Justin Bieber is reportedly close to closing a deal to sell the rights to his entire back catalogue for an estimated $200 million.
According to the Wall Street Journal, the singer is in the process of selling the rights to Hipgnosis Songs Capital, which would be the company’s largest acquisition to date. The previously acquired the rights to Justin Timberlake’s discography for $100 million.
If the deal goes through, Hipgnosis would collect revenue from Bieber’s recorded music and songwriting royalty streams, while Universal Music Group still owns his master recordings. Justin has yet to comment on the reports.
The trend of artists selling the rights to their back catalogue has become increasingly popular in recent years. Phil Collins and Genesis sold their publishing rights and master recordings for $300 million earlier this year, while Pink Floyd was looking to do the same for £400 million. Rapper Nas recently sold the royalty rights to two of his songs as NFTs.
Justin Bieber has recently been in the news for other matters as well. The singer called out H&M for selling a line of merchandise containing his image and lyrics without his permission, calling the items “trash” and encouraging his fans not to buy them. H&M responded by removing the products from their stores and online, citing respect for the collaboration and Justin Bieber, and insisting that they had gone through the necessary procedures to get permission to sell the merchandise.
