Drake just signed one of the biggest deals of his life! A $400 million deal with the world’s biggest music label, Universal Music Group.
You wouldn’t know it from Sir Lucian Grainge’s tone in today’s Universal Music Group Q1 earnings call, but the chairman of the world’s biggest music company confirmed what had long been expected, but never to be announced: that Drake has entered into an expansive, multi-faceted deal with the company that encompasses recordings, publishing, merchandise and visual media projects.
Such “expanded portfolios,” as Grainge noted in the call, spanning multiple creative lanes and revenue streams, also include the recently-announced extension and expansion of the Weeknd’s deal with UMG, which aligns him — like Drake — with Republic Records. (Drake’s deal was completed in 2021.)
Of course, the nagging question is: how big is Drake’s bag?
One insider describes the arrangement as “Lebron-sized,” without putting a number on it. Drake himself has seemingly referenced such a deal in the lyrics to “Lemon Pepper Freestyle” (off of his “Scary Hours 2” EP), which includes the lyric, “Three-sixty upfront, it all comes full circle” — or $360 million. He also alludes to “owning masters” on “The Remorse,” the last track of “Certified Lover Boy.” And in Migos’ “Having Our Way,” Drake raps, “Billionaires talk to me different when they see my pay stub from Lucian Grainge,” name-checking the UMG chief executive.
