Justin Bieber has sold his entire back catalog of more than 290 songs to music rights investment firm Hypnosis Songs Capital, announced Tuesday. billboardthe deal is worth more than $200 million.
The company will acquire the rights to the entire back catalog of Bieber releases by December 31, 2021. This includes publication rights, master recordings, neighboring rights and artist royalties.
“This acquisition is one of the biggest deals ever for an artist under the age of 70,” said Merck Mercuriadis, CEO of Hipgnosis Song Management, in a statement. The power of this incredible catalog with over 30 billion streams.”
According to Hypnosis, Bieber has sold over 150 million records worldwide, with all six albums certified platinum or multi-platinum.
Bieber’s manager of 15 years, Scooter Braun, called the deal “historic.”
“When Justin decided to sign the catalog deal, it quickly became clear that Merck and Hypnosis were the best partners to preserve and grow this amazing legacy,” Brown said in a press release. “Justin is truly a once-in-a-generation artist and that is reflected and recognized in the size of this deal.”
Shakira struck a similar deal with Hipgnosis earlier this month, selling a catalog of about 145 songs and 100% of the publishing rights.
The concept of selling catalogs has also become popular among young music artists such as Justin Timberlake and Imagine Dragons, and in recent years they have also sold catalogs.
There are several reasons why artists may seek to sell the rights to their long-standing work.Some are trying to sell catalogs before President BidenTax increases on capital gains may be introduced. If artists waited for this tax to go into effect, they would pay higher taxes on their catalog sales.
Other artists may consider paying a lump sum up front in cash instead of a royalty check over a period of time.
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https://www.cbsnews.com/news/justin-bieber-sells-entire-back-catalog-hipgnosis-song-management/ Justin Bieber sells entire back catalog to Hypnosis Song Management in ‘historic’ deal