For this week’s edition of Varietyfrom the “Strictly Business” podcast. we bring you a panel discussion from the Milken Institute Global Conference in Beverly Hills on May 4th.
Entitled “Drop the Mic: The Business of Music,” I was joined on stage by four incredibly knowledgeable music industry professionals (pictured, left to right): Marc Cimino, COO of Universal Music Publishing Group (UMPG); Sherrese Clarke Soares, founder and CEO of HarbourView Equity Partners; Harvey Mason Jr., CEO of the Recording Academy and renowned songwriter and producer who has worked with Whitney Houston, Elton John and Justin Bieber; and Scott Pascucci, CEO of Concord and Grammy-winning producer for the Ron Howard-directed 2016 documentary, “The Beatles: Eight Days a Week.”
On the program: the booming business of catalog sales, which has seen Bob Dylan, Bruce Springsteen and Paul Simon collect hundreds of millions of dollars and multiples of more than 20 times the current market value.
Indeed, in 2021, investors spent $5.3 billion on recorded music catalog acquisitions, publishing and other royalties. According to Midia Research, that’s up 180% from 2020.
What’s Driving Wall Street’s Interest in Songs as Assets? And will these transactions pay off for the institutional investors who support them? What is the impact of the growth of music streaming services on overall song consumption and the dollars – or more likely, cents – that accrue to musicians and songwriters?
We also talk about the archaic laws that govern music copyrights and royalties, and we look to the future, and we wonder: will the popularity of NFTs among music enthusiasts offer a new way for fans to directly support their favorite artists?
This year’s Milken Institute Global Conference brought together some 120 sessions under the theme ‘Celebrating the Power of Connection’. On the morning of the music industry panel, speakers shared a green room with Goldie Hawn, Deepak Chopra, Gwyneth Paltrow and Don Cheadle as they tackled topics on “finding calm” and “building a full life. of meaning”. You can find all of the conference talks on the organization’s website.
For this podcast, because there are multiple voices in this recording, you will hear the speakers in this order: Harvey Mason jr. ; Sherrese Clarke Soares; Scott Pascucci; and Marc Cimino.
Listen below or wherever you get your podcasts.