When we reported that Drake finally inked a deal with Cash Money/Universal, some of our readers criticized the rapper for his decision, pointing to previous Cash Money artists who never released albums.
Well, according to L.A. Times report, Drake made out pretty nicely, as the paper revealed some of the specifics regarding the rapper’s record deal.
Even the rapper thinks so. “They have given me one of the greatest situations in hip-hop,” he said of his team.
“Under the unusually lucrative agreement he struck with Aspire/Young Money/Cash Money Records distributed through Universal, Drake received a $2-million advance,” the report reads. “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.”
His managers say Drake isn’t owned by any record company, nor do they control or have any stake in his masters, his touring profits, etc.
In recent years, major record labels had adopted what are known as “360 deals”, a financially restrictive agreement where labels would have a stake in an artist’s tour earnings, merchandising, as well as any other income they earn outside of music sales.
“Those deals don’t happen anymore,” said Cortez Bryant, Lil Wayne longtime manager and one of the members of Drake’s team.
Now, with a deal in place, Drake is set to lead off Cash Money Records next five releases in 2009. His debut album, titled Thank Me Later, is due next, followed by a new album from Birdman, a compilation from Lil Wayne’s Young Money imprint, and then Weezy’s highly anticipated rock album Rebirth.