Justin Beiber Is On The Verge Of Selling His Music Catalog For $200M. Is He Running Out Of Money?
In recent times Justin Beiber has had a lot of canceled shows for innumerable reasons, including the Pandemic and Ramsay Hunt syndrome.
For a musician, it can mean a stressful financial situation. Online sites have claimed that people near Justin Beiber claim that the Canadian star is running out of money.
One of the reasons is his extravagant daily spending that is burning through his fortune. Additionally, he is unwilling to curb his habit; as a result, there is a rift between him and his wife.
So, Justin Beiber is selling his catalog to Blackstone-backed Hipgnosis Songs Capital for USD 200 million. Hits and Wall Street Journal first reported the news.
Moreover, the deal will be administered and owned by Universal even if the deal closes.
Bieber is part of the growing trend of artists like Bruce Springsteen, Bob Dylan, and Stevie Nicks selling their rights to their music in recent years. The deal will include publishing and a recorded music catalog.
However, even though USD 200 million is a lot of dough, the problem is that a lot of it will be split between all the collaborators as Justin usually doesn’t write his song.