Music Royalties
Anyone here work at a fund investing in music royalties (ie HarbourView, Round Hill, etc)? Curious to hear thoughts on the long term trajectory of the space, particularly as it relates to securitization. I know buying music royalties has been around for decades, but doesn't necessarily look like there's a ton of shops securitizing the underlying assets from what I can tell (although it's clearly ramped up significantly the past few years).
Also would be curious to hear about the culture at these firms.
The space was very hot in 2021 and 2022 and has broadly cooled down since then. Most recent transactions are Harbourview securitizing music royalties for a $500mn loan from KKR and Concord acquiring Hipgnosis for $1.4bn.
The structured finance/asset backed finance and special sits teams at Blackstone, KKR, and Apollo are the most active players in the space by $ deployed.
https://www.ft.com/content/86bb6d35-91f6-4002-9e9e-5412e609be52
Securitizing the royalties was a more popular play during the excesses of 2020 / 2021, but it's not as in much favour now. Just less demand for music royalty ABS in general.
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