Justin Bieber Reportedly Sells Music Catalog Amid Rumours of Financial Issues:”Celebs Dey Suffer”

• Canadian singer-songwriter Justin Bieber has reportedly sold his music catalogue owing to supposed financial difficulties
• The Baby breakout star, known as one of the world's best-selling singers, reportedly sold his music catalogue has triggered reactions online
• According to reports, Justin Bieber's former manager, Scooter Braun, advised against the contract
• Nigerian singer Asha Gangali shares reasons that made Justin Bieber sell off his catalogue, pros and cons of his action

Reports emerged stating that Justin Bieber is reportedly on the point of financial ruin as he sold his music collection for $200 million two and a half years ago, amid new details about his breakup with his ex-manager.

According to TMZ on Thursday, the pop musician, who recently boasted about drug usage in a shameless tweet, made between $500 million and $1 billion but wasted it all and was in financial issues before selling to Blackstone-backed Hipgnosis Songs Capital.

Justin's sources said that he was on the edge of 'financial collapse' in 2022, forcing him to sell the rights to his songs at the end of the year.

Insiders further claim that his manager, Scooter Braun, advised him not to sell so early in his career or to wait until January 2023 to receive a tax credit, but Justin refused to wait and ended up selling in December 2022.

Justin remains the youngest artist to have ever sold their catalogue, and the publication reports that being in desperate financial straits played a significant role in the decision.

He rose to prominence as a 15-year-old with the release of the 2010 single Baby.

Celebrity Net Worth reports that the A-lister has a net worth of $300 million, while his wife, Hailey Bieber, has a $200 million fortune.

It's worth noting that Hailey is considering selling her skincare brand, Rhode, for $1 billion, nearly three years after it was founded in June 2022.

The 28-year-old model, who has been the subject of fan speculation about her marriage to musician Justin Bieber, sells skincare and a limited line of beauty items, including blush and peptide lip treatment.

According to reports, the celebrity has hired J.P. Morgan and global investment bank Moelis to help her uncover potential $1 billion deal alternatives.

Since its launch, Rhode's sales have been projected to reach approximately $200 million. However, for a buyer, a sale may be tough because the brand is exclusively available online, despite promises of the company collaborating with a shop in the future.

One insider stated, 'They're too risk-averse, particularly in this environment. The market is just too uncertain to write that big of a check.'

Justin Bieber trends online

Legit.ng compiled the reactions below:

kingkopay said:

"He no leave anything for next of kin nice move."

greygonolek said:

"How do you get completely broke after making 1 billion United States Dollars? I don’t really understand."

premiumgists said:

"At least he even had something to sell. Me wey dey guide on God's grace. Na only me know wetin my eyes don see."

zenmagafrica said:

"The truth is this celebrity life no be am… many celebs are suffering inside while all the public seems is the glitz and the glam. Many are going via hell just trying to survive. If you aren’t a celebrity yet, you don’t know how that quiet life you have is a blessing."

neufcentmillion said:

"A way to get the media off him, next move will be him filing for bankruptcy but doesn't mean he's broke."

firstdominion_properties wrote:

"Wealth isn’t just about how much you earn, but how well you manage and preserve it. No one is too big to fail. J.B will be back Bigger and Better."

"Conditions made Justin Bieber sell his catalogue" - Nigerian singer

Singer Asha Gangali, who recently changed his stage name to YoungOG, explained to Legit.ng the reasons that might have led Justin Bieber to the outright sale of his catalogue.

The Ebube singer noted that Bieber’s decision to sell his entire music catalogue for approximately $200 million was influenced by some factors, which he listed as personal, financial, and industry. He explained:

"Firstly, financial pressures and debt. In 2022, Bieber cancelled his Justice tour due to health issues, leading to a massive debt of $24 million to his promoter. There were rumours of gross mismanagement of funds at the time."

He said that the second reason was health concerns and the career uncertainty of the singer.

"Bieber’s diagnosis with Ramsay Hunt syndrome, a condition causing facial paralysis, forced him to postpone and eventually cancel tour dates. This health scare not only impacted his ability to perform but also introduced uncertainty about his future in the music industry. Selling his music rights provided a financial cushion amid these uncertainties. At the end of the day, what use is money if his health is deteriorating?"

Asha claimed that Bieber's third reason could be a strategic move by him.

"The music industry has seen a trend where artists monetise their catalogues by selling rights to investment firms. This approach offers artists a lump-sum payment upfront, which can be more appealing than waiting for royalty payments over time. For Bieber, this move allowed him to capitalise on the current market value of his work and potentially invest in other ventures."

In summary, Bieber’s sale of his music catalogue appears to be a strategic decision influenced by immediate financial needs, health-related career uncertainties, and favourable market conditions.

The Nigerian singer also looked at the pros and cons of Bieber selling his catalogue. He said:

"The pros are immediate financial stability, opportunity to secure viable investment opportunities, and also he has enough money to take care of his health issues while the cons primarily is that he sold his music legacy, which would have continued to appreciate over the coming decades, he will not have any control of how his creative works are being used, that sacrifice of selling his catalog is heavy, but for a whopping $200m in today’s economy, I think he made the right decision"

Fans raise concerns over Bieber's look

Legit.ng reported that the singer’s recent looks raised concerns amongst fans across the world.

Bieber’s look of a clean shave instead of his long hair when he was spotted in New York City in January caught the attention of many.

Some social media users said he looked frail and sick.

Sola Sanusi, HOD of the Entertainment Desk, contributed to this article. She provided exclusive commentary from Nigerian singer Asha Gangali.

Source: Legit.ng