According to AFP, Canadian singer Justin Bieber has sold the rights to his music catalog to Hipgnosis for $200 million. It is the latest in a long line of artists such as Bob Dylan and Bruce Springsteen who have given up their lucrative repertoire for money.
Hipgnosis, a UK music fund management company, is adding the 28-year-old star to its portfolio, which already includes artists such as Leonard, Shakira and the Red Hot Chilli Peppers.
“Hipgnosis has acquired an entire interest in Justin Bieber’s copyright (including a performance interest) and related rights to his entire catalog,” the company announced, but did not specify the amount of the deal.
The repertoire includes over 290 tracks released by December 31, 2021, including his biggest hits ‘Baby’, ‘Sorry’ and ‘Love Yourself’, for which Hipgnosis will now receive royalties when the tracks are released.
The Wall Street Journal put the figure at around $200 million in December, a source close to the file confirmed to AFP on Tuesday.
Source: Hot News
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