Catalog
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.”
Warner Bros. Discovery on Friday (Jan. 31) entered into a joint venture with Cutting Edge Group, an investor and manager of niche media music rights, aimed at generating more revenue from its massive catalog of iconic film and TV songs, including the Harry Potter and Lord of the Rings franchises.
Cutting Edge, which works with wellness music for hotel spas and orchestral renditions of pop songs for shows like Bridgerton, will jointly manage the new business, while Warner Bros. Discovery will keep creative and operational control of the catalog. Global asset manager DWS Group co-invested and sponsored the transaction with Cutting Edge.
Warner Bros. Discovery previously explored selling part of its catalog and hired famed entertainment attorney Allen Grubman to shop it for as much as $1 billion. The launch of a company dedicated to exploiting the catalog of more than 400,000 compositions and song cues signals its potential value is even higher.
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The catalog spans almost 100 years of copyrights, including music from the DC Comics movies, Rebel Without a Cause, The Exorcist, A Star is Born, Blade Runner and Shawshank Redemption; and hit TV shows like Friends, Game of Thrones, The Big Bang Theory, Two and Half Men, Succession, The White Lotus, The West Wing, ER, Full House, Sex & The City and Gossip Girl.
Warner Bros. Discovery was formed in 2022 through the merger of AT&T’s WarnerMedia Unit and Discovery Inc. Universal Music Publishing Group will continue to administer the works from Warner Brothers, HBO and Turner Networks, while the works from Discovery and Scripps will continue to be administered by Sony Music Publishing.
“This partnership … is the perfect way to expand access to our unparalleled music library while honoring our long history of strong creative oversight and protecting the integrity of the works and artists,” Paul Broucek, Warner Bros. Discovery’s president of music, said in a statement.
Cutting Edge head Philip Moross said the joint venture was the result of years of work.
“This truly is an iconic assembly of catalogs created over almost a century by one of Hollywood’s original studios and to have the opportunity to invest in and manage this JV alongside WBD is an incredibly exciting prospect for us,” Moross said.
Cutting Edge said last year it secured a $500 million credit facility from Fifth Third Bank, Northleaf Capital Partners and other banks.
Reservoir Media has acquired the publishing catalog of Lastrada Entertainment. Home to over 5,600 compositions, the family-run company publishes hits that span all genres from the 1960s to today, including songs recorded by Jim Croce, Glen Campbell, The Carpenters, Captain & Tennille, Neil Sedaka, Eminem, Dolly Parton, H.E.R., Leon Bridges, Notorious B.I.G., Eminem and more.
Lastrada Entertainment was founded in 1987 by Herb Moelis and has since been passed down to his children Stephen and Larry Moelis. As the company has grown over the last four decades, it has acquired evergreen hits like Jim Croce’s “Bad, Bad Leroy Brown” and “Time In A Bottle,” “Love Will Keep Us Together” by Captain & Tennille, “More Bounce To The Ounce” by Zapp, and The Whispers’ “And The Beat Goes On.”
Then, in the 1990s, the catalog was given new life when decade-defining rapper 2Pac sampled a Lastrada Entertainment song in his single “California Love.” Later, the catalog also benefitted from samples in “We Belong Together” by Mariah Carey, “Miami” by Will Smith and more.
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“We have long admired Lastrada and the incredible catalog that the Moelis family has curated over the years,” says Rell Lafargue, president and COO of Reservoir. “Stephen and Larry’s deep knowledge of the music and their dedication to innovative sampling and synchs have elevated this catalog to iconic status. We are honored that Reservoir is now the home to the songs of Lastrada, and we look forward to preserving the legacy the Moelis family has built and ensuring its continued success.”
Lastrada’s president of music publishing Stephen Moelis adds, “The Moelis family takes pride in the catalog of hits we were part of, and in the personal relationships we forged with our incredibly talented songwriters. Passing the creative torch to Reservoir is the natural next step to continue the work we started with our father 40 years ago, and we wish to thank Golnar Khosrowshahi, Rell Lafargue, and the entire Reservoir team as they become stewards of some of the great songs of all time.”
A Blackstone-led group of investors is buying a majority stake in Citrin Cooperman, which owns one of music’s most important valuation firms. The Financial Times has reported that this deal gives the target an enterprise value of $2 billion. As part of the transaction, Blackstone is acquiring New Mountain Capital’s stake in the firm.
As the music industry’s catalog market grew red hot over the last decade, Citrin Cooperman has become a leading expert, helping buyers and sellers determine the value of musical IP. Its Music Economics and Valuation Services practice is co-led and founded by Nari Matsuura. It is also co-led by Barry Massarsky, who joined the firm after it acquired his own company, Massarsky Consulting, in 2022. The team’s many clients include power players like Hipgnosis Songs Fund, Primary Wave and Reservoir Media, and it has reportedly overseen roughly 750 catalog valuations worth more than $15.5 billion between 2021 and 2022 alone.
But the firm does far more than just music catalog valuations. Founded in 1979, Citrin Cooperman is a trusted advisor to more than 15,000 clients globally through various tax advisory and accounting services.
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In late 2023, Citrin Cooperman was involved in a controversy surrounding its client, Hipgnosis Songs Fund. At the time, Hipgnosis announced that it would cancel a planned quarterly dividend payment to shareholders, due to a decision it said was made by Citrin Cooperman to reduce its expectations of retroactive payments from the Copyright Royalty Board’s Phonorecords III ruling by more than 50%, which it called an “industry-wide” issue. Billboard spoke to other catalog owners at the time who disputed the claim that this was “industry-wide,” saying there had been no recent updates regarding Phono III and that it seemed like a situation unique to Hipgnosis and Citrin Cooperman.
Deutsche Bank Securities Inc. is serving as financial adviser to Blackstone in the transaction, while Kirkland & Ellis LLP and Gibson, Dunn & Crutcher LLP are serving as its legal advisers. Guggenheim Securities, LLC is serving as lead financial advisor to New Mountain and Citrin Cooperman, with Koltin Consulting Group serving as an additional financial adviser to both parties. Simpson Thacher & Bartlett LLP, Zukerman Gore Brandeis & Crossman, LLP, and Hunton Andrews Kurth LLP are serving as legal advisers to New Mountain and Citrin Cooperman.
Alan Badey, CEO of Citrin Cooperman, said of the deal, “We are excited to have reached an agreement for Blackstone to invest in Citrin Cooperman as we enter our next chapter of growth. Blackstone will help us make additional investments in expanded service offerings and technology as we deliver on our continued commitment to best-in-class firm culture and providing an exceptional client experience. We thank New Mountain for their years of partnership in helping to build and support our business.”
Eli Nagler, a senior managing director at Blackstone, and Kelly Wannop, a managing director at Blackstone, said, “The Citrin Cooperman partners and staff have done an exceptional job making the firm a leader through an unwavering commitment to excellence and client service. We are excited to invest in the business to help it continue to provide the highest quality offerings moving forward.”
Andre Moura and Nikhil Devulapalli, managing directors at New Mountain, added, “We are proud of our successful partnership with Citrin Cooperman, and we thank the management team, partners and staff of Citrin Cooperman for all we have accomplished together over the last three years. We look forward to seeing Citrin Cooperman continue to thrive for the benefit of all its clients and stakeholders.”
Reservoir has acquired the rights to composer Lebohang Morake, professionally known as Lebo M. Lebo, who is best known for his work on The Lion King franchise. From South Africa, the renowned composer, arranger, producer and performer first broke through as a collaborator of Hans Zimmer, who has also sold part of his catalog to Reservoir, on the soundtrack for The Power of One (1992). He then reunited with Zimmer on The Lion King two years later, writing and performing songs like “Circle of Life” for the legendary Disney film. He has also worked on the soundtracks for many of the subsequent films in The Lion King franchise. This includes his soundtrack for the upcoming prequel Mufasa: The Lion King, which was co-composed by Lin Manuel Miranda. His other contributions to film soundtracks include Dinosaur, Back on the Block, The Life of Quincy Jones, Congo, Long Night’s Journey into Day, Tears of the Sun, The Legend of Tarzan, and The Woman King.
OTM Music has announced new publishing deals with Hemlocke Springs, Erick the Architect and Leon Michels, a touring member of The Black Keys and producer for Clairo, Norah Jones and Lee Fields. The company is also bringing on a new U.S. Head of A&R, Emmy Feldman, to the OTM Music team. Launched in 2017 by CEO Alex Sheridan, OTM Music is a fast-growing boutique publisher that serves a diverse array of songwriting talent, including Sudan Archives, Metronomy, Still Woozy, HONNE, Dot Da Genius and Sub Focus.
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Kobalt has signed rising Latin artist Ela Taubert and her longtime producer KEVN to global publishing agreements. Hailing from Colombia, Taubert announced her deal with Kobalt just a month after winning the Latin GRAMMY Award for Best New Artist and performing her hit “¿Como Paso?” with Joe Jonas at the ceremony.
Warner Chappell Music and All Time Low’s Alex Gaskarth have signed a joint venture publishing agreement with musician, songwriter and producer Dan Swank. Over the years, Swank has played a crucial role in the writing, producing and mixing of releases by Pale Waves, Knox, Taylor Acorn, Mitchell Tenpenny, Charlotte Sands and more.
Berlin-based Bosworth Music GmbH, part of Wise Music Group, has announced the signing of Janus Rasmussen to a global publishing deal. A producer, composer and artist, Rasmussen hails from the Faroe Islands and is based in Reykjavik. An accomplished producer, composer and artist Rasmussen started his career with the Nordic Music Council Prize-nominated debut album “Vín,” which saw him honing his minimal techno chops into an hour-long exploration of acoustic textures and electronic sound design. Aside from his own music, Janus performs alongside Ólafur Arnalds as one half of Kiasmos. Arnalds was also recently signed to the same company.
Primary Wave Music has acquired the producer royalty and neighboring rights royalty streams for artist manager, music critic, and record producer Jon Landau.
This deal includes Landau’s points and neighboring rights royalties to songs by Bruce Springsteen, whom he worked with as a co-producer for Born To Run, The River, Darkness on the Edge of Town, The Promise, Born in the U.S.A., Live 1975-1985, Human Touch, Lucky Town and Tracks. The deal also entails his producer and neighboring rights royalties for his production on Jackson Browne’s The Pretender.
A Rock & Roll Hall of Fame inductee, Landau was a pivotal figure in rock music during his decades-long career. Landau got his start writing about music for publications like Crawdaddy and The Boston Phoenix and by 1967 he was hired by Jann Wenner as the lead writer for the brand new Rolling Stone publication, a position he held for a decade.
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By 1970, Landau was simultaneously writing for Rolling Stone and getting back to his roots as a lifelong musician by producing MC5’s studio album debut Back In The USA.
He got to know Springsteen in 1974 after he reviewed a performance by the singer-songwriter and called him the “future” of rock music. The following year, he co-produced Born To Run, cementing both his relationship with The Boss and his career as a producer. He would go on to co-produce eight more of his records. During this time, he also befriended Browne and produced 1976’s The Pretender, featuring songs like “Here Come Those Tears Again” and the title track.
Two decades later, Landau experienced another career peak as the manager for Shania Twain. He helped build the country-pop artist’s career, leading her to true super stardom with her 1997 album Come On Over, featuring the song “Man! I Feel Like a Woman!” and “You’re Still The One.”
Landau has also worked with artists like Natalie Merchant, Train, Alejandro Escovedo, Livingston Taylor and more.
“I thank all at Primary Wave for recognizing my contributions over the last fifty years and look forward to having an ongoing and productive relationship with them,” says Landau of the deal.
Marty Silverstone, president of global synch at Primary Wave, adds: “We’re honored to be partnering with Jon Landau and all of the legendary music he helped shape. He’s an influential figure in music, and we’re proud to welcome him to the Primary Wave family.”
The transaction between Landau and Primary Wave Music was facilitated by David Simone and Winston Simone.
Disney Music Group and AudioShake, an AI stem separation company, are teaming up. As part of their partnership, AudioShake will help Disney separate the individual instrument tracks (“stems”) for some of its classic back catalog and provide AI lyric transcription.
According to a press release, Disney says that it hopes this will “unlock new listening and fan engagement experiences” for the legendary catalog, which includes everything from the earliest recordings of Steamboat Willie (which is now in the public domain), to Cinderella, to The Lion King, to contemporary hits like High School Musical: The Musical: The Series.
Given so many of Disney’s greatest hits were made decades ago with now-out-of-date recording technology, this new partnership will allow the company to use the music in new ways for the first time. Stem separation, for instance, can help with re-mixing and mastering old audio for classic Disney films. It could also allow Disney to isolate the vocals or the instrumentals on old hits.
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Disney’s partnership with AudioShake began when the tech start-up was selected for the 2024 Disney Accelerator, a business development program designed to accelerate the growth of new companies around the world. Other participants included AI voice company Eleven Labs and autonomous vehicle company Nuro.
At the accelerator’s Demo Day 2024, on May 23, AudioShake gave a hint at what could be to come in their partnership with Disney when AudioShake CEO, Jessica Powell, showed how stem separation could be used to fix muffled dialog and music in the opening scene of Peter Pan.
Disney explained at the Demo Day that many of their earlier recordings are missing their original stems and that has limited their ability to use older hits in sync licensing, remastering, and emerging formats like immersive audio and lyric videos.
“We were deeply impressed by AudioShake’s sound separation technology, and were among its early adopters,” says David Abdo, SVP and General Manager of Disney Music Group. “We’re excited to expand our existing stem separation work as well as integrate AudioShake’s lyric transcription system. AudioShake is a great example of cutting-edge technology that can benefit our artists and songwriters, and the team at AudioShake have been fantastic partners.”
“Stems and lyrics are crucial assets that labels and artists can use to open up recordings to new music experiences,” says Powell. “We’re thrilled to deepen our partnership with Disney Music Group, and honored to work with their extensive and iconic catalog.”
If you believe everything you read — and the state of U.S. politics suggests that, unfortunately, many people do — private equity has replaced money as the root of all evil. The truth, as usual, is a bit more complicated.
The latest piping hot take comes from The New York Times opinion section, in a piece that argues that “private equity is destroying our music ecosystem.” (No, not the ecosystem!) The problem seems to be that private equity, which often loads companies up with debt and can be unrealistic in its goals for returns — this much is true, although it’s not clear that public companies or other sources of capital are better — is “gobbling up the rights for old hits and pumping them back into our present.” This sounds downright grotesque, what with the gobbling and the pumping and so on, but it’s really just an ostentatious way to say that companies with money are buying creators’ rights as an investment.
This is bad for the ecosystem, the Times says, because the investors behind these deals — the most prominent example in the piece is Primary Wave’s purchase of 50% of Whitney Houston’s music and other rights — promote the songs they own in a way that somehow squeezes out new music. If that’s the case, though, they’re doing a terrible job of it. In 2023, a full 48% of U.S. on-demand audio streaming came from music released between 2019 and 2023, according to Luminate. A Billboard analysis of 2021 music consumption in the United States showed that music from after 2010 accounted for 78.7% of on-demand streaming, music released in or after 2000 accounted for 90% and all music recorded before 1980 accounted for fewer streams than Drake.
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This idea that new music is losing ground to old songs seems to come from a misunderstanding of catalog music, which consists of tracks released more than 18 months ago. The market share of catalog has never been higher — it was 72.6% last year, up from 65.1% in 2020, and it was much lower before streaming took off. But while many people associate catalog with classic rock — AC/DC, the Eagles and the ’60s and ’70s acts that dominated the category in the CD era — that’s an outdated idea. The music that drives this category isn’t that “deep catalog,” but rather what many executives call “shallow catalog” — releases from the last five or 10 years, often from artists who are still active. Some journalists see the size of some private equity deals and jump to the conclusion that classic rock is killing new music. Even by music business standards, though, this is bad math. When it comes to on-demand streaming, Drake isn’t only bigger than the Beatles — he’s more popular than all the music from the ’60s, plus the ’70s and the ’50s, combined.
The Times opinion essay gets the trend backward: Private equity doesn’t make songs popular, it buys songs that are steady in the popularity they already have. Even before music streaming got big, some investors realized that classic songs generate steady royalties that are far less vulnerable to market cycles than most assets. U.S. songwriters got more interested in selling their rights after 2006, when the IRS began to treat income from catalog sales as a capital gain, which is subject to a lower tax rate than personal income from publishing royalties. Streaming simply smoothed out the peaks and valleys of reissue revenue into predictable returns that appeal to investors — especially for songs that have stood the test of time.
Although private equity invests in song catalogs, it rarely manages them, and most of the executives who do come from the music business. (At least some of what they do now is not so different from what they did then.) For that matter, most of the ways the opinion piece says investors are “building extended multimedia universes around songs” aren’t quite as new as they seem. The Monkees and Alvin and the Chipmunks were both “multimedia universes” in their day, as was Tom T. Hall’s “Harper Valley PTA,” a country hit (for Jeannie C. Riley) that inspired a movie, a TV show, Spanish and Norwegian translations, and a sequel song. Nicki Minaj built her hit “Super Freaky Girl” around Rick James’ “Super Freak” — with encouragement from the 50% owner Hipgnosis Songs Fund, according to the Times — but James’ song was the basis for a hit back in the CD era. Remember “U Can’t Touch This?” Hammer time?
The radical thing about on-demand streaming is that most of the music ever made is now easily available, in a way that its popularity can be measured by consumption rather than purchase. And it has become clear that music from the last few years is more popular with listeners than industry executives thought, especially relative to brand-new and older music. When older songs do blow up big on streaming services, it often has less to do with promotion than serendipity — Fleetwood Mac’s “Dreams” returned to the Hot 100 in 2020 after a TikTok video of a skateboarder went viral and Kate Bush’s “Running Up That Hill hit No. 3 two years later after Stranger Things music supervisor Nora Felder decided it would be the perfect song to use as a plot device. And although many adults consider those songs classics, one reason they became hits again is that, from the perspective of younger fans, they are new. Isn’t this a good thing?
There are plenty of problems with streaming, including its low payments to most creators and the difficulty of breaking new acts. But neither of these has anything to do with private equity — the first comes from the way royalties are distributed and the reluctance of consumers to pay more for subscriptions, while the latter has more to do with how hard it is to stand out amid the sheer volume of new music that comes online every day. More serious discussion about these issues is important, but lamenting the fact that important creators earn so much money for the rights to their work isn’t the right way to start it.