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Terms of the deal called Hipgnosis Song Management were not disclosed.
The contract consists of the singer giving the property and total control of some 200 songs.
songs include “Bye Bye Bye” and “Girlfriend” from his NSYNC days.
The music industry is one of the most successful in many parts of the world, that is why singers have become a global brand registering millions of followers as an example Justin Timberlake one of the members of the Boys Band N’sync who recently announced that he sold his catalog of songs for 100 million dollars.
According to data from Statista, in 2021, the sale of physical music reported revenue to the global music industry of 5,000 million US dollars. This data represented an increase of 700 million compared to the previous year. In this way, it Fit renewed the declining trend experienced by this format in recent times as a result of the boom in music streaming.
Likewise, it is very important to highlight the increase in music streaming, where according to the latest report prepared by the International Federation of the Phonographic Industry (IFPI), the income from recorded music worldwide they amounted to 25.9 billion US dollars last year, which is almost 18.5 percent more than the 21.9 billion reached in 2020.
Justin Timberlake sells his catalog of songs
American singer Justin Timberlake announced that he sold the rights to hit songs like “SexyBack” and “Cry Me a River” to a London-based music investment company backed by private equity firm Blackstone.
According to information reviewed by The Wall Street Journal, the terms of the agreement called Hipgnosis Song Management were not disclosed, but according to the US media it is valued at just over 100 million dollars and does not cover future releases.
The deal sees the 41-year-old singer hand over full ownership and control of some 200 songs he wrote or co-wrote over the course of his career. his career as the leader of the boy band NSYNC, as a solo artist, and for film soundtracks.
His group of hits includes “Bye Bye Bye” and “Girlfriend” from his NSYNC days; “Cry Me a River”, “SexyBack” Y “Mirrors” from his solo career, and “Can’t Stop the Feeling!” from the 2016 animated film “Trolls”.
It’s also worth noting that the Timberlake deal is the vehicle’s third major deal and the largest yet, according to the company.
The business of selling your song catalogs
Let us remember that this practice has become very recurrent in recent years, thanks to the fact that investors or record labels with great resources, they are fueled by streaming, which offers the prospect of more lucrative royalties as customers flock to services like Spotify and Apple Music.
In recent months, Sting has sold his song catalog to Universal Music Group for $250 million, and the David Bowie estate has sold its music catalog for $250 million to Warner Chappell Music, the publishing arm of Warner Music Group.
As also late last year, ZZ Top sold its music catalog to investment firm KKR and record company BMG for $50 million. Just weeks before Bruce Springsteen sold his iconic song and his publishing catalog to Sony Music for a whopping $500 million.
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