Music Moneyball

The catalog investment boom has largely been built around 5-10 year fund models. But does that structure actually fit the asset?

In this episode, Josh Gruss, CEO of Round Hill Music, argues that some of the biggest returns in music come later than most investors expect, and that selling too early can leave a lot of value behind.

We discuss how catalogs evolve over time, from streaming growth to sync and unexpected rediscovery, and why holding through those moments matters. Josh also reflects on selling assets that would likely be worth more today, and how that shaped his view on evergreen structures.

Along the way, we get into what really drives catalog value, how Round Hill approaches portfolio construction, and why data is becoming a core part of their strategy.

Brought to you by Standard Innovation.

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► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Round Hill Music: ⁠https://www.roundhillmusic.com

Standard Innovation: ⁠⁠⁠⁠⁠https://standard-innovation.com⁠⁠⁠⁠⁠

► Credits

Guest: Josh Gruss — CEO, Round Hill Music

Hosts: Tom Mullen and Emma Griffiths, Standard Innovation

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

This episode looks at an overlooked source of revenue leakage in music catalogs: recordings that aren’t set up to earn properly in the first place.

We’re joined by Richard Hinkley from Repped Music, who has over 25 years of experience working at major record labels and now works with catalog owners and investors to identify and resolve operational gaps in recorded music.

In this Music Fastball episode, we break down how gaps in availability, fragmented rights, and operational issues during catalog transfers can leave parts of a catalog underperforming — and why issues at the recording level ultimately limit downstream royalty generation.

We focus on the operational layer: identifying where those gaps exist, validating what should be available, and ensuring catalogs are set up to capture the revenue they’re already driving.

Brought to you by Standard Innovation.

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► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Repped Music: www.reppedmusic.com

Email Richard: [email protected]

Standard Innovation: ⁠⁠⁠⁠https://standard-innovation.com⁠⁠⁠⁠

► Credits

Guests:

Richard Hinkley — Co-Founder, Repped Music

Host: Tom Mullen — CEO, Standard Innovation

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

This episode gets into two of the things music funds care about most: cost of capital and multiples — and how both are shaped in practice.

We break down the financial pillar of the Catalog Maturity Curve and explore how operational maturity — from reporting and visibility to financial infrastructure — directly impacts how capital providers price risk, value assets, and determine who can access the deepest pools of capital.

As institutional capital continues to scale into the asset class, the gap between platforms is widening. Funds with stronger financial operations are able to access better capital, move faster, and operate with more flexibility, while others face higher costs, limited options, and more friction when raising or refinancing.

Brought to you by Standard Innovation.

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Newsletter: ⁠⁠⁠https://standard-innovation.com/subscribe/music-moneyball⁠⁠⁠

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► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Standard Innovation: ⁠⁠⁠https://standard-innovation.com⁠⁠⁠

► Credits

Guests:

Firdaus Dawood — Private credit, institutional capital (ex-BlackRock)George Williams — Private equity and M&A

Host: Tom Mullen

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

Brokers sit in the middle of every deal, seeing both sides of the market in real time.

In this episode, Matt Herzfeld shares what he sees from hundreds of transactions each year — working directly between buyers and sellers to price, structure, and close deals.

From that vantage point, he explains where the real activity sits today, including how much of the market is made up of smaller, under-the-radar deals, and why that matters for investors.

We also explore how buyers think about different types of income, why sync is often discounted, and how unpredictable earnings can lead to deals being retraded.

Along the way, Matt breaks down the risk and opportunity in newer catalogs, how different assets behave over time, and why operational capability is becoming a key differentiator in this space.

Brought to you by Standard Innovation.

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Newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://standard-innovation.com/subscribe/music-moneyball⁠⁠⁠⁠⁠⁠⁠⁠⁠

LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/standard-innovation-ltd⁠⁠⁠⁠⁠⁠⁠⁠⁠

► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Seasons Music Group: ⁠⁠⁠⁠https://seasonsmusicgroup.com

► Credits

Guest: Matt Herzfeld, Seasons Music Group

Hosts: Tom Mullen, Emma Griffiths, Sam Morey

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

Deals don’t usually fail because of price. They fail because the process breaks down.

In Part 1 of our conversation with Cliff Fluet, we asked a simple but critical question: what are you actually buying in a catalog deal?

In Part 2, we turn to the next challenge: how funds build a process that allows them to evaluate and close catalog deals consistently.

As more capital flows into music rights, investors are reviewing higher volumes of smaller opportunities. The traditional white-glove approach to legal diligence quickly becomes a bottleneck.

Cliff explains how leading investors systemise catalog acquisitions — introducing pre-investment legal reviews, structured diligence workflows, and standardised processes that allow teams to move faster.

Brought to you by Standard Innovation.

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Newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠https://standard-innovation.com/subscribe/music-moneyball⁠⁠⁠⁠⁠⁠⁠⁠

LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/standard-innovation-ltd⁠⁠⁠⁠⁠⁠⁠⁠

► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Lewis Silkin: ⁠⁠⁠https://www.lewissilkin.com⁠

► Credits

Guest: Cliff Fluet, Partner, Lewis Silkin

Host: Tom Mullen

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

Most music catalog deals start with the price — but they’re ultimately won or lost on the rights.

In this two-part Fastball, we’re joined by Cliff Fluet (Partner at Lewis Silkin) to explore the legal side of catalog operations and how it impacts where funds sit on the Catalog Maturity Curve — how clearly rights, obligations and key dates are understood and managed.

Part 1 focuses on a deceptively simple question at the heart of every catalog transaction:

What are you actually buying?

Cliff explains why financial investors approach diligence differently from record labels, why deals often anchor on price before the real work begins, and how gaps in title, documentation or consents can completely change the economics of a deal.

Part 2 will explore what happens next: how buyers operationalise those rights once the transaction is complete.

Brought to you by Standard Innovation.

► Stay up to date

Newsletter: ⁠⁠⁠⁠⁠⁠⁠https://standard-innovation.com/subscribe/music-moneyball⁠⁠⁠⁠⁠⁠⁠

LinkedIn: ⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/standard-innovation-ltd⁠⁠⁠⁠⁠⁠⁠

► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Lewis Silkin: ⁠⁠https://www.lewissilkin.com

► Credits

Guest: Cliff Fluet, Partner, Lewis Silkin

Host: Tom Mullen

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

Most music investors focus on hit songs. Cutting Edge Group built a billion-dollar business around the music inside film and television instead.

In this episode, CEO Philip Moross and COO Tara Finegan explain how media music really works as an asset class — from the copyright structures that make it more defensible than commercial catalogs, to the performance royalties that flow every time a film or TV show is watched anywhere in the world.

We also explore what actually creates value after acquisition. Cutting Edge isn’t just buying catalogs — it’s actively managing them: tracking royalties across global markets, partnering with composers, and working with studios to unlock revenue most investors never see.

Along the way we discuss the strategy behind deals with Warner Bros Discovery and AMC, why media music has historically been overlooked, and what it takes to build an operating platform in a rights market most investors barely understand.

Brought to you by Standard Innovation.

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Newsletter: ⁠⁠⁠⁠⁠⁠https://standard-innovation.com/subscribe/music-moneyball⁠⁠⁠⁠⁠⁠

LinkedIn: ⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/standard-innovation-ltd⁠⁠⁠⁠⁠⁠

► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Cutting Edge Group: ⁠https://www.cuttingedgegroup.com

► Credits

Guests: Tara Finegan, COO & Philip Moross, CEO, Cutting Edge Group

Hosts: Tom Mullen, Sam Morey, Emma Griffiths

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

Cynthia Katz has a front-row seat to a huge volume of catalog deals. In this episode, we ask her what the smartest buyers are doing differently, and where the market goes next.

We get into the shift to institutional-grade diligence, why assets are now being underwritten with the next transaction in mind, and how data, structure and operational capability are separating the platforms that can scale from those that can’t.

We also look at the next wave of growth as capital moves beyond the Western markets into more complex cross-border opportunities. What actually changes when you do deals in new territories, where buyers get caught out, and why execution on the ground is now a core part of the investment case.

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Newsletter: ⁠⁠⁠⁠⁠https://standard-innovation.com/subscribe/music-moneyball⁠⁠⁠⁠⁠

LinkedIn: ⁠⁠⁠⁠⁠https://www.linkedin.com/company/standard-innovation-ltd⁠⁠⁠⁠⁠

► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Fox Rothschild: https://www.foxrothschild.com

► Credits

Guest: Cynthia Katz, Partner, Fox Rothschild

Hosts: Tom Mullen, Sam Morey, Emma Griffiths

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

There’s a lot of noise around data in music rights. Very little of it helps you decide what to do on a Monday morning.

We recently introduced the Catalog Maturity Curve to benchmark what “good” looks like for music funds. In this Fastball we take the first driver of maturity, Data & Infrastructure, and make it practical.

This is where most teams start to feel the strain. More catalogs, more statements, more investor questions. The challenge is knowing what to prioritise. What is essential, what is strategic, and what is just more work?

We walk through a simple approach: establish the baseline, focus on the capabilities that move the needle, and turn that into a plan you can actually deliver.

As the market matures, this is becoming a real point of differentiation.

Brought to you by Standard Innovation.

► Stay up to date

Newsletter: ⁠⁠https://standard-innovation.com/subscribe/music-moneyball⁠⁠

LinkedIn: ⁠⁠https://www.linkedin.com/company/standard-innovation-ltd⁠⁠

► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Standard Innovation: ⁠⁠https://standard-innovation.com⁠⁠

► Credits

Hosts: Emma Griffiths, Tom Mullen

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

What happens when institutional capital meets creative execution?

In this episode of Music Moneyball, we’re joined by Evan Bogart, Founder and CEO of Seeker Music, and Ciaran Mulligan, CIO at M&G Life, to explore how their partnership bridges two worlds to build a modern music investment platform.

Evan and Ciaran share how Seeker combines frontline creative strategy with institutional investment discipline, underwriting stable catalog cash flows while layering creative upside on top. We discuss Seeker’s acquisition philosophy, why strategy comes before modeling, and how an active approach to catalog management can change an asset’s trajectory. The conversation also covers operational rigor, in-house administration, and what it takes to translate between finance and music as the asset class continues to mature.

Brought to you by Standard Innovation.

► Stay up to date

Newsletter: ⁠⁠⁠⁠https://standard-innovation.com/subscribe/music-moneyball⁠⁠⁠⁠

LinkedIn: ⁠⁠⁠⁠https://www.linkedin.com/company/standard-innovation-ltd⁠⁠⁠⁠

► About Standard Innovation

Standard Innovation is the data consultancy that helps music investment funds unlock higher valuations and exit multiples through better infrastructure.

► Episode Links

Seeker Music: ⁠https://www.seekermusic.com

M&G: ⁠⁠⁠⁠https://www.mandg.com

► Credits

Guests: Evan Bogart, Founder and CEO of Seeker Music, and Ciaran Mulligan, CIO at M&G Life

Hosts: Tom Mullen, Sam Morey

Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records