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There’s been a lot of talk about the catalogue-acquisitions bubble popping, but some of the companies looking for music deals are still raising sizeable funding.

South Korean firm Beyond Music, for example, which has just raised $170m in a round led by its largest existing investor Praxis Capital.

Beyond Music plans to spend the money on acquiring “rights to evergreen songs”, having already concluded more than 70 deals with the near-$230m it had raised before this round.

The company has focused on its closest markets, with CEO Jangwon Lee describing its portfolio as containing “all-time hits comparable to the Bon Jovis, Led Zeppelins and Whitney Houstons of Asia”.

However, it is also looking beyond that region. In December 2022 it acquired its first catalogue in North America: producer and songwriter Greg Wells.

The company’s strategy is similar to that of western peers like Hipgnosis and Round Hill: not just to buy catalogues, but to coax more revenues out of them.

For example, its remake of a song called ‘Heyo’ in 2022 which besides being a big hit on streaming services, also doubled plays of the original.

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