Obviously, we’re going to see more documentaries, Broadway shows and box sets, both to make money and to promote catalogs. But will this lead to significant changes to royalty distribution or the industry’s balance of power? And is there even a small chance of what might be called a subprime publishing meltdown?.
“Investors now stand in the shoes of the songwriter,” as one buyer of catalogs told me, “and will use their political clout to help make how a songwriter is paid fairer.” An executive who works for another company that buys catalogs is skeptical of some private-equity-backed ventures, because “their incentives are misaligned with those of creators.” But that doesn’t seem to be the case here.
Eventually, of course, some buyers will become sellers, presumably because their funds have run their course, or perhaps because they do come under pressure. In some cases, operators will be able to attract other investment. In others, “secondary sales will just expand the field for what is in play,” a publishing executive pointed out. A market for publishing assets inevitably means that not everyone will succeed — but it should also provide other buyers.
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