The news was first reported by The Female Rap Room, and subsequently confirmed by the Australian rapper on Twitter, where she wrote the deal “means I don’t have to work another day in my life”.
The deal includes 100% of the Azalea’s catalog, including hits such as ‘Fancy’, ‘Black Widow’ and ‘Problem’. An “additional trigger” clause, however, means Azalea will be able to earn revenue from her future recordings.
Last year, Azalea said she was stepping away from music, saying The End of an Era would be her last, before changing her mind with another tweet that read: “I’m coming back. Cry about it.”
Next year appears to be the year the rapper makes a full return to music, saying she’s “aiming to drop a [new] project” some time in 2023 – and now she’ll be doing so with a healthy bank balance after the sale of her catalog.
The sale of back catalogues has been big business for artists for at least the past eighteen months, with sales including Universal’s acquisition of Bob Dylan’s back catalogue for a reported fee of more than $300million (£225million); Bruce Springsteen’s sale of his back catalogue to Sony for $500million (£367million); and BMG’s purchase of Tina Turner’s back catalogue for a reported fee of £225million.
As Azalea’s sale shows, the sale of back catalogs isn’t being limited to legacy figures, but also stretching to more contemporary artists too. The move from Domain Capital Group follows their recent deal with Sony, which included a $700 million (£588 million) funding round to be used for such acquisitions.
