Music Publishing Industry

Barry M. Massarsky, President

As the former Senior Economist of ASCAP and now the President of Massarsky Consulting Inc, Mr. Massarsky has pioneered the field of music copyright economics serving revenue-related interests within the U.S. music industry, facilitating strategic opportunities for advancing royalty income, and inspiring new license regimes. He has cultivated and maintained clients whose businesses own or manage over 85% of owned song copyrights and over 90% of sound recordings in this country. In addition, his range of songwriter/composer clients covers the wide spectrum of the music industry and includes such writer luminaries as the Estate of George Gershwin, Paul Simon, Bob Dylan, Billy Joel, James Taylor, Garth Brooks, Lionel Ritchie, Guess Who and Green Day. Mr. Massarsky's expertise ranges from music royalty valuation, to strategic and analytic counsel for significant collective rights and trade associations, to expert witness litigation in numerous copyright infringement cases, His experience also extends to the music production library marketplace where he has lead many performing rights initiatives on behalf of both its trade organization and individual market leaders.

Mr. Massarsky received an MBA from Cornell University and a Bachelor of Arts (cum laude) from Boston University. He has lectured extensively on music industry topics at educational institutions and industry seminars, is cited frequently in major news publications and industry journals, and is the author of "Operating Dynamics Behind ASCAP, BMI and SESAC, the Performing Rights Societies," which appeared in the Journal of Interactive Multimedia Association in conjunction with the John F. Kennedy School of Government, Harvard University.

Nari Matsuura, Partner

Since joining the firm in 2001, Nari Matsuura has worked extensively in litigation economics. She is an expert in valuation for acquisition, and has developed damage models for numerous leading music copyright litigation cases. She has performed full-scale due diligence of music publishing catalogues on behalf of major music publishers and private equity firms. As economic consultant to the RIAA and MPA, Ms. Matsuura has designed innovative studies regarding the impact of internet piracy on the music and motion picture industries.

In addition to litigation economics, Ms. Matsuura aids entertainment industry clients in performing market strategy analysis. She has performed strategic analysis for SONY BMG in visual media and conducted DVD windowing studies for the Motion Picture Association. Ms. Matsuura has performed process evaluation for the film and television departments of several major music publishers, conducted numerous performance income reviews, and created customized forecasting models for major music publishers. She assists clients in understanding cost structure, evaluating new business opportunities, and developing license models.

Ms. Matsuura holds a Master's in Business Administration from Cornell University, as well as both a Master's and Bachelor's of Music from The Juilliard School. Before pursuing her MBA, Ms. Matsuura was a concert pianist and recording artist, widely recognized for her performances in major venues throughout North America and Asia.

Elon Altman, Senior Economist

Having joined the firm in 2005, Elon Altman provides significant analytic expertise for the firm, including rigorous evaluation of performance income for such major music publishing interests as Universal, Warner Chappell, BMG Rights, SONY/ATV, and EMI. Areas of analysis include performance income forecasting, PRO earning comparisons by format, music library audits, market share representation by format, and split work comparisons.

Mr. Altman holds a Bachelor of Science from Cornell University with a concentration in Applied Economics and Management.