Even before releasing his debut studio album Kiss Land in 2013, the Weeknd was doing things his way. And that has worked out well for the Canadian singer-songwriter (born Abel Tesfay), selling more than 75 million albums and setting a record for the most songs to rack up a billion streams on Spotify. Now, he has done it again with a rumored $1 billion deal that grants him unprecedented control of his own musical catalog.
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The Weeknd Deal is Redefining Industry Standards With “Artist-Friendly” Deal
Variety reported Saturday (Dec. 13) that the Weeknd has clinched an unparalleled deal with Lyric Capital Group. Instead of buying the “Blinding Lights” hitmaker’s musical catalog outright, the private equity firm has merely “invested” in the Weeknd’s work from inception “from inception through 2025.”
According to a Lyric representative, this agreement does not require the four-time Grammy winner to surrender control of his music. Instead, he and his team will maintain creative control over the catalog while remaining shareholders and owners in the company.
“From the beginning of the meeting, it was clear to all at Lyric that Abel would not sell his catalog. He wanted to be more innovative and creative in the way we established a partnership,” the Lyric rep told Variety.
As a compromise, Lyric and the Weekend have established “a first-of-its-kind structure” that grants the award-winning artist free reign over both his publishing and masters rights. Notably, the deal applies only toward the Weeknd’s work to date and does not include any future releases.
“This unique catalog deal sets a new standard for artist equity and control,” the rep said.
How Much Are We Talking?
Reps for the Weeknd and Lyric declined to confirm any hard numbers to Variety. The Lyric rep added that calculating a royalty multiple would be impossible since the deal is not a conventional one.
However, Variety sources and previous reports from Billboard and Bloomberg indicate that the Weekend’s catalog was going for at least $1 billion, based on about $55 million in net label and net publisher share. If those numbers are accurate, this is one of the most expensive deals involving a single artist’s catalog in musical history.
“From our first meeting, it was clear to me that we were sitting around the table with individuals that were going to change the way an artist thinks about his assets, music and legacy,” Ross Cameron, Lyric founding and co-managing partner, told Variety. “The collaboration resulted in a first-of-its-kind partnership between an artist and Lyric, and we are beyond thrilled about this new venture.”
Featured image by Dimitrios Kambouris/Getty Images for REFORM Alliance
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