Justin Bieber sells his music rights for R3.4-billion
The 28-year-old just secured a $200-million deal for his entire music catalogue.
One month into 2023 and Justin Bieber's net worth just got a $200-million (R3.4-billion) boost. The 'Baby' singer has sold his music rights to Hipgnosis Songs Capital.
The deal reportedly includes more than 290 songs in the Canadian superstar's publishing and recording library.
According to Sky News, Hipgnosis will own all songs published before December 2021. Some of Justin's biggest hits include 'Baby', 'Sorry', 'Love Yourself', and 'What Do You Mean?'.
The award-winning musician has released six studio albums. His last album, 'Justice', was released in March 2021.
"When Justin made the decision to make a catalog deal, we quickly found the best partner to preserve and grow this amazing legacy was Merck and Hipgnosis. For 15 years I have been grateful to witness this journey and today I am happy for all those involved. Justin’s greatness is just beginning," his manager Scooter Braun said, according to Variety.
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Justin, who owns a clothing brand called Drew, reportedly has a net worth of more than $250-million. His new deal with Hipgnosis means he will get paid every single time one of his songs is played in public.
"The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable. This acquisition ranks among the biggest deals ever made for an artist under the age of 70," Hipgnosis said in a statement.
Justin is the latest musician to sell his music rights in recent years. Grammy Award-winner Justin Timberlake sold his music catalogue to the same company for R1.5-billion in 2022.
Colombian singer Shakira also sold her entire music catalogue - which includes 'Waka Waka' and 'Hips Don't Lie' - in 2021.
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Main image credit: Justin Bieber/ YouTuve ('What Do You Mean' music video)