Justin Bieber has sold the rights to his entire back catalogue, including megahits Despacito, Sorry and Baby, to Hipgnosis Song Management.
The song investment company says it struck an agreement with the Stratford, Ont.-raised pop singer for his share of all publishing copyrights and royalties from his master recordings.
The deal covers Bieber’s entire back catalogue of more than 290 titles released before the end of 2021.
Terms were not disclosed by Hipgnosis and the company declined to put a value on the deal, though a source told the news agency AFP it was worth approximately US$200 million ($267,420,000).
Hipgnosis Songs Fund, operated by Middleton, N.S., native Merck Mercuriadis, has spent the past few years striking major deals with some of the world’s most prominent artists, hoping to capitalize on new revenue streams for music, including its use on TikTok and other social media platforms.