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Justin Bieber has made the shocking decision to sell the rights to its entire music catalog. Every song you have released through 2021 will no longer belong to you. It has been reported that he was the youngest to make the move.
The Globe and Mail reported that the Canadian artist sold his entire music catalog for an undisclosed sum. However, the deal was estimated to cost around $200 million. Bieber sold the rights to Hipgnosis Song Management, a company that owns the catalogs of several other big-name artists like Michael Buble and Metallica.
Bieber’s 290 songs, including ‘Baby’, ‘Sorry’ and ‘Love Yourself’, were sold to the company, including its share of copyrights and publishing royalties from their masters. The company issued a statement about the recent acquisition, stating that this was one of the “largest deals ever made” by someone “under the age of 70.”
“This acquisition ranks among the largest deals ever made for an artist under the age of 70. Such is the power of this incredible catalog that it has nearly 82 million monthly listeners and more than 30 billion streams on Spotify alone.
Dan Runcie reported on LinkedIn that the reason Bieber decided to sell the rights to his music was for liquidation reasons. Insiders said the artist canceled some of his tours and may have been affected during the COVID-19 pandemic. It is believed that Beiber will use the money to pay what he owes and other liabilities for poor ticket sales.
“He has canceled and postponed recent tours, not just due to COVID. Their stadium tour was downgraded to arenas due to poor ticket sales. Other tours were canceled for health reasons. This cash can help cover tour money and liabilities owed.”
Artists who sell the rights to their music library are not uncommon. Earlier this year, Rolling Stone reported that rapper Dr. Dre announced that he would sell his music rights to Shamrock Capital and Universal Music Group for $200 million. Other artists like Justin Timberlake, David Bowie and Shakira have reported selling their music in the past for a variety of financial reasons, according to an NPR report.
Only a few have reported buying back the rights to their published masters. In particular, Taylor Swift, who tried to buy the rights to her masters, but was not allowed by her previous record label, Big Machine. Rolling Stone reports that the original master rights to it were later sold to Scooter Braun, who later regretted buying it.