Drake has secured the bag, and it’s a massive one. Universal Music Group revealed that has renegotiated its contract with the Toronto rap star and it sounds like an all-inclusive and expensive affair.
According to Variety, UMG’s Chairman revealed in its Q1 earnings calls, which went down Tuesday (May 3), that his company and Drake had “entered into an expansive, multi-faceted deal with the company that encompasses recordings, publishing, merchandise and visual media projects.”
The specifics of Drake’s new deal, which was reportedly locked down in 2021, haven’t been shared. He has been listed as a re-signing, after his last proper album from his first Young Money/Cash Money contract, Scorpion, dropped in 2018. Nevertheless, the 6 God continues to drop hit after hit, which only strengthened his leverage and negotiating power went it came time to re-up. Beyond his music, he’s asol pulling in bank with the OVO clothing line, his NOCTA collaboration with Nike and other ventures. Stamp Drake’s name on anything, officially, and it sells.
Speculation is that Drake entered into a 360-deal type arrangement which could be worth close to half a billion dollars. That would include ownage of his masters and a healthy advance considering there is no question UMG is going to be making coin with Drake for a very long time.
Most recently, Drake appeared on a couple of cuts on Future’s latest I Never Liked You project. Expect the next Drake album to be the highly-anticipated affair we’ve come to expect.
This story is developing.
Drake Inks Monster Deal With Universal Music Group was originally published on hiphopwired.com