Hipgnosis Songs Capital reportedly paid $200 million for Justin Bieber’s portion of the rights to his music. The company now owns the pop star’s interest in “Baby” and “Sorry,” two of the biggest songs of recent years.
Bieber, one of the most popular musicians of the twenty-first century, joins a rising number of artists who have profited from their collections.
Hipgnosis will be compensated each time a song in which they own a portion is performed publicly.
The business, a $1 billion joint venture between the financial powerhouse Blackstone and the British Hipgnosis Song Management, purchased the publishing copyrights to Bieber’s 290-song back catalog.
This contains everything about his music released before December 31, 2021, as well as his share as a songwriter.
Artist rights to the star’s master recordings were also acquired as part of the transaction.
Hipgnosis has not announced the terms of the transaction, although a source told AFP that it was worth approximately $200 million.
Artists are increasingly selling interest in their works to music funds, including Justin Timberlake, Shakira, and Hipgnosis.
However, this trend is more prevalent among older artists. Bob Dylan and Bruce Springsteen have both sold back catalog rights to Sony in the past two years.
Reportedly, Springsteen received $500 million (£376 million) for selling his life’s work.
The Hipgnosis Songs Fund is amassing a collection of hit songs and encouraging large institutional investors to participate in the profits.
In July 2018, the fund was listed on the London Stock Exchange.
Merck Mercuriadis, the company’s founder, once stated that successful tunes might be “more valuable than gold or oil.”
In announcing the latest deal, he stated,
“Justin Bieber’s influence on worldwide culture over the past fourteen years has been simply astounding.”
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