Katy Perry is the latest artist to sell her music rights.
The singer has sold the rights to Litmus Music — which is co-founded by former Capitol Records president Dan McCarroll — for a whopping $225 million USD.
The company — that launched last summer — announced the news on Monday, Variety reported.
Perry’s stakes in master recordings and publishing rights for her five albums — One of the Boys [2008], Teenage Dream [2010], Prism [2013], Witness [2017] and Smile [2020] — are included in the deal. Universal Music Group continues to own the masters to the releases.
McCarroll said, “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.”
Co-founder and CEO Hank Forsyth added, “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’s sale comes after Justin Bieber followed an array of artists to sell the rights to his music earlier this year.
The Canadian musician sold his music rights to Blackstone-backed Hipgnosis Songs Capital for $200 million.
