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Andrew Lloyd Webber has signed with independent record label The Other Songs for both his back catalog of classic Broadway recordings and future works. This deal is in partnership with The Orchard who will oversee distribution.
This is not the first time Lloyd Webber has worked with the London-based indie label. Together, The Other Songs has already managed the recent releases of Lloyd Webber’s cast album for SUNSET BLVD., featuring Nicole Scherzinger, and the single “Don’t Cry For Me Argentina,” featuring Rachel Zegler, from the recent West End revival of EVITA.
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News of the deal comes as Lloyd Webber’s catalog hits a new commercial resurgence. SUNSET BLVD. came back to Broadway last year to rave reviews. EVITA brought the musical classic back to the West End with a modern twist, bringing “Don’t Cry For Me Argentina” to the streets of London in the middle of the show. The Phantom of the Opera is thriving on TikTok, fueling a new single-day streaming peak for Lloyd Webber at the end of October. The classic story has also been recently revived through a new experiential take on the story called Masquerade.
The Other Songs is a London-based label, publishing and management company founded by Alastair and Billy Webber, in 2018. Known for its start as a local songwriter event by the same name, which championed the people behind the hits to step out of the shadows and share their new compositions themselves, The Other Songs prides itself on its creative-first mentality and made headlines in 2023 for announcing its plans to offer master points to all non-performing songwriters. Now, their roster contains talents like Bruno Major (publishing), SUPER-Hi (label), Ren (label, publishing), Raffa FL (label) and Julia Church (publishing).
Lloyd Webber joins other legendary clients like Pete Bellotte, the writer behind Donna Summer’s “I Feel Love,” for bespoke catalog management.
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Lloyd Webber said: “I am very excited that The Other Songs will be partnering with me to represent my past and future recording work. After the success of their albums of Starlight Express, SUNSET BLVD and EVITA, I am thrilled that we will now have an exclusive long term relationship. The Other Songs mission to doggedly champion songwriters, at a time when they have and are being treated as second class citizens in the music industry, has hugely resonated with me. I am really looking forward to working with the new artists the collaboration will bring me at a time when I am writing as much if not more than I ever have.”
Alastair Webber, co-founder of The Other Songs, said: “Over the past year, over 4.5 million people have seen an Andrew Lloyd Webber musical, reflecting the sheer scale and global cultural impact of his work. Our focus now is to ensure Andrew’s recording catalogue connects with new generations, while also giving him the tools to collaborate with today’s leading songwriters, producers and artists.
“Following the success of SUNSET BLVD and EVITA, we’re very proud to announce a deeper partnership with Andrew and the forward-thinking teams at LW Entertainment and The Orchard, as we continue to build on one of the most uniquely positioned and best-known privately owned music catalogues in the world.”
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Billy Webber, co-founder of The Other Songs, said: “We’re thrilled to partner with LW Entertainment on an iconic catalogue. Musical theatre’s reach is broader than it’s often given credit for, and the opportunity to unlock its full potential is significant. Our focus is careful guardianship and bold growth, bringing these works to new audiences with the innovative teams at LW Entertainment and The Orchard.”
Brad Navin, CEO, The Orchard, added: “We are incredibly excited to deepen our relationship with LW Entertainment and The Other Songs to include Andrew Lloyd Webber’s extraordinary music catalogue. Andrew is experiencing a remarkable renaissance with the success of SUNSET BLVD, EVITA, and Masquerade, among many other projects. The Orchard is committed to maximizing this momentum, leveraging our global infrastructure to bring both his iconic, era-defining works and new creative endeavors to an even wider and more diverse audience worldwide, ensuring his legacy continues to thrive across all media and territories.”
James McKnight, CEO of LW Entertainment said: “Building on decades of strong record sales all over the world, we have reshaped our relationships with our music partners. Stepping into a new era with a new strategy and approach, we are delighted to forge a much broader and deeper partnership with The Other Songs and The Orchard now leading on Andrew Lloyd Webber’s incredible body of recorded work. With one of the largest and most engaged fan bases in the world, we know the opportunities are limitless and we are excited to work with these innovative organisations to realise our shared, global ambitions.”
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Management collective The Circuit Group has launched Circuit Capital, a platform to acquire and scale music assets and cultural IP. Circuit Capital is being backed by Create Music Group, which is providing Circuit Capital with access to more than $500 million with which to execute its mission.
The fund will invest in catalogs, record labels, publishers and other music-driven ventures with a mission to build long-term sustainable value. Circuit Capital will provide capital to back upcoming projects by artists being managed by The Circuit Group, an initiative that involves back catalog investments and futures funding deals and providing artists with the resources to invest in their own music and careers.
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The Circuit Group launched in October of 2023, bringing together management companies Ayita and Seven20, whose combined rosters include electronic artists Fisher, Chris Lake, deadmau5, Cloonee, Aluna, Ninajirachi and many more. The company launched with the mission to acquire 50% ownership in artists’ IP portfolios and partner with them to build opportunities across verticals, while also offering traditional artist management.
The business was launched by dance industry executive and deadmau5’s longtime manager Dean Wilson and his wife/business partner Jessica Wilson, along with Brett Fischer, David Gray and Harvey Tadman. The Circuit Group team expanded in the summer of 2024 upon announcing seven new hires.
Now, Circuit Capital’s goal is to create a community atmosphere and serve as a home for artists, entrepreneurs and rights-holders who will work with a group of longtime professionals with a deep understanding of and footing in the electronic music industry.
“Our mission is to put culture at the center of everything we do,” The Circuit Group co-founder Harvey Tadman says in a statement. “Too often, the people buying into music don’t understand the world it comes from. We’ve built our careers inside this culture. Circuit Capital is our way of ensuring that when artists decide to sell or scale, they can do it with people who speak the same language and share the same values. We couldn’t imagine a better partner than Create Music Group.”
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Earlier this year, Create Music Group announced that it acquired the deadmau5 catalog, along with the catalog of the electronic producer’s longstanding label, mau5trap.
“We’re excited to announce this unique partnership with Circuit,” says Create Music Group CFO William Smith. “We have been impressed by their relentless focus as managers on partnering with their clients to build assets with substantial, enduring value, as exemplified by the recent deadmau5 transaction. Moving forward, we’re pleased to be backing Circuit’s strategy of investing into the same music catalogs and businesses that they’re helping to grow – in other words, ‘putting their money where their mouths are’ – by providing them with this fund.”
“Our partnership with The Circuit Group represents Create’s continued mission in building the leading technology, infrastructure, and capital platform for artists and entrepreneurs,” says Create Music Group co-founder and CEO Jonathan Strauss. “Circuit has evolved into one of the most respected and trusted management teams in the dance space, with a deep understanding of what artists need to grow, innovate, and create long-term value. Together with Circuit, we’re aligning resources, expertise, and vision to empower music entrepreneurs to build enduring, global businesses.”
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Bella Figura Music, a London-based catalog firm with rights to classic hits like Joan Jett’s “I Love Rock ‘n’ Roll,” The Human League’s “Don’t You Want Me” and Hot Chocolate’s “You Sexy Thing,” is making a push into the U.S. market, hiring former Capitol Records exec Gary Gersh and opening an L.A. office.
Founded in 2022 by former BMG U.K. President Alexi Cory-Smith and Neelesh Prabhu, Bella Figura has accumulated a catalog worth more than $160 million — a nearly 50% increase in its portfolio value this year, the firm says. With backing from Freshstream Investment Partners and the Canadian pension fund OPTrust, Cory-Smith says the firm’s expansion plans include deploying another roughly $100 million in the coming year.
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To help guide those investments, establish the firm’s reputation in the U.S. and grow the value of its portfolio—which Cory-Smith likens to a Ferrari garage—Bella Figura hired Gersh as chairman and inked a global administration deal with Sony Music Publishing.
“I’ve always used the Ferrari analogy,” Cory-Smith tells Billboard. “They get their hands dirty … constantly going back to fix it and get it better. It’s got to be a champion. Our thing is, is it good? It’s got to be great. The high value, slightly low margin game—that’s not us at all.”
Among the company’s largest acquisitions were the 2024 acquisition of iconic British publisher RAK, which brought in roughly 1,500 copyrights, and the British independent label Jeepster Records, which has the rights to several Belle and Sebastian and Snow Patrol albums. Bella Figura also owns the publishing catalog of songwriter and Robbie Williams collaborator Guy Chambers’, including rights to “Angels,” Feel” and “Let Me Entertain You,” and the master recordings to David Gray’s “Babylon,” because of its acquisition of his IHT record label.
Known for signing Nirvana and Sonic Youth and later running the global live entertainment company of AEG’s touring division, Gersh will be a key adviser in Bella Figura’s U.S. expansion, which he described as careful and precise.
“We’re offering attention to detail, focus, real partnership and opportunity,” Gersh says. “We are picking partners that understand that by doing less better we stay essential. We stay focused.”
Gary Gersh
Bella Figura
Cory-Smith says roughly three-quarters of the firm’s portfolio are publishing copyrights, a “scalable” asset they can maximize returns from by cleaning up metadata and ensuring more efficient registration of songs, using third party tools from Curve and Orpheum. Successful new creative projects have included landing “You Sexy Thing” in a Verizon commercial for the iPhone 17 pro that featured Kevin Hart and plans for special 30th anniversary records for Belle and Sebastian’s If You’re Feeling Sinister.
Cory-Smith and Gersh say their worldwide administration deal with Sony Music Publishing (SMP) opens the door to SMP’s global network, including its industry-leading film, TV and video game sync and licensing resources.
SMP President and Co-managing Director Tim Major said by email that Sony’s global reach makes it a “worthy guardian” for Bella Figura’s works.
“Bella Figura represents iconic and evergreen songs from some of the greatest songwriters we have known–songs that people love and will continue to love for generations to come,” Major said. “[We] are excited to work together … to create new and exciting opportunities and strategies for these songs around the world.”
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Mike Morris is one of music’s biggest new investors — and he’s placing his bets on the indies. The managing director of Chicago-based private equity firm Flexpoint Ford has overseen what Billboard estimates is more than $375 million of investments in some of music’s most influential independent companies since 2023. After initially backing the front-line music business at Nettwerk, the label that broke Sarah McLachlan and Barenaked Ladies, that same year the firm announced a “significant investment and partnership” in Goldstate Music, the catalog investment firm founded by former BMG president/COO and J Records co-founder Charles Goldstuck. Last year, Flexpoint led a $34 million equity financing round for Duetti, a music investment company that focuses on indie rights, and led a $165 million investment in Create Music, a music distribution, publishing and data analytics company.
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Morris, who has previously held positions at Northleaf Capital Partners, H.I.G. Capital and Moelis & Co., says that Flexpoint’s focus on high-return middle-market companies serving independent artists has resulted in “repeated success.”
“We’ve really leaned into the independent sector of the music industry — it is just growing much faster than the traditional majors ecosystem,” Morris says. “This part of the market is so large and fragmented and there is so much growth…and tremendous opportunity for innovation.”
What do you think of the maneuvers by the majors, like Universal Music Group’s proposed acquisition of Downtown Music, that target the growth of the indie segment?
They are evidence enough of the fact they have been losing share to the independent ecosystem. They wouldn’t be buying these companies if it weren’t the case. We think our platform companies — whether one or more of them ends up in a major at some point, we’ll see — can outcompete because they don’t have the legacy infrastructure that some of the majors do. And they can complement the majors in serving this vast, fragmented and growing part of the market.
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What are the new modes of monetization you have talked about that excite you?
I’m talking about everything outside of the traditional streaming platforms: Meta, TikTok, YouTube, which is where Create started out. YouTube rights management, if you know how to do it correctly, is a very attractive and important area. Synch placement in video games, fitness apps — all of these tangential revenue streams. Not everyone knows how to monetize those streams, and it is core to the strategy for all of our portfolio companies.
What makes Create special?
Create has only been around for about 12 years. They are a digitally native service and capital provider to the independent sector. It doesn’t have the legacy baggage around infrastructure that some of the services and labels have. Create started out as a pure-play rights management business and then went through a natural evolution, tacking on distribution, accounting systems, publishing — all built on this digitally native background. Their numbers aren’t public, but if they were, they’d speak for themselves.
Duetti was the first, but likely not the last, company to acquire the masters and publishing rights of indie artists bubbling under the mainstream radar. How are they prepped for competition?
This is something [Duetti CEO Lior Tibon] has thought a lot about. They do have a first-mover advantage. But the reason no one else is doing it is because it’s really hard to do. Buying these small catalogs involves a high degree of sophistication, data, AI [artificial intelligence] and operational discipline to acquire thousands of catalogs and thousands of individual tracks. Most music companies and other funds in the space have not set themselves up to do that in a way that’s scalable. More competition is something we’ve planned for at the board level and among the shareholder group and management team. We feel like it’s going to be very hard to replicate the strategy at this kind of scale.
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Goldstate Music is more traditional compared with the other companies in your portfolio. What do you like about their method of investing in music intellectual property [IP], and would Flexpoint directly acquire catalogs itself?
Charles Goldstuck is a best-in-class operator who’s proven over decades in and around the music business that he knows how to start businesses, take on institutional capital like ours, identify attractive parts of a market and use capital to create attractive returns for his investors. [He has a] sophisticated, important piece of the strategy: working on them actively to get the most juice out of those assets. Things like changing and optimizing distribution contracts, synch placements, creating remixes and derivative works, getting [name, image and likeness] rights and doing merch and working actively with those artists.
Songs by Xania Monet, an AI artist that Hallwood Media signed to a multimillion-dollar agreement, are climbing the Billboard charts. How could the commercial success of AI music affect the value of catalogs?
It’s fascinating to see AI-powered artists now being signed by labels. Yes, they’ll compete for listening time and could take some share. But in practice, I think it makes high-quality, authentic catalogs and artists even more valuable. So I don’t see AI destroying catalog value. Instead, I see it widening the gap: disposable, machine-made music on one side and enduring, human-driven catalogs on the other. The latter will continue to command attention, cultural relevance and investor confidence.
What are you currently working on?
The most interesting things I’m seeing right now [include] international opportunities in Asia, the Middle East [and Latin America], both on the catalog side and with music service providers. Music-adjacent service providers and IP businesses in music-adjacent spaces like film, TV and video games are heavy users of music. We’re looking at a business in Korea right now that is in some ways like Create. It has evolved organically in the Korean music ecosystem to provide services focused on artists’ and independent labels’ needs.
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How long do you plan to be involved with portfolio companies?
We’re not quick-flip investors. We’re not in the quick-hits business. We’re about partnering with entrepreneurs and founders to build enduring businesses that can compound value over a long period of time. We think exits take care of themselves, as long as we’re helping build enduring businesses. Sometimes it takes three years, sometimes five and sometimes 10.
Many companies, including Duetti and Create, are exploring raising funds through issuing asset-backed securities. Why is this a good strategy, and what are the potential drawbacks?
To me, this is just music catching up to what other asset classes have been doing for decades. When you have reasonably predictable cash flow streams, it is a more efficient form of financing — no different from bank financing. But it’s in a more regimented form and checks the boxes the buyers of these types of bonds want. It’s a clear positive for the industry. The only real drawback is it is a significantly bigger undertaking in terms of the documentation and the ratings process than going to a bank and getting a loan. So it does require time, attention and effort from management teams and us.
It’s hard to predict the staying power of songs. Do you have any concerns about very young songs being used to collateralize this type of bond or companies with high loan-to-debt rates adding to their debt this way?
I hear all the same things. The performance of these bonds — both public and the private — has been 100%: no defaults, no issues. But it’s a relatively young asset class in the securitization market. So you might see some folks use the leverage very aggressively, which would be unwise. But I think the buyers of these bonds are sophisticated enough to know what they’re getting into and to analyze these cash flows and to structure them in a way that makes sense. These investors have a lot of experience now in both music and other asset classes where the modeling isn’t very different. It’s all a function of risk/reward tolerance and pricing appropriately.
Three months after the announcement that deadmau5 sold his catalog to Create Music Group for $55 million, the producer has commented on the deal. “It was time to just let it go,” the producer born Joel Zimmerman said in a June 2 cover story alongside Rezz for Billboard Canada. “I’m not so attached to [my […]
Citrin Cooperman estimates a record-setting number of music catalogs with a combined value of around $20 billion were floated to investors last year. While economic and political uncertainty so far in 2025 has sent stocks and global trade on a roller coaster, the head of Citrin Cooperman’s music and entertainment valuation practice Barry Massarsky says his team has never been busier.
Massarsky and partner Jake DeVries reviewed over 550 music catalogs with a combined asset value of $10.7 billion last year, a figure that Massarsky says “demonstrates very loudly how much volume is in the marketplace.”
“Yesterday, I was dealing with a seminal holiday music catalog, a well-known classical music artist, this group from Nigeria, and film and television,” Massarsky told Billboard during a conversation in mid-April at Citrin Cooperman’s offices in Rockefeller Center.
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Over his two-plus decades in practice, Massarsky’s best known clients have been Primary Wave, Round Hill Music, Hipgnosis, Reservoir and nearly every major music company. Since joining Citrin in 2021, their business expanded to offer entertainment tax advice, audit inspection, transaction strategy, and recently, to include a valuation team focused Hollywood actors’ and directors’ participation rights.
Massarsky and DeVries shared their observations about the current market value being placed on pop and hip-hop music, the average size of a catalog they valued in 2024—it’s smaller than you might think—and the ongoing popularity of music from the 1980s.
Here are some highlights from our conversation:
Hip-hop and pop music catalogs 10 years old and older fetch the highest valuation multiples, a trend that’s held steady since 2022.
Pop music and hip-hop catalogs of songs released more than a decade ago received valuation multiples—a measure of future growth—of 17.6 and 17.4 respectively on average from 2022-2024. Latin catalogs had an average multiple of 17.1, country catalogs had 16.8 average multiple and rock music averaged a 16.7 multiple.
Some of the biggest hip-hop catalog deals of recent years include Primary Wave’s $200 million acquisition of Notorious B.I.G.’s works, Shamrock Holdings’ purchase of Dr. Dre’s catalog along with other rights for around $200 million and Opus Music Group’s acquisition of Juice WRLD’s catalog for $115 million, according to Billboard estimates.
Those deals aside, the priciest catalogs have been mostly older vintage pop and rock music from artists like Queen, Michael Jackson, Bruce Springsteen, Pink Floyd and Bob Dylan.
Massarsky says hip-hop catalogs are now in-demand because “it is one of the most favored formats for continued streaming activity” and the revenue it generates from publishing royalties has risen significantly due to higher payout rates coming from streaming platforms in recent years.
DeVries says hip-hop music is also over-indexed, or consumed at a proportionately higher rate, on Apple Music, which adds to its value because Apple Music’s payout rates are high among streaming platforms since it does not offer any free plans.
“If there previously was a concern about whether Hip-hop had legs to grow and whether the music would have certain constancy of staying power,” Massarsky says, “the data suggests the answer is yes.”
While deals like Sony Music’s $1.27 billion acquisition of Queen’s catalog and naming rights get the most attention, Massarsky and DeVries say the average valuation for a catalog they worked on in 2024 was $19 million.
“[That] illustrates how much volume there is outside of what garners the most attention,” DeVries says.
Catalogs that included master recording and publishing rights received the highest multiples because often those catalogs are also near the end of certain contracts, and a new buyer could have the opportunity to assume administration or ownership of certain other rights.
Music from the 1980s performs better on streaming platforms than music from the 1970s, 1990s or 2000s.
Music released in the 1980s saw a nearly 20% compound annual growth rate (CAGR) in cash flows from U.S. streams for the years 2022 to 2024, compared to a 17.9% rate for the 1970s, 14.9% for the 1990s and 14% for music of the 2000s.
Massarsky thinks the strength of older music comes, in part, from adult listeners who started Spotify subscriptions during the pandemic.
“An older generation turned to streaming services during that period, and I think they stayed,” Massarsky says, adding the popularity of 1980s music has not resulted in lower streaming revenue for music from other decades.
“It has not crowded out newer music. It’s just added more value to the supply of music on streaming.”
Although Citrin’s team is not involved in catalog sales directly, the value they give a catalogs is usually close to the price an asset sells for. In other words, despite occasionally eye-popping sums, buyers rarely overpay.
Citrin’s valuations are often commissioned by rights holders for use by commercial banks to secure financing or other bank services. The banks test Citrin’s valuations to determine the difference between the revenue an asset actually generated and how much Citrin estimated it might generate. Massarsky says Citrin’s estimates always fall within the bank’s acceptable range of plus or minus 5%.
“For me, that implies that our forecasts are fairly accurate, and also implies, I think, that what these funds are transacting at is credible,” he says.
DeVries says that they might not know if there is a gulf between Citrin’s valuation and ultimately where the catalog transacts. But if a buyer overpays, it is likely because of “some qualitative, intangible” benefit, like making a splash for a newcomer to the market.
Buyers and sellers of catalogs are not showing signs of holding their breath.
If there hadn’t been catalogs that were re-sold in 2024—such as Blackstone buying out shareholders of Hipngosis Songs Fund Limited or Opus Group selling their catalog to Litmus—”it might be a different story this year,” DeVries says. But investor demand is robust, Citrin says.
“The resiliency of music as an asset class is why there haven’t been any significant disruptions,” DeVries says. “We had the experience of the COVID-19 pandemic, and oddly enough music thrived. Now with questions around tariffs, music is a protected vehicle from tariffs. When these large hurdles are thrown at music, it has continued to prove itself as essentially unperturbed.”
Prymax Media & Technology Group has acquired all the remaining masters from the estate of music industry pioneer Stan Lewis, founder of the legendary labels Jewel Records, Paula Records and Ronn Records. While Prymax Media declined to reveal the purchase price, Billboard can exclusively report that the New York-based private investment firm’s acquisition encompasses more than 1,600 songs. Those include recordings by Aretha Franklin, Gladys Knight & the Pips, Willie Nelson, Ike & Tina Turner, Albertina Walker and Lightnin’ Hopkins, among other iconic artists representing America’s golden era of blues, R&B, soul, rock & roll, gospel and country.
Prior to co-founding Prymax Media in 2020, Tyrone Holmes worked primarily as a music and film producer who collaborated with Grammy-winning artist Faith Evans and late Stellar Award-winning artist LaShun Pace, among others. In a statement announcing his firm’s acquisition, Holmes said, “This is about more than just reclaiming music. It’s about preserving cultural heritage and sharing stories that have long been silenced. With the release of this vault, we’re not only honoring the legacy of the artists involved but also opening the door for new interpretations and collaborations in the future. These recordings were hidden treasures, and now we can introduce them to the world.”
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Added Beverly Paige, a member of the Prymax team, “This isn’t just an acquisition it’s the recovery of a cultural legacy. We look forward to seeing how this music resonates with lifelong fans as well as invite newcomers to discover the rich legacy of music that has shaped the industry. We’re also excited for the conversations it will spark around the significance and impact of gospel music in our lives.”
In addition to the aforementioned Albertina Walker — aka “The Queen of Gospel Music”— Prymax’s acquisition features released and unreleased recordings by fellow gospel artists Shirley Caesar and Dorothy Norwood, Jimmy Reed, Bobby Rush, John Lee Hooker and Malcolm X. Among the song titles now under new ownership are “Judy in Disguise,” the 1967 No. 1 hit by John Fred and His Playboy Band, “I Feel Good” by John Lee Hooker, “Knock on Wood” by Ike & Tina Turner and “A Message for You” by Curtis Mayfield.
Beyond fully finished tracks, the catalog cache includes rare studio sessions and alternate takes.
Lewis’ industry career began with the opening of Stan’s Record Shop in Shreveport, Louisiana in 1948 (a frequent customer was the yet-unknown Elvis Presley) from money earned selling newspapers. From there at age 20, he established what became the South’s largest independent record distribution network. In addition to Chess Records, where he also worked for a time, Lewis represented several other independent labels such as Atlantic, Checker and Specialty. Moving back to Shreveport after his Chess stint in Chicago, Lewis founded Jewel Records in 1963. Its roster and catalog holdings included Big Joe Turner, John Lee Hooker, Ike & Tina Turner, Aretha Frankline, B.B. King and Fats Domino. Prior to establishing Jewel, he had begun producing music artists while also co-writing with Dale Hawkins the 1957 rock & roll classic “Susie Q.”
Lewis later bought the masters of Chicago blues label Cobra Records in the late ‘60s (home to Buddy Guy). Then came the founding of the Paula (named after his wife Pauline) and Ronn imprints. The former sported a roster headed by The Uniques (led by Joe Stampley), Toussaint McCall, John Fred and His Playboy Band and others.
It was Garland Jones, owner of record store Garland Super Sounds and a longtime Lewis mentee, who helped the latter’s son Lenny outline all the music assets in Lewis’ vault before his death in 2018.
“After a decade-long legal battle, I finally obtained the rights to Stan Lewis’s succession and successfully sold this extraordinary, once forgotten collection of music to Prymax Media,” said Jones. “This partnership now can resonate with and inspire a new generation. The collection also includes the complete unreleased vault from the legendary Q Records and Gramercy Records.”
Attorney Jeffrey D. Garfin oversaw the transaction for Prymax Media. “The material derived from the estate of Stan ‘The Record Man’ Lewis represents a literal time capsule containing hundreds of unknown recordings from incredibly well-known artists,” commented Garfin. “Many of these iconic performers are no longer with us. So to be able to hear alternate takes on their hits and even new material is just fantastic. I’m honored to be shepherding these recordings into the 21st century.”
Jeremy Tucker of Raven Music Partners is content to operate in areas of the music business that attract relatively little attention. “I am certainly not going to pretend that I’m the coolest person at cocktail parties,” Tucker says, “and I’ve never signed any famous bands as a former A&R rep.”
As co-founder and managing member of the Nashville-based investment firm, Tucker isn’t focused on acquiring what he calls “trophy” catalogs — the Taylor Swifts, Bruce Springsteen and Queens of the world. Nor is he creating biopic films made for the artists in his catalog. Instead, he’s wringing out value from acquired music catalogs and trying to provide his investors a good, risk-adjusted return.
While interest in music rights from financial buyers has exploded in the last five years, Raven Music Partners launched in 2015 and has built a 15,000-song portfolio of assets including recorded music, music publishing and derivative rights such as producers’ royalties. Tucker and his team focus on the small- to medium-sized part of the market with deal sizes typically ranging from $5 million to $35 million but going up to $100 million.
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The world of music catalog investors can be broken into two camps: strategic buyers and financial buyers. Large music companies like Universal Music Group are called strategic buyers because they have a large infrastructure and creative talent to generate additional value from catalogs. These multi-faceted companies will pursue everything from movies to box sets to artist-branded jukeboxes in order to generate licensing income from their catalogs.
Raven Music Partners is a financial buyer, the kind of investor that treats music royalties as financial instruments similar to stocks, exchange-traded funds, mutual funds and debt. Financial buyers seek out catalogs with predictable cash flows and opportunities to generate a better return. Strategic buyers often pay a premium to control 100% of the rights; financial buyers are more willing to have fractional ownership of a recording or composition.
“What we’re focused on is the boring part of the business,” says Tucker, a former managing partner at Merrill Lynch who specialized in alternative asset classes.
Administration fees lack pizazz but are a good example of how a financial buyer can improve the returns on its investments. After an acquisition, Raven Music Partners will consolidate the rights under its rights management partner, Endurance Music Group, to cut out as many of the middleman fees as possible. Tucker says it’s not uncommon to see administration or distribution fees on acquired catalogs around 15% to 25%, and he’s seen catalogs with fees as high as 40%. Reducing fees isn’t the sexiest of accomplishments, but it increases the catalog’s net cash flows. “Saving 10% in collection fees can be pretty meaningful in terms of value-add,” he says.
There are also creative options for finding return on its catalog investments: re-releasing the masters in high-fidelity audio and Dolby Atmos, anniversary editions of albums or songs, and YouTube lyric videos, for example. Sometimes, says Tucker, there’s value in something as simple as a YouTube fan page or making sure all an artist’s tracks are available on the platform. “There are plenty of bands out there that might have several million repeat followers on Spotify or one of these other DSPs, but maybe they’re not that focused on all of the different media.”
Tucker says the Raven catalog has “a good amount” of rock, country, pop and Christian music, with some hip-hop and Latin. “From a genre standpoint, we are agnostic, and we think that all of these genres have value,” he says. “What’s important is that they have a fan base that cares.” The catalog includes well- known tracks by major artists, such as “Whiskey Glasses” by Morgan Wallen, “All About That Bass” by Meghan Trainor, and “Say You Won’t Let Go” by James Arthur.
There’s a lot more music for financial buyers like Raven Music Partners to acquire. Tucker puts a rough estimate of $500 billion on the total addressable market for recorded music and publishing assets. The majors probably own close to half of that number, he says, while financial buyers like Raven Music Partners probably own “less than $20 billion.” That leaves much of the market potentially for sale. And with more artists retaining ownership of their rights, Tucker believes there will continue to be investment opportunities.
“We don’t think that it’s gotten to the point where people can’t compete in this market. Some of the more iconic catalogs are, of course, going to have everyone in the space interested in owning them. But for us, because we focus on a small- to medium-sized part of the market where things are a little more fragmented, we just don’t see that much repeat competition from the same people.”
In March, Raven Music Partners formed a joint venture with Aquarian Holdings, an asset manager with nearly $22 billion of assets under management, to invest in music rights. Raven’s ability to unlock value from catalogs through “active management and creative monetization strategies” aligns with Aquarian’s belief that music can be “both culturally significant and financially compelling,” says Rudy Sahay, founder and managing partner of Aquarian Holdings.
“At Aquarian, we’re focused on backing high-quality, enduring assets — and few assets are as enduring as great music,” says Sahay. “We see real value in partnering with Raven Music Partners, whose investment strategy is rooted in both discipline and deep industry connectivity.”
In 2009, in between full-time shifts at a local factory, then-19-year-old musician Daniel Rosenfeld composed a score for an independent video game. “It was just a side hustle, maybe not even that. It was a hobby, really,” explains Rosenfeld, who records under the name C418.
The game, Minecraft, turned out to be successful beyond Rosenfeld’s wildest dreams. In 2014, Microsoft purchased Minecraft’s Swedish developer, Mojang Studios, for $2.5 billion, and through 2023, it had sold 300 million copies of the game, making it the best-selling video game of all time. Now, it’s the latest one to receive a movie adaption, and even that has been wildly successful: A Minecraft Movie, starring Jack Black, is the biggest box office hit of 2025 to date, having already grossed $550.6 million since it opened on April 4.
Because no one anticipated the game’s whirlwind success, or had the budget to properly pay him back in 2009, Rosenfeld was compensated for his work with a small fee and 100% ownership over Minecraft’s now-iconic score. Then, when Microsoft came calling in 2014, Rosenfeld made a fateful decision: he refused to sell the score to the tech behemoth, opting instead to bring on game composer manager Patrick McDermott to help him navigate building a business as an independent composer of Minecraft.
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McDermott counts himself as one of the rare folks who understands how to navigate both games and music. He started his career at Captured Tracks, and from 2015 to 2020 he built Ghost Ramp, a label which specialized in releasing game soundtracks on vinyl. At the time he was brought in to help Rosenfeld, he was also managing a number of other games composers, too.
Though McDermott says deals like Rosenfeld’s, where composers retain ownership of their IP, are increasingly rare, his Minecraft soundtracks have proven to be big business. The score, Minecraft Volume Alpha, which is distributed via TuneCore, was certified gold by the RIAA in 2023, and this month, it was inducted into the Library of Congress by the National Recording Registry, which cited it as an “audio treasure worthy of preservation.”
Since its release on digital service providers, streams of Minecraft Volume Alpha and its companion Volume Beta have averaged 38% year over year growth, and they have been streamed 2.8 billion times worldwide, according to McDermott. McDermott and Rosenfeld have built a surprisingly formidable vinyl business, too. The album, distributed by Ghostly, has sold over 200,000 units to date globally. Rosenfeld even has fans of his own who often congregate in a Discord server devoted to talking about his work, which includes the scores for other games such as Catacomb Snatch and Wanderstop.
But it’s not all fun and games for Rosenfeld. He thinks that by not selling the score to Microsoft, he might have sacrificed his chance to make future soundtracks for the Minecraft franchise — and it’s true that since the sale, Rosenfeld has not written anything for the game, with Microsoft instead turning to other composers. But because many Minecraft players are nostalgic for his original soundtrack, the score for A Minecraft Movie, composed by Devo’s Mark Mothersbaugh, interpolates it — giving Rosenfeld some upside from the blockbuster’s success.
In the end, Rosenfeld feels he made the right choice. “I don’t want to be stuck with the same thing for the next 50 years,” he says of Minecraft, and now, he can turn his attention to the new scoring gigs that excite him.
Here, Rosenfeld and McDermott speak to Billboard about the strange business of scoring for games and building a living off of Minecraft. “I know it’s hard to believe, but there’s a real argument that Daniel’s music is up there for the most heard audio by humans in history,” says McDermott.
How were you compensated for the original Minecraft game?
Daniel Rosenfeld: I asked for a share of the game, and I didn’t get a share. I got a tiny, tiny amount of salary for the music itself. The good thing, though, is that I owned the rights to the music, and that’s still persistent to this day. At the time, like 2010, people liked doing [revenue] shares for indie games as payment — like the musician gets 10 percent [of the game’s IP], the visual artist gets 20, and then the main developer gets 40 or whatever. That’s usually what happened back then. Mine was a little different.
Back in the day, when you made this score, is this also how larger game scores worked? Would Nintendo, for example, offer a deal like this?
Rosenfeld: Absolutely not. Nintendo is a Japanese company and in that culture, it’s typical that you would likely not get ownership but you’d just be employed there for, sometimes, the rest of your life. It’s the expectation of a company like Nintendo that it’s like a family — we work together and stay together. The mindset of American video game companies is different. The usual deal is the composer writes a song, and they get a single fee. That’s it. No residuals are typical in a AAA [a term used to describe video games produced by large publishers] big game.
Patrick McDermott: The typical structure is to get paid a price per minute of audio.
Has the way composers are paid in the independent game industry shifted since Minecraft launched?
McDermott: The way I see it is that there was a big boom of independent games. The comparison I use to explain this is what happened to the music business when [digital audio workstations] and home recording got easier. We got a lot more independent musicians, right? Independent gamemaking was the same. It got a lot easier because you had new tools like Unity and Gamemaker that make it possible to start building your own games. I’d say the heyday of indie games was something like 2008 to 2012 or so. The upstart, scrappy indie game business that allowed for a lot of this shared equity model was really successful for a period of time, but it’s just one of the sad, prototypical things that as people see more success in a market, the more bureaucratic and standardized things become.
Minecraft was a surprise hit. Then, Microsoft came along and bought it. You’ve said before that they wanted to buy the music rights from you. Why did you decline that offer?
McDermott: We did have conversations about it. Honestly, beyond sheer dollar figures, there was a gap in our understanding of each other. This was the genesis of Daniel and my relationship — when these conversations with Microsoft started to happen. And Daniel was smart enough to say, “Maybe it would be good to have an intermediary to help with it.” We involved a really wonderful lawyer on our side, and we had a strong belief that this music really matters. We just never quite came to the same terms and understanding on it [with Microsoft]. Daniel’s music is doing incredibly well. Who knows? Maybe they’ll knock on the door again someday, but for now, we’re thrilled that Daniel maintained ownership through all this.
Rosenfeld: I’m still going to therapy for this whole process. [Laughs]
Do any of your peers have the rights to their music from popular games today?
Rosenfeld: I am in a unique position, but it’s a bit of a monkey paw. I think it’s still frowned upon by the Microsofts, Sonys and Nintendos of the world for an artist to have ownership like I do. I’m a proponent of keeping rights, but it comes with the problem of some people not liking you so much for it.
McDermott: A lot of these composers don’t have anyone to advocate for them in these deals. I’ve had a couple situations with clients that I’ve worked for that are less known than Daniel, and we’ve been able to secure some rights for them, just because video games lawyers typically don’t know the nuances of the music business language enough to iron some things out. In a number of cases, I’ve been able to get the full IP ownership [of the music for the composer] and give gaming companies the unfettered usages that they want, but we can still sub-license back the monetization of digital and physical royalties that the musician wants.
Patrick, when you go into a negotiation for one of your clients, what is the first thing you ask for?
McDermott: I always want artists to be able to maintain their digital royalties, their physical royalties and their autonomy to make those decisions where they can sign with a record label for the vinyl side of things — stuff like that.
I honestly wouldn’t expect someone to want a game soundtrack on vinyl, but it seems like you all have built a booming vinyl business.
McDermott: When we grew up, we would buy games, and we loved the physical boxes and manuals and keepsakes that came with it. Now, most things you buy you just fire up on Steam or on the PlayStation store. I think people are drawn to the idea of having something physical from the Minecraft game they’ve always loved. If I had to guess, probably like 75% of the people who buy it never put it on a turntable. Even beyond just Daniel’s music, there’s just a lack of physical collectibles in these digital spaces, so it just fills that need.
Patrick, you’ve mentioned before that there’s a lack of understanding, on both the music and gaming sides, of the other. What are some of the mistakes you saw musicians making in the gaming world?
McDermott: When I got into game audio, I would talk to these game composers and realize their sales numbers were so massive compared to the independent tier that I had worked on. It was akin to the top artists at a label like Captured Tracks [where I previously worked]. You’d find someone who casually had Mac DeMarco-level sales numbers. The biggest mistake I saw some game composers making is they would be selling 30,000 units on Bandcamp in six months, but they never registered their music with a PRO. They didn’t know about SoundExchange. They probably had not been receiving publishing royalties in a meaningful way. I realized I could at least bridge these gaps for these composers and help them capture the royalties that are out there for them.
Rosenfeld: Yeah, I wasn’t signed with a PRO [when I met Patrick]. There were a lot of back royalties that were owed to me that I didn’t know existed.
McDermott: BMI, to their credit, reached out to Daniel because there was uncollected money. Thankfully these PROs have a period of about three years for retroactive royalties. So some of his money was technically lost, but we were still able to garner three years of back royalties.
I imagine the streaming habits for fans of the Minecraft score are pretty different from traditional mainstream pop listeners. Patrick, can you explain what listening behavior you’re seeing?
McDermott: There are two main things that I find pretty wild about Daniel’s digital performance. One is just the sheer amount of organic listens that avoid any of the algorithmic and editorial playlisting. The other thing is Spotify started sharing streams per listeners, which obviously shows if listeners hear a single once and move on or if they are bingeing the track, and Daniel’s is quite high. It’s 15 streams per listener. That’s at least seven or eight listens higher than anyone else I have access to. It’s also very evenly listened to throughout the soundtrack.
How is Daniel’s score represented in the new Minecraft film?
McDermott: There’s a song that the film licensed from us for interpolation across the score. It’s in there a number of times. There’s one song called “Dragonfish” that’s from a separate composition Daniel did during his negotiation with Microsoft, and Microsoft actually owns the rights to that one — well, Daniel owns the royalty and monetization rights, but Microsoft owns the IP. They actually play that song in full in the movie. We have no idea if that was gamesmanship on their part, using one of the songs of Daniel’s that they have better access to, or if they creatively just chose that one.
Rosenfeld: To their credit, I find the way they interpolated my song to be quite respectful. I haven’t seen the movie. I don’t know if I want to see the movie. I still need to go to more therapy. [Laughs]
The movie is still very new, but has hype around it translated into more streams for Daniel’s original score?
McDermott: Since the release of the film, his three highest streaming days ever were consecutive. Like within a range of 10 percent to 20 percent higher than usual.
Patrick, have you seen a noticeable impact in the consumption for this soundtrack since you came on as manager?
McDermott: Since Daniel and I started working together, the catalog is probably about eight to 10 times [more] in terms of monthly [listeners]. Still, every year has been bigger than the last since we started working together. I think it’s just worth saying that Minecraft is obviously continuing to add players — I think that’s what separates this. It’s such a unique IP to be associated with — so different from traditional music or even film. It’s just getting bigger over time.
Do you attribute the growth in listenership to Minecraft’s continually growing popularity, or do you also think that the trend is due to your various marketing efforts?
Rosenfeld: This is actually my little source of pride: as long as I have worked on Minecraft, there has been next to no marketing help.
McDermott: We don’t have a marketing budget for ads or anything. This is just organic. We just let it ride and see where it goes. But I think the reason it’s growing is twofold. It’s new Minecraft fans, and I think there was a transition of game audio listeners leaving Bandcamp and becoming Spotify users. We saw a big drop in Bandcamp and a big jump in Spotify in the last few years.
What about YouTube? There are so many gamers who are streaming their game play on there and other sites like Twitch. How do you handle monetizing your IP versus letting users enjoy the soundtrack?
Rosenfeld: We don’t collect any Content ID stuff on YouTube. We just rejected the idea of claiming those videos.
Why?
Rosenfeld: Legally I wasn’t allowed to. It was part of the original first contract.
McDermott: It’s a pretty unique thing to gaming. You would never want to short-change the marketing of the game to monetize the music. It just wouldn’t make any sense to pull monetization from these streamers because then they will just start muting the music. The spirit of the arrangement is to let content creators play the game and even do things beyond the game and let the score be part of it. It’s definitely different. If my music was being used on a random stream, I would claim it, but that’s not how it works here.
How much does Spotify account for Daniel’s soundtrack income now?
McDermott: Nearly 70 percent.
Back when you had the opportunity, you decided to not sell to Microsoft. Since then, there have been more compositions made to build on the Minecraft universe that came from other composers. Do you feel that if you had done it differently then maybe you’d be part of the newer scores?
Rosenfeld: Yeah, I bet I would, but here’s the thing: If I would have said yes, I would probably be able to write so much more music for them, but I probably would not feel great about it. I chose not to sell it, and now, I get the different sadness of, like, a messy divorce [with Minecraft] — but in return, I get my mental health and my freedom.
This story is part of Billboard’s music technology newsletter Machine Learnings. Sign up for Machine Learnings, and other Billboard newsletters for free here.
OpenPlay, the back-office technology company that Universal Music, BMG and others use to manage their catalogs, said on Tuesday it hired former Dubset Media executive Bob Barbiere to lead a new service offering.
Called OpenPlay Reach, the new offering will launch in the second quarter this year and it aims to give its thousands of label and publisher clients more control over the distribution and monetization of their catalogs, and delivery of tracks to the streaming platforms, the company says.
With more than 100,000 new tracks uploaded to music platforms every day, and video assets with music components becoming more powerful generators of streaming revenue than in recent years, managing the thousands and millions of songs major music companies and publishers have in their catalogs has never been more complicated.
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At the same time, record labels and publishers are looking to automate back-office functions to save money and focus staff resources on finding new artists and talent.
“[OpenPlay] Reach is both well-conceived and uniquely timed,” Barbiere said in a statement. “Labels and publishers are not only trying to keep up with the growing use of their catalog and rapidly expanding number of consumer touch points, they are being fiscally challenged to get more accomplished with less. While OpenPlay now powers the back office of thousands of labels and publishers, it’s been one of music’s best kept secrets. With the introduction of Reach, it will not be a secret much longer.”
OpenPlay says it not only helps clients house their catalogs, but also distribute their songs. The OpenPlay dashboard shows effectively everything Spotify, Apple Music and other digital service providers require: rights, audio information, secondary contributors, everything associated with an individual ISRC or composition, basic publishing information, lyrics, expanded metadata and more. OpenPlay’s tools also provide distribution services like creating secure, trackable playlists to send promoters, a tool that automatically creates electronic press kits, and a dashboard for label groups to approve or reject releases from across label groups.
Its clients include all the majors — Universal Music Group, Sony Music Entertainment, Warner Music Group — as well as BMG, Concord, HYBE, Netflix, Disney Music, Big Machine, MNRK and others, according to the company.
A veteran of music technology and digital rights clearances, Barbiere previously co-founded ClearBeats, a startup aimed at solving hassles in licensing derivative works, and was an executive at Pex, which tracks music usage and modified audio. He joins OpenPlay as executive vice president and general manager of OpenPlay Reach.
OpenPlay co-founder and chief client officer Edward Ginis says the expanded new tools further “our vision to give rights owners the independence to take asset management decisions with complete control. Bob Barbiere’s leadership will be key in driving this expansion forward and ensuring that content can be managed, delivered and monetized at scale.”
