Drake has reportedly re-signed with Universal Music Group which has been his home since start of his major label career.
Sir Lucian Grainge did a Q1 earnings call with the team on Tuesday where they reported $2.31b in revenue, a 21.6% bump over 2021’s Q1. “As important as the positive performance of the business this quarter is its breadth and strength,” said UMG Chairman and CEO Sir Lucian Grainge. “Our strategic portfolio approach—creatively, geographically, technologically and across a broad range of artists, partners, formats, businesses and revenue streams—not only delivers results now but, over the long run, we believe will produce an even better and more stable performance while providing incredible value to our artists and shareholders.”
But he also confirmed during the call that Drake has re-signed with Universal’s Republic Records in a multi-faceted deal with the company that encompasses recordings, publishing, merchandise and visual media projects. He mentioned “expanded portfolios” that includes various creative lanes and revenue streams, similar to what was recently announced with The Weeknd’s re-signing with Republic.
The money part has, of course not been disclosed but one insider explained the deal to Variety as “Lebron-sized,” without putting a number on it. Drake’s music brings in about $50 million annually according to sources, so his deal with the world’s biggest music company could be in the vicinity of $400 million or more.
HHNM has reached out to reps for Drake and Republic Records for comment.