Justin Bieber has sold his share of the rights to his music to Hipgnosis Songs Capital for a reported $200m.
The firm now owns some of the Canadian pop star’s biggest hits, including Baby and Sorry. It means Hipgnosis will now receive a payment every time a Bieber song it owns is played in public
The 28-year-old joins a growing group of artists who have sold their catalogues, such as Justin Timberlake and Shakira.
But why has Justin Bieber sold his share of rights and what is his net worth? Here’s what you need to know.
Why has Justin Bieber sold the rights to his songs?
It is believed the decision to sell the shares is financial and to preserve the pop star’s legacy. Bieber’s manager for 15 years Scooter Braun said: "When Justin made the decision to make a catalogue deal, we quickly found the best partner to preserve and grow this amazing legacy was Merck and Hipgnosis."
He added: "Justin is truly a once-in-a-generation artist and that is reflected and acknowledged by the magnitude of this deal. 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”.
In a statement, Hipgnosis founder Merch Mercuriadis said: “The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable. At only 28 years of age, he is one of a handful of defining artists of the streaming era that has revitalised the entire music industry, taking a loyal and worldwide audience with him on a journey from teen phenomenon to culturally important artist."
He added: "Scooter Braun has helped him (Bieber) build a magnificent catalogue, and it’s a pleasure to welcome Justin and his incredible songs and recordings to the Hipgnosis family".
"This acquisition ranks among the biggest deals ever made for an artist under the age of 70, such is the power of this incredible catalogue that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone."
What songs did Hipgnosis acquire the rights for?
The Hipgnosis Songs Fund is a $1bn (£811m) venture between Hipgnosis Song Management and the financial firm Blackstone.
Hipgnosis Songs Capital has acquired the rights to the 290 songs Bieber released before 31 December 2021, which includes hits such as Baby, Sorry and Love Yourself. The company has also acquired the rights to his writer’s share.
Hipgnosis has not disclosed the terms of the deal, but a source told the news agency AFP it was worth around $200m.
What is Justin Bieber’s net worth?
The musician’s net worth is £400 million, according to Celebrity Net Worth. Bieber is believed to be one of the highest-paid entertainers and easily brings in $60-80 million personally from his income sources.
He broke a $200 million net worth in 2014 and has sold more than 150 million albums worldwide.
Which other artists have sold their song rights?
Musicians are increasingly selling stakes in their work to music funds, with stars including Justin Timberlake and Shakira also striking deals with Hipgnosis. Neil Young also sold 50% of his career catalogue to Hipgnosts for an estimated $150 million.
However, the trend is more common among older artists, with the likes of Bruce Springsteen, Bob Dylan and Paul Simon all recently securing multimillion-dollar deals for their work.
Springsteen received a reported $500m (£376m) for the sale of his life’s work.
Publishing rights to David Bowie’s catalogue of songs has been bought by Warner Chappell Music for reportedly more than $250 million this year. Bob Dylan sold his catalogue to Universal Music Publishing for an estimated £300-400 million.