Hipgnosis Songs Capital is a US$1 billion venture between financial giant Blackstone and the British Hipgnosis Song Management.
But while Hipgnosis will receive the revenues, Bieber’s longtime home Universal will continue to administer the catalog, Variety reported.After the Canada native was discovered on YouTube as a teen, Bieber skyrocketed to global fame, selling more than 150 million records. “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, taking a loyal and worldwide audience with him on a journey from teen phenomenon to culturally important artist.”
The sector had seemed to cool over the past year, but the Bieber deal shows investors are still hungry for music acquisitions. The flurry of sales came amid a wider conversation over artists’ ownership of the work, amplified in large part by Taylor Swift, who has found resounding success as she re-records her first six albums so she can control their master recording rights.
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