Sehar Timings Mar 29 - Ramazan 18

Lahore
LHR
04:36 AM
Karachi
KHI
05:12 AM
Islamabad
ISB
04:38 AM
Peshawar
PWR
04:42 AM
Quetta
QTA
05:07 AM

News

Justin Bieber sells music rights for 200 mn

January 24, 2023 11:52 PM


Pop juggernaut Justin Bieber has sold his music publishing and recording catalog shares to the Blackstone-backed Hipgnosis Songs Capital for $200 million, the company said Tuesday -- marking the industry's latest blockbuster rights deal.

The sale has been rumored for weeks, and sees the 28-year-old join a who's who of artists who have cashed out recently on their catalogs.

Hipgnosis did not publicly disclose terms of the deal, but a source close to the matter told AFP it was worth around $200 million.

Some relatively young contemporary stars including Justin Bieber and Shakira have sold large stakes in their work -- both of those celebrities also struck deals with Hipgnosis -- but the sales frenzy has primarily taken off with legacy artists like Bob Dylan and Bruce Springsteen.

The staggering sums -- Springsteen's catalog went to Sony for a reported half a billion dollars -- are seen as safe bets both for older artists getting their finances in order and investors who can count on consistent returns from time-tested music.

Younger catalogs are seen as riskier territory, but Bieber is one of the best-selling artists of all time, and now Hipgnosis has his share in some of the 21st century's biggest hits including "Baby," "Sorry" and "Love Yourself."

Hipgnosis Songs Capital is a $1 billion venture between financial giant Blackstone and the British Hipgnosis Song Management.

According to the deal, Hipgnosis has acquired Bieber's publishing copyrights to his 290-song back catalog -- all of his music released prior to December 31, 2021 -- including his writer's share.

It also includes his artist rights to his lucrative master recordings as well as neighboring rights royalties -- a right that sees its owner receive a payment every time a song is played publicly.

But while Hipgnosis will receive the revenues, Bieber's longtime home Universal will continue to administer the catalog, according to Variety.

'Remarkable'

After the Canada native was discovered on YouTube as a teen, Bieber skyrocketed to global fame, selling more than 150 million records.

He has charted eight number-one albums on Billboard's top albums list, and has 82 million monthly listeners on the streaming platform Spotify, where his songs have been streamed more than 32 billion times alone.

"The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable," said Hipgnosis chief Merck Mercuriadis in a statement.

"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 culturally important artist."

 

 

 

 



Most Read

  1. Man murders young sister by smothering her with pillow in Toba Tek Singh Man murders young sister by smothering her with pillow in Toba Tek Singh
  2. Aitchison College students, parents stage protest against principal’s resignation Aitchison College students, parents stage protest against principal’s resignation
  3. Five Chinese among six killed in Shangla suicide bombing Five Chinese among six killed in Shangla suicide bombing
  4. Sahiba meets her father for the first time Sahiba meets her father for the first time
  5. Maaz Safder regrets 4-year relationship with wife Saba Maaz Safder regrets 4-year relationship with wife Saba
  6. ‘Khaie's incredible ending receives rave reviews and big applause ‘Khaie's incredible ending receives rave reviews and big applause

Opinion

  1. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  2. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  3. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  4. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  5. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer

  6. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer