Sir Lucian Grainge revealed surprising details during a Q1 earnings call on Tuesday. The Universal Music Group chairman announced that Drake recently signed a $400 million multi-faceted deal with the most prominent music company in the industry.

According to Variety, the Toronto rapper’s deal with UMG includes recordings, publishing, merchandise, and visual media projects. Grainge described that such “expanded portfolios” would provide the artist with multiple creative lanes and revenue streams connected to Republic records. The 35-year-old’s deal was reportedly official in 2021.

Since then, many have questioned how much Drake is worth in the new arrangement. One insider described the deal as “Lebron-sized” without placing exact figures. However, Drake referenced the deal in several song lyrics, including “Lemon Pepper Freestyle,” one of the tracks from his “Scary Hours 2” EP. “Three-sixty upfront, it all comes full circle,” suggesting that the figure could be around $360 million.

He also mentions “owning masters” in the song “The Remorse” from his latest album, “Certified Lover Boy.” In Migos’ “Having Our Way,” Drake raps, “Billionaires talk to me different when they see my pay stub from Lucian Grainge,” alluding to the chief executive as the person who signs his checks.

Since 2014, the “One Time” rapper has amassed more than 37 million album project units. In addition, he made history by becoming the first artist ever to surpass 50 billion combined streams on Spotify. Sources say the new deal may be valued at $400 million or higher.

“Drake benefits from a deep catalog that performs well,” said one industry veteran. “Also, he became a free agent at a young age.”

In July 2020, entrepreneur Steve Stoute and rapper Russ discussed what the industry would be like if Drake transitioned into an independent artist.

“Drake is about to get the biggest bag in the history of the music business by far,” said Stoute, chief executive of United Masters. His comments were in response to Russ, who remarked, “You think that if Drake right now, completely independent … if Drake posts a picture on the ‘Gram of his new album, link in bio — f–k a link in bio, “new album out” — and he was fully independent, Drake will make $10 million a week for f–ing 60 weeks.”

Stoute added, “If Drake goes independent, the music business is over.”

“Drake has the bargaining power to negotiate a net profit split with the best deal terms and a humongous advance upfront,” said one top industry attorney.

While Drake was signed to the Young Money/Cash Money label, the music company aligned with UMG, he parted ways with the label after fulfilling his obligations in his previous contract.