The Weeknd Secures $1 Billion Catalog Deal
Global pop star The Weeknd has entered into a major new business venture with Lyric Capital Group, in a deal that reshapes how artists can retain control over their music while unlocking long-term value.
According to Variety, Lyric Capital Group has invested in The Weeknd’s music catalogue from the start of his career through to 2025.
The agreement covers both music masters and publishing rights, but crucially stops short of a traditional catalogue sale.
Representatives for the artist confirmed that The Weeknd, whose real name is Abel Tesfaye, and his team will keep full creative control of the catalogue.
They will also remain shareholders and owners in the joint venture.
Not a conventional catalogue sale
A spokesperson for the artist told Variety that the deal was designed to be different from the wave of high-profile catalogue sales that have swept through the music industry in recent years.
“From the beginning, it was clear that Abel would not sell his catalogue,” the representative said. “He wanted a more innovative and creative partnership.”
Instead, the venture introduces what has been described as a new business model, allowing The Weeknd and his team to continue shaping how his music is used and developed.
The arrangement gives the artist freedom across both publishing and master rights, setting what the parties involved say is a new benchmark for artist equity and control.
The deal applies only to music released up to 2025 and does not include any future recordings.
Billion-dollar valuation speculation
Because the agreement is not a standard catalogue sale, the parties say it is not possible to calculate a traditional royalty multiple. However, Variety notes that earlier reports by Billboard and Bloomberg valued the assets at at least $1 billion.
Those reports were based on estimated annual earnings of around $55 million in combined label and publishing revenue, implying a multiple of just over 18 times. Representatives for both Lyric and The Weeknd declined to confirm any figures.
If the estimates are accurate, the deal would rank among the largest single-artist catalogue transactions ever reported.
The only publicly acknowledged deal of a greater size remains Sony Music’s $1.27 billion acquisition of the Queen catalogue last year.
Continued partnerships with Universal
Despite the new venture, The Weeknd’s existing label and publishing relationships remain unchanged.
He continues to work with XO Records, Republic Records and Universal Music Group, while Universal Music Publishing Group still administers his publishing catalogue.
Half of his publishing rights were already owned by Chord Music Partners, which is backed by Universal Music Group and Dundee Partners.
A first-of-its-kind structure
Lyric Capital Group says the partnership includes a newly developed financial structure designed to be more artist-friendly.
According to the artist’s representative, there is no asset-backed security or traditional securitisation involved.
Instead, the deal features a “Royalty Backed Note”, produced by Lyric in partnership with Partners Group. The structure is intended to give artists greater flexibility while protecting long-term creative and financial interests.
Ross Cameron, Lyric’s founding and co-managing partner, said the collaboration could change how artists think about their music and legacy.
“It was clear from our first meeting that this team was going to change the way artists approach their assets,” he said, adding that the partnership was unlike anything Lyric had done before.
A global music powerhouse
The deal comes as The Weeknd continues to dominate the global music landscape. He has more than 120 million monthly listeners on Spotify, making him one of the most-streamed artists in the world.
His ongoing After Hours ‘Til Dawn world tour recently passed the $1 billion mark in ticket sales, setting a new record for a solo male artist.
Lyric Capital Group, which invests in music royalties, also owns Spirit Music Group. Its portfolio includes catalogues from artists such as Tim McGraw, Jason Aldean and Ingrid Michaelson.
For industry observers, the partnership signals a growing shift away from outright catalogue sales, towards more flexible models that allow top artists to maintain ownership, influence and long-term control over their work.
