Justin Bieber is in advanced talks on finalizing a $200 million deal with Hipgnosis Songs Capital to sell his music rights, according to multiple media reports published earlier this week.
The potential deal includes both Bieber’s publishing and recorded music catalog, the Journal noted, and represents the largest to-date acquisition for Hipgnosis, which purchased Justin Timberlake’s song catalog rights for a reported $100 million earlier this year.
The news serves as the latest in what has been a series of similar deals done by artists over the years, as streaming services like Spotify, Apple and Amazon increase the value of back catalogs. Other stars like Bruce Springsteen, Bob Dylan and the Red Hot Chili Peppers have also recently sold their catalogues for nine-figure payouts.
Bieber’s reported deal signals how younger artists are beginning to cash in on the growing trend; although buyers are having more difficulty financing deals within the current interest rate environment — something the pandemic-era avoided amid ultra-low rates.