{"id":552608,"date":"2022-09-15T13:19:43","date_gmt":"2022-09-15T13:19:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/15\/the-emergence-of-music-as-an-asset-class\/"},"modified":"2022-09-15T13:19:43","modified_gmt":"2022-09-15T13:19:43","slug":"the-emergence-of-music-as-an-asset-class","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/15\/the-emergence-of-music-as-an-asset-class\/","title":{"rendered":"The emergence of music as an asset class"},"content":{"rendered":"

<\/a> How the post-financial crisis era led to the emergence of music as an asset class:<\/strong> In the wake of the 2008 financial crisis, record-low interest rates and dwindling avenues for revenue-generating investments led investor interest in the music industry to grow, the Financial Times<\/a> writes. This growth came as the music streaming industry gave a new push to royalty payments \u2014 which turned into an attractive asset class for Wall Street.<\/p>\n

Private equity groups have been piling in:<\/strong> With the expectation that global music revenue will double by 2030, according to Goldman Sachs estimates<\/a>, heavyweights in the private equity world like Blackstone<\/a> and KKR<\/a> have poured bns of USD to acquire streaming rights and music copyrights as they grow their music asset portfolios.<\/p>\n

What makes it such an appealing investment route?<\/strong> One of the key explanations is the fact that music presents a way to create recurring revenue<\/a> from multiple sources. Artists distribute their music to several different \u201cdistributors\u201d (think radio stations, public performances like concerts, bars, and restaurants, and visual media such as films and ads that use copyrighted music). That means that every time a song is played in a bar or at the mall, or every time an advertiser uses a song for an ad on television, copyright revenues are generated.<\/p>\n

This appeal has also grown amid a recent trend in the music industry where artists are paying more attention to their intellectual property rights<\/strong> and royalty compensation as key sources of income as the advent of streaming technology and the resulting disappearance of sales revenues from tapes and CDs changed the monetary dynamics of the music industry. And with changing regulatory frameworks<\/a>, songwriters and intellectual property owners are expected to lock down more income \u2014 and, in turn, create more returns for the asset class.<\/p>\n

Music royalties have also been outperforming market returns \u2014 while also remaining decoupled from volatility swings:<\/strong> \u201cIf you think about investing in a lot of other asset classes right now, it\u2019s pretty treacherous. There\u2019s inflation, there\u2019s supply chain risk, there\u2019s geopolitical risk. Music is relatively immune to those things,\u201d the Financial Times quotes a senior executive at an unnamed \u201cmajor private equity group\u201d as saying.<\/p>\n

It\u2019s also a relatively nascent asset class, which makes it ripe for entry right now:<\/strong> \u201cWe think this investment will generate supernormal returns \u2026 it\u2019s less well known [than other asset classes] and we think we\u2019re early to this,\u201d a portfolio manager at Newton Investment Management tells the FT.<\/p>\n

But the asset class is not immune to its own set of challenges and difficulties:<\/strong> The process of bringing in the royalty payments, which is the \u201clifeblood\u201d of the asset class, is not always straightforward, the salmon-colored paper notes. \u201cOne music company chief executive says that often, one of the most difficult obstacles to buying an artist\u2019s catalog is that the musician cannot find their physical master copy.\u201d And the industry has largely been operating in an informal manner, with transactions \u201csubject to the whims of big personalities and personal relationships,\u201d the Financial Times writes.<\/p>\n

There has also been somewhat of a lack of financial discipline and \u201cirrational pricing,\u201d<\/strong> industry players say. London Stock Exchange-listed investment trust Hipgnosis<\/a> lured in big investments to buy up copyrights for north of 65k songs. The fund has been on a streak of acquisitions and its portfolio\u2019s net asset value has appeared to boast \u201cprophetically successful\u201d growth \u2014 but the growth of the fund\u2019s portfolio volume \u201cmasked the underlying performance of the catalogs,\u201d the Financial Times suggests. \u201cThe pro forma royalty revenue these songs generate \u2014 a measure that strips out the boost from new purchases \u2014 has been falling for at least the past two years, ever since it was first disclosed.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

How the post-financial crisis era led to the emergence of music as an asset class: In the wake of the 2008 financial crisis, record-low interest rates and dwindling avenues for revenue-generating investments led investor interest in the music industry to grow, the Financial Times writes. This growth came as the music streaming industry gave a […]<\/p>\n","protected":false},"author":1,"featured_media":552609,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9244],"tags":[633,148,758],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-552608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-music","tag-enterprisepm","tag-music","tag-private-equity","wpautop","entry"],"acf":{"mongo_id":"8342c0e9-9d85-464e-b959-a261dc2ba671","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/514.jpg","photo_position":"above","related_issue":[552598],"teaser":"","voice_url":""},"yoast_head":"\nThe emergence of music as an asset class - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/15\/the-emergence-of-music-as-an-asset-class\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The emergence of music as an asset class\" \/>\n<meta property=\"og:description\" content=\"How the post-financial crisis era led to the emergence of music as an asset class: In the wake of the 2008 financial crisis, record-low interest rates and dwindling avenues for revenue-generating investments led investor interest in the music industry to grow, the Financial Times writes. 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The US government wants a slice of that pie: Non-fungibletoken(NFT) investors in the US may be in for a surprise this tax season, as Internal Revenue Service (IRS) officials gear up for a crackdown on the newly-ballooning industry, Bloomberg reports. The market has exploded to\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/453.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":696389,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/27\/is-market-panic-about-private-credit-overblown\/","url_meta":{"origin":552608,"position":4},"title":"Is market panic about private credit overblown?","author":"enterpriseam admin","date":"27 April 2026","format":false,"excerpt":"Conservative structure and long-term capital lock-in support the sector against disruptions","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1319.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564561,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/the-guys-who-brought-you-speed-medical-are-now-getting-into-the-finance-industry\/","url_meta":{"origin":552608,"position":5},"title":"The guys who brought you Speed Medical are now getting into the finance industry","author":"enterpriseam admin","date":"14 February 2021","format":false,"excerpt":"Aton Holding has acquired Pharos Asset Management and its Pharos Fund I private equity back in mid-January for an undisclosed amount, Mostafa Attia, managing director of Pharos Asset Management and a founder at Aton, tells Enterprise. 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