In a notable move within the music industry, Katy Perry has entered into a transaction that would see the rights of five of her acclaimed studio albums being sold. Carlyle-backed Litmus Music confirmed the acquisition of rights to albums released between 2008 and 2020, including the sensational “Teenage Dream.”
Perry’s albums “One of the Boys,” “PRISM,” “Witness,” and “Smile” also form a part of this significant agreement. These albums trace the arc of Perry’s illustrious music career, representing both her evolutionary and revolutionary periods.
According to a report by Billboard, insiders have estimated the deal to be worth a whopping $225 million. However, Carlyle, the private equity firm behind Litmus Music, has chosen to remain tight-lipped regarding the financial details.
These albums were birthed during Perry’s association with Capitol Records. An interesting point is that Dan McCarroll, the former president of Capitol Records, is also a co-founder of Litmus Music, drawing a fascinating link between Perry’s past collaborations and her current transaction.
This move by Perry isn’t isolated. The modern-day music scenario has witnessed a trend where prominent investment firms, backed by strong financial players, have been keenly purchasing music catalogues. A case in point is the Blackstone-supported Hipgnosis Songs. They have previously acquired music catalogues of iconic artists like Justin Bieber and Bob Dylan, capitalizing on the robust revenue stream of music streaming platforms.
Katy Perry, an artist with an extraordinary journey, burst onto the global music scene in July 2008 with her chart-topping track “I Kissed A Girl.” Her journey has been adorned with 13 Grammy nominations and the clinching of five MTV Video Music Awards. By acquiring rights to Perry’s albums, Litmus Music undoubtedly adds a glittering gem to its crown.
The music world continues to evolve, and artists like Katy Perry remain at the forefront of these changes. Transactions like these highlight the industry’s commercial aspects and underscore the lasting value of music in the digital age.
