After Bob Dylan or Bruce Springsteen, it’s Justin Bieber’s turn to sell his juicy repertoire for cash. The Canadian singer has, in fact, sold the rights to his catalog for 200 million dollars to the company Hipgnosis. This British company, specializing in the management of musical funds, therefore adds the 28-year-old star to its basket already filled with artists like Leonard Cohen, Shakira, or the Red Hot Chilli Peppers.
“Hipgnosis has acquired 100% of Justin Bieber’s shares in his publishing rights (including the author’s share in the performance), master recordings and related rights for his entire catalog,” announced the company, which did not specify the amount of the transaction.
The repertoire includes more than 290 titles released before December 31, 2021, including his greatest hits – “Baby”, “Sorry”, “Love Yourself”… – for which Hipgnosis will now receive the rights when the songs are broadcast.
The Wall Street Journal mentioned a sum of around 200 million dollars in December, confirmed to AFP on Tuesday by a source familiar with the matter. According to Variety, Universal will continue, on the other hand, to administer the catalog of the singer, whose six albums have been certified platinum (one million sold) or multi-platinum (several million), from “My World 2.0” in 2010 to “Justice in 2021.
An “exceptional” impact on world culture, according to the CEO of Hipgnosis
“Justin Bieber’s impact on global culture over the past 14 years has been exceptional,” said Hipgnosis founder and CEO Merck Mercuriadis, former manager of Elton John. Justin Bieber has over 30 billion streams on Spotify.
Hipgnosis carried out the operation thanks to funds from the financial management company Blackstone, which had promised, at the end of 2021, to bring a billion dollars to Hipgnosis for these investments.
Justin Bieber is the latest, and one of the youngest, to sell his catalog, following a now well-established trend. With the streaming revolution, the rights to songs by artists who are dead or alive but deemed timeless have become valuable assets.
Bob Dylan, David Bowie, Bruce Springsteen, Neil Young…
Beyond music streaming, companies like Hipgnosis are also monetizing their catalog on newer platforms like TikTok or Roblox. Among the most important transactions in the last two years are the sale of catalogs by Bob Dylan, David Bowie or Bruce Springsteen, for which Sony has put more than 550 million dollars on the table according to figures mentioned by the media.
Before them, Tina Turner, Neil Young or the Red Hot Chili Peppers, among others, had already carried out such operations.