July 27 2009
From: Roc4Life
Details recently emerged of the Toronto rapper's distribution
contract that has both the industry and aspiring rappers
buzzing.
Reported by the LA Times, Drake managed to muscle a $2
million advance and negotiated a 25% distribution fee with his
label Universal during a bidding war with Atlantic Records.
"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," said the LA Times.
"The record company doesn't have any ownership of Drake,"
confessed Cortez Bryant, Lil Wayne's manager. "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."
In the steadily declining economy of the music industry, 360
deals are offered to acts searching for a recording home in order
for labels stay afloat a sinking ship. Drake's contract is not
only rare, but forbidden in this trying climate when labels take
a percentage of any profits an artist receives. The LA Times
reveals "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 article also proclaimed that Drake sided with Universal
because the label puts out Lil Wayne's label Young Money.
Less than a year ago, the former Degrassi star was an underground
Canadian rapper with buzz and no radio spins. Today, Drake has
won the hearts of Jay-Z, Mary J. Blige, Jamie Foxx, Pharrell
Willams and Rihanna. Currently he is working on his album
Thank Me Later with pop star Justin Timberlake while
preparing for his 22 city tour with Lil Wayne, Soulja Boy and
Young Jeezy called "Young Money Presents: America's Most Wanted
Music Festival."
-Monique "Marvelous Mo" Balcarran
