Universal Music Team (UMG) has formally verified that it’s inked a “new very long-phrase worldwide partnership with Drake,” covering tunes publishing, movie, tv, and models.
Common Music head Lucian Grainge stated his company’s all-encompassing offer with Drake yesterday, for the duration of UMG’s Q1 2022 earnings connect with. All through 2022’s initial a few months, the Significant 3 document label posted a 21.6 percent yr-over-year earnings improve, making about $2.32 billion in portion thanks to a 25.1 per cent YoY hike in streaming money.
Specifically in conditions of the Drake partnership, even though, 62-yr-aged Grainge said: “The most important artists nowadays are also leaning in and growing their partnership with UMG in every region, and for this, we are particularly happy.
“Drake is a key case in point. At our Cash Marketplaces Day final 12 months, we shared with you our new prolonged-expression around the world partnership with Drake, which expanded from recorded new music to music publishing, film, tv, and brand names. And we couldn’t be more excited about what lies forward for our partnership.”
From there, Grainge highlighted the perceived inclination of huge-identify artists to go after these more much-reaching discounts, masking several facets of their profession, right after observing “what our worldwide teams can supply and the care with which we deal with their artwork.”
“It’s no speculate that artists which include Taylor Swift, U2, The Rolling Stones, ABBA, Neil Diamond, Elton John, Aerosmith, Andrea Bocelli, and J Balvin are just a handful of the world-wide stars that have, around time, extended and broadened their romantic relationship with us,” proceeded Grainge, who benefited from a extra than $200 million windfall last 12 months immediately after UMG shown on the Euronext Amsterdam.
Later on in the earnings call, Grainge highlighted the comparable settlement – also masking publishing, visual media, and more – that Universal Songs Team closed with The Weeknd late final thirty day period.
This “expansive, extended-term partnership” in between UMG and The Weeknd, who’s also a Toronto native, will see Common Songs Publishing Group (UMPG) “administer all his long run is effective and songwriting catalog in a new extended-expression deal.”
Furthermore, UMG’s Bravado merch enterprise is poised to continue on coordinating with The Weeknd and his XO Records label “to develop and produce worldwide merchandising, branding, ecommerce and retail licensing opportunities all-around upcoming jobs and releases.”
In the approaching months and years, it’ll be exciting to see how often Universal Songs Group spearheads multifaceted agreements with megastars. Both equally The Weeknd and Drake command sizable fanbases and streaming audiences, and proof suggests that these focused followers will keep on being in area for the foreseeable upcoming.
Of course, besides keeping extremely-well-known functions like The Weeknd and Drake signed, in-depth bargains could provide to reduce criticism like that which Kanye West directed at important-label contracts in the not-so-distant earlier.