The Weeknd Closes Catalog Deal With Lyric Capital In $1 Billion Range, Retains Full Creative Freedom

Superstar artist The Weeknd, real name Abel Tesfaye, and Lyric Capital Group have closed a joint business venture wherein Lyric has invested in his music catalog spanning from his debut through 2025, reports Variety. While representatives have not officially given the exact sum, the deal is reportedly in the USD $1 billion range, positioning it as one of the largest single-artist catalog deals in history.

Representatives for the artist confirmed the venture is not a conventional catalog sale, noting that The Weeknd and his team will maintain creative control over the entire catalog and remain shareholders in the company. This important detail brings something new to the table: few are the deals in which artists retain full right to their creativity running wild. This may mean that, at last, 360 deals may have fallen out of fashion. “From the beginning of the meeting, it was clear to all at Lyric that Abel would not sell his catalog”, The Weeknd’s rep stated.

“This unique catalog deal sets a new standard for artist equity and control." -The Weeknd's representatives

The venture covers both the music masters and publishing rights through 2025 but does not include any future releases. The Weeknd, who remains partnered with XO/Republic/Universal Music Group for his music and Universal Music Publishing Group for publishing administration, has created a "first-of-its-kind structure" with Lyric. This includes a new financing tool, the "Royalty Backed Note," designed to enhance the artist-friendly nature of the partnership.

Sources suggest the valuation of the assets is based on about $55 million in net label and publisher share. If the $1 billion estimate is accurate, the deal is surpassed only by Sony Music’s $1.27 billion acquisition of the Queen catalog.

Ross Cameron, Lyric founding partner, praised the collaboration, stating they have launched a new business model for the artist’s iconic catalog. The Weeknd remains one of the world's most popular recording artists, with over 120 million monthly listeners on Spotify, and his ongoing "After Hours ‘Til Dawn" tour recently surpassed the $1 billion mark in revenue.

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