Fix your music data. Find your royalties.

In the past month alone we’ve seen three announcements that are as fascinating individually as they are illustrative collectively. Primary Wave in talks to acquire Kobalt. BMG reportedly exploring a deal for Concord. The now-concluded acquisition of Downtown by Universal Music Group Each headline by itself is significant, but taken together they suggest something more structural is currently at play. A re-majorisation of the music business.

There was a moment, not that long ago, when music rights acquisitions felt almost mechanical- streaming growth was steady, capital was abundant. The underwriting conversation revolved around a small set of variables: historical cashflow, growth assumptions, discount rate, and multiple. If you believed in the long-term durability and expansion of streaming, the rest followed.