Who is Justin Bieber? Here are a few facts you should know
Justin Bieber has sold his music rights to Hipgnosis Songs Capital for more than $200 million, the company confirmed on Tuesday.
“Justin is truly a once-in-a-generation artist, and the magnitude of this deal reflects and recognizes that,” Bieber’s manager Scooter Braun said in a statement, according to Variety. “For 15 years I have been grateful to be a witness to this journey and today I am happy for everyone involved. Justin’s greatness is just beginning.”
The deal includes all of Bieber’s 291 songs released before the end of 2021, up through his latest album, Justice.
Hipgnosis celebrated the sale on Instagram, writing, “Welcome to the Hipgnosis family @justinbieber.”
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Post-sale, Bieber’s master recordings will reportedly continue to be managed by Universal Music, and the company will continue to own the master recordings in perpetuity.
Justin Bieber has sold his music catalog for $200 million. (Dimitrios Kambouris/Getty Images for the Met Museum/Vogue/Getty Images)
Bieber’s catalog is reportedly the biggest acquisition for the music rights group, and reportedly one of the biggest for a musician his age.
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“This acquisition is among the biggest deals ever made for an artist under 70,” Merck Mercuriadis, founder of Hipgnosis Song Management, told Variety. “At just 28 years old, he’s one of the few defining artists of the streaming era who reinvigorated the entire music industry.”
Younger artists are often seen as riskier in a catalog sale because their songs haven’t yet proven themselves, but the ‘Never Say Never’ singer’s continued success makes him an exception, according to the outlet.
The deal includes all of Bieber’s 291 songs released before the end of 2021, up through his latest album, Justice. (Jason Merritt/Getty Images)
Justin Timberlake, Neil Young, Kenny Chesney, Leonard Cohen, Nile Rodgers and Nelly Furtado have previously signed similar deals with Hipgnosis.
Timberlake sold its catalog for just over $100 million and Young sold 50% of its catalog for about $150 million.
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The deal with the ‘Never Say Never’ singer is one of the ‘biggest’ for an artist under 70, Hipgnosis said. (Cliff Lipson/CBS via Getty Images/Getty Images)
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 songs and albums actually recorded; However, revenue from advertising and film licenses can generate significant profit over a longer period of time, especially for popular artists like Bieber.
A representative for Bieber did not immediately respond to FOX Business’ request for comment.
Phillip Nieto of FOX Business contributed to this report.