The Weeknd Closes Catalog Partnership With Lyric Capital Said to Be in $1 Billion Range, ‘Unique’ Deal ‘Sets New Standard for Artist Equity and Control’

In a significant departure from the wave of outright catalog sales, Abel Tesfaye, known globally as The Weeknd, has forged a pioneering strategic alliance with Lyric Capital Group. The agreement, confirmed by his representatives, sees Lyric making a major investment in the artist's complete body of work—including both master recordings and publishing rights—created from his career beginnings through 2025. Crucially, this is structured as a joint venture, with Tesfaye retaining creative authority, an ownership stake, and a shareholder role, preserving his long-term connection to the music.

This innovative framework applies solely to his existing catalog and does not encompass future releases. His established recording relationship with XO/Republic/Universal Music Group and his publishing administration with Universal Music Publishing Group remain unchanged. Because the deal is not a traditional sale, pinning down an exact royalty multiple is challenging. However, prior reporting from Billboard and Bloomberg, citing sources, valued the involved assets at a minimum of $1 billion. This figure was reportedly derived from roughly $55 million in annual net earnings, implying a multiple of approximately 18.2x. If accurate, this would constitute one of the largest single-artist catalog transactions ever, eclipsed only by Sony's $1.27 billion acquisition of Queen's catalog in 2023. Financial specifics were not officially confirmed by either party.

The structure was intentionally designed around artist empowerment. From the outset, Tesfaye was determined to avoid a simple sale, seeking a collaborative model that would support his creative vision. The resulting partnership utilizes a novel financial instrument called a "Royalty Backed Note," crafted by Lyric with Partners Group, which deliberately avoids conventional asset-backed securitization. This approach provides capital while allowing The Weeknd's team operational freedom on the commercial front. The artist's commercial leverage is formidable; with over 120 million monthly listeners on Spotify and his recent 'After Hours til Dawn' stadium tour generating over $1 billion, he commands a unique position to negotiate such an equity-focused arrangement.

Lyric Capital Group, an investment firm focused on music royalties that also owns the publisher Spirit Music Group, expressed strong enthusiasm. "Our initial conversations immediately revealed we were engaging with visionaries who would redefine how an artist views assets, music, and legacy," stated Ross Cameron, Lyric's founding co-managing partner. Co-managing partner Rich Garzia added that the firm aims to build artist-friendly frameworks and views this partnership as a premier example. It is noteworthy that a 50% stake in The Weeknd's publishing was previously purchased by Chord Music Partners—a venture backed by Universal Music Group and Dundee Partners—highlighting the layered and high-value nature of top-tier music rights in today's market.

This agreement signals a broader evolution in music finance, where elite artists are increasingly opting for sophisticated partnerships that provide liquidity without forfeiting control or future upside. As one industry analyst observed, "This deal establishes a new template. It demonstrates that for defining catalogs of this era, maintaining creative equity and a share in the asset's growth can be a more strategic move than a complete, one-time exit." This model, blending investment with enduring ownership, will likely influence other major active artists considering how to monetize their legacies while continuing to build their careers.