Drake has reportedly re-signed with Universal Music Group, his home since the beginning of his major label career.
On Tuesday, Sir Lucian Grainge held a Q1 earnings call with the team, during which they reported $2.31 billion in revenue, a 21.6 percent increase over the previous year’s Q1. “The breadth and strength of the business are as important as its positive performance this quarter,” said UMG Chairman and CEO Sir Lucian Grainge. “Our strategic portfolio approach—creatively, geographically, technologically, and across a diverse range of artists, partners, formats, businesses, and revenue streams—not only produces results now, but we believe will produce even better and more stable performance in the long run, while providing incredible value to our artists and shareholders.”
During the call, he also confirmed that Drake has re-signed with Universal’s Republic Records in a multi-year deal that includes recordings, publishing, merchandise, and visual media projects. He mentioned “expanded portfolios,” which include various creative lanes and revenue streams, similar to The Weeknd’s recent re-signing with Republic.
Of course, no money has been disclosed, but one insider described the deal to Variety as “LeBron-sized,” without providing a figure. According to sources, Drake’s music earns about $50 million per year, so his deal with the world’s largest music company could be worth $400 million or more.
HHNM has reached out to Drake and Republic Records representatives for comment.