Justin Bieber has joined a growing list of pop stars who have signed royalty deals, selling publishing rights and artist royalties from his catalog.
Bieber sold his catalog HypgnosisThe music rights investment firm announced Tuesday.
“Justin is truly a generational artist and that is reflected and acknowledged by the size of this deal,” Bieber’s longtime manager Scooter Braun said in a statement. “I have been grateful to witness this journey for 15 years and I am happy for everyone involved today. Justin’s greatness is just beginning.
Bieber’s publicist did not immediately respond to a CNN request for comment.
Bob Dylan, Bruce Springsteen, Neil YoungStevie Nicks, Justin Timberlake, give And many others have recently sold their royalty rights. Warner Music Group also bought the late British rock star David Bowie’s The full list spans six decades.
Springsteen’s contract is worth about $550 million. Other artists’ catalogs reportedly sold for close to Bieber’s haul.
Many artists rushed to sell their rights at the end of 2021, allowing the Biden administration to increase capital gains taxes, Billboard’s editorial director Hannah Karp told CNN last year. Others, particularly artists nearing the end of their careers, chose to sell their rights for estate planning purposes, Karp said.
But some younger artists, like Bieber, have also started selling. Imagine Dragons sold their catalog to Concord Music Publishing in August. Shakira announced a deal this month with Hypgnosis Songs Fund for her entire catalog, which includes hits like “Hips Don’t Lie,” “Whenever, Anywhere,” and “She Wolf.”
But Taylor Swift Taking the opposite tactic, he struggles to maintain creative control and re-records some songs to gain publishing rights to his music.
— CNN’s Chloe Melas contributed to this report