Justin Timberlake is the latest pop star to cash in on his body of work in the red-hot market for music streaming, selling the rights to his songs, including hits such as Cry Me A River and Rock Your Body, to Hipgnosis Song Management.
Financial terms of the deal were not disclosed, although a report by the Wall Street Journal said the transaction was valued at a little more than $100 million.
The deal was made on behalf of Hipgnosis Songs Capital, a partnership between Hipgnosis Song Management and funds managed by investment company Blackstone Inc, the advisory firm owned by music executive Merck Mercuriadis said.
Timberlake rose to fame as one-fifth of 1990s boy band NSync, becoming a teenage pin-up.
After NSync parted ways, Timberlake launched his solo career and released his debut solo album Justified in 2002.
His FutureSex/LoveSounds album arrived at the forefront of a new sound in the pop charts, fusing 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, alongside Clint Eastwood.
The deal comes at a time when a lack of live concerts and a delayed release of new recordings owing to the pandemic have prompted artists to monetise their older work.
This year, Hipgnosis Song Management also acquired the music catalogue of the late Canadian singer-songwriter Leonard Cohen, while British singer-songwriter Sting sold his career music catalogue to Universal Music Publishing Group.
Hipgnosis buys artists’ song catalouges and earns revenue when the music is streamed online or used in movies or advertising.
The company’s partnership with Blackstone aims to invest $1 billion for buying music rights.