Are Music Royalties Actually Uncorrelated?

Over the past couple of years, an unprecedented amount of institutional investor…

What would you pay?

A thought exercise: what’s the most you would pay for an asset with the following unique characteristics?

• A commercial building with 3 tenants
• The 3 tenants don’t pay fixed rent, but rather a share of their top-line revenue, with no floor

Take this for subscription fatigue

The current buzzword du jour in the media industry is “subscription fatigue”. Accelerating over the past year, but undoubtedly culminating with Apple’s headstrong push into subscription media at their March 25th event, the expression refers to the mounting number of…

Spotify and forced payola flashbacks

Since the 1930’s, the music industry has battled payola, or the illegal practice of “pay-for-play” between record labels and radio…

Pod Saves the Margin

The media industry kicked off 2019 with a flurry of transformational developments and headlines. While the digital publishing space remained in pain, with major layoffs across the board, the audio segment got a spark of joy as Spotify made a major push into podcasting via the acquisition of…