Drake has secured a major bag with his latest record deal. According to Variety, the 6 God inked a fresh contract to re-sign with Universal Music Group that could fetch him around $400 million.
UMG CEO Lucian Grainge described the contract as an “expansive, multi-faceted deal” during an earnings call that will cover Drizzy’s “recordings, publishing, merchandise and visual media projects.”
Drake has struck a multi-faceted deal with Universal Music Group that encompasses recordings, publishing, merchandise and visual media projects. The agreement could be in the vicinity of $400 million or more. https://t.co/8y8GZ4NIVl
— Variety (@Variety) May 3, 2022
An insider described the deal as “LeBron-sized” when asked by Variety. Drizzy has dropped hints in his music when it comes to his new contract, which was reportedly inked in 2021 after completing his obligations to UMG from his previous deal after Scorpion‘s release in 2018.
“360 upfront, it all comes full circle,” he raps on 2021’s “Lemon Pepper Freestyle” in a possible reference to collecting $360 million or a 360-deal.
Drake has entered into a multi-faceted deal with Universal Music Group, CEO Sir Lucian Grainge confirmed on the company's earnings call today.
— Boardroom (@boardroom) May 3, 2022
The Weeknd inked a similar multi-faceted partnership deal with Universal Music Group to keep two of the biggest artists in the world under their umbrella, which is a sign the record label structure will remain intact and a dominant force in the industry, while the music business continues to evolve with technological advances.
“Drake benefits from a deep catalog that performs well. Also, he became a free agent at a young age,” one industry vet said while another added, “Drake has the bargaining power to negotiate a net profit split with the best deal terms and a humongous advance upfront.”
Drake’s current business relationship with Young Money is unknown, although 2021’s Certified Lover Boy was released by OVO under exclusive license to Republic Records, which lives under the UMG umbrella.[via]