Music M&A Update

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We are pleased to share our latest M&A research report on the Music market. This report includes detailed information on 1) M&A and Financing Activity, 2) Company, Sponsor, and M&A Profiles, 3) Public Companies Analysis, and 4) the Harbor Ridge Capital Market Map, which includes ~500 companies across the ecosystem.

M&A activity remains very robust, and 2024 was a banner year, driven by consistent Private Equity and Strategic deal activity and increasing deal sizes on the sponsor side. Strategic and PE deal value increased by 1.9x and 2.4x in 2024, respectively, and Strategic and PE M&A count has remained very healthy since 2021. Private Equity racked up some large transactions in 2024: Blackstone / Hipgnosis ($2.6B), EQT / Believe ($2.3B), NWC / BMI ($1.7B), Blackstone / Catalog Rights ($1.5B), and KKR / Superstruct ($1.4B). While overall financing activity has consistently declined in recent years, this is driven by the steady reversion in Venture Capital activity down from 2021 peak levels, with VC deal count and value in 2024 being 51% and 38% of their 2021 levels, respectively. Private Equity financing value more than doubled in 2024, marked by increasing deal sizes.

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