Justin Bieber has sold his entire back catalogue to a music investment company for a reported $200m sum 😲
Giving up publishing rights means whenever someone plays a song Hipgnosis part-owns in public, the fund gets paid.Hipgnosis boss Merck Mercuriadis, former manager of Sir Elton John and Pet Shop Boys, told BBC Radio 4’s Today that he cannot discuss the price Hipgnosis paid for the rights because of a non-disclosure agreement, though a figure of around $200million has been reported.
While in the pre-Spotify world it was tricky to see a bright future for the music industry, all that has changed according to Mercuriadis, as he explained why artists are selling up.‘If you go back a short six or seven years it would be very difficult to look anyone in the eye and say the best days of the music industry are in front of you,’ he said.
‘And Justin Bieber just happens to be arguably the definitive soundtrack of that streaming revolution which, as you say, 80-odd million monthly Spotify listeners, 13 songs that have had a billion streams.https://www.instagram.com/p/ClSS1XJJ6OI/
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