Justin Bieber is selling his entire back catalog to Hipgnosis Song Management in a “historic” deal

Justin Bieber has sold his entire back catalog — more than 290 songs — to Hipgnosis Songs Capital, the music rights investment firm announced Tuesday. In accordance with Billboardthe value of the transaction exceeds 200 million dollars.

The company will receive rights to Bieber’s entire back catalog of releases until December 31, 2021, including publishing copyrights, master recordings, related rights and artist royalties, the company said.

“This acquisition is among the largest deals ever for an artist under the age of 70,” said Merco Mercuriadis, CEO of Hipgnosis Song Management, in a statement. “Such is the power of this incredible catalog that has nearly 82 million monthly listeners and over 30 billion streams on Spotify alone.”

Bieber has sold more than 150 million records worldwide, Hipgnosis said, adding that all six of his albums have been certified platinum or multi-platinum.

Justin Bieber named a clothing line
Justin Bieber at the 64th Annual Grammy Awards at the MGM Grand Garden Arena on April 3, 2022 in Las Vegas, Nevada.

Axelle/Bauer-Griffin/FilmMagic/Getty Images


Bieber’s manager of 15 years, Scooter Braun, called the deal “historic.”

“When Justin made the decision to enter into a catalog deal, we quickly found the best partner to maintain and grow this amazing legacy in Merck and Hipgnosis,” Brown said in a press release. “Justin is truly a once-in-a-generation artist, and that is reflected and recognized by the magnitude of this deal.”

Shakira struck a similar deal with Hipgnosis earlier this month, selling her catalog of around 145 songs and 100% of her publishing rights.

The concept of selling catalogs is becoming increasingly popular even among young music artists, such as Justin Timberlake and Imagine Dragons, who have also sold their catalogs in recent years.

There are several reasons why artists seek to sell the rights to years of work. Some are trying to sell their catalogs before President Biden’s proposed plan to increase capital gains taxes potentially introduced. If artists waited until this tax plan went into effect, they would pay more tax on the sales of their catalog.

Other artists may want to receive a lump sum cash up front instead of royalty checks over a period of time.


Source link

USA News