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"The "fantastically positive" sales trend began well before 2020 but rapidly escalated even as other sectors suffered due to COVID-19, said Nari Matsuura, a partner at Massarsky Consulting, which evaluates catalogs for lenders and music publishing groups along with private equity and music funds." "These firms have been shelling out 10 to 20 times what a given catalog earns in a year, paying artists tens or even hundreds of millions of dollars for their work... according to Barry Massarsky, the CEO of Massarsky Consulting, which advises most of the buyers in the market on their purchases. Two weeks into 2021, private equity firms have already bought catalogs from several marquee acts, including Young, Buckingham, and Shakira. And they're just getting started. "You won't believe what's going to be transacted in the next month," Massarsky told VICE. "It's mind-numbing."" Excerpt from:
Artists Can Make Millions Selling Their Catalogs to Private Equity. Should They? Vice, January 15, 2021 ""Music has been able to prove itself out this year as being uncorrelated to the overall marketplace,” said Nari Matsuura, a partner at Massarsky Consulting, which estimates the value of music catalogs on behalf of investors and publishers, including Hipgnosis. “Investors are increasingly attracted to music since other industries are under turmoil."" Excerpt from:
This Man Is Betting $1.7 Billion on the Rights to Your Favorite Songs New York Times, December 18, 2020 "Rock from the 1970s and ’80s continue to be popular on radio, TV, the movies and on streaming sites like Spotify and Pandora, says Barry Massarsky, an economist and consultant who calculates music portfolio values. That means the assets of Dylan, the Rolling Stones, the Beatles, up to Fleetwood Mac’s Stevie Nicks, who recently sold part of her catalogue for $80 million, are worth more. The multiple on publishing rights has risen to 18, from 13 to 14 two years ago, he adds." Excerpt from:
Iconic Rock Songs Are Suddenly Hot Commodities. One Reason: Streaming. Barrons, December 11, 2020 "Investors tend to be attracted to music royalties because they offer relatively stable income uncorrelated to other asset classes. Royalties have proven resilient in part because those investors often have long investment horizons and are less likely to be deterred by short-term fluctuations, said Nari Matsuura, a partner at Massarsky Consulting, a financial consultancy specializing in the music and movie industries. “When you’re talking about the pandemic, you’re talking about essentially a two-year hit in a perpetuity model,” she said. “You are talking about an asset with a very, very long life.” The collapse of live-music revenue has pushed some songwriters to sell the rights to their catalogs, but investor demand has kept pace with a surge in supply, said Ms. Matsuura. Her firm performs catalog valuations for music publishers and record labels, and acts as outside valuation consultant for Round Hill Music and Hipgnosis. That demand has meant net publisher’s share multiples—a measure of how much investors pay relative to a song’s trailing annual earnings—have stayed high, she said." Excerpt from:
Music Investors Don’t Stop Believin’ in Streaming Wall Street Journal, November 1, 2020 "Barry Massarsky, an economist who specializes in valuing music catalogs, estimated that over the last five years alone, 'Respect' has earned about $500,000, about 40 percent of that from commercial radio and the rest from television and streaming services." Excerpt from:
How Aretha Franklin’s ‘Respect’ Became a Battle Cry for Musicians Seeking Royalties New York Times, August 17, 2018 "Some industry figures dispute this characterization, contending that performing rights money is on the rise, partially counterbalancing the decline of mechanical royalties. 'Songwriters are earning robust increases in all sorts of licensing areas on top of streaming,' says Barry Massarsky, the president of Massarsky Consulting, a music industry advisory firm. He also notes that earlier this year, the Copyright Royalty Board ruled to raise royalty rates for songwriters by 43.8 percent over the next five years." Excerpt from:
Why More Pop Songwriters Are Stepping Into the Spotlight Rolling Stone, August 15, 2018 “'We’re experiencing growth from multiple sources simultaneously,' said Barry M. Massarsky, an economist who specializes in valuing music catalogs. 'It’s a perfect storm of value for music publishing assets.'” Excerpt from:
Buying a Piece of Bob Marley’s Song Catalog, and His Enduring Legacy New York Times, January 13, 2018 "Music economist Barry Massarsky, whose clients include the RIAA, SoundExchange and many publishers, agreed that the negotiation represented 'a step in the right direction,' but said 'we have a long way to go before we hit the consumption value of music is appropriately compensated.' U.S. radio station programming, he said, is 'about 78 percent music, yet it accounts for only about four percent of their budget. If you compare that to what Turner or HBO or anyone else spends on programming, it’s more like 30-40 percent of operating costs. So music has been in the ditches for a long time.'” Excerpt from:
SESAC, Radio Music Licensing Committee Both Claim Victory in Price War Variety, July 31, 2017 "'I cannot emphasize for you enough the historic nature of this. No one had ever litigated the rates with radio before. This was the first time,' said Barry Massarsky, a music economist and owner of Massarsky Consulting. Massarsky pointed out that 78 percent of all radio stations rely on music for their programming, but those stations only pay about 4 percent of their revenue for music licensing, according to filings for publicly traded broadcast companies. 'I think SESAC did a good job demonstrating, through statistical analysis, the real value of music,' Massarsky said." "'I would use the numbers it's expected to earn and not get into the perception,' says Barry Massarsky of Massarsky Consulting, an economist who often offers expert testimony in copyright cases." Excerpt from:
Avenged Sevenfold vs. Warner Bros.: Inside the Potentially History-Making Legal Showdown Billboard, December 12, 2016 "'What Irving did was look at what songwriters were earning historically and offer them a premium,' said Barry M. Massarsky, an economist who specializes in music publishing...'He believes he can carve out a higher value for those songs from radio and pay less in administration fees, so that ultimately the songs would make more money than they have from ASCAP or BMI.'" "I recently spoke with Massarsky from his office in New York City about copyrights, licenses and royalties within the current music industry and got his views on the music and the artists whose interests he works to protect." Excerpt from:
Editor’s Mix Interview Series: Massarsky Consulting Inc.’s Barry Massarsky Editor's Mix, June 7, 2013 "Kicking off a semester of decorated speakers, Barry Massarsky addressed Belmont students of the Curb College of Entertainment and Music Business about the economics of today’s music business transactions." "'Soul Man' got 5,645 spins on the radio -- an average of 15.5 times a day -- last year, and 'Hold On, I'm Comin'' hit the airwaves 3,387 times, or 9.3 times daily, according to the office of Barry Massarsky, an economist who works with the record industry." Excerpt from:
Recording artists and radio stations fight over royalties, air play and spin Cleveland Plain Dealer, June 13, 2010 "'Nothing increases the value of an artist's catalog than death ... an untimely death,' says Barry Massarsky, a music industry economist and consultant." "'Marty figured out how to generate more publisher performance royalties for each play on radio than what was previously earned by the original publisher,' said Barry Massarsky, a music industry consultant who has done work for Sony/ATV and its competitors." "'Sony/ATV's really started to gain greater value in recent years,' Barry Massarsky, a music industry consultant who has done work for Sony/ATV and its rivals, told The Times. 'I'm very bullish on its prospects.'" "Industry consultant Barry Massarsky said he expects any one of the three remaining major labels would likely be willing to distribute a new album from Jackson. "They're not afraid of anything but failure, and they're always looking for the next greatest hit," he told Reuters, adding that Jackson could follow a path similar to that taken by Mariah Carey, who found success at Universal Music after her highly publicized fallout with EMI Group Plc." "Barry M. Massarsky, a music industry economist and a consultant for SoundExchange, predicted that total revenue from satellite radio alone would increase by six to 10 times over the next five years. 'Based on our research from August 2004,' he said, 'forecasts for satellite radio revenues alone eclipse $2 billion by 2008 and $3 billion by 2010.' Current revenue estimates for satellite radio are about $300 million for 2004, he said. Most of the money comes from subscription fees." Excerpt from:
Satellite, Internet radio royalties add up for musicians New York Times, December 31, 2004 "In spring 2001 Barry Massarsky '81 was facing an enviable problem. The boutique consulting practice he'd started up in 1992 to serve the music industry on questions of copyright had bloomed into a thriving business. He had found a vibrant, rewarding niche market that did nothing but grow. And he had built up a strong, diverse base of clients who appreciated and relied heavily on his expertise, providing a steady stream of engagements. The problem was that even though he delegated specific tasks to his network of outside consultants, the demand was outpacing Massarsky's capacity. And demand was increasing." "One industry economist, Barry M. Massarsky, a consultant in Manhattan, said songwriters and their estates had hired him to decipher just how they are being paid. As a rough example, he said, a song played on a major New York radio station might bring the writer who created the work and the publisher who exploits its value $160 each a play and perhaps 10 times as much on television, a far rarer occurrence." Excerpt from:
A Quest for Relief (Plop, Plop! Fizz, Fizz!), Monetarily New York Times, April 29, 1997 |
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