Singer Justin Timberlake became the latest artist to money out his music catalogue, marketing the rights to these kinds of hits as “SexyBack” and “Cry Me a River” to a London-centered new music expenditure organization backed by private fairness business Blackstone.
The phrases of the offer with Hipgnosis Music Management have been not disclosed, but The Wall Avenue Journal noted Thursday it was valued at just above $100 million and does not address foreseeable future releases.
Timberlake, 41, turns around comprehensive possession and control in some 200 music he wrote or co-wrote spanning his occupation as a frontman for boyband NSYNC, as a solo artist and for motion picture soundtracks.
His steady of hits contains “Bye Bye Bye” and “Girlfriend” from his NSYNC times “Cry Me a River,” “SexyBack” and “Mirrors” from his solo job, and “Can’t Cease the Emotion!” from the 2016 animated movie “Trolls.”
“I search forward to entering this following chapter,” the pop star stated in a release.
Timberlake’s deal marks the continuation of a craze of a extensive string of established artists providing their songbooks to large-pocketed buyers or music labels. They’re also fueled by streaming, which offers the probability of much more lucrative royalties as consumers flock to companies like Spotify and Apple Tunes.
In new months, Sting offered his tune catalog to Universal New music Team for $250 million, and David Bowie’s estate offered his audio catalog for $250 million to Warner Chappell Songs, the publishing arm of Warner Music Team. Late final calendar year, ZZ Major marketed its audio catalog to expenditure business KKR and report firm BMG for $50 million. Just months before Bruce Springsteen sold his iconic tune and publishing catalog to Sony Music for a whopping $500 million.
In the meantime, last 12 months, Bob Dylan sold his significant 600-song catalog to Universal Audio Publishing Group for a reported $300 million to $400 million in December 2020.
Hipgnosis, which was launched in 2018 by previous new music supervisor Merck Mercuriadis, fashioned a partnership with private equity business Blackstone in October to start Hipgnosis Song Funds. Blackstone has poured in an initial $1 billion into the fund, which declared this calendar year that it was obtaining an 80% interest in Kenny Chesney’s recorded-new music royalties, as well as Leonard Cohen’s share of his songwriting catalog from the late singer’s estate.
The Timberlake deal is the vehicle’s 3rd main deal and its most important so far, the enterprise explained.
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