The singer is set for a hefty payday.
Justin Bieber is set up for quite the windfall. The superstar singer-songwriter has sold the rights to his entire music catalog in exchange for a head-spinning payday.
The "Sorry" singer recently signed a deal with Hipgnosis Song Management, handing over the rights to his music in exchange for $200 million, according to multiple reports.
The company released an announcement on Tuesday, sharing, "Hipgnosis has acquired Justin Bieber’s 100% interest in his Publishing Copyrights (including the Writer’s Share of Performance), Master Recordings and Neighboring Rights for Bieber’s entire back catalogue, comprising over 290 titles released before the 31st of December 2021."
The Founder and Chief Executive Officer of Hipgnosis Song Management, Merck Mercuriadis, shared in the press release, "The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable. 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 teen phenomenon to a culturally important artist."
"This acquisition ranks among the biggest deals ever made for an artist under the age of 70, such is the power of this incredible catalogue that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone," the statement continued, going on to thank Bieber's longtime manager, Scooter Braun.
While Hipgnosis Song Management will own Bieber's interest in his catalog, the master recordings themselves will continue to be administered and owned by Universal Music Group.
Hipgnosis is the same company that reportedly bought the rights to Justin Timberlake's catalog last year to the tune of $100 million.
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