The Weeknd $1 Billion Catalog Deal With Lyric Capital
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The Weeknd Secures $650 Million for music Catalog through Lyric Investment
Abel Tesfaye, known professionally as The Weeknd, has entered into a deal with Lyric, backed by Partners Group, for $650 million in exchange for a stake in his music masters and publishing rights through 2025. The deal emphasizes artist equity and control, differing from customary catalog sales or securitization. This was reported on December 17, 2023, by multiple sources including Billboard and Rolling Stone.
Deal Structure and Key Details
The investment specifically covers The Weeknd’s music masters and publishing catalog *through 2025*. Future releases from the artist are not included in the agreement.Tesfaye will maintain his existing partnership with XO/Republic/Universal Music Group, and Universal Music Publishing Group will continue to administer his publishing catalog.
A representative for Lyric clarified that this is not a typical “ABS or securitization deal.” Instead, lyric created a “Royalty Backed Note” with input from The Weeknd and his team, facilitated by Partners Group. This structure is designed to be more artist-amiable than traditional catalog sales, offering a different approach to artist financing. billboard details this innovative financial instrument.
The Weeknd’s Recent Successes
The Weeknd has achieved notable success in recent years, solidifying his position as a leading figure in contemporary music. His single ”Blinding lights” holds the record for the #1 Billboard Hot 100 song of all time, spending 97 weeks on the chart. Billboard’s Hot 100 chart confirms this record. He was also the first artist to surpass 100 million monthly listeners on Spotify, demonstrating his global reach and popularity. Spotify Newsroom announced this milestone in February 2023.
Moreover, his After Hours Til Dawn Tour grossed over $1 billion, breaking numerous records and showcasing his ability to draw massive crowds. Pollstar reported on the tour’s financial success.