Justin Bieber sold his music rights for more than $200 million to Hipgnosis Songs Capital, the company confirmed Tuesday.
“Justin is truly a once in a generation artist and that is reflected and acknowledged by the magnitude of this deal,” Bieber’s manager Scooter Braun said in a statement, according to Variety. “For 15 years I have been grateful to witness this journey, and today I am happy for all those involved. Justin’s greatness is just beginning.”
The deal includes all of Bieber’s 291 songs released before the end of 2021 up to his latest album “Justice.”
Hipgnosis celebrated the sale on Instagram, writing: “Welcome to the Hipgnosis family @justinbieber.”
Following the sale, Bieber’s master recordings will reportedly still be administered by Universal Music, and the company will still own the master recordings in perpetuity.
Bieber’s catalog is reportedly the largest acquisition for the music rights group and reportedly one of the largest for a musician his age.
“This acquisition ranks among the biggest deals ever made for an artist under the age of 70,” Merck Mercuriadis, the founder of Hipgnosis Song Management, said, per Variety. “At only 28 years of age, he is one of a handful of defining artists of the streaming era that has revitalized the entire music industry.”
Younger artists are often considered more of a risk in a catalog sale because their songs have yet to stand the test of time, but the “Never Say Never” singer’s continued success makes him an exception, according to the outlet.
Justin Timberlake, Neil Young, Kenny Chesney, Leonard Cohen, Nile Rodgers and Nelly Furtado previously inked similar deals with Hipgnosis.
Timberlake sold his catalog for a little more than $100 million, and Young 50% of his for about $150 million.
In 2020, Bob Dylan sold his song catalog to Universal Music Publishing for $400 million, Variety reported.
Generally, publishing rights are not as valuable as the actual recorded songs and albums; however, revenue from advertising and movie licensing can provide a significant profit over a period of time, especially for popular artists like Bieber.
A rep for Bieber did not immediately respond to FOX Business’ request for comment.
FOX Business’ Phillip Nieto contributed to this report.