News: Drake's $2 Mil Young Money Record Deal Details Revealed
Friday, Jul 24, 2009 1:45PM
Drake's Young Money record contract details have been revealed by his managers and they say the rapper will have full ownership of his publishing.
In addition to publishing, Drizzy was reportedly given a $2 million advance.
Under the unusually lucrative agreement he struck with Aspire/Young Money/Cash Money Records distributed through Universal, Drake received a $2-million advance. He retains the publishing rights to his songs and cedes only around 25% of his music sales revenues to the label as a 'distribution fee,' his managers said. By contrast, the overwhelming majority of new artists sign financially restrictive '360 deals' that sap their touring and merchandise income and offer much more restrictive profit-sharing. (Los Angeles Times)
Despite not having an album in stores yet, the rapper has maintained a steady buzz amongst fans and artists alike.
Drake has sold out concerts from his So Far Gone mixtape. The leading single 'Best I Ever Had' has been receiving more then 1300 spins on radio, and has sold 600,000 digital downloads. He's been featured on records with Jay-Z, Jamie Foxx, Mary J. Blige, Rihanna and Fabolous. He's currently working on his debut album Thank Me Later and will embark a 22-city tour starting July 27th with Lil Wayne, Young Jeezy and Soulja Boy in 'Young Money Presents: America's Most Wanted Music Festival.' (Woooha)
He recently signed a deal to International Creative Management which represents artists including Beyonce and Katt Williams.
Chart-topping rapper/singer Drake has signed to International Creative Management (ICM) to handle his tour booking and branding moving forward. The ICM deal follows Drake's recent signing to Young Money Entertainment, with distribution through Universal Republic, for the release of his highly-anticipated debut album, Thank Me Later. (Billboard)
The deal also followed last month's Young Money signing.
"I actually signed directly to my managers Cortez Bryant and Gee Roberson," Drake explained in an interview last month. "And we signed a joint venture with Young Money which is Lil Wayne's company. The courting was nice, I had some great dinners in hotels, I got some nice things [during the bidding war.] I think the best part about it is that we've done this thing in the industry where it's been so organic to do it with the people that I'm doing it with. It's kinda like we're doing it by ourselves. It's distributed through Universal." (Alexa Chung)
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