Making it one of the most significant catalogue deals ever made by a contemporary musician, The Weeknd has entered into a new business venture with Lyric Capital Group.
Representatives for the artist (born Abel Tesfaye) confirm that Lyric has made an investment stake in his music catalogue spanning from the beginning of his career through 2025, with the singer/songwriter and his team continuing to steer the creative direction of the catalogue and retain ownership positions in the newly formed company.
Avoiding the traditional structure of a catalogue sale, according to the negotiations, the agreement was designed from the ground up with the 35-year old, seeking a model that preserved his authority over both his master recordings and publishing rights.
The forthcoming deal covers only the body of work released up to 2025, omitting all future material with the The Weeknd’s existing relationships with XO, Republic Records, and Universal Music Group remaining unchanged, and Universal Music Publishing Group continues to administer his publishing rights.
According to Variety, the catalogue valuation exceeds $1,000,000.000.00 – an amount that positions the deal among the largest single-artist catalog transactions ever recorded, surpassed only by Sony Music’s acquisition of Queen’s catalogue, valued at roughly $1,270,000,000.00
With more than 120,000,000 monthly listeners on Spotify and a global touring presence that recently pushed his After Hours ‘Til Dawn tour past the $1,000,000,000.00 revenue mark, the Canadian-born musician’s commercial power remains undeniable.
In a statement about the deal, Ross Cameron, Lyric founder/ co-managing partner, said:
“I couldn’t be more excited about what Lyric, Abel and team have created together. “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. The collaboration resulted in a first-of-its-kind partnership between an artist and Lyric, and we are beyond thrilled about this new venture.”
Rich Garzia, Lyric co-managing partner, added “Lyric strives to create artist-friendly structures and we believe this partnership demonstrates that at the highest level with the top artist in the world. I want to thank Abel and his team for putting their trust in Lyric.”
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Author: Al Dente
Photo: The Come Up Show