The video, released by TMZ, shows 20-year-old Justin joking to his friends, saying: ‘Why are black people afraid of chainsaws?’
He then says the racial slur several times.
He issued a statement to the website, writing: ‘As a young man, I didn't understand the power of certain words and how they can hurt.’
‘I thought it was OK to repeat hurtful words and jokes, but didn't realize at the time that it wasn't funny and that in fact my actions were continuing the ignorance
He continued: ‘Thanks to friends and family I learned from my mistakes and grew up and apologized for those wrongs. Now that these mistakes from the past have become public I need to apologize again to all those I have offended.’
‘I'm very sorry. I take my friendships with people of all cultures very seriously and I apologize for offending or hurting anyone with my childish and inexcusable mistake. I was a kid then and I am a man now who knows my responsibility to the world and to not make that mistake again.’
‘Ignorance has no place in our society and I hope the sharing of my faults can prevent others from making the same mistake in the future. I thought long and hard about what I wanted to say but telling the truth is always what's right.’
He adding, referring to the video made five years ago: ‘Five years ago I made a reckless and immature mistake and I'm grateful to those close to me who helped me learn those lessons as a young man. Once again....I'm sorry.’
Justin was arrested for driving whilst intoxicated earlier this year and he was rumoured to have visited a brothel during his tour of South America last year.