justin bieber just cashed in big. As expected, he sold his music rights, estimated to be worth over $200 million.
Hipnosis Songs Capital confirmed the purchase of the catalog on Tuesday following rumors that it was going to perform.
Hipgnosis has acquired 100% of the publishing rights, master recordings and neighboring rights to Bieber’s back catalog. It includes 290 songs that were released before Dec. 31, 2021, Forbes reported. This includes his hit songs “Baby” and “Boyfriend”.
Bieber isn’t the only artist to give up his music rights. Hipgnosis also acquired Justin Timberlake’s song catalog last year for $100 million.
Bieber’s longtime manager, Scooter Braun, issued a statement on the acquisition, saying, “When Justin made the decision to enter into a catalog deal, we quickly found the best partner to preserve and grow this incredible legacy was Merck. [Mercuriadis] and Hipgnosis. For over a decade now, Justin Bieber has entertained and moved us with some of the greatest songs in the world. I’m so proud of him and everyone who has contributed over the years to amassing this amazing body of work. Justin is truly a once in a generation artist and that is reflected and acknowledged by the magnitude of this deal.