Katy Perry Reportedly Makes $225m By Selling Her Music Catalogue
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Katy Perry Reportedly Makes $225m By Selling Her Music Catalogue
Katy Perry has sold a bundle of her music rights to Litmus Music, with multiple sources pricing the deal at $225m (£182m).
The sale, which was announced on Monday, covers all five albums Perry released for Capitol Records, from 2008’s One of the Boys to 2020’s Smile.
That includes multi-platinum hits like Firework, Teenage Dream, Hot ‘n’ Cold, California Gurls and I Kissed A Girl.
It is the biggest catalogue deal for a single artist this year.
Justin Bieber was the previous title holder, after offloading his stake in his back catalogue to the UK-based Hipgnosis Songs Capital in January for $200m (£162m).
Litmus now owns Perry’s stake in the master recordings and publishing for the records, meaning it will collect any future royalties the music earns.
Two of her songs – Dark Horse and Roar – have more than one billion streams on Spotify. Roar is also one of the most-watched videos of all time on YouTube, with 3.8 billion plays.
A major star in the 2010s, Perry has slowed her work rate down in recent years, concentrating on her Las Vegas residency and raising a family with her partner, the actor Orlando Bloom.
She will also return for her seventh season as a judge on American Idol next year.
‘Her integrity shines’
Litmus music is a venture co-founded by former Warner Music and Capitol Records president Dan McCarroll and financed to the tune of $500m (£404m) by The Carlyle Group.
According to a press release, the deal with Perry is rooted in McCaroll’s “longstanding working relationship” with the singer when they were both at Capitol.
Litmus co-founder and CEO Hank Forsyth said: “Katy’s songs are an essential part of the global cultural fabric. We are so grateful to be working together again with such a trusted partner whose integrity shines in everything that she does.”
The company previously acquired Keith Urban’s rights to his master recordings and a “portfolio” of tracks by songwriter Benny Blanco, who has worked with Ed Sheeran, The Weeknd, Rihanna and Britney Spears.
The acquisition of music rights has been a booming business for the last couple of years, with artists including Bob Dylan, Neil Young, Shakira, Debbie Harry and Justin Timberlake forgoing future royalties for upfront, nine-figure sums.
Source: BBC
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