Domain Capital Group has snapped up the master recording and publishing catalog of four-time Grammy-nominated rapper and songwriter Iggy Azalea in an “eight-figure” deal.
The deal, reported by The Female Rap Room, was confirmed by the Australian artist in a response to the news outlet’s tweet that said she “has sold her master recording and publishing catalog to Domain Capital for an eight-figure sum” ( which is somewhere between $10 million and $99 million).
The news follows Domain’s announcement from earlier in the month that it has closed a $700 million funding round.
“I sold a portion of my catalog to who I wanted, for an amount that means I don’t have to work another day in my life.”
The tweet from Azalea says the transaction includes the master and publishing share of her biggest hits like Fancy, Problem, and Black Widow.
“I sold a portion of my catalog to who I wanted, for an amount that means I don’t have to work another day in my life,” Azalea said.
The artist also responded to one Twitter user’s concern about the deal ending up like Taylor Swift’s masters controversy with her former record label, Big Machine Records, and its new owner Scooter Braun.
“Taylor did not profit from that sale… I love y’all down but the masters conversation is a little beyond most of your understanding of business,” Azalea says.
Azalea also responded to a couple of other tweets including her decision to sell her catalog now, saying: “I have a larger business I want to invest in.”
Last year, Azeala announced that she would be stepping away from music, saying her album, EDM-heavy The End of an Era, will be her final album. But a year later, the rapper changed her mind, saying: “I’m coming back. Cry about it.”
The sale of Azalea’s catalog comes just weeks after Domain Capital and its subsidiary, Domain Capital Advisors (DCA), disclosed that they have closed more than $700 million of equity commitments for a new entertainment fund and co-investment vehicle focused on film, television, and music.
Domain had earlier said that it has already deployed more than $170 million of this new fund for deals across entertainment media.
Earlier this year, the company teamed up with Sony Music Publishing to acquire a career-spanning catalog from multi-award winning songwriter, Ashley Gorley, which according to Music Business Worldwide’s sources, was worth $40 million.
In announcing the new $700 million investment earlier this month, Domain Capital’s Executive Managing Director Anthony said: “At a time of sustained entertainment industry growth supported by an ever-evolving landscape of distribution channels, we are focused on building a diversified asset-base to generate cash yield and help maintain our investors’ capital.”
Music Business Worldwide