New York, USA. Canadian singer Justin Bieber sold the rights to his music catalog to Hipgnosis for $200 million, thus following the path of artists such as Bob Dylan and Bruce Springsteen, the company and a source close to the case reported.
The newspaper The Wall Street Journal had reported in December that the artist was ceding his rights for some 200 million dollars, a figure confirmed to AFP on Tuesday by a source close to the case.
“Hypgnosis has acquired all the shares of Justin Bieber in its editorial rights (including the author’s portion corresponding to the performance), master recordings and related rights of its entire catalogue”declared Hipgnosis, the music rights management company that already owns those of the Red Hot Chili Pepperswithout confirming the amount.
The repertoire includes more than 290 songs published before December 31, 2021including his biggest hits baby, “Sorry” Y “Love Yourself”.
According to another source close to the case, which confirms information from the magazine Variety, Universal He will, however, continue to manage the singer’s catalogue, with six platinum albums (one million copies sold) or multi-platinum (several million).
The corporation will also retain possession of the recording rights to the songs (or master rights), the source said.
Bieber adds more than 30,000 million listeners in Spotify.
“Justin Bieber’s impact on world culture over the past 14 years has been exceptional”congratulated the founder and CEO of Hipgnosis, Merck Mercuriadis, former manager of Elton John.
The deal is the latest in a long line of purchases of artist catalog publishing rights or copyrights, which have become valuable assets, especially with the streaming revolution.
And beyond music streaming, companies like Hipgnosis also monetize their catalog on more recent platforms such as TikTok either Roblox.
The purchase was part of Hipgnosis’s association with the financial management firm Blackstone, which announced at the end of 2021 an investment of 1,000 million dollars to continue buying music.
David Bowie, Tina Turner either Leonard Cohen They have also been involved in similar operations.
At 28, “Justin Bieber is one of the best-selling music artists of all time,” boasts Hipgnosis.
The sale comes in a difficult year for Bieber due to health problems. “I’ll be fine, but I need to rest and be better,” said the singer.