Reportedly, The Weeknd has sealed a $1 billion catalog deal with Lyric Capital. The Weeknd’s reps confirm that Lyric Capital Group has invested in the “Blinding Lights” crooner’s music catalog from the beginning of his career up to 2025. His reps added that he and his team will retain creative control over the catalog as well as own and hold equity in the company.
The Weeknd enters a $1B catalog deal, according to new report
According to an exclusive report by Variety, The Weeknd has partnered with Lyric Capital Group for a whopping $1 billion over his music catalog. Abel Tesfaye’s (The Weeknd’s real name) representative maintains that this isn’t a regular catalog sale or a business deal. According to the latter, the “After Hours” singer was clear that he would not sign the deal unless both parties established a mutually beneficial partnership.
Both parties launched a partnership wherein Tesfaye and his team are free to execute their creative vision. Additionally, they will own both the publishing and masters rights of his music. The rep stated, “This unique catalog deal sets a new standard for artist equity and control.”
It should be noted that the agreement only applies to the artist’s masters and publishing through 2025, with any music released after that excluded from the deal. Moreover, the “Save Your Tears” singer will continue his partnership with XO/Republic/Universal Music Group. Universal Music’s publishing branch will continue to administer the artist’s publishing catalog.
While the reps did not confirm the official royalty number, sources revealed to Variety that the assets were going for at least a staggering $1 billion. Billboard and Bloomberg’s reports also point in the $1 billion direction. This estimate is based on the catalog earning an impressive $55 million a year, which means the deal is roughly 18 times.
Variety reports that the deal ranks among the biggest-ever deals centered on a single artist’s catalog. The only other comparable deal, publicly known, is Sony Music’s $1.27 billion acquisition of Queen’s catalog last year.
