AceShowbiz - Justin Bieber has finally closed his music catalog sale to Hipgnosis Songs Capital. According to reports, the "Yummy" hitmaker sold his 291-song catalog for a whopping $200 million.
On Tuesday, January 24, the Canadian Grammy-winning musician sold the rights to every song he's released or had interest in up until the end of 2021 to Hipgnosis, the same company to which artists including Kenny Chesney and Justin Timberlake have recently sold their catalogs.
The sale includes Justin's six studio albums, "My World 2.0", "Under the Mistletoe", "Believe", "Purpose", "Changes" and "Justice" and other projects including "My World" and "Journals" as well as the hit singles "Baby", "Boyfriend", "What Do You Mean?" "Sorry", "Love Yourself", "Yummy" "Holy" and "Peaches", among others.
"This acquisition ranks among the biggest deals ever made for an artist under the age of 70," said Merck Mercuriadis, founder of Hipgnosis Song Management, which manages the music rights company. Merck added, "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."
Hipgnosis now owns a 100% interest in profits made from Justin's writing and recording credits as well as "neighboring rights," otherwise known as the money made from any public plays of the song in stores, restaurants and others. His recorded masters, however, will continue to be owned by Universal Music Group in perpetuity.
Of the catalog sale, the pop star's longtime manager, Scooter Braun, said in a statement, "Justin is truly a once-in-a-generation artist and that is reflected and acknowledged by the magnitude of this deal." The 41-year-old music mogul continued gushing over his artist, "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."