Despite speculation that the boom time for music catalogue valuations may be coming to an end, you still need a hefty war-chest if you’re going shopping for rights.
MusicBird is one of the companies bolstering its reserves to do just that, this week securing a term loan facility of up to $100m from financial group Mitsubishi UFJ.
The deal backs MusicBird’s plans for expansion under a CEO who is no stranger to the digital music industry: Paul Brown, who was SVP of strategic partnerships for Spotify in the streaming service’s early years, before holding senior roles at Disney and HTC.
He joined MusicBird in December 2021, the same month as chief financial officer Roger Howl joined from Hipgnosis Songs Fund.
No news yet on which catalogues MusicBird plans to exercise its new loan facility to swell an existing portfolio that includes the publishing rights of songwriter J.R. Rotem and the master income and publishing rights of Mr Boombastic himself, Shaggy.
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