The Weeknd is reportedly looking to raise an enormous $1 billion through leveraging his music catalog.
According to Bloomberg, the Canadian singer is seeking to use his extensive catalog of records to raise $1 billion in funding without actually selling his music rights.
Instead, the rights would serve as collateral and allow The Weeknd access to a significant amount of collateral.
Private equity firm, Lyric Capital Group, are reportedly the frontrunner in assembling a package and are offering $500 million in senior debt, $250 million in junior debt and $250 million in equity.
The Weeknd and Lyric Capital Group are yet to comment on the reports.
“[I am closing the chapter] on my existence as the Weeknd,” he said. “It’s a headspace I’ve gotta get into that I just don’t have any more desire for. I feel like it comes with so much… You have a persona, but then you have the competition of it all. It becomes this rat race: more accolades, more success, more shows, more albums, more awards and more No. 1s. It never ends until you end it.”
He noted that the 2022 moment when he lost his voice at his Los Angeles concert and had to reschedule just moments after the show began also played a role.
“Part of me actually was thinking, ‘You lost your voice because it’s done; you said what you had to say. Don’t overstay at the party — you can end it now and live a happy life.’ You know? Put the bow on it: ‘Hurry Up Tomorrow’? Now we’re here. When is the right time to leave, if not at your peak? Once you understand who I am too much, then it’s time to pivot.”
However, he did say he had no plans to retire from music: “I don’t think I can stop doing that. But everything needs to feel like a challenge. And for me right now, The Weeknd, whatever that is, it’s been mastered. No one’s gonna do The Weeknd better than me, and I’m not gonna do it better than what it is right now. I think I’ve overcome every challenge as this persona, and that’s why I’m really excited about this film, because I love this challenge.”
