Pop star Justin Bieber sold his music rights to a trust in a $200 million deal. The buyer, Hipgnosis Songs Capital, purchases artists’ music catalogs and earns revenue when their songs are streamed online or used in movies or advertising.
According to the music and behavior magazine Rolling Stone, the deal is the biggest ever for the sale of the catalog of an artist of the same generation as Bieber.
“Justin is truly a unique artist of his generation and that is reflected and recognized by the magnitude of this deal,” Scooter Braun, Bieber’s manager, said in a statement.
Bieber rose to fame when he was 13 after the success of his song “Baby”. The pop star revealed in June that he has been diagnosed with Ramsay Hunt Syndrome, which has left half of his face paralyzed, forcing him to cancel his performances.
Pop artist Justin Timberlake also sold the rights to his songs, including hits like “Cry Me A River” and “Rock Your Body”, to Hipgnosis Song Management in May.
Blackstone and Hipgnosis announced a partnership in October to invest around US$ 1 billion (about R$ 5.2 billion) in the acquisition of phonographic rights.
Representatives for Hipgnosis and Bieber have yet to comment on the matter.
(Posted by Carolina Farias)
Source: CNN Brasil
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