Justin Bieber made history by selling the rights to his songs at a young age
Justin Bieber might soon follow in the footsteps of singers who earn hundreds of millions of dollars from selling their music rights.
Justin Bieber sold his music catalog
Popular singer Justin Bieber first gained notoriety when he was just thirteen years old, and he is now poised to make a new milestone by becoming the youngest artist to sell the rights to his work. The most recent sources state that Justin Bieber is asking $200 million for his music collection. This comes after the back catalog value was increased by Spotify and Apple Music. A musician’s “back catalog” is their previously published music as opposed to their most recent unheard songs.
Other Singers Who Sold Their Music Rights
Artists with extended careers, such as vocalists like Bob Dylan, Sting, and others, typically sold catalog rights. These records have been there for more than 60 years, and due to declining sales, it is now very typical to sell catalog rights. The business earlier this year purchased Justin Timberlake’s catalog rights, whose works are a few years older than those of Bieber.
The stated value of the acquisition was just over $100 million. Even while it is said that Bieber’s contribution to blockbusters like “Sorry,” “Love Yourself,” and even older songs like “Baby” is minimal, they are nonetheless enormous global smashes that for many people define a period.
The purchase of Justin Bieber’s music library by Blackstone Inc.-backed Hipgnosis Songs Capital was first reported by The Wall Street Journal. For the uninitiated, Hipgnosis Songs Capital buys song collections from musicians and makes money when the music is played online, utilized in films, or advertised.
As soon as the news surfaced, rumors began to circulate that Justin Bieber must be experiencing financial difficulties because he postponed multiple shows for a variety of reasons, with the epidemic being one of them. Although he is known to create his songs in conjunction with others, the twist is that he’d need to split the money with them.
According to certain reports, the singer is having financial difficulties as a result of his daily costs, which are also complicating his marriage to Hailey Bieber and, most recently, as a result of his recent illness with Ramsay Hunt syndrome, a rare virus that in his instance led to facial paralysis. The majority of North America was covered when it finally started in March, but he delayed the leftover dates in early June after disclosing his struggles with the illness.
Even while the organization hasn’t yet declared the situation public, it’s expected to happen soon.