Katy Perry has sold the rights to her music, for a reported $225million (£180.5million).
The deal comes after months of rumours alleging that the American pop star was underway with the process of selling her catalogue, and sees Perry transfer the rights to her music over to Litmus Music.
The company is co-founded by former Capitol Records president Dan McCarroll, and the deal was completed today (Monday, September 18) for a reported £225million (£180.5m).
It covers the master royalty income and publishing rights for five of the albums the 38-year-old released between 2008 and 2020. These include ‘One Of The Boys’ (2008), ‘Teenage Dream’ (2010), ‘PRISM’ (2013), ‘Witness’ (2017) and her latest studio LP ‘Smile’, which was released back in 2020.
The company that purchased the music rights is also co-founded by Hank Forsyth with Carlyle Global Credit, and has previously purchased the back catalogue from both Keith Urban and Benny Blanco since its launch last summer.
“Katy Perry is a creative visionary who has made a major impact across music, TV, film, and philanthropy. I’m so honoured to be partnering with her again and to help Litmus manage her incredible repertoire,” McCarroll said in a statement discussing the sale (via Variety).
Katy Perry performs on stage as Tiffany & Co. Celebrates the reopening of NYC Flagship store, The Landmark on April 27, 2023 in New York City. CREDIT: Dimitrios Kambouris/Getty Images
Forsyth, the co-founder and CEO agreed, adding: “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.”
Perry is far from the first artist to have sold the rights to their music in recent years.
Tina Turner sold her back catalogue for $300million (£225m) back in October 2021, while Sony Music acquired Bob Dylan‘s entire body of work the following year. ‘Sweet Caroline’ singer Neil Diamond also entered into a deal with Universal Music Publishing for an undisclosed amount, as did Simon & Garfunkel star Paul Simon.
Glam rock veterans Mötley Crüe sold their catalogue to BMG for a reported $150million (£112m) in December 2021, while other rock veterans Bruce Springsteen, ZZ Top and Sting were reported as selling their publishing rights for $500million (£377m), an undisclosed fee and over $250 million (£184m) respectively.
In other Katy Perry news, the singer recently teased fans with the prospect of new music by announcing that she has been “writing a lot”, then later took this one step further by hinting at a new album while performing at the Resorts World Theatre as part of her current residency.
You can view the original article HERE.