Justin Bieber has sold his entire previous music catalogue, more than 290 songs, to Hipgnosis Songs Capital, the music rights investment company announced Tuesday. According to Billboard, the deal is valued at more than $200 million.
The company will acquire the rights to the entire back catalog of Bieber’s releases through December 31, 2021, including publishing copyrights, master recordings, neighboring rights and artist loyalty, the company said.
“This acquisition is among the largest deals ever for an artist under the age of 70,” Merck Mercuriadis, chief executive of Hipgnosis Song Management, said in a statement. “Such is the power of this incredible catalog that it 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.
Bieber’s manager of 15 years, Scooter Braun, called the deal “historic.”
“When Justin made the decision to do a catalog deal, we quickly found that the best partner to preserve and grow this incredible legacy was Merck and Hipgnosis,” Braun said in the 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 has become increasingly popular, even among younger music artists like 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 seek to sell their catalogs before President Biden’s.to increase taxes on capital gains is potentially instituted. If artists waited for this tax plan to take effect, they would be paying a higher tax on the sale of their catalogue.
Other artists may be looking to get a lump sum of cash up front instead of royalty checks over a period of time.
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