Justin Bieber don sell im share of di rights to im music to Hipgnosis Songs Capital for $200m.
Di firm now own di pop star stake for some of di biggest hits of recent years – including “Baby” and “Sorry”.
Bieber, one of di best-selling artists of di 21st Century, join growing group of artists wey don cash out on dia catalogues.
Di move means Hipgnosis go receive payment every time dem play for public any song wey dem own part of.
Di company – wey be $1bn venture between financial giant Blackstone and di British Hipgnosis Song Management – buy Bieber publishing copyrights to im 290-song back catalogue.
Dat include all of im music wey dem release before 31 December 2021 – and im writer share.
Dem also buy Bieber rights to im master recordings for di deal.
Hipgnosis neva disclose di terms of di deal, but one source tell di news agency AFP say e worth around $200 million.
Artists wey dey sell stakes for dia work to music funds don dey plenti more-more- including Justin Timberlake and Shakira, wey also strike deals with Hipgnosis.
But di trend dey more common among older artists. For di last two years, music legends Bob Dylan and Bruce Springsteen both sell back catalogue rights to Sony.
Springsteen receive $500m (£376m) for di sale of im life work.
Di Hipgnosis Songs Fund dey build up one catalogue of hit songs – and inviting big institutional investors to share for di proceeds.
Di fund float for di London Stock Exchange for July 2018.
Di man wey found am, Merck Mercuriadis, don bin tok say hit songs fit dey “more valuable than gold or oil”.
“Di impact of Justin Bieber on global culture over di last 14 years don truly dey remarkable,” e tok, announcing di latest deal.
Source: bbc.com
