Justin Bieber has become the latest high-profile artist to sell his share of the rights to his music.
The deal includes publishing rights to a back catalog spanning more than 290 titles, including the hits «Sorry» and «Despacito.»
The singer’s deal with UK-based Hipgnosis Songs Capital, a venture between financial giant Blackstone and Hipgnosis Song Management, includes all of Bieber’s music released before December 31, 2021.
«Justin Bieber’s impact on global culture over the past 14 years has been truly remarkable,» said Merck Mercuriadis, founder and CEO of Hipgnosis Song Management in a statement. «At just 28 years old, he is one of the few defining artists of the streaming era who has reinvigorated the entire music industry, taking a loyal and global audience with him on a journey from teen phenomenon to culturally significant artist» .
The value of the acquisition was not clear until early Wednesday morning.
The Wall Street Journal had previously reported that the deal was expected to be worth around $200 million. NBC News could not immediately confirm the amount. A Hipgnosis spokesperson said the company could not disclose that information.
Mercuriadis said the acquisition ranked «among the largest deals ever made for an artist under the age of 70.»
“Such is the power of this incredible catalog that it has nearly 82 million monthly listeners and more than 30 billion streams on Spotify alone,” he said.
Bieber joins a growing body of artists, including Bob Dylan and Bruce Springsteen, in making major deals to sell the rights to their back catalogues.
In January 2022, it was revealed that the 81-year-old Dylan had sold the rights to his entire back catalog to Sony. Springsteen, 73, made a similar move at the end of 2021.
Scooter Braun, CEO of Hybe America and Bieber’s manager for 15 years, hailed the latest deal as a «landmark deal,» saying in a statement: «When Justin made the decision to do a catalog deal, we quickly found the best partner for him. preserving and growing this incredible legacy was Merck and Hipgnosis.”
“Justin is truly a once-in-a-generation artist and that is reflected and recognized by the magnitude of this deal,” Braun said. “For 15 years I have been grateful to witness this journey and today I am happy for everyone involved. Justin’s greatness is just beginning.»
Bieber has so far won two Grammy Awards, out of 23 nominations, and is one of the best-selling music artists of all time, having sold an estimated more than 150 million records worldwide.
Last year, the artist shared that he had been diagnosed with Ramsay Hunt syndrome, which he said had caused facial paralysis. He revealed the diagnosis after announcing that he would have to postpone a series of shows due to ongoing health issues.
In September, after a brief return to acting, Bieber put his Justice World Tour on hiatus and said in a cheep that I needed to «make my health a priority right now.»
«I’m going to be fine, but I need time to rest and improve,» he said.