Justin Timberlake sells his catalogue of hits to song management company Hipgnosis for £80m
Justin Timberlake has sold his catalogue of hits to Hipgnosis for a reported £80million, as investors race to snap up lucrative music rights.
The FTSE250-listed song management company bought the rights to the ten-time Grammy award-winning singer-songwriter’s entire backlog of music, which include hits like Cry Me A River, Can’t Stop The Feeling, Rock Your Body and SexyBack.
The boom in streaming on platforms like Spotify and Apple Music is driving up royalties for artists and luring in big-name investment firms looking for their next big money-spinner.
FTSE250-listed song management company bought the rights to the ten-time Grammy award-winning singer-songwriter Justin Timberlake’s entire backlog
Merck Mercuriadis, a Canadian former music manager who founded Hipgnosis in 2018, said: ‘Justin Timberlake is not only one of the most influential artists of the last 20 years but he’s also one of the greatest songwriters of all time.’
Musicians are selling their back catalogues for astounding sums of money. Bruce Springsteen sold his to Sony for £438million and, shortly after, Bob Dylan also sold his to Sony.
Tina Turner, meanwhile, sold her catalogue to BMG for around £40million.