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Justin Bieber at the Grammy Awards in April 2022
Photo: Angela Weiss / AFP
Pop star Justin Bieber has sold the rights to his songs to music investment fund Hipgnosis Songs Capital for $200 million.
Hipgnosis announced the deal in the 28-year-old singer of hits like 'Baby', 'Sorry' and 'Love Yourself', which has been the subject of speculation for weeks.
The fund, backed by investment giant Blackstone, acquired the rights to all 290 songs released by the Canadian musician through the end of 2021.
Hipgnosis did not name a purchase price.
Informed circles confirmed the AFP news agency but the sum of 200 million dollars.
Justin Bieber was discovered as a teenager on the video platform YouTube and quickly rose to superstardom.
He has now sold more than 150 million records worldwide.
He has 82 million listeners a month on the Spotify streaming platform.
Bob Dylan, Genesis, Shakira
Numerous music stars have sold the rights to their songs for large sums in recent years, including Bob Dylan, Bruce Springsteen, Sting, David Bowie, Shakira and Paul Simon.
The business is extremely lucrative, partly because of the increasing use of streaming platforms.
Recently, Phil Collins and his Genesis colleagues, guitarist Mike Rutherford and keyboardist Tony Banks, announced that they wanted to cede part of their rights to the US company Concord.
They would welcome the catalogs of the musicians Collins, Rutherford, Banks, Mike and The Mechanics and Genesis at Concord, wrote the Nashville, Tennessee-based music label on Instagram and linked a report by the US newspaper »Wall Street Journal«.
The deal includes works from the three artists' solo careers, their Genesis music together, and Rutherford-founded band Mike and the Mechanics.
Not included are Genesis recordings with former frontman Peter Gabriel, who left the rock band in 1975, the Wall Street Journal reported.
The newspaper estimated the deal was worth $300 million.
bam/AFP
