Katy Perry sells rights to five albums including ‘Teenage Dream’ to Litmus Music
19 September, 2023, 5:05 pm
(Reuters) – Singer Katy Perry has signed a deal to sell rights to five of her studio albums released between 2008 and 2020 including “Teenage Dream” to Carlyle-backed Litmus Music, the music rights company said on Monday.
“One of the Boys,” “PRISM,” “Witness” and “Smile” are the other four studio albums that are part of the deal.
Billboard reported the deal was valued at $225 million, citing sources. Private equity firm Carlyle declined to comment on the deal value.
The five studio albums were released under Perry’s contract with Capitol Records, whose former president Dan McCarroll is the co-founder of Litmus Music.
Blackstone-backed Hipgnosis Songs and other investment firms have in recent years scooped up music catalogs of artists including Justin Bieber and Bob Dylan as the rise of streaming turns their songs into a reliable source of revenue.
With Perry, Litmus Music gets access to an artist who shot to fame in July 2008 with the track “I Kissed A Girl” and has earned 13 Grammy nominations and five MTV Video Music Awards.
(Reporting by Jaspreet Singh in Bengaluru)