Katy Perry, one of the best-selling music artists of all time, has sold the rights to her music catalog to Litmus Music, a company backed by private equity firm Carlyle Group. The deal, which was announced on September 13, 2023, covers the five studio albums that Perry released with Capitol Records between 2008 and 2020, including hits like Firework, Roar, I Kissed a Girl and Dark Horse.
- Based on articles by Darreonna Davis in Forbes and by Murray Stassen on Music Business Worldwide, both published on Sept 18, 2023.
The sale is worth $225 million, according to multiple reports, making it the biggest catalog deal for a single artist this year. It surpasses Justin Bieber’s $200 million deal with Hipgnosis Songs Capital in January. Perry, who has a net worth of $38.5 million, will also enter a creative partnership with Litmus Music, which will manage and promote her music rights.
Litmus Music is a venture co-founded by former Warner Music and Capitol Records president Dan McCarroll, who has a “longstanding working relationship” with Perry. The company, which received $500 million in funding from Carlyle Group in 2022, has also acquired the rights to Keith Urban’s master recordings and a portfolio of songs by Benny Blanco.
The deal with Litmus Music reflects the booming market for music rights, as artists seek to monetize their back catalogs in exchange for upfront payments. In recent years, several artists such as Bob Dylan, Neil Young, Shakira, Bruce Springsteen and Paul Simon have sold their music rights for nine-figure sums to various buyers.
Perry, who is also a judge on American Idol and has a Las Vegas residency, is one of the most successful pop stars of the 2010s. She has sold over 100 million digital records in the US alone and has been nominated for over 340 awards, winning more than 100 of them.
To read more about the deal and how it will affect Perry’s career and legacy, you can visit the original articles at Music Business Worldwide and Forbes.
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Summary by The New Bing AI
Photo taken from Katy Perry's official Facebook page.
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