Pop sensation Katy Perry recently made headlines by selling her music rights for an astounding $225 million in a move that set her wealth soaring like a Fourth of July firework. With this lucrative transaction, Perry's net worth has catapulted to an estimated $340 million, firmly establishing her as one of the wealthiest self-made women in America.
This article delves into Katy Perry's remarkable journey to becoming a self-made millionaire and how she achieved this astounding financial success.
katyperry/ Instagram | In the music industry, 2023 will be remembered as the year of mega-deals
Selling the Music Empire
Perry's financial coup came when she decided to part ways with her music rights, handing them over to Carlyle-backed Litmus Music. The deal encompassed her stakes in master recording royalties and publishing rights for her five albums released between 2008 and 2020, which included chart-toppers like "One Of The Boys," "Teenage Dream," "PRISM," "Witness," and "Smile."
Litmus Music, founded in August 2022 by music industry veterans Hank Forsyth and Dan McCarroll, bolstered by a hefty $500 million investment from the Carlyle Group, swiftly expanded its music portfolio, acquiring various music rights. While the exact terms of Perry's deal with Litmus remain undisclosed, it undeniably ranks among the most significant music sales in 2023.
A Year of Music Mega-Deals
Perry's staggering music rights sale follows a trend of high-profile music transactions in 2023. Earlier in the year, hip-hop legend Dr. Dre reportedly sold some of his royalties, including those from his solo albums and work with NWA, for over $200 million.
The same month, pop sensation Justin Bieber sold his publishing rights and royalties from his master recordings for a similarly substantial sum. Perry's financial move is undoubtedly part of a larger industry shift as artists explore new avenues to monetize their musical legacies.
katyperry/ Instagram | Katy Perry's entrepreneurial spirit shines through not only in her music but also in her diverse business ventures
From "I Kissed A Girl" to Superstardom
Katy Perry's rise to stardom began in 2008 with her debut single, "I Kissed A Girl," which catapulted to the number one spot on the Billboard Hot 100, reigning supreme for an impressive seven weeks. This achievement paved the way for eight more chart-topping hits, including anthems like "California Gurls," "E.T.," and "Firework."
Her meteoric success led to her gracing the cover of Forbes in 2015 as the third highest-earning entertainer that year, surpassing the combined earnings of Taylor Swift, Rihanna, and Miley Cyrus, with pre-tax earnings of $135 million. Perry delivered an unforgettable performance at the Super Bowl Halftime Show the same year.
An Entrepreneur at Heart
In 2019, Forbes recognized Katy Perry as the ninth highest-earning musician of the decade, amassing an estimated income of $530 million. Her wealth is predominantly derived from her music career and extensive touring.
Beyond music, Perry ventured into the world of television, joining the ABC revival of American Idol as a judge in 2018. She is set to return for her seventh season on the show in 2024, reportedly earning a substantial $25 million, confidently asserting her value as a woman in the entertainment industry.
katyperry/ Instagram | Katy Perry's return to music is eagerly anticipated
Diverse Business Ventures
Katy Perry's financial empire extends beyond music and television. Since 2021, she has enjoyed a 32-show Las Vegas residency at Resorts World, set to conclude in November. Perry, married to actor Orlando Bloom, also ventured into the fashion world with her shoe brand, Katy Perry Collections, and delved into the beverage industry with her non-alcoholic beverage brand, De Soi.
A Bright Future
While selling her music catalog may suggest a departure from the music scene, Katy Perry assures her fans that she's far from done. Although her last album, "Smile," was released in 2020, Perry revealed she is constantly writing new music.
However, her primary focus now is to cherish the world she has built with her music and embrace her role as a parent to her three-year-old child. Perry's fans can rest assured that her return to the music world is on the horizon, but she's determined to get it just right.
