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.”
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.
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.”
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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.
400 million hahaha my god oh the humanity.
It’s a shame that we as a people are so avaricious and addicted to things such as Drake and forget to see the bigger picture. I remember seeing a documentary about lotteries years ago and a professor criticizing them saying why should one person have [x hundred million] when many more can win100k each? I believe 2Pac also said something similar and the great Bob Marley was against this principle too. I’m not hating, but this is way too much money for one man to have, what is he gonna do with it? Brag about it in his music? I’d rather see 200 artists signed for 2 million each so that a lot more people get to eat smh.
Stfu it’s life money comes and goes do what makes you happy and what makes the world better to you. You come off as a miserable hater.
prob a 10 record deal, same penny per stream a cut of his shows hard to turn down that much of an advance though half of it should cover taxes in cali lol