London company Hipgnosis to take full control of singer’s 290 tracks
Justin Bieber is one of the best-selling artists of all time with estimated sales of 150m records worldwide
Justin Bieber has joined the growing list of pop stars selling their back catalogue after reaching a deal to sell his music rights for more than $200m.
Hipgnosis Songs Capital is to take full control of the Canadian singer’s entire portfolio released before 2022, comprising 290 tracks. The deal includes the 28-year-old’s past hits Boyfriend, Love Yourself and What Do You Mean?
The Bieber back catalogue acquisition was made by Hipgnosis’s Blackstone-backed songs fund and is one of the group’s largest ever transactions.
Merck Mercuriadis, founder and chief executive of Hipgnosis Song Management, said: “The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable.
“At only 28 years of age, he is one of a handful of defining artists of the streaming era that has revitalised the entire music industry, taking a loyal and worldwide audience with him on a journey from teen phenomenon to culturally important artist.”
Hipgnosis listed on the London Stock Exchange in 2018 and has built up a portfolio of songs from artists including Neil Young and the Red Hot Chili Peppers in a bid to cash in on the streaming boom.
In May last year the company bought the song catalogue of Justin Timberlake in a deal worth a reported $100m, while it also snapped up the rights to Leonard Cohen’s portfolio of tracks.
However, more recently the business has come under scrutiny over its methodology for valuing songs, while it is also facing a squeeze from rising interest rates.
Hipgnosis’ market value has slumped to just over £1bn – less than half the £2.2bn valuation placed on its portfolio – prompting Mr Mercuriadis to complain that investors were failing to see the value in “iconic songs”. The Justin Bieber deal is Hipgnosis’s first acquisition in seven months.
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