The Canadian singer Justin Bieber has sold his entire music catalogue – featuring songs from his entire 15-year recording career – for a whopping $200m (£162m).
The 28-year-old Canadian crooner has sold his music rights to Blackstone-backed Hipgnosis Songs Capital for over $ 200 million the company announced in January. Sources also said that Bieber’s songs will continue to be administered by Universal Music where he has been throughout his career.
Founder of Hipgnosis Song Management Merck Mercuriadis released a statement on Tuesday about the acquisition which read: ‘The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable.
‘This acquisition ranks among the biggest deals ever made for an artist under the age of 70, such is the power of this incredible catalogue that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone.
The “Baby” singer joins artists such as Bob Dylan and Bruce Springsteen in making lucrative nine-figure deals for the rights to their back catalogues.
Included in the deal are the publishing rights to Bieber’s entire back catalogue, which spans 290 songs.
All music released by Bieber prior to 2022 is included in the deal, as well as the artist’s rights to his master recordings.
Neither Hipgnosis nor Bieber have commented on the exact financial terms of the deal. However, AFP reports that the sale amounted to around $200m. Hipgnosis Songs Fund founder Merck Mercuriadis said: “The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable.” Back in October, Bieber cancelled a number of dates on his world tour, stating that he had to keep his “health a priority”.
Author: Bunmi Johnson
New York, USA