Justin Bieber has sold his music rights for more than $200 million to Hipgnosis Songs Capital, the company confirmed on Tuesday.
“Justin is truly a one-time artist and that is reflected and recognized by the size of this deal,” Bieber’s manager Scooter Braun said in a statement, according to Variety. “For 15 years I was grateful to witness this journey, and today I am happy for all those who were involved in it. Justin’s greatness is only the beginning.”
The deal includes all of Bieber’s 291 songs released before the end of 2021 up 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 reportedly continue to be administered by Universal Music, and the company will own the master recordings in perpetuity.
Bieber’s catalog is reportedly the largest acquisition for the music rights group and is said to be one of the largest for a musician of his age.
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“This acquisition is among the largest deals ever made for an artist under the age of 70,” said Merck Mercuiadis, founder of Hipgnosis Song Management, per Variety. “At only 28 years old, he is one of a handful of artists who defined the streaming era that has revitalized the entire music industry.”
Younger artists are often considered to be at greater risk in catalog sales because their songs haven’t yet stood the test of time, but the continued success of the “Ná Abair Ná” singer makes an exception, according to the outlet.
Justin Timberlake, Neil Young, Kenny Chesney, Leonard Cohen, Nile Rodgers and Nelly Furtado have previously done similar deals with Hipgnosis.
Timberlake sold his catalog for just over $100 million, and Young 50% of his catalog 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 as valuable as the actual recorded songs and albums; however, income from advertising and film licensing can provide significant profit over time, especially for popular artists such as Bieber.
A representative for Bieber did not immediately respond to a request for comment from FOX Business.
FOX Business’ Phillip Nieto contributed to this report.