The Weeknd bags $1 billion music catalogue deal
It's going to be a merry Christmas for The Weeknd after the singer secured a massive deal with a music investment firm.
The Weeknd is saving his tears for another day because he has a good reason to smile.
The 'Blinding Lights' hitmaker has reportedly sold his music catalogue for a whopping $1 billion. According to Variety, he has signed a "unique" deal with investment firm Lyric Capital Group.
The deal is more of a business partnership rather than a traditional sale, and the singer, alongside his team, will retain creative control of his music catalogue.
The Weeknd, whose real name is Abel Tesfaye, will also remain a shareholder and co-owner 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," a rep told Variety.
The rep adds that the deal sets a new precedent for musicians.
"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."
No exact figure was mentioned, but earlier this year, it was reported that The Weeknd was shopping around his catalogue in a bid to raise $1 billion in funding.
The deal encompasses all of the 35-year-old's music to date. New releases beyond 2025 are not included.
Queen, Michael Jackson, Pink Floyd, Bruce Springsteen and Bob Dylan are said to have the largest music catalogue acquisitions in history.
The Weeknd is one of the most-streamed artists on Apple Music and Spotify. His latest tour, 'After Hours 'Til Dawn', has grossed over $1 billion.
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Image credit: YouTube/ The Weeknd