Justin Bieber has sold his entire music catalogue to Hipgnosis Songs Capital for a reported $200 million (£162 million).
According to reports, the deal marks the largest rights sale for any artist of Bieber's generation and also the biggest acquisition for Hipgnosis to date.
As part of the deal, Hipgnosis acquired 100 per cent of Bieber's publishing rights, artist royalties from his master recordings and neighbouring rights. The sale covers all 290 songs released before 31 December 2021, including his most recent album Justice.
In a statement, his manager Scooter Braun said, "I'm so proud of him and all those involved over the years in helping amass this incredible body of work. Justin is truly a once in a generation artist and that is reflected and acknowledged by the magnitude of this deal."
In 2022, artists such as Justin Timberlake, Leonard Cohen, Nile Rodgers, Kenny Chesney, Neil Young, and Nelly Furtado sold rights to Hipgnosis.
Other artists such as Sting, David Bowie's estate, Phil Collins and his Genesis bandmates, Future, Frank Zappa's estate, and Neil Diamond also sold assets to investors.
Typically, newer catalogues like Bieber's are considered riskier investments because they don't have as much history to demonstrate their longevity.
However, the 28-year-old's consistent success since the release of his debut EP My World in 2009 has been undeniable.
Source: © Cover Media