(WKOW) — Canadian singer Justin Bieber sold the publishing rights to his catalog of music for a record amount, according to Rolling Stone.
The deal means the rights holder, Hipgnosis, will get to decide who can license usage of Bieber’s music, such as on the radio, in commercials or social media ads.
The reported value of the deal with Hipgnosis Songs Capital is about $200 million. This is less than half of the reported $500 million music legend Bruce Springsteen made when he did the same thing.
Still, it’s the largest sum any artist from Bieber’s generation has been paid for such a deal.
This follows a trend of artists like Bob Dylan, Neil Young, Stevie Nicks, Justin Timberlake, Sting, and many others who have recently sold the rights to their royalties.
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