Katy Perry sells rights to 5 albums for reported $225M (P14.5B)
Cue Katy Perry's This Is How We Do as the pop superstar is racking up more cash from selling her music catalog for a reported US$ 225 million or P14.6 billion.
The Roar hitmaker sold her five albums released from 2008 to 2020 to United Kingdom-based catalog rights firm Litmus Music. In a press release sent to foreign outlets on Sept. 18, the company said that the deal consists of master recordings and publishing rights to Katy's hit albums launched by Capitol Record, namely One of the Boys (2008), Teenage Dream (2010), Prism (2013), Witness (2017), and Smile (2020)
These records featured 38-year-old singer's nine Billboard chart-toppers, including I Kissed a Girl, Teenage Dream, Firework, Last Friday, California Gurls with Snoop Dogg, and E.T. with Kanye West. These songs, which have all become a favorite among fans, feature Katy's "unique and fresh style" which earned her the title of Billboard's Woman of the Year in 2012.
Litmus is a venture co-founded by Capitol Records president Dann McCarroll and investment firm The Carlyle Group. McCarroll in the press release said that the deal was influenced by "major impact" made by the 38-year-old "creative visionary" across music, TV, film, and philanthropy.
Litmus co-founder Hank Forsyth noted that the Grammy-nominated star has produced songs that have become "an essential part of the global cultural fabric."
While the company did not disclose the cost of the deal, several sources told the entertainment portal Variety that it is at $225 million.
The recent sale of the singer-businesswoman's catalog puts her among the long list of A-list artists who recently sold their music for multi-million dollars. Included in the lineup is Justin Bieber who gave up rights to his music to Hipgnosis for $200 million (P11.4 billion). Dr. Dre, meanwhile, sold artist and writer royalties to his records to Universal Music Group & Shamrock Holdings for the same amount.
The family of Avicii exchanged 75% of the late DJ's catalog to Pophouse Entertainment for an undisclosed amount in September 2022. In the same month, veteran singer Phil Collins and his former Genesis bandmates Mike Rutherford and
Should the rumors be true, Litmus' recent purchase of Katy's catalog puts a huge increase to the pop superstar's net worth, which Forbes estimated to be at $340 million (P19.3 billion) after the sale.