Justin Bieber has recently sold his music rights to Hipgnosis Songs Capital.
According to the company's announcement and Billboard, they spent roughly $200 million to distribute over 290 songs by December 31, 2021, including songs from his most recent album, "Justice."
The upcoming sale, which had been extensively reported only last month, had been speculated for several weeks.
The transaction includes the vocalist of "One Less Lonely Girl's" writing and recorded music catalog shares.
For his entire back catalog, Justin sold his publication copyrights, which also included the writer's performance share, master recordings, and neighboring rights.
The deal is currently regarded as the largest rights sale for a musician of Justin Bieber's generation and even Hipgnosis' biggest purchase to date, according to the site.
According to Variety, Justin Bieber's longstanding record label, Universal Music, will continue to manage the rights to his songs.
The sale, however, was only worth half of what experts who were aware of the circulating rumors between November and December had predicted. It was stated that Justin's rights would have been purchased for $500 million by the company's founder and CEO, Merck Mercuriadis.
Upon announcement, the founder of Hipgnosis said in a statement, "The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable."
"This acquisition ranks among the biggest deals ever made for an artist under the age of 70, such is the power of this incredible catalog that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone."
According to Billboard, buying Justin Bieber's rights is a dangerous investment because they don't have as much history as Bruce Springsteen's and Paul Simon's to demonstrate longevity.
After Justin Bieber said he was stopping his tour to focus on his health, word of the purchase of his music rights emerged.
The "Stay" singer said in October that the remaining "Justice Tour" dates will be postponed until 2023, adding that ticket holders would be notified of the next steps and updates.
Justin revealed to his many followers that he was suffering from Ramsay-Hunt Syndrome, an illness that left his face mostly paralyzed, in June 2022.
He continued to tell fans that after leaving the stage that time, tiredness overcame him and he recognized that his health came first, even if he briefly continued his European tour in September 2022.
"So I'm going to take a break from touring for the time being. I'm going to be ok, but I need time to rest and get better," Justin said in an Instagram statement on October 2022.
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