International singer Justin Timberlake has sold the rights to his songs, including hits like “Cry Me a River” and “Rock Your Body,” to Hypgnosis Song Management, the latest pop star to capitalize on his body of work in the red-hot market. For the latest pop star. For music streaming.
Financial terms of the deal were not disclosed, although a Wall Street Journal report said the value of the transaction was slightly over $100 million.
The deal was made on behalf of Hipgnosis Songs Capital, a partnership between funds managed by Hipgnosis Song Management and investment firm Blackstone Inc., the advisory firm owned by music executive Merck Mercuridis said in a statement.
Timberlake rose to fame as the fifth part of the 1990s boy band NSync, which became the pin-up for good looks. After the breakup of NSync, Timberlake began his solo career in 2002 with his debut solo album “Justified”.
Their “Futuresex/LoveSounds” album pioneered a new sound in the pop charts, combining pop, R&B, hip hop and dance. He also appeared in films such as “The Social Network”, “Friends with Benefits” and “The Trouble with the Curve” with Clint Eastwood.
The deal comes at a time when the pandemic prompted artists to monetize their old work due to a lack of live concerts and delays in the release of new recordings.
Earlier this year, Hypnosis Song Management acquired Canadian singer-songwriter Leonard Cohen’s music catalog, while British singer-songwriter Sting sold his career music catalog to Universal Music Publishing Group.
Hypgnosis buys song catalogs from artists and generates revenue when music is streamed online or used in movies or advertising.
The firm’s partnership with Blackstone aims to invest $1 billion to buy music rights, record songs and manage catalogues.