New revelations suggest that Canadian pop sensation, Justin Bieber, may have been grappling with serious financial difficulties before selling the rights to his entire music catalogue for a reported $200 million in late 2022.
As reported by TMZ, the chart-topping artist was once estimated to be worth between $500 million and $1 billion.
He allegedly mismanaged his wealth, leading to what insiders have described as a looming “financial collapse”.
Also, the urgency of the situation reportedly prompted Bieber to finalise the sale of his catalogue to Hipgnosis Songs Capital, backed by investment firm Blackstone.
Sources claim that longtime manager Scooter Braun had urged Bieber to delay the sale until January 2023 in order to benefit from a potential tax incentive.
However, the singer is said to have rejected the advice.
Driven More By Financial Need
He opted to proceed with the transaction in December 2022.
At just 30 years old, he became the youngest artiste ever to sell his full catalogue.
This is a decision industry insiders believe was driven more by financial need than strategy.
Neither Justin Bieber nor his representatives have publicly commented on the claims.
The new round of speculation has reignited discussions around celebrity finances
Also, the growing trend of artistes monetising their back catalogues in big-ticket deals.
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TMZ has since released a documentary, TMZ Investigates: What Happened to Justin Bieber.
This documentary explores the pop star’s financial decisions and career trajectory in greater depth.
