Justin Bieber sells song rights to mutual funds

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Pop star Justin Bieber has sold the rights to his songs to music investment fund Hipgnosis Songs Capital for $200 million. Hipgnosis announced on Tuesday the deal in the 28-year-old singer of hits like “Baby”, “Sorry” and “Love Yourself” that has been the subject of speculation for weeks.

The fund, backed by investment giant Blackstone, acquired the rights to all 290 songs released by the Canadian musician through the end of 2021.

Hipgnosis did not name a purchase price. Informed circles confirmed the AFP news agency but the sum of 200 million dollars (around 184 million euros).

Numerous music stars have sold the rights to their songs for large sums in recent years, including Bob Dylan, Bruce Springsteen, Sting, David Bowie, Shakira and Paul Simon. The business is extremely lucrative, partly because of the increasing use of streaming platforms.

Justin Bieber was discovered as a teenager on the YouTube video platform and quickly became a superstar. He has now sold more than 150 million records worldwide. He has 82 million listeners a month on the Spotify streaming platform. (AFP)

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