Katy Perry reportedly makes $225million 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).
Check Out: Katy Perry – Smile (Official Music Video)…
Katy Perry
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, Katy 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.
—BBC
