The Weeknd (born Abel Tesfaye) and Lyric Capital Group have closed on a historic deal.
According to Variety, their innovative partnership is worth a reported $1 billion to access the artist’s catalog.
In a statement, Lyric shared the details of the deal.
“From the beginning of the meeting, it was clear to all at Lyric that Abel would not sell his catalog,” the statement read. “He wanted to be more innovative and creative in the way we established a partnership. To that end, through this venture, we constructed and launched a new business model with Abel and his iconic catalog whereby Abel and his team have the freedom to execute their creative vision with the entirety of his rights, both publishing and masters. This unique catalog deal sets a new standard for artist equity and control.”
The venture “applies only toward the Weeknd’s music masters and publishing through 2025.” It does not include any future releases from The Weeknd. He will continue his partnership with XO/Republic/Universal Music Group. His publishing catalog “has been and continues to be administered by Universal Music Publishing Group.”
“There is no ABS or securitization deal here,” the rep continued. “Lyric created a first-of-its-kind structure with direct input from Abel and his team. It includes a first-of-its-kind ‘Royalty Backed Note’ — produced by Lyric, ft. Partners Group. It drastically enhances the artist-friendly theme that underpins this partnership.”
The Weeknd has solidified his status as one of the most successful artists in music history. He’s redefined modern R&B and pop through chart-topping hits like “Blinding Lights”—the #1 Billboard Hot 100 song of all time. Also, The Weeknd first artist to surpass 100 million monthly listeners on Spotify. He’s grossed over $1 billion with his record-breaking After Hours Til Dawn Tour.