Hipgnosis Songs Capital has purchased Justin Bieber's portion of the music rights from him for an estimated $200 million (£162 million).

The company now holds the pop star's ownership interest in some of the biggest recent successes, such as Sorry and Baby.

One of the best-selling musicians of the twenty-first century, Justin Bieber, has begun to cash in on his back catalogue.

As a result of the decision, Hipgnosis will get compensated each time one of its songs is streamed or heard on radio, TV, or in a movie.

The business, a $1 billion joint venture between the American financial powerhouse Blackstone and the British Hipgnosis Song Management, now owns the publication rights to Justin Bieber's 290-song back catalogue.

Additionally, it now owns a portion of the original master recordings of his songs.

That covers all of his songs that was made available before December 31, 2021.

Hipgnosis has not made the deal's details public, but a source reportedly told the AFP news agency that it was worth about $200 million.

Artists are increasingly giving music funds shares of their creations, albeit this tendency is more prevalent among more established musicians. Both Bruce Springsteen and Bob Dylan have sold back catalogue rights to Sony in the past two years.

Springsteen's life's work reportedly brought in $500 million (£376 million).