The Weeknd, born Abel Tesfaye, just made a significant move in music industry, and he did it on his own terms.
The “Can’t Feel My Face” singer has secured a first-of-its-kind partnership with Lyric Capital Group that values his music catalog at a reported $1 billion. However, what makes this deal different from a typical catalog sale is that The Weeknd is buying in, rather than selling out.
Unlike other artists who’ve handed over their life’s work in these deals, The Weeknd and his team will retain creative control over the catalog and remain shareholders and owners in the company, according to Variety, which first reported the news.
“From the beginning of the meeting, it was clear to all at Lyric that Abel would not sell his catalog,” a representative explained to the outlet. “He wanted to be more innovative and creative in the way we established a partnership.”
“I couldn’t be more excited about what Lyric, Abel, and team have created together,” Ross Cameron, Lyric’s founding / co-managing partner, added. “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 deal encompasses The Weeknd’s masters and publishing from the inception of his career through 2025, but doesn’t include any future releases. However, he will continue to work with XO/Republic/Universal Music Group on new music, and Universal Music Publishing Group will continue to handle his publishing catalog.
Although the artist and his team have not confirmed the financial details of this deal, industry experts from Billboard to Bloomberg have predicted its value. If the reported $1 billion valuation holds up based on sources citing about $55 million in net label and publisher share, this would be one of the largest deals involving a single artist’s catalog, especially for a contemporary artist.
With over 120 million monthly listeners on Spotify and more than $1 billion in ticket sales from his After Hours ‘Til Dawn Tour, a record for a solo male artist, The Weeknd joins the likes of Michael Jackson, whose catalog was valued at $1.25 billion and was partially acquired in a deal last year.
“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,” a representative explained. “This unique catalog deal sets a new standard for artist equity and control.”
