Justin Bieber sold his music rights to Hipgnosis Songs Capital for more than $200 million, the company confirmed Tuesday.
“Justin is truly a generational artist, and that is reflected and acknowledged by the magnitude of this deal,” Bieber’s manager Scooter Braun said in a statement, according to Variety. “I’ve been grateful to witness this journey for 15 years, and I’m happy for everyone involved today. Justin’s greatness is just beginning.”
The deal includes all 291 songs Bieber has released through the end of 2021, from his latest album, “Justice.”
Hipgnosis celebrated the sale on Instagram with the caption: “Welcome to the Hipgnosis family @justinbieber.”
Following the sale, Bieber’s top records It is said to still be managed by Universal Music, and the company will still own Master Records in perpetuity.
Bieber’s catalog is said to be the biggest acquisition for a music rights group and the biggest ever for a musician of his age.
“This acquisition is one of the largest deals ever made for an artist under the age of 70,” said Merck Mercuriadis, founder of Hypgnosis Song Management. “At 28, he’s one of the few artists of the streaming era who’s revitalized an entire music industry.”
Younger artists are considered more risky when it comes to catalog sales because their songs haven’t stood the test of time, but the “Never Say Never” singer’s continued success makes her an exception, the outlet says.
Justin Timberlake, Neil Young, Kenny Chesney, Leonard Cohen, Nile Rodgers and Nelly Furtado previously signed similar deals with Hypgnosis.
Timberlake sold his listing for a little more than $100 million, and Young sold 50% for about $150 million.
In 2020, Bob Dylan sold his catalog to Universal Music Publishing for $400 million, Variety reported.
In general, publishing rights are not as valuable as actual recorded songs and albums; However, revenue from advertising and film licensing can provide significant profits over a period of time, especially for popular artists like Bieber.
A rep for Bieber did not immediately respond to Fox Business’ request for comment.
Fox Business’ Phillip Nieto contributed to this report.