Justin Bieber has sold his entire music catalog for USD $200 million (AUD $289m).
The pop star handed over the keys to his songs to Hipgnosis Songs Fund, according to Rolling Stone.
The hefty deal includes 290 of his titles released before 21 December 21 2021.
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So, all those nostalgic hits, including ‘Baby’, ‘Boyfriend’ and ‘Love Me’, belong to the British investment and song management company.
With this deal, Hipgnosis has gained a 100 per cent interest on the 28-year-old’s publishing rights and the artist’s share of the royalties from his master recordings, which Universal Music Group still owns.
They also have neighbouring rights, which refers to anytime his songs are played publicly.
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Bieber’s longtime manager, Scooter Braun, made a statement after the deal was announced (via CNN): “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.”
Bieber joins the long list of musicians who have recently sold their catalogs, which includes Bruce Springsteen, Justin Timberlake, Motley Crue, Sting, and Red Hot Chilli Peppers.
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While Springsteen sold his catalog for an estimated USD $550 million (AUD $780m), Bieber is the largest traded for an artist in his generation.
But why is almost every artist suddenly clamoring to sell their music rights?
Cynthia Katz of the law firm Fox Rothschild, which has negotiated notorious deals, including Motley Crue's sale to BMG, said: "If you have something that's hot, everybody wants to get in on it.
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“All of those things coming together has led to a flourishing new market, a new revenue source for artists that I think is wonderful. You have increasing completion.
"That increases the prices and creates bidding wars and all of that, and you have a lot of people jumping on these opportunities."
However, Taylor Swift has taken a completely different route.
In 2019, the artist fought hard to gain creative control and even re-recorded six of her first studio albums after Big Machine Records, unbeknownst to her, sold her masters to her rival, Scooter Braun.
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She revealed that she tried to buy them back before the deal with Braun was finalized.
She wrote in a blog post: “For years, I asked, pleaded for a chance to own my work. Instead I was given an opportunity to sign back up to Big Machine Records and 'earn' one album back at a time, one for every new one I turned in.
“I walked away because I knew once I signed that contract, Scott Borchetta would sell the label, thereby selling me and my future. I had to make the excruciating choice to leave behind my past."
Topics: Music, News, Celebrity, Justin Bieber