Justin Bieber sold his music catalog to the company "Hypagnosis" for a huge sum of more than 200 million dollars.
According to an official statement from the company, the deal includes all of Bieber's songs (including their master recordings), their distribution rights and any material he recorded, which amounts to approximately 290 songs, until December 31, 2021. The website "Variety" reports that his songs of the pop star will continue to be managed by the "Universal Music" company.
Rumors about the purchase began to circulate in the music industry a few weeks ago.
In a statement released to the American media, Bieber's manager Scooter Braun said: "I want to thank the entire Hypgnosis team and everyone involved for working towards the implementation of this historic deal. When Justin decided to sign a catalog deal, we soon found the best partner for it . For 15 years I've been grateful to have been able to witness his journey, and today I'm happy for all parties involved. Justin's greatness is just beginning."
"Justin Bieber's impact on global culture over the last 14 years is unique and extraordinary," Mark Mercouriadis, founder and CEO of Hypgnosis Song Management, said in a statement. From 70.
This is the power of this incredible catalog, which is listened to by almost 82 million people with more than 30 billion listens on the Spotify platform alone.
Scooter Braun helped him build a spectacular catalog and it is a pleasure to welcome Justin and his wonderful songs to the Hypgnosis family."
His catalog was sold for 100 million dollars, photo: AFP
This news comes just weeks after the singer was forced to cancel the remaining shows on his "Justice" tour due to a medical condition he is dealing with, in which he suffered facial paralysis.
Although this is an impressive achievement by all accounts, it should be noted that unlike other catalogs of legendary artists that were sold at huge prices, such as that of the band Genesis and Phil Collins whose songs were recently sold for 300 million dollars, Bieber's catalog is less proven than the others.
For Hypgnosis this is their biggest acquisition to date.
Earlier this year, the company purchased the rights to Justin Timberlake's catalog of work for approximately $100 million.
In the past, she also acquired the rights to Leonard Cohen's songs.
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