Sound Recording Royalties for Mick Jenkins

In 2014, Chicago rapper Mick Jenkins released a mixtape built around water as a symbol for truth. The Water[s] connected with listeners who wanted more from rap than a catchy hook. Its title track, “The Waters,” still earns steadily more than a decade later.

Four more projects followed, with guest appearances from Joey Bada$$, Noname, Ghostface Killah, BADBADNOTGOOD and EARTHGANG. In 2020, “Carefree,” the lead single from his album The Circus, became his biggest song. It now earns 28% of the catalog’s income, up from about a quarter in early 2023.

Spotify, Apple Music and YouTube pay 93% of earnings. About two-thirds comes from the United States, and the rest from over 230 countries. Income has gradually declined since these releases, but the decline is spread evenly across the catalog, with no single track or playlist driving it, and it has eased each year: income fell 21% in 2024, then 12% in 2025, and the first half of 2026 came in just 5% below the second half of 2025.

This catalog offers income from a well-regarded artist’s core body of work, anchored by “Carefree” and backed by more than 65 other recordings that brought in 56% of the last twelve months. More than a third of today’s income comes from songs released a decade or more ago, and the buyer collects for the life of the rights.

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

Mick Jenkins is one of Chicago’s most distinctive rap voices, known for dense, thoughtful lyrics over jazz- and soul-influenced production, and for using water as a recurring symbol for truth.

His 2014 mixtape The Water[s] was the breakout, carrying “The Waters” and “Healer” with guest turns from Joey Bada$$ and Noname. The Wave[s] EP followed in 2015, then his debut album The Healing Component (2016), featuring “Drowning” with BADBADNOTGOOD and “Angles” with Noname and Xavier Omär.

Pieces of a Man (2018) added Ghostface Killah and Corinne Bailey Rae alongside fan favorites “U Turn” and “Plain Clothes.” The Circus EP (2020) produced the catalog’s top earner, “Carefree,” and Elephant in the Room (2021) closes the set with “Truffles” and “Scottie Pippen.”

Administration Note. In 2023, Cinematic Music Group sold its recording catalog, including these recordings, to Interscope Geffen A&M, part of Universal Music Group. Royalties continue to be accounted under the Cinematic name, and all royalties going forward will continue to flow through Cinematic to the buyer.

Earnings Note. The 2H2024 period contains eight months of sales (May through December 2024) rather than six, adding approximately $20,800, as the label moved its statements to calendar half-years.