Justin Bieber has sold his entire back catalogue for a massive lump sum
Fair play, Justin.
Justin Bieber has reportedly sold his entire back catalogue of music for a whopping $200 million.
Hipgnosis Songs Capital has now acquired the entire rights to nearly 300 of Justin's songs which were all released before December 31, 2021.
This includes his first-ever release One Time up until his latest album Justice, which includes hits like Holy and Hold On.
The sale of these rights means that the company now make money any time one of these songs is played in a public space.
The Hipgnosis Songs Fund is a $1 billion venture between Hipgnosis Song Management and the financial firm Blackstone.
Many other artists in the music industry have also done something similar over recent years, with Justin Timberlake, Shakira, and Bruce Springsteen all selling their rights to their back catalogue also.
According to Merck Mercuriadis, the founder of the Hipgnosis Songs Fund, some of these hit songs can be "more valuable than gold or oil”.
Speaking about their deal with Justin, he said: “The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable.
“At only 28 years of age, he is one of a handful of defining artists of the streaming era that has revitalized the entire music industry, taking a loyal and worldwide audience with him on a journey from teen phenomenon to culturally important artist.”
Justin’s longtime manager and mentor Scooter Braun added: “When Justin made the decision to make a catalogue deal, we quickly found the best partner to preserve and grow this amazing legacy was Merck and Hipgnosis.”
- Hailey Bieber's simple white tees lately are the moment - and here's why
- UPDATE: H&M pulls Justin Bieber merchandise following complaints from singer
- Justin Bieber cancels remainder of his world tour to prioritise his health