Katy Perry is following in the business footsteps of legendary artists such as Bob Dylan, Neil Young, and Stevie Nicks. The “Teenage Dream” singer has sold her music catalogue rights for a whopping $225 million to Litmus Music, according to Deadline. “Katy Perry is a creative visionary who has made a major impact across music, TV, film, and philanthropy,” Litmus co-founder and chief creative officer Dan McCarroll said in a statement. “I’m so honored to be partnering with her again and to help Litmus manage her incredible repertoire.” This new venture is reportedly rooted in the American Idol judge’s prior relationship with McCarroll, whose the former president of Perry’s Capitol Records. According to music lawyers and analysts, the advantages of selling one’s music rights include tax benefits, easier estate planning, and upfront monetary gains.
