never say never.
Justin Bieber has joined the list of artists cashing in on their music catalog.
Bieber has signed a deal to sell the publishing rights to its 290-song catalog, including hits like “Baby” and “Sorry,” to UK-based Hypnosis Songs Capital.
The deal covers songs released by the end of 2021, up until his latest album Justice.
Mercuriadis, founder and CEO of Hypnosis Song Management, said in a statement, “The impact Justin Bieber has had on global culture over the past 14 years has been truly astounding.” At , he is one of the few artists defining the streaming era who has revitalized the entire music industry and taken a loyal global audience on a journey from teenage phenomenon to culturally significant artist. am.”
The move means that Hipgnosis will receive a royalty payment every time a Bieber song owned by it is streamed or used on radio, television or in film.
The two-time Grammy Award winner is one of the 21st century’s biggest artists, with his music reaching more than 70 million monthly listeners on Spotify alone and billions more on his streams. increase.
Hypnosis spokesperson told NBC News The company could not disclose the cost of the transaction, but wall street journal It was previously reported to be worth around $200 million. Bieber’s manager Scooter Braun hailed the agreement as a “historic deal”.
“Justin is truly a once-in-a-generation artist, and that is reflected and recognized in the size of this deal,” Brown said. And happy for everyone involved today, Justin’s greatness is just beginning.”
Over the past few years, investment firms have focused on music-as-a-commodity rights and have seen value in licensing artists’ songs.
Bob Dylan, Bruce Springsteen, Paul Simon, Sting, Stevie Nicks, and Neil Young have all sold recordings, songwriting catalogs, or both in recent years.
Prices are rarely disclosed, but music industry experts estimate Springsteen’s sale to Sony Music Entertainment in December 2021 at $550 million. Justin Timberlake has also reportedly sold his music catalog to Hipgnosis for his $100 million in 2022.
Justin Bieber announced Tuesday on his Instagram that he will be canceling performances scheduled through March 2023 and prioritizing his health.