Justin Bieber is selling his music catalog to Hipgnosis

New York
CNN
–

Justin Bieber has sold his copyright and artist rights from his song catalog, adding himself to a growing list of pop stars who have signed rights deals.

Bieber sold his catalog to HypnosisThe music rights investment company announced on Tuesday.

Bieber’s manager, Scooter Braun, said in a statement, “Justin is truly a once-in-a-generation artist and this reflects and acknowledges the size of this deal.” “For 15 years I was 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.

The value of the deal is estimated at $ 200 million, according to painting. Rolling Stone The sale has been described as the largest of any artist of Bieber’s generation.

Bob DylanAnd Bruce SpringsteenAnd Neil YoungStevie Nicks Justin TimberlakeAnd the scorpion Many others have recently sold their royalties. The late British rock star has also been bought by Warner Music Group David Bowie The entire catalog spans over six decades.

Springsteen’s deal was worth about $550 million. Other artists’ catalogs were reportedly sold for an amount closer to Bieber’s.

Hannah Karp, managing editor at Billboard, told CNN last year that many artists at the end of 2021 rushed to sell their rights before the Biden administration allowed capital gains tax hikes. Karp said that others, particularly artists nearing the end of their careers, have chosen to sell their rights for estate planning purposes.

But some young artists like Bieber are also starting to sell. Imagine Dragons sold its catalog to Concord Music Publishing in August. Shakira has a deal announced this month with the Hipgnosis Songs Fund for her entire catalog, which includes songs like “Hips Don’t Lie,” “Whenever, Wherever,” and “She Wolf.”

But Taylor Swift She takes the opposite tactic, fighting to maintain creative control and re-recording some of her songs to get the rights to publish her music.

– CNN’s Chloe Melas contributed to this report