Billboard Magazine is reporting that The Chainsmokers (Alex Pall and Drew Taggart, the duo behind the massive EDM hit #Selfie) have just signed two deals (with Sony/ATV and Republic Records) worth one million dollars each.
Sony/ATV chairman/CEO Martin Bandier and his team had been keeping an eye on the EDM act for some months. But neither Bandier's team -- nor Republic Records, which had signed The Chainsmokers a few weeks before the publisher's deal -- expected "#Selfie" to blow up as big and as fast as it did.
#Selfie is the Chainsmokers' biggest hit to date, hitting over 100 million YouTube views and counting. However, the duo had garnered a reputation for producing quality indie progressive style remixes prior to #Selfie, many of which saw #1 rankings on Hype Machine- a music blog aggregate.
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The Chainsmokers are currently in a three song contract with Steve Aoki's Dim Mak Records (the label that released #Selfie), and their deal with Republic Records will begin as soon as that is up. The Sony deal, which was already in talks when #Selfie started to break, was only slightly influenced by the songs success.
"We were already in talks but this added whipped cream to the cake," says Sony exec Bandier. "It made us add a little more money to the deal. I do mean a little."
There is no official word on exactly how much the deals are worth, but Billboard sources are estimating both at one million dollars.
As of today #Selfie has been downloaded over 726,000 times, hit No. 16 on the Billboard Hot 100, and has been viewed on YouTube nearly 100 million times. Billboard beliveds the song has generated more than $2 million thus far.
Buy #Selfie on iTunes