'Historic deal': Justin Bieber sells 291-song catalog for whopping $200M to Hipgnosis Songs Capital
LONDON, UK: Justin Bieber’s bank balance has just bulged after the ‘Yummy’ singer sold his 291-catalog to Hipgnosis Songs Capital. The catalog includes every song Bieber has released up until 2021. Notably, the same company also bought the works of artists such as Kenny Chesney and Justin Timberlake. The deal, which reportedly fetches Bieber $200 million, comprises his six studio albums — 'My World 2.0', 'Under the Mistletoe', 'Believe', 'Purpose', 'Changes', and 'Justice'. This further includes other projects including 'My World' and 'Journals', as well as the hit singles 'Baby', 'Boyfriend,' and 'What Do You Mean?', 'Sorry,' 'Love Yourself,' 'Yummy,' 'Holy' and 'Peaches.'
“The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable. This acquisition ranks among the biggest deals ever made for an artist under the age of 70, such is the power of this incredible catalog that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone. Scooter Braun has helped him build a magnificent catalog, and it’s a pleasure to welcome Justin and his incredible songs and recordings to the Hipgnosis family," said Merck Mercuriadis, founder of Hipgnosis Song Management, which handles the music rights company, reports People.
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The music mogul adds, "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 a teen phenomenon to a culturally important artist. What the deal means in other words is that Hipgnosis owns a 100% interest in profits made from Bieber's writing and recording credits as well as neighboring rights." The term is used for the monetary benefit made when the particular music publicly plays in stores, restaurants, and other places.
Scooter Braun, who’s been Bieber's manager for over a decade, also reacted to the development via a statement, "Justin is truly a once-in-a-generation artist and that is reflected and acknowledged by the magnitude of this deal. For 15 years I have been grateful to witness this journey and today I am happy for all those involved. Justin's greatness is just beginning. The 41-year-old added, “I want to thank Merck and his entire Hipgnosis team and all of our partners involved for working so hard to make this historic deal happen.”
Some of the legends, who went ahead and chose to sell their catalog include Stevie Nicks, Bruce Springsteen, Bob Dylan, Sting, and Neil Young.