author.
Hipgnosis did not disclose the full terms of the purchase, but one source told AFP that it was worth $200 million.
Artists are continuing to sell shares in the rights to their music – including Justin Timberlake and Shakira, who also recently sold to Hipgnosis.
Only this is usually more common among more mature artists. Two years ago, early music legends Bob Dylan and Bruce Springsteen sold their music to Sony.
Springsteen is said to have received $500 million from the sales of all his songs during his career.
The Hipgnosis Songs Fund is stocking popular songs – and encouraging serious investors to get into the business.
The company’s founder, Merck Mercuriadis, previously said that hit songs can be “more valuable than gold or wheat”.
Announcing the sale, Bieber said: “Justin Bieber’s impact on global culture over the past 14 years is truly tangible.”
