Justin Bieber has reportedly sold his share of the music rights for $200m (£162m).
Hipgnosis Songs Capital now owns the Canadian’s share of his repertoire, receiving a payment whenever one of the songs is played in public.
Company acquires rights to 290 songs Bieber Released by December 31, 2021, it includes the smash hits “Baby,” “Sorry” and “Love Yourself.”
A growing number of musicians are selling stakes in their productions to music funds — stars like Justin Timberlake and Shakira have also struck deals with Hipgnosis.
However, the trend is more prevalent among older artists, with the likes of Bruce Springsteen, Bob Dylan and Paul Simon all recently securing multimillion-dollar deals for their work.
The Hipgnosis Songs Fund is a $1bn (£811m) joint venture between Hipgnosis Song Management and finance firm Blackstone.
The fund was listed on the London Stock Exchange in July 2018.
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The fund’s founder, Merck Mercuriadis, has previously said that hits could be “more valuable than gold or oil”.
In closing the deal with Bieber, he said: “Justin Bieber’s impact on global culture over the past 14 years has truly been extraordinary.
“At just 28, he is one of the few defining artists of the streaming era that reinvigorated the entire music industry, captivating a global loyal following on his journey from teenage phenomenon to culturally significant artist. audience.”
Scooter Braun, Bieber’s manager of 15 years, said: “When Justin decided on the catalog deal, we quickly found the best partners in preserving and growing this amazing legacy, Merck and Hipgnosis.”