Monday, July 27, 2009
LA Times Reveals Drake's Record Deal
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.
“The record company doesn’t have any ownership of Drake,” Cortez Bryant, Drake's manager, said. “The label does not have participation on profits. They don’t have ownership of his masters. We control his entire career. Those deals don’t happen anymore.”
There hasn’t been an upcoming artist with such a buzz since 50 Cent's debut in 2003. Drake has sold out concerts from his So Far So 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 today, July 27th in Scranton,PA with Weezy, Young Jeezy, and Soulja Boy in “Young Money Presents: America’s Most Wanted Music Festival”.