It's called Love Symbol #2 and it's a new color, according to Pantone.
The new shade of purple seeks to honor late music legend Prince, who will forever be associated with the color purple—following his 1984 film Purple Rain, his eponymous album and his often purple outfits.
"The (naturally) purple hue, represented by his “Love Symbol #2” was inspired by his custom-made Yamaha purple piano, which was originally scheduled to go on tour with the performer before his untimely passing at the age of 57," reads a press release by Pantone.
"We are honored to have worked on the development of Love Symbol #2, a distinctive new purple shade created in memory of Prince, 'the purple one,'" reads a statement by Laurie Pressman, vice president of the Pantone Color Institute. "A musical icon known for his artistic brilliance, Love Symbol #2 is emblematic of Prince's distinctive style." The statement continues: "Long associated with the purple family, Love Symbol #2 enables Prince's unique purple shade to be consistently replicated and maintain the same iconic status as the man himself."
The decision was made alongside the Prince Estate, just a few months after the release of the 30th anniversary deluxe edition of Purple Rain.