David Schulhof has spent 25 years working in music — as an attorney, soundtrack producer at Miramax Films, and catalog investor who acquired rights from artists ranging from Taylor Swift to Tupac. Now he’s bringing Wall Street and the music industry together under one roof.
Schulhof’s MUSQ Global Music Industry ETF (MUSQ) is hosting the Amplify Music Investment Summit on May 8 in New York. The conference dedicated to music investment arrives as global music revenues are projected to double from $105 billion in 2024 to $200 billion by 2035, according to a recent Goldman Sachs’ report on the music industry.
The summit is a joint initiative of MUSQ and the Mondo NYC conference. The event will feature a keynote conversation with Robert Kyncl, CEO of Warner Music Group, hosted by CNBC’s Jon Fortt.
For Schulhof, the conference reflects how much the investment landscape has changed since he started his career. What was once a niche market accessible only to insiders has become a destination for institutional capital.
“Music has become a very popular asset class to invest in,” Schulhof said. “You have so many private equity firms that are investing billions and billions of dollars into the space right now because they want something uncorrelated.”
Growing Music Investment Appeal
The summit will feature six panels covering different segments of the music industry. Those segments range from streaming and content to live events and artificial intelligence. Speakers include CEOs from various public music companies alongside representatives from private catalog buyers.
Investors turn to music for its uncorrelated returns, dividend potential, and tax advantages when investing in catalogs, according to Schulhof. The asset class offers diversification benefits that have attracted attention from family offices and institutional investors.
Streaming growth is driving much of the optimism. Paid streaming subscribers are expected to grow from 800 million today to 1.6 billion, according to the Goldman Sachs report. Streaming is growing 10% to 15% in the U.S. and as high as 25% to 40% in emerging markets, Schulhof said.
The report projects the industry will grow despite a recent slowdown seeing revenues expand only 6.2% compared to 15.6% in 2023. Goldman Sachs maintains the industry has room to increase in value as an asset class.
Democratizing Music Investment
The ETF aims to democratize music investment. It provides liquid access to an industry previously limited to private equity investors or informal deals, Schulhof said. The fund trades around $26 per share.
Before MUSQ launched, music investment was largely limited to informal deals or private equity funds, Schulhof said. “It was really one of two ways: your buddy told you about a band he wanted to sign, or he has a label he’s starting,” or investors needed to be limited partners at major firms like Blackstone or KKR.
The summit aims to educate investors about different music investment opportunities while building awareness around the ETF. Schulhof said he hopes attendees leave with a deeper understanding of the music industry and interest in exploring music investment further.
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VettaFi LLC (“VettaFi”) is the index provider for MUSQ, for which it receives an index licensing fee. However, MUSQ is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of MUSQ.
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