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Katy Perry at Windsor Castle in May 2023
Photograph:
Chris Jackson / dpa
US pop star Katy Perry has sold the rights to her hit albums to the company Litmus Music. The deal includes the rights to their five albums "One of the Boys", "Teenage Dream", "PRISM", "Witness" and "Smile" from 2008 to 2020, the company announced.
Litmus CEO Dan McCarroll described Perry in a statement as a "creative visionary" with a major influence in areas such as music, television, film and philanthropy. Litmus Music did not provide any financial details. Several U.S. media outlets reported that the value of the deal was estimated at around $225 million.
Born in California, she has been one of the highest earners in pop for many years. With hits like »California Gurls« or »Firework« she rose to become a pop superstar.
Declining record sales
More and more musicians are parting with their song rights in whole or in part – such as David Bowie, Neil Young or Bob Dylan. Possibly the biggest deal ever made for an artist's work was made by Bruce Springsteen when he sold the rights to his music to Sony for a rumored $500 million. The reasons for this include declining record sales – while revenues from the streaming and series boom are becoming more valuable for the industry.
Read more about why the trade in music rights is booming – and who benefits from it: The battle for pop stars' royalties
SAK/DPA