Touring and merchandise are not included, but the group's commercial potential is boosted with major festival and large ballroom plays this summer.
The deal does not include touring or merchandise, according to the sources, but the group is playing major festivals and large ballrooms this summer, boosting its commercial potential. RCA declined to comment.
"People are really excited about the touring -- the streaming numbers and the consumption numbers aren't big," one of the sources, whose label considered the deal, tells Billboard, adding that the valuation marked "crazy times." "It's like an Odd Future deal, but when Odd Future did that deal, it was close to $2 million."