The newspaper had indicated last December that the value of the deal was $200 million
The Wall Street Journal revealed that Canadian singer Justin Bieber sold the rights to his music to Hypgenosis Songs Capital for $200 million.
And the newspaper had indicated last December that the value of the deal was $ 200 million, and with this deal, the 28-year-old Bieber has followed the example of a group of artists who recently sold the rights to all their works for hundreds of millions, including Bruce Springsteen and Bob Dylan.
The company specialized in managing music rights, which originally owns the rights to the works of the American band “The Red Hot Chili Peppers”, stated that it “acquired all of Justin Bieber’s shares in copyright (including the author’s rights in implementation), master recordings and related rights to all of his works.”
Competition has intensified in recent years between investment vehicles such as “Hypgnosis”, “Concord” and “Primary Wave” and major companies in the recording and music production sector such as “Universal Music”.
Investors’ desire to acquire the rights to music works is largely due to the rise of streaming, which opened up opportunities for an industry that was looking for a new paradigm in the early 2000s.
More than one artist sold the rights to their work in the last two years to major music industry companies for high sums, including the British singer Sting, who gave up the rights to his entire group as a songwriter to a subsidiary of “Universal Music”, in a deal estimated by US media at regarding 250 million. dollar.
