In a groundbreaking move that has sent shockwaves through the music industry, Katy Perry, the iconic pop sensation, has recently struck a deal to sell her music rights to Litmus Music, a company backed by Carlyle Group. This announcement, made official on a Monday, is a culmination of months of speculation and anticipation, and sources have confirmed that the deal amounts to an astonishing $225 million.
The Comprehensive Deal
This landmark agreement encompasses Katy Perry’s ownership stake in both master recordings and publishing rights for a remarkable selection of five albums. These albums, released between 2008 and 2020, constitute a significant portion of Katy Perry’s illustrious career and include:
- “One of the Boys” (2008)
- “Teenage Dream” (2010)
- “Prism” (2013)
- “Witness” (2017)
- “Smile” (2020)
It’s important to note that while Katy Perry has relinquished her rights to these albums, Universal Music Group still retains ownership of the masters for these critically acclaimed records.
Katy Perry’s Transition
Katy Perry’s career trajectory has seen a notable transition over the years. As one of the biggest pop superstars of the 2010s, she dominated the music scene with a string of chart-topping hits. However, in recent times, Perry has shifted her focus to other aspects of her life and career.
She has ventured into the world of Las Vegas residencies, using her immense talent to captivate audiences in the entertainment capital of the world. Simultaneously, her philanthropic efforts have garnered attention, demonstrating her commitment to making a positive impact on society. Furthermore, Katy Perry has embarked on the journey of parenthood alongside her partner, actor Orlando Bloom.
Litmus Music’s Rise to Prominence
Litmus Music, although a relatively new entrant in the music industry, has been making waves since its inception in the summer of 2022. Its first major acquisition, which garnered significant attention, involved securing the rights to Keith Urban’s master recordings in December of the same year.
Tom McCarroll, a key figure in the music industry, expressed his enthusiasm for this partnership, stating, “Katy Perry is a creative visionary who has made a major impact across music, TV, film, and philanthropy. I’m so honored to be partnering with her again and to help Litmus manage her incredible repertoire.”
Hank Forsyth, the Co-founder and CEO of Litmus Music, echoed this sentiment, emphasizing the significance of Katy Perry’s songs in the global cultural landscape. “Katy’s songs are an essential part of the global cultural fabric. We are so grateful to be working together again with such a trusted partner whose integrity shines in everything that she does,” he remarked.
A Testament to Partnership
Matt Settle, Managing Director at Carlyle, underscored the significance of this collaboration, stating, “We believe this is a testament to the team’s ability to partner with the world’s top artists. Katy’s iconic songs have not only achieved outstanding commercial success but have significantly influenced popular culture.”
Carlyle Global Credit, the financial backbone of this partnership, has demonstrated its prowess in structuring tailored financial solutions for partners and artists alike. With an impressive track record of deploying more than $3 billion in and around the sports, media, and entertainment sector since 2018, Carlyle Global Credit brings a wealth of experience and expertise to the table.
In conclusion, Katy Perry’s decision to sell her music catalog rights to Litmus Music for $225 million marks a pivotal moment in the music industry. This strategic move not only reflects her evolving career but also highlights the increasing importance of music rights acquisitions in the ever-changing landscape of the entertainment world. As Katy Perry continues to make her mark in various spheres, her timeless songs remain an enduring testament to her artistic brilliance.
