There is a significant catch to Justin Bieber’s recent £162 million earnings

There is a significant catch to Justin Bieber's recent £162 million earnings

Following in the footsteps of Shakira and Justin Timberlake, the 28-year-old Canadian signed the contract with Hipgnosis Songs Capital.

According to reports, Justin Bieber received $200 million (£162 million) for his portion of the song rights.

Every time one of the songs is played in public, Hipgnosis Songs Capital, which has now acquired the Canadian portion of its back catalog, will be paid.

There is a significant catch to Justin Bieber's recent £162 million earnings

The firm now owns the rights to all 290 of Justin Bieber’s songs, including the number-one singles Baby, Sorry, and Love Yourself.

Musicians are increasingly selling shares of their work to music funds; Hipgnosis has agreements with musicians like Justin Timberlake and Shakira.

The tendency is more prevalent among older performers, though; Paul Simon, Bob Dylan, and Bruce Springsteen have all recently signed multimillion-dollar agreements for their work.

A $1 billion (£811 million) joint venture between Hipgnosis Song Management and Blackstone is known as the Hipgnosis Songs Fund.

In July 2018, the fund went public on the London Stock Exchange.

The fund’s founder, Merck Mercuriadis, has previously stated that popular tunes might be “more valuable than gold or oil.”

After reaching an agreement with Bieber, he stated: “Justin Bieber has had a genuinely tremendous effect on world culture over the previous 14 years.

At only 28, he is one of a select group of streaming-era musicians who have reinvigorated the whole music business. He has also led a devoted global audience on a path from teen sensation to a culturally significant artist.

There is a significant catch to Justin Bieber's recent £162 million earnings

Scooter Braun, Justin Bieber’s 15-year manager, stated: “When Justin made the decision to negotiate a catalog agreement, we quickly determined the greatest partner to protect and build this wonderful history was Merck and Hipgnosis.”

Mello
Entertainment analyst, Blogger, Web Designer, Producer on Accra Fm, Artist Manager