The Weeknd just rewrote the rules of music catalog deals.
In a groundbreaking move that’s sending shockwaves through the music industry, the megastar has partnered with Lyric Capital Group in what industry insiders are calling a revolutionary new business model—one that keeps creative control firmly in the artist’s hands.
Unlike traditional catalog sales where artists hand over ownership for a massive payday, this deal lets Abel Tesfaye (the Weeknd’s real name) maintain both ownership and creative freedom over his entire music catalog from inception through 2025.
And the numbers? Sources suggest we’re talking about a deal worth at least $1 billion—making it one of the largest single-artist catalog deals in music history.
Not Your Typical Catalog Sale
Representatives for the Weeknd were crystal clear from the start: this isn’t a conventional sellout.
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.
The distinction matters enormously. While artists like Bob Dylan, Bruce Springsteen, and even younger stars have sold their catalogs outright for eye-popping sums, the Weeknd structured something entirely different.
He and his team remain shareholders and owners in the company. They retain creative control. They call the shots.
What Makes This Deal Revolutionary
Traditional catalog purchases typically involve artists trading ownership for immediate liquidity. The buyer gets the rights, the artist gets paid, and future creative decisions often rest with corporate executives.
Not here.
According to the Weeknd’s representatives, Lyric Capital constructed a pioneering structure that gives Abel and his team “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.
Following the Money (Or Trying To)
While representatives declined to confirm specific figures, industry sources and reports from Billboard and Bloomberg earlier this year painted a stunning financial picture.
The assets were reportedly valued at approximately $1 billion, based on roughly $55 million in net label and publisher share—implying an 18.2 times royalty multiple.
If accurate, this positions the deal as one of the most valuable in music history for a single artist. Only Sony Music’s acquisition of Queen’s catalog for $1.27 billion last year exceeds it publicly.
But here’s where it gets interesting: because this isn’t a conventional purchase, calculating traditional royalty multiples becomes nearly impossible.
The “Royalty Backed Note” Innovation
Part of what makes this deal unprecedented is Lyric’s creation of a first-of-its-kind “Royalty Backed Note”—produced in partnership with Partners Group.
Representatives emphasized there’s “no ABS or securitization deal here,” distinguishing it from other complex financial structures used in catalog transactions.
Lyric created a first-of-its-kind structure with direct input from Abel and his team, which includes a first-of-its-kind ‘Royalty Backed Note’ that drastically enhances the artist-friendly theme that underpins this partnership.
Why the Weeknd Has This Kind of Leverage
Numbers don’t lie. With over 120 million monthly listeners on Spotify alone, the Weeknd ranks among the planet’s most popular recording artists.
His commercial power extends beyond streaming. His ongoing “After Hours ‘Til Dawn” tour recently crossed the $1 billion mark, establishing a record for solo male artists.
That kind of cultural and commercial dominance gives an artist negotiating power most can only dream about.
What’s Included (and What Isn’t)
The joint venture covers:
- Music masters through 2025: All recorded music ownership rights up to that year
- Publishing rights through 2025: Songwriting and composition rights for the same period
- Continued partnerships: Ongoing relationship with XO/Republic/Universal Music Group for future releases
Notably, the deal does not include any future releases beyond 2025. The Weeknd maintains complete independence for his upcoming work.
Universal Music Publishing Group continues administering his publishing catalog, maintaining continuity in that crucial relationship.
What Lyric Capital Brings to the Table
Lyric Capital isn’t new to high-stakes music investments. The firm invests in music royalties and owns Spirit Music Group, which controls catalogs from artists including Tim McGraw, Jason Aldean, and Ingrid Michaelson.
But this partnership clearly represents something different for them too.
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.
Ross Cameron, Lyric’s founding and co-managing partner, expressed enthusiasm about the collaborative process that led to this unprecedented structure.
Co-managing partner Rich Garzia added perspective on Lyric’s philosophy:
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.
The Bigger Picture for Artists
This deal could fundamentally reshape how superstar artists approach catalog monetization.
For years, musicians faced a binary choice: keep your catalog and forgo immediate massive paydays, or sell for generational wealth but surrender creative control and future upside.
The Weeknd appears to have engineered a third option—accessing significant capital while maintaining ownership, control, and future participation in his music’s success.
If this model proves successful and replicable, expect other top-tier artists to demand similar structures.
It’s worth noting that half of the Weeknd’s publishing rights were already owned by Chord Music Partners, backed by Universal Music Group and Dundee Partners, adding another layer of complexity to this arrangement.
As one representative aptly summarized: this deal changes “the way an artist thinks about his assets, music and legacy.” For an industry watching catalog sales explode in value, that’s a statement worth paying attention to.