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JB sells old songs - 13th February 2023
Justin Bieber has sold all his songs to a big music company. Hipgnosis Records Capitol bought them for $200 million.
Now, Hipgnosis will earn money when any of Bieber's 290 songs are played on the radio, in films or when people stream them on Spotify. Bieber can now use the cash to do whatever he wants.
Other musicians have sold their songs to music companies like Bruce Springsteen who made $500 million for his songs. Most musicians wait until they're older to do this but Bieber's still in his 20s.
Is Bieber taking a big chance selling his songs? He can make more music, but he won’t get any more royalties from his early works like Baby and Let Me Love You.
Hipgnosis is sure that Bieber’s songs will be popular with fans for many years. Bieber’s fans are young and love streaming music.
Merck Mercuriadis is head of Hipgnosis and says that hit songs are “more valuable than gold and oil.” Bieber’s 24 million fans have streamed his music over a billion times. Spotify pays artists very little for one stream, but for Bieber it meant $4 million for just one song.
Hipgnosis is pleased with the deal with Bieber as they believe it was a good investment as music isn’t affected by hard times.
It'll take a while to make the $200 million back that they paid Bieber for his tunes.
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