The firm acquired the R&B star’s interest in RBMG, the label that signed Bieber back in 2008, for an amount estimated at just shy of $40 million.
estimates at shy of $40 million. The price would have been much higher had Bieber not taken an advance against the catalog in recent years, sources say.According to the archived site, the label venture was “formed through a profit-sharing deal” with Universal Music Group’s Def Jam, and that typically means that after expenses, the profits are split 50-50 between the major music company and the partner. Sources say that the profit-sharing arrangement is still in place.
The Bieber catalog has generated 27.4 million in album consumption units in the U.S. alone, according to LuminateOver the last three years, it has averaged 1.2 million units a year in album consumption units in the U.S. During his career, he has been nominated for 64 Grammys and has picked up two Grammy song awards, for “10,000 Hours” withfor best country duo/group performance; and “Where Are You Now” for best dance recording.
At a $360 million valuation, a 25% share of equity or the income stream would be worth about $90 million. But sources say the label’s valuation — and thus Usher’s interest in the label — was impaired by significant advance money paid out in recent years against the catalog. Thus, Harborview’s new interest is likely about half that.
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