The Weeknd just struck a jaw-dropping new deal for his music catalogue.
The 35-year-old singer and Lyric Capital Group finalized a business venture in which Lyric has invested in the artist's music catalog from its inception through 2025, according to Variety, who was the first to report the news on Saturday (Dec. 13).
Representatives for the artist confirmed that The Weeknd (born Abel Tesfaye) and his team will retain creative control over the catalog and remain shareholders and owners in the company.
"From the beginning of the meeting, it was clear to all at Lyric that Abel would not sell his catalog. He wanted to be more innovative and creative in the way we established a partnership,” explained a representative to Variety. “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 magazine also notes that the venture applies only to The Weeknd's music masters and publishing through 2025 and does not include any future releases. He continues his partnership with XO/Republic/Universal Music Group, and his publishing catalog remains administered by Universal Music Publishing Group.
Because the arrangement is not a conventional catalog sale, the representative said it is impossible to calculate a royalty multiple.
Variety notes that sources like Billboard and Bloomberg had previously reported that the assets were valued at a minimum of $1 billion based on about $55 million in net label and net publisher share, which suggests an 18.2 times multiple.
Billboard also reports that its unclear whether the Lyric Capital deal included only those assets or additional ones such as merchandise and touring revenue.
Representatives for The Weeknd and Lyric declined to confirm financial figures to Variety. However, if the reports are accurate, the deal would rank among the largest involving a single artist's catalog, especially for a contemporary performer.
Billboard notes that only a few artist deals have reached the $1 billion level, including the $1.27 billion Queen received when selling its masters to Sony in June 2024, and the $1.25 billion valuation of Michael Jackson's recorded masters and music publishing catalogs in a deal in which $625 million changed hands for a 50% stake in February 2024.
The Weeknd has over 120 million monthly listeners on Spotify and he recently surpassed $1 billion in ticket sales on his After Hours 'Til Dawn Tour, which set a record for a solo male artist.
Ross Cameron, Lyric founding and 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."
Prior to the deal, half of The Weeknd's publishing rights were already owned by Chord Music Partners, backed by Universal Music Group and Dundee Partners.
Lyric Capital, which invests in music royalties, also owns Spirit Music Group and controls catalogs from Tim McGraw, Jason Aldean, Ingrid Michaelson, and others.