Katy Perry has raked it in big time after selling the rights to her entire music catalog for a reported $225 million (£181,314) to Litmus Music.
The company issued a press release on Monday (18 September) and said the deal included the five albums the 38-year-old pop star released with Capitol Records between 2008 and 2020. This includes the chart-topping One Of The Boys, Teenage Dream, PRISM, Witness, and Smile.
The deal has its roots in the professional relationship Perry fostered with Litmus music co-founder and chief creative officer Dan McCarroll, which began in 2010 after he was named President of Capitol Records, according to the press release.
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“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 on Monday.
The big-bucks agreement marks the largest catalog deal an artist has received for their works this year and means Litmus Music will collect any future royalties the music earns.
Litmus Music CEO and co-founder Hank Forsyth also praised Perry for her contributions to the 'global cultural fabric' through her music.
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Perry’s 2013 song 'Roar' remains one of the most viewed YouTube videos and has amassed over 3.8 billion views on the platform, while boasting over a billion listens on Spotify.
Meanwhile, her 2013 mega-hit 'Dark Horse' also has over one billion views on Spotify.
“We are so grateful to be working together again with such a trusted partner whose integrity shines in everything that she does. Katy’s songs are an essential part of the global cultural fabric,” Forsyth said in the press release statement.
Matt Settle, Managing Director at Carlyle, the private equity company backing Litmus Music, echoed Forsyth’s praise and dubbed her one of the world’s 'top artists'.
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“We believe this is a testament to the team’s ability to partner with the world’s top artists. Katy’s iconic songs have not only achieved outstanding commercial success but have significantly influenced popular culture,” he said.
Carlyle Global Credit has invested more than $3 billion in and around sports, media and entertainment space since 2018.
While Litmus Music was only formed in 2022 it has previously acquired the music rights of Keith Urban and a portfolio of tracks from songwriter and producer Benny Blanco.
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In recent years, both currently and previously popular music artists have begun selling the rights to their music, including the likes of Shakira, Bob Dylan, Neil Young and Justin Timberlake, who have forgone future royalties for multi-million-dollar figures.
Topics: Katy Perry, Music, US News, Money
Gerrard Kaonga