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Popular singer Justin Bieber rose to fame at the mere age of thirteen years, and now he is all set to create a new record of being the youngest musician to sell the rights to his work. According to the latest reports, Bieber is selling his music catalogue for an amount of $200 million. There has been speculation that the singer is going through a financial crisis and to cope with that, he is selling his rights. Read on to find out the truth!
Artists with long careers generally sell catalogue rights, singers like Bob Dylan, Sting and others. These albums are over sixty years old, and the selling of catalogue rights is quite common these days owing to the drop in sales number.
The Wall Street Journal had broken the news that Justin Bieber is selling his music catalogue to the Hipgnosis Songs Capital, backed by Blackstone Inc. As soon as the news broke, there were speculations that Bieber must be having trouble with finances as he cancelled several concerts for some reasons, with the pandemic being one of them.
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Justin Bieber will sell the rights for $200 million [approximately 16.5 crores in Indian Ruppes]. Still, the catch is he would have to share the amount with his collaborators, and he is known to write his songs in collaboration with others. As per some of the sources, the singer is running out of money because of his daily expenses, and that is also causing problems in his marriage with his wife, Hailey Bieber. The organisation has not made things official yet, but it is on the cards and will happen soon.
For the unversed, the Hipgnosis Songs capital purchases song catalogues from artists and earns revenue when it is streamed online or is used in movies or advertising.
As for Justin Bieber, the Canadian star was diagnosed with Ramsay Hunt Syndrome, which left half of his face paralysed. It is one of the main reasons for him cancelling his tours and performances.
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