We learn that the song Blinding Lights, by Canadian singer/songwriter The Weeknd, became the first song in the history of Spotify to play five billion streams. That eye-popping milestone was reached on August 31. The song itself - packaged on The Weeknd's After Hours album, was released in November, 2019, so it took a little less than six years to accumulate those plays.
An investor group called Chord Music Partners currently owns 50% of his publishing. The once-and-future Abel Tesfaye (he said he plans to retire the name The Weeknd) now wants to cash out $250 million in equity from what's left of his catalog, plus raising $500 million in senior debt (lower interest, must be paid back first) and $250 million in junior debt (higher interest, must be paid back second). Lyric Capital Group is leading the discussions to find investors for the $1 billion.
Cinema has always, for me, it's always kind of been my number one passion. I happen to sing and make music and it kind of felt like a little detour, a little cheat code to kind of get into this.