The Weeknd secures catalog partnership with Lyric Capital in deal valued near $1 Billion

The Weeknd has closed a catalog partnership with Lyric Capital Group that forms a new business venture covering his music catalog from its inception through 2025, representatives for the artist have confirmed. While financial terms were not disclosed, the deal has been reported to be valued in the $1 billion range.

Under the agreement, Abel Tesfaye, who performs as the Weeknd, and his team retain creative control and remain shareholders and owners in the venture. Representatives stressed that the transaction is not a conventional catalog sale.

“From the beginning of the meeting, it was clear to all at Lyric that Abel would not sell his catalog,” a representative said. “He wanted to be more innovative and creative in the way we established a partnership.”

The partnership applies only to the Weeknd’s existing music masters and publishing through 2025 and does not include future releases. His recording relationship with XO/Republic/Universal Music Group continues, while Universal Music Publishing Group remains the administrator of his publishing catalog.

Because the deal is not structured as a traditional catalog acquisition, representatives said it was not possible to calculate a standard royalty multiple. However, previous reports have suggested the assets were valued at no less than $1 billion, based on estimated annual net revenues of approximately $55 million. Representatives for both parties declined to confirm any valuation.

Lyric Capital said the agreement includes a newly developed financial structure, described as a “Royalty Backed Note”, created with input from Tesfaye and his team. “This unique catalog deal sets a new standard for artist equity and control,” the representative added.

Ross Cameron, Lyric’s founding co-managing partner, said the collaboration aimed to change how artists view ownership of their work. Lyric co-managing partner Rich Garzia said the partnership reflected the company’s focus on artist-led structures.

The Weeknd remains one of the world’s most-streamed artists, with more than 120 million monthly listeners on Spotify, while his After Hours ‘Til Dawn tour has surpassed $1 billion in gross revenue.