Katy Perry, the renowned pop star and “American Idol” judge, has recently made headlines with a massive $225 million deal. According to Deadline, Perry has sold the rights to her entire song catalog to Litmus Music. The deal includes the rights to five studio albums that Perry released between 2008 and 2020, namely “One of the Boys,” “Teenage Dream,” “Prism,” “Witness,” and “Smile.”
Litmus Music is a joint venture between Capitol Records president Dan McCarroll, whom Perry has known for 13 years, and private equity firm The Carlyle Group. The venture was launched in 2022 and made its first major acquisition by purchasing country star and former “American Idol” judge Keith Urban’s master recordings.
The deal between Litmus Music and Katy Perry came about due to McCarroll’s longstanding working relationship with the singer. McCarroll became the President of Capitol Records in 2010, which is Perry’s record label. Representatives for Carlyle announced that Litmus Music would acquire Perry’s first five studio albums and her 16 multi-platinum singles for a reported $225 million.
The fact that Litmus Music is willing to invest such a significant amount of money in Perry’s songs speaks volumes about their value. In a statement, McCarroll described Perry as a creative visionary who has made a major impact across various fields like music, TV, film, and philanthropy. He expressed his excitement to partner with her again and help manage her incredible repertoire.
Hank Forsyth, Co-Founder and CEO of Litmus Music, praised Perry’s catalog of songs as an essential part of the global cultural fabric. Perry’s music has gained popularity worldwide, and she even had the honor of performing at King Charles’ coronation, along with fellow “American Idol” judge Lionel Richie.
Perry’s deal with Litmus Music is one of the most lucrative to date. While the reported payout of $225 million may seem staggering, it is not unprecedented in the music industry. Justin Bieber sold his full catalog of 290 songs to Hipgnosis for a reported $200 million in January, and Justin Timberlake sold his catalog for an estimated $100 million in May 2022.
Even larger deals have been negotiated for artists with decades worth of music. Sting sold the rights to his catalog to Universal Music Publishing Group for a reported $300 million, and Bruce Springsteen sold his song catalog for $500 million to Sony in 2021.
Fans of Katy Perry have been eagerly awaiting new music from the singer, as she hasn’t released a new album in three years. However, Perry has been prioritizing her role as a mom to her two-year-old daughter Daisy, whom she shares with actor Orlando Bloom. She is also juggling her duties as an “American Idol” judge and her residency shows in Las Vegas. Despite her busy schedule, Perry revealed that she is writing new material, which could potentially lead to more financial success in the future.
In conclusion, Katy Perry’s $225 million deal with Litmus Music for the rights to her song catalog is a significant milestone in her career. The deal highlights the value and impact of her music, which has become an essential part of the global cultural fabric. While fans are eager for new material, Perry is currently focusing on her role as a mom and her other professional commitments. However, her songwriting endeavors may pave the way for even greater success in the future.