Explained: Did The Weeknd just sell his catalogue for $1 BILLION?

The music industry has been awash with nine-figure headlines for the past three years. We have seen legends like Bruce Springsteen and Bob Dylan cash out, and contemporary titans like Justin Bieber and Katy Perry trade their future royalties for immediate, massive paydays. But The Weeknd, the industry’s current "King of the Fall" and arguably the biggest pop star on the planet, just rewrote the script entirely.

According to multiple reports, The Weeknd (born Abel Tesfaye) has closed a deal involving his music catalogue valued at approximately $1 billion USD.

But if you think he just handed over the keys to his kingdom like his peers, think again. This isn't a retirement plan. It is a high-stakes power move that recalibrates how we value modern superstardom.

The short answer is: No. 

While the headlines screaming "$1 BILLION" suggest a massive sell-off, the reality is far more sophisticated. The 35-year-old Canadian singer and Lyric Capital Group have finalised a business venture that is less of a "sale" and more of a high-octane partnership.

According to Variety, which first reported the news on Saturday (Dec. 13), Lyric has invested in The Weeknd’s music catalogue from its inception through 2025, but the ownership structure remains firmly in the artist's court.

Crucially, representatives for the artist confirmed that The Weeknd and his team will retain creative control over the catalogue and remain shareholders and owners in the company. This is the sticking point that separates Abel from the pack. While pop stars like Justin Bieber handed over his rights to Hipgnosis for a reported $200 million, The Weeknd has effectively brought in a private equity partner while staying in the driver's seat.

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

“To that end, through this venture, we constructed and launched a new business model with Abel and his iconic catalogue whereby Abel and his team have the freedom to execute their creative vision with the entirety of his rights, both publishing and masters. This unique catalogue deal sets a new standard for artist equity and control."

The venture reportedly applies only to The Weeknd's music masters and publishing through 2025 and does not include any future releases. He continues his partnership with XO/Republic/Universal Music Group, and his publishing catalogue remains administered by Universal Music Publishing Group.

Because the arrangement is not a conventional catalogue sale, the representative said it is impossible to calculate a royalty multiple in the traditional sense. However, Variety notes that sources like Billboard and Bloomberg had previously reported that the assets were valued at a minimum of $1 billion based on about $55 million in net label and net publisher share, which suggests an 18.2 times multiple.

So, what does this actually mean for the industry? It signals a shift from the "cash-out" era to the "equity" era for superstars who are still in their prime. To understand the magnitude of this valuation, we have to look at the comparables. Billboard notes that only a few artist deals have reached the $1 billion level.

To put that $1 billion figure into perspective, we have to look at the company Abel is keeping. For a contemporary performer, this valuation is almost unheard of. Most billion-dollar deals involve decades of "evergreen" hits.

Last year, Sony Music Entertainment acquired the rights to Queen for a reported $1.27 billion. Before that, we saw the $1.25 billion valuation of Michael Jackson’s recorded masters and music publishing, where $625 million changed hands for a 50% stake in early 2024.

The Weeknd is now swimming in waters previously reserved for deceased legends or bands with 50 years of history.

Contrast this with his contemporaries: Justin Bieber’s catalogue commanded $200 million. Katy Perry sold her rights to Litmus Music (an affiliate of Lyric Capital) for $225 million. Then there is the gold standard of catalogue battles: Taylor Swift.

Swift’s journey has been a masterclass in industry warfare. Her first six albums were originally sold by Scooter Braun’s Ithaca Holdings to Shamrock Capital in 2020 for a reported $300 million.

However, in a historic full-circle moment, Swift announced in May 2025, that she had successfully purchased those same masters back from Shamrock Capital. Reclaiming the rights to her first six studio albums effectively ended a six-year public battle, with Swift reportedly paying approximately $360 million to Shamrock to finally achieve "full autonomy."

However, The Weeknd is taking a third path. Rather than being forced to buy back what was sold without his consent, the four-time Grammy winner is using his current leverage to bring in $1 billion in investment while retaining his ownership from the jump. 

Ross Cameron, Lyric founding and co-managing partner, emphasised this shift in mindset: "I couldn't be more excited about what Lyric, Abel and team have created together. From our first meeting, it was clear to me that we were sitting around the table with individuals that were going to change the way an artist thinks about his assets, music and legacy." 

Prior to the deal, half of The Weeknd's publishing rights were already owned by Chord Music Partners, backed by Universal Music Group and Dundee Partners. Lyric Capital owns Spirit Music Group, which controls publishing catalogues from artists including Tim McGraw and Jason Aldean.

This move by Lyric follows a massive trend in the sector. Earlier this year, Chord Music Partners raised about $2 billion for music rights investments, while Warner Music Group and Bain Capital unveiled plans for a $1.2 billion joint venture.

Why would Lyric Capital bet so heavily on Tesfaye? Because the data is undeniable.

The Weeknd currently boasts over 120 million monthly listeners on Spotify. In 2023, "Blinding Lights" officially became the most-streamed track of all time, dethroning Ed Sheeran.

In 2025, he remains a permanent fixture in the top three most-streamed artists globally. But the real kicker is the live circuit.

The Weeknd has ascended to heights very few artists have reached, officially joining the billion-dollar tour club, an exclusive group that includes only two other acts: Taylor Swift, whose “Eras Tour” smashed nearly every record imaginable, and Coldplay. The Canadian singer-songwriter achieved this milestone by extending his “After Hours Till Dawn Tour” with another North American leg in 2025.

That run propelled him to No. 5 on Pollstar’s 2025 Year End Top 200 Tours Worldwide chart with a gross of $306,255,590 off 2,005,301 tickets sold. This total, along with upcoming 2026 sold-out shows in Mexico, South America, Europe, and the UK, helped the trek surpass $1 billion in ticket sales, making it the top-earning tour by a solo male artist in history.

It was a bumpy road to get there. Tesfaye overcame ongoing production delays, including the massive logistical pivot from arenas to stadiums, to make history.

The tour, which began in 2022, has seen him perform 153 concerts over three years. A highlight was his triumphant return to Los Angeles, where he played four sold-out nights at SoFi Stadium, grossing a whopping $34 million. With six total concerts at the venue, he has performed more shows at the NFL stadium than any other male solo artist.

Tesfaye is also the top-grossing Black male artist in the history of venues in New York, Denver, Seattle, and Montreal, among others.

Last summer at MetLife Stadium, he performed three nights and grossed nearly $30 million. To put this trajectory in perspective: in 2012, his first headline tour featured a sold-out show at The Showbox in Seattle that grossed $38,420. 13 years later, he sells out Lumen Field in the same city for a haul of $9,969,625.

Rich Garzia, Lyric co-managing partner, noted: "Lyric strives to create artist-friendly structures and we believe this partnership demonstrates that at the highest level with the top artist in the world."

By securing this deal, Abel has essentially bankrolled his future without selling his soul. He has the liquidity of a billion-dollar mogul and the creative freedom of an independent artist. In the shark-infested waters of the music business, The Weeknd just proved he’s the biggest predator in the sea. As he prepares for 48 more shows in 2026, The Weeknd’s party is clearly going well past dawn.