Katy Perry sells her music rights for $225 million to Litmus Music, increasing her net worth to $340 million
Pop sensation Katy Perry has made a lucrative deal, selling her music rights to Litmus Music, backed by Carlyle Group, for a staggering $225 million. With this transaction, her net worth has surged to an estimated $340 million, positioning her status as one of America's wealthiest self-made women.
Perry's agreement includes the sale of her stakes in master recording royalties and publishing rights for the five albums she released between 2008 and 2020, comprising "One Of The Boys," "Teenage Dream," "PRISM," "Witness," and "Smile." This colossal deal marks another success for Litmus Music, founded in August 2022 by music industry veterans Hank Forsyth and Dan McCarroll, with substantial funding from Carlyle Group. Litmus has been swiftly acquiring music rights, previously securing Keith Urban's catalog and music producer Benny Bianco's hits.
The sale of Perry's music catalog is among the most significant music industry transactions of 2023. Earlier this year, rapper Dr. Dre reportedly sold a portion of his music royalties for over $200 million, and Justin Bieber made a comparable deal, selling publishing rights and royalties for a similar sum.
Although Katy Perry did not make Forbes' 2023 list of the Richest Self-Made Women in America, her newfound wealth positions her as a strong contender for future rankings. Forbes had previously estimated her net worth at less than $200 million, based on her earnings from tours, recordings, and her role as a judge on "American Idol." With her increased net worth, she joins the league of affluent female musicians, including Rihanna, Taylor Swift, Madonna, Beyoncé, Celine Dion, Dolly Parton, and Barbra Streisand.
Katy Perry rose to fame in 2008 with her debut single "I Kissed A Girl," which claimed the number one spot on the Billboard Hot 100 for seven consecutive weeks. She subsequently achieved eight more number-one hits, including "California Gurls," "E.T," and "Firework." In 2015, Perry was featured on the cover of Forbes as the third highest-earning entertainer that year, outearning Taylor Swift, Rihanna, and Miley Cyrus combined. She also headlined the Super Bowl Halftime Show that same year.
Perry's impressive net worth primarily derives from her music career and touring earnings. Since 2018, she has served as a judge on the revived "American Idol" series, reportedly earning $25 million for her seventh season in 2024. Additionally, she has a 32-show Las Vegas residency at Resorts World, ongoing until November 2023. Perry is also involved in entrepreneurship with her shoe brand, Katy Perry Collections, and a non-alcoholic beverage brand, De Soi.
Despite selling her music catalog, Katy Perry assures her fans that she is not retiring from music. She continues to write songs and intends to return to the music scene. Perry, who is married to actor Orlando Bloom, is currently focused on her family and aims to balance her professional and personal life effectively.