Lil Baby, Drake, Rich The Kidd, Juice WRLD + more - Publishing Royalties

This is a 40-track hip-hop publishing royalty asset is built around hit songs by some of the biggest artists of the late 2010s: Lil Baby's Too Hard mixtape ("Freestyle"), Juice WRLD's diamond-selling Goodbye & Good Riddance ("I'll Be Fine"), The Kid LAROI's breakout single ("Let Her Go"), Rich The Kid's Billboard hit "Plug Walk," and Drake's double-platinum Scorpion ("Blue Tint"). Streaming accounts for 88.5% of the last 12 months (LTM) income, so this is, first and foremost, a bet on global streaming.

A quick note before the numbers. A federal rate-setting board recently raised the rate that streaming services pay songwriters, and made the increase retroactive for 2018 through 2022. That caused a one-time wave of back-payments in 2023 and 2024 and locked in a higher ongoing rate through 2027.

This catalog has both benefits. 2024 earnings of roughly $89,400 were boosted by about $29,200 in one-time back-payments from YouTube, Apple Music, and Spotify. Strip those out, and a more realistic 2024 baseline is closer to $60,200, which means LTM earnings of $49,900 are really down about 17% year-over-year, not the 44% the headline suggests. 2025 has no more back-payments flowing through, so the current run rate is the cleanest look yet at what this catalog actually earns today.

The setup is a good one. The higher rate is locked in through 2027, and the one-time payments are behind us. "Freestyle" drives 57.3% of LTM, and the top five tracks together generate 90.5%. The top-heavy concentration in the song "Freestyle" is tied to Lil Baby, who remains one of the most-streamed artists in hip-hop.

A buyer here is picking up long-term rights to a piece of late-2010s hip-hop at a moment when the rate environment just got better, the noise in the numbers has cleared, and the artists behind the songs are still very much in the mix. The current LTM is the first clean picture of what this catalog earns and the best place to start when thinking about what comes next.

For a detailed analysis of earnings trends, cash flow projections, and investment criteria, review the full Investment Memorandum.

Matching Right: A third party holds a matching right on any sale of the income generated by this catalog. That party will have the opportunity to match the accepted offer. If you are the winning bidder, they must first decline their matching right before you will be able to complete your purchase. For more information on how the matching right works, please email: info@royaltyexchange.com.

"Freestyle" (2017) was Lil Baby's breakout moment on his debut mixtape Too Hard — a raw, personal track about drug use and perseverance with an interpolation of Tupac's "Hail Mary." It put Lil Baby on the map and remains the catalog's biggest earner. A similar story drives The Kid LAROI's "Let Her Go" (2019), an early emo-rap single about heartbreak and growing up that helped him connect with a younger audience and set the stage for his superstar run.

Juice WRLD's "I'll Be Fine," from his influential 2018 debut Goodbye & Good Riddance, brings a different kind of weight. It's honest take on emotional pain and coping helped define his voice as one of the most resonant in modern rap — and his fanbase continues to drive strong streaming demand.

Also supporting the catalog is Rich The Kid's "Plug Walk," the signature hit from his 2018 debut The World Is Yours. It peaked at #13 on the Billboard Hot 100, and its Breaking Bad-inspired music video extended its cultural reach. Rounding things out is Drake's "Blue Tint" from Scorpion, a sleek, laid-back cut featuring uncredited vocals from Future.
 

Matching Right. A third party holds a matching right on any sale of the income generated by this catalog. That party will have the opportunity to match the accepted offer. If you are the winning bidder, they must first decline their matching right before you will be able to complete your purchase. For more information on how the matching right works, please email: info@royaltyexchange.com.

Earnings Note. You'll notice a spike in royalties in 2Q & 4Q 2024 resulting from approximately $29,200 in non-recurring catch-up distributions — a 2Q YouTube back-period payment (~$9,700) and MLC-administered Apple Music and Spotify catch-ups in 2Q and 4Q (~$19,500 combined) tied to mechanical rate adjustments. Any future catch-up payments will be payable to the winner of this catalog.