Katy Perry has transferred ownership of her five studio albums released under Capitol Records from 2008 to 2020 to Litmus Music, a music rights company supported by the private-equity firm Carlyle Group.
In a related event, l Justin Bieber's substantial nine-figure deal with Hipgnosis Songs Capital (HSC), which is financed by Blackstone, broke in January. The Wall Street Journal originally pegged the Hipgnosis/Bieber deal's value at about $200 million USD, which included publishing and master royalty payments to the celebrated musician. Katy's agreement surpasses Justin Bieber's sale of his catalog to Hipgnosis Songs Capital earlier this year. This agreement is also the biggest one a single artist has gotten so far this year!
This comprehensive agreement covers Katy Perry's ownership of the master recordings as well as the publication rights for her five albums, One of the Boys, Teenage Dream, Prism, Witness, and Smile, which were released between 2008 and 2020. The discovery is the result of months of roiling rumors and debates.
It should be emphasized that the master recordings for Katy Perry's albums are still under Universal Music Group's control. In December, Litmus Music, which was founded in the summer of 2022, made a significant acquisition when it acquired the master recording rights to Keith Urban.
Dan McCarroll, one of the co-founders of Litmus, has known Katy Perry for a very long time, ever since he served as the head of her record company. He described Katy Perry as a creative visionary who has made a huge impact on the fields of music, television, film, and philanthropy in a statement given to Billboard.
“I’m so honored to be partnering with her again and to help Litmus manage her incredible repertoire.” he said.
The relationship between the "Roar" singer and Dan McCarroll, who not only co-founded Litmus but also serves as its chief creative officer, dates back to 2010. According to Capitol Records, McCarroll held the job of president throughout this time.
The co-founder and CEO of Litmus, Hank Forsyth, referred to Katy Perry's songs as "essential" and “part of the global cultural fabric.”.
In 2020, "Smile," Katy Perry's most recent album, was released. She is now wrapping up her residency in Las Vegas and will be making a comeback on "American Idol" on ABC in the 2024 season.