Streaming Wars

Hellman & Friedman 's majority stake in Global Music Rights marks a watershed moment — private equity firms now control three major PROs (alongside New Mountain Capital's BMI and Blackstone's SESAC). Blackstone 's successful acquisition of Hipgnosis Songs Fund further cements institutional investors’ central role in the financialization of music... See more

To prevent a future where cultural output is shaped by economic power alone, this report calls on digital services, rightsholders, regulators, and policymakers to take shared responsibility for ensuring that the streaming ecosystem supports innovation, inclusivity, and sustainable growth .

Spotify has already learned that there’s no money to be made with exclusive rights to superstar offerings. “After pouring billions into podcasts and audiobooks to little effect,” explains tech journalist David Pierce, “it seems to have largely given up on the idea that exclusive content is the path to riches.”

The more profitable move is to... See more