Nelly is the latest Hip Hop All-Star to rake in millions by selling a portion of his catalog, which is jam-packed with hit after hit.
According to TMZ, the St. Louis hitmaker bagged a whopping $50million deal by selling half of his discography. This includes eight albums spanning a string of hits, a lot of which played a crucial role in elevating 21st-century Hip Hop and R&B.
Reports indicate that the rapper is joining forces with HarbourView Equity Partners, handing over some of his biggest tracks such as “Hot In Herre” and “Dilemma,” among several others.
Both of the aforementioned songs won Grammy Awards. Additionally, “Shake Ya Tailfeather” also won Nelly the prestigious accolade, though it is still unclear whether that was included in the deal or not.
Nelly is the latest in a long line of artists who have parted ways with some — if not all — of their catalog. Last year, Future sold a huge chunk of his publishing catalog of songs from 2004 and 2020, and walked away with a massive eight-figure payday. The deal included 612 songs by the Southern rapper.
Most recently, Logic sold off a portion of his catalog in a deal with US-based music and rights company Influence Media Partners for an undisclosed eight-figure sum. The partnership includes 185 of the Maryland rapper’s songs.
While in March, Metro Boomin became $70million richer after selling a portion of his existing publishing catalog to Shamrock Capital.
Diddy, on the other hand, isn’t rushing to sell his catalog like many of his contemporaries — that’s according to one of his business partners.
In an interview with Trapital’s Dan Runcie, Combs Enterprises President Tarik Brooks spoke about Diddy’s choice to hold onto his music instead of auctioning off arguably his greatest financial asset.
“For us, we’re in no rush to get rid of a portfolio that could be a part of music’s evolution,” Brooks stated. “Who knows how you think about those assets in the future?”
He continued: “We have the benefit of being able to go slow and kinda take our time and basically run experiments at our own pace to figure out what we want to do. And so from that perspective, people have continually come through with offers, opportunities, and things. And we’ve purposely taken our time as we’ve thought about what Puff’s experience of music is gonna be over the next years as he climbs what he talks about as his second mountain.”
[via]
