More artists are selling the rights to their catalogs for exorbitant amounts. Justin Bieber is the latest to hop on this trend, and it seems like he could be cashing out on nearly a quarter million.
According to the Wall Street Journal, Biebs is closing in on what could be the biggest music rights acquisition in Hipgnosis Songs Capital's history. The company reportedly placed a $200M bid on the Canadian singer's catalog. The deal includes his entire discography -- six albums, numerous singles, and several features.
Hipgnosis Songs Capital acquired some major catalogs over the past year. In May, the company dropped $100M to secure Justin Timberlake's catalog including songs like "Cry Me A River." Prior to that, Hipgnosis purchased Leonard Cohen's catalog for an undisclosed amount.
Though there's a lot of risk with purchasing artists' catalogs, especially with younger music, Bieber's older singles will certainly prove even more lucrative down the line.
Besides news about his catalog, Justin Bieber's remained in headlines this week after calling out H&M. The clothing company began selling unofficial Bieber merch which he described as "trash." The merch line included tote bags, phone accessories, and clothing with his likeness and lyrics. However, Bieber encouraged his loyal and dedicated following to boycott the collection.
"I didn't approve any of the merch collection that they put up at H&M… all without my permission and approval. SMH I wouldn't buy it if I were you," he wrote on Instagram. "The H&M merch they made of me is trash and I didn't approve it. Don't buy it."
Since then, the clothing retailer's pulled all of their unofficial Bieber merch off of shelves. In a statement released to Forbes, the company reiterated that they "followed proper approval procedures." However, they said that they won't sell the items anymore "out of respect for the collaboration and Justin Bieber."
Bieber has yet to respond but we'll keep you posted if he does.
