Justin Bieber has sold his share of the rights to his music for $200m (£162m).
Hipgnosis Songs Capital, which now owns the Canadian share of its previous catalog, will now receive payment each time one of the songs is performed in public.
The company acquired the rights to all 290 songs bieber released before December 31, 2021, which includes the blockbuster hits, Baby, Sorry and Love Yourself.
Musicians are increasingly selling stakes in their work to music funds – with stars such as Justin Timberlake and Shakira also striking deals with Hipgnosis.
However, the trend is more common among older artists, with artists like Bruce Springsteen, Bob Dylan and Paul Simon all recently securing multi-million dollar deals for their work.
The Hipgnosis Songs Fund is a $1bn (£811m) venture between Hipgnosis Song Management and financial firm Blackstone.
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Merck Mercuriadis – who founded the fund – has previously said that hit songs can be “more valuable than gold or oil”.
Closing the deal with Bieber, he said: “Justin Bieber’s impact on global culture over the past 14 years has truly been remarkable.
“At just 28 years old, he is one of a handful of defining artists in the era of streaming that revitalized the entire music industry, taking a loyal, global audience with him on a journey of phenomenon. teenager to culturally significant artist. »
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Bieber’s manager for 15 years, Scooter Braun, said: “When Justin made the decision to enter into a catalog deal, we quickly found the best partner to preserve and grow this incredible legacy was Merck and Hipgnosis. »
Source : BBN WORLD NEWS