Justin Bieber has sold his music rights for more than $200 million to Hipgnosis Songs Capital, the company confirmed Tuesday.
“Justin is truly a once-in-a-generation artist and that is reflected and recognized by the magnitude of this deal,” Bieber’s manager, Scooter Braun, said in a statement, according to Variety. “For 15 years I have been grateful to witness this journey, and today I am happy for everyone involved. Justin’s greatness is just beginning.”
The deal includes all 291 Bieber songs released before the end of 2021 up to his latest album “Justice.”
Hipgnosis celebrated the sale on Instagram, writing, “Welcome to the Hipgnosis @justinbieber family.”
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After the sale, Bieber’s master recordings will continue to be managed by Universal Music, with the company continuing to own the master recordings in perpetuity.
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 ranks among the largest deals ever for an artist under the age of 70,” Merck Mercuriadis, founder of Hipgnosis Song Management, was quoted as saying by Variety. “At just 28 years old, he is one of the few defining artists of the streaming era that has reinvigorated the entire music industry.”
Younger artists are often considered riskier in a catalog sale because their songs have yet to stand the test of time, but the “Never Say Never” singer’s continued success makes him an exception, according to the outlet.
Justin Timberlake, Neil Young, Kenny Chesney, Leonard Cohen, Nile Rodgers, and Nelly Furtado previously signed similar deals with Hipgnosis.
Timberlake sold his catalog for just over $100 million and Young 50% of his 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.
Publishing rights are generally not as valuable as recorded songs and albums; however, revenue from advertising and movie licensing can provide a significant profit over a period of time, especially for popular artists like Bieber.
A representative for Bieber did not immediately respond to FOX Business’s request for comment.
FOX Business’s Phillip Nieto contributed to this report.