On May 4, 2022, Sir Lucian Grainge, the Chief Executive Officer of Universal Music Group confirmed that an expansive, multi-faceted deal has been struck with world-renowned musician, Drake.
The deal includes recordings, publishing, merchandise, and visual media projects. In some sections of the media, this resembles a 360 deal.
According to Grainge’s remarks during today’s Universal Music Group Q1 earnings call, the “expanded portfolios” span multiple creative lanes and revenue streams. Variety reports that the deal is worth $400 million or more. The number of years that the deal governs, has not been revealed by any of the parties.
In the last decade, Drake was the No. 1 streaming artist, a position that he attained in 2016 and never fell to No. 2. The news also puts any notion to bed, any notions that Drake could become an independent artist.
Universal, which is home to Drake and Taylor Swift, two of the biggest artists in the world, has been referenced in several verses by Drake.
On ‘BB King Freestyle,’ Drake even bragged that he single-handedly keeps the lights on at Universal.