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Drake signs a new record deal worth $400 million

Drake has reportedly signed a huge new deal with Universal Music Group that could be worth around $400 million.

On May 3rd, Variety reported that UMG head Sir Lucian Grainge confirmed Drake has inked a massive “expansive, multi-faceted deal” deal with the label that “encompasses recordings, publishing, merchandise and visual media projects.” According to industry sources, the deal could be worth $400 million or more, considering Drake’s track record at moving major units and bringing in unprecedented streaming numbers.

“Drake benefits from a deep catalog that performs well,” says one industry veteran. “Also he became a free agent at a young age.”

If Drake had gone the indie route, it would have spelled doom for the recording industry, according to music industry exec Steve Stoute, who predicted Drake would command a major paycheck back in 2020.

“I said this before, Drake is about to come out in the next six months,” the hip-hop mogul shared during the virtual SelectCon conference. “Drake is about to get the biggest bag in the history of the music business by far. Both A and B, they don’t want that to happen. Because the day that happens, they might as well close the business down.”

He added, “If Drake goes independent, the music business is over. If Drake goes independent, the music business is done.”

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