Justin Bieber has sold the rights to his publishing and artist royalties to his catalog of songs, joining a growing list of pop stars who have signed rights deals.
Bieber sold his catalog to hypnosisthe music rights investment company announced Tuesday.
“Justin is truly a once-in-a-generation artist and that is reflected and recognized by the magnitude of this deal,” Bieber’s representative, Scooter Braun, said in a statement. “For 15 years I have been grateful to witness this journey and today I am happy for everyone involved. Justin’s greatness is just beginning.”
Bieber’s publicist did not immediately respond to CNN’s request for comment.
Bob Dylan, bruce springsteen, Neil Youngstevie nicks Justin Timberlake, Sting and many others have recently sold the rights to their royalties. Warner Music Group also bought the late British rock star David Bowie comprehensive catalog spanning six decades.
Springsteen’s deal was worth about $550 million. Other artists’ catalogs have reportedly sold for an amount closer to that of Bieber.
Many artists in late 2021 rushed to sell their rights before the Biden Administration allowed increased taxes on capital gains, Hannah Karp, Billboard’s editorial director, told CNN last year. Others, particularly artists nearing the end of their careers, chose to sell their rights for estate planning purposes, Karp said.
But some younger artists like Bieber have also started selling. Imagine Dragons sold their catalog to Concord Music Publishing in August. Shakira signed a deal announced this month with the Hipgnosis Songs Fund for her entire catalogue, which includes hits like “Hips Don’t Lie,” “Whenever, Wherever” and “ella She Wolf.”
But Taylor Swift is taking the opposite tack, fighting to maintain creative control and re-recording some of his songs to get the publishing rights to his music.
– CNN’s Chloe Melas contributed to this report
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