Remember the flurry of speculation that the catalogue-sales boom was about to pop – or at least deflate? A series of announcements this year on big raises for catalogue buyers suggests otherwise.
Primary Wave Music made the latest headlines, announcing yesterday that it has closed its ‘Music IP Fund 4’ with total commitments of just under $2.23bn. Originally, it had only been trying to raise $1.5bn.
The company claims that it’s the “largest dedicated closed-end music royalties fund raised to date in the industry” – with enough qualifying words in there to fend off anyone who might disagree.
Primary Wave isn’t letting the money moulder in its bank account. The company noted that it has already invested $700m of it in more than 65 artist catalogues, ranging from The Notorious B.I.G., Village People and Gilberto Gil to Thin Lizzy, Neil Sedaka and The Cars.
The closing of the new fund follows the announcement in March that Primary Wave was buying Kobalt, and its January investment in Run, a company provding financing to artists, labels and rightsholders.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source musically.com ’
