Justin Timberlake sells off his entire music catalog
Justin Timberlake sells entire catalog of music
While Taylor Swift has been trying to get her masters back, Justin Timberlake is simply giving them away. In a deal with Hipgnosis Song Management, the artist sold his entire catalog of music, valued at an estimated $100 million, according to The Wall Street Journal (via CNN).
The deal includes copyrights to about 200 songs that Timberlake wrote or co-wrote, and he obviously has some mega hits on it - "SexyBack," "Mirrors," and the ubiquitous "Can't Stop The Feeling!" to name a few. (Most of the NSYNC era is untouched by this deal, since Timberlake wasn't a writer of songs like "Bye Bye Bye," per CNN.)
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“I'm excited to partner with [Hipgnosis CEO and Founder] Merck [Mercuriadis] and Hipgnosis – he values artists and their creative work and has always been a strong supporter of songwriting and storytelling. I look forward to entering this next chapter," Timberlake said in a statement.
In his own statement, Mercuriadis said: "Working out this deal was a labor of love. I am happy to welcome you all to the Hipgnosis family. This is the beginning of an incredible relationship that we believe will be important to all of us.”
London-based Hipgnosis (backed by controversial private equity firm Blackstone) has struck similar deals with a growing number of superstars, including Neil Young, the Red Hot Chili Peppers, Shakira and the Chainsmokers. Purchasing an artist catalog means the company benefits when the songs are licensed for film, television, streaming, cover music and performance.
And what do the artists get out of it? Mercuriadis told CNN Business, "In the case of these younger songwriters, they're trying to defuse their future. They want to be put in a position where they can make music for pure purpose based on what they want to do as opposed to what they have to do for money. We'll be on the lookout for some creative ventures from JT in the future.
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