Grammy Award-winning rapper Nelly has sold 50% of his music catalog to Harbourview Equity Partners for $50 million after years of being the sole owner of his craft. The financial move follows after the 48-year-old rapper launched a new beverage brand called MoShine for partygoers to expand his business ventures.
The music deal surely does not cover every single production of the rapper, but only eight albums and his Grammy-winning songs like “Dilemma” and “Hot In Herre”. Nelly isn’t the only artist to sell part of his music catalog for a hefty paycheck, artists like Future and Logic are among the many artists who have also sold their songs for huge paychecks while leaving the success of the songs in the hands of their partners, in Nelly’s case, it’s Harbourview Equity Partners.
Details via VladTV;
According to AllHipHop.com, a source close to Nelly revealed that the St. Louis entertainer has sold 50% of his music catalog for $50 million.
Nelly reportedly made the deal with HarbourView Equity Partners for “select recorded assets,” including 8 albums and a slew of #1 singles like Grammy-winning singles “Dilemma” ft. Kelly Rowland and “Hot in Herre.”
Outside of the big deal, Nelly recently announced his new beverage MoShine, which is a corn-based moonshine that will be in peach and passion fruit flavors. In a recent statement about the venture, Nelly explained, “Where I come from, we work hard and play harder, and I want my fans to be able to reach for MoShine anytime they’re ready to get the party started.”
According to Nelly, partnering with Harbourview Equity Partners is a way to get his craft to the next generation while keeping his work alive; hence, he has no regrets.
This is smart for older entertainers. It makes more sense to get as much money as you can right now than get pennies on the dollar trickling in over the years.
