Drake re-signed with Universal Music Group (UMG) in a deal said to be worth a whopping $400 million.
UMG’s chairperson Sir Lucian Grainge has confirmed the “God’s Plan” rapper inked an “expansive, multifaceted deal” covering “recordings, publishing, merchandise and visual media projects” during the firm’s latest earnings call.
“Variety” reports that the deal was signed off in 2021, and a source told the publication it’s “Lebron-sized”.
The 35-year-old hip hop star – who has sold more than 37 million albums worldwide – had previously hinted at his riches from his deal in his lyrics.
On “Lemon Pepper Freestyle” from 2021’s “Scary Hours 2” EP, he raps: “Three-sixty upfront, it all comes full circle,” suggesting he had landed a $360m pay cheque.
And on Migos’ “Having Our Way”, he spits: “Billionaires talk to me different when they see my pay stub from Lucian Grainge.”
Confirmation of Drake’s mega-money deal comes after The Weeknd – whose real name is Abel Tesfaye – agreed to a similar deal.
Grainge said of the contract with the “Save Your Tears” hitmaker: “Over the past decade, we have been honoured to work so closely with Abel, who has quickly become one of music’s most creative and important artists, a once-in-a-generation talent.
“We’ve developed a deep trust and respect that has enabled us to successfully execute Abel’s brilliant vision.”
Monte Lipman, chairperson of Republic Records, added: “Abel is the consummate 21st-century artist and global superstar who continues to break down creative barriers with his genre-bending repertoire.
“His success and career-defining accomplishments have made a historic impact around the world.”
Drake’s most recent album, 2021’s “Certified Lover Boy”, was released via his own imprint OVO Sound under licence to Republic Records (owned by UMG).