Justin Bieber has sold the rights to his publishing rights and artist royalties from the songs in his catalog, adding him to an increasing number of stars who have signed rights agreements.
Bieber made a deal to sell his catalogue to Hipgnosis the investment firm for music rights announced on Tuesday.
“Justin is truly a once in a generation artist and that is reflected and acknowledged by the magnitude of this deal,” Bieber’s long-time manager Scooter Braun stated in an announcement. “For fifteen years, I’ve been blessed to have been part of this process and today am thrilled for everyone that are. Justin’s incredibleness only just begins.”
The purchase is estimated at $200 million According to Billboard. Rolling Stone called the sale the most significant ever for any artist in Bieber’s time.
Bob Dylan, Bruce Springsteen, Neil Young, Stevie Nicks, Justin Timberlake, Sting and many more have recently sold their rights to their royalty. Warner Music Group also purchased the late British singer David Bowie’s complete catalog of music from six years.
The deal he signed with Springsteen was estimated at $550 million. Other catalogues by other artists are reported to have been sold for more to the Bieber’s total.
Many artists near the end of 2021 the urge in the direction of selling their rights prior to that the Biden Administration allowed capital gains tax rates to rise, Hannah Karp, editorial director at Billboard she told the magazine the magazine last year. Many artists, particularly those close to the end of their careers, chose to dispose of their rights to reasons of estate planning, Karp said.
Some of the younger artists, like Bieber have begun selling too. Imagine Dragons sold their catalog to Concord Music Publishing in August. Shakira made a deal this month , involving Hipgnosis Songs Fund for her complete catalog, which includes songs such as “Hips Don’t Lie,” “Whenever, Wherever,” and “She Wolf.”
However, Taylor Swift is taking the opposite approach in battling to preserve her creative control , and even re-recording a few of her songs in order to secure publishing rights for her music.
