On Monday, Litmus Music announced that the pop star sold her catalogue for a reported $225 million (KSh. 33B), according to Variety and Billboard.
The deal includes Perry’s stakes in master recordings and publishing rights to her five studio albums released under Capitol Records: breakthrough album “One of the Boys”; the hit-spawning “Teenage Dream” and “Prism”; the divisive “Witness”; and the motherhood-inspired “Smile.” Those albums feature Perry’s nine No. 1 hits on the Billboard Hot 100, including “Firework,” “California Gurls” and “I Kissed a Girl.”
Litmus is a music rights company co-founded by former Capitol Records president Dan McCarroll.
“Katy Perry is a creative visionary who has made a major impact across music, TV, film, and philanthropy,” McCarrell said in a statement obtained by USA TODAY. “I’m so honoured to be partnering with her again and to help Litmus manage her incredible repertoire.”
“Katy’s songs are an essential part of the global cultural fabric,” Litmus co-founder Hank Forsyth continued in a press release. “We are so grateful to be working together again with such a trusted partner whose integrity shines in everything that she does.”
Perry, 38, has been waking up in Vegas since late 2021, when she opened her candy-coloured “Play” concert in Sin City. She wraps the Las Vegas residency in November and will next return as a judge on Season 22 of “American Idol.”
The Grammy-nominated superstar is the latest in a long line of artists to recently sell off their catalogues. Bruce Springsteen, Justin Bieber, Bob Dylan, Shakira and Paul Simon are just a few of the A-list singers who have made headlines with multimillion-dollar deals for their music rights.
“(Artists) know this may not last forever,” Lisa Alter, founding partner of Alter Kendrick and Baron, previously told the media. “Buyers may run out of money. And it makes a lot of sense for someone later in their career. Why not enjoy (the money) while I can? It can also create a simpler situation for heirs that they’re just inheriting money. And younger artists are looking at (the trend) and saying, my work is generating significant income today, so why not get the money now while my work is really hot?”