Justin Bieber has made the shocking decision to sell the rights to his entire music catalog. Every song that he has ever released till 2021 will no longer be owned by him. It is said that he was the youngest person to do so.
The Canadian artist sold his entire music catalog for an undisclosed sum, according to the Globe and Mail. However, the transaction cost roughly $200 million, according to reports.
The company sold all 290 of Bieber's songs, including 'Baby,' 'Sorry,' and 'Love Yourself,' including his share for publishing copyrights and royalties from his masters. It said it was one of the "biggest acquisitions ever made" by someone "under the age of 70."
Bieber's decision to sell his music rights was due to liquidation considerations, according to insiders, and the artist may have been affected by the COVID-19 epidemic. Beiber will pay back what he owes and other liabilities due to poor ticket sales.
According to a NPR report, rapper Dr. Dre announced that he would sell his music rights to Shamrock Capital and Universal Music Group for $200 million earlier this year.
Only a few people have reported returning the masters they had released. Most notably Taylor Swift, who attempted to buy the rights to her masters, but her previous record label, Big Machine, refused to authorize her. The rights to her original masters were then sold to Scooter Braun, who later regretted his purchase.