Justin Bieber sells rights to songs for $200m
Justin Bieber has sold his share of the rights to his music to Hipgnosis Songs Capital for a reported $200m (£162m).
The firm now owns the pop star’s stake in some of the biggest hits of recent years, including Baby and Sorry.
Bieber, one of the best-selling artists of the 21st Century, joins a growing group of artists who have cashed out on their catalogues.
The move means Hipgnosis will receive a payment every time a song it owns is streamed or used on radio, TV or film.
The company – a $1bn venture between financial giant Blackstone and the British Hipgnosis Song Management – acquired Bieber’s publishing copyrights to his 290-song back catalogue.
It has also acquired his share in the original master recordings of his songs.
That includes all of his music released before 31 December 2021.
Hipgnosis has not disclosed the terms of the deal, but a source told the news agency AFP it was worth around $200m.
Artists are increasingly selling stakes in their work to music funds – including Justin Timberlake and Leonard Cohen, who have also struck deals with Hipgnosis Songs Capital.
The trend is more common among older artists. In the last two years, music legends Bob Dylan and Bruce Springsteen both sold back catalogue rights to Sony.
Springsteen received a reported $500m (£376m) for the sale of his life’s work.