A year that initially seemed poised for a quiet financial landscape in the music industry ended up being a whirlwind of significant transactions. From the acquisition of beloved catalogs to top-dollar asset-backed securities deals, 2024 truly changed the music business landscape.

Uncover the Biggest Deals that Shook the Music World in 2024

Legends Acquires ASM Global From AEG ($2.3 Billion)

Venue management might not be as glamorous as classic rock catalogs, but in 2024, it became a hot commodity. After years of anticipation, Legends finally closed its acquisition of AEG's ASM Global venue management operation in August. This deal came after Legends paid a $3.5 million civil fine for anti-trust violations. As explained by Billboard in November 2023, when Onex decided to sell its stake, AEG followed suit. The venue management arm fits perfectly into Legends' extensive business, covering various aspects like planning, ticket sales, and partnerships. With live entertainment bouncing back from the pandemic, the sale price was a significant boost, doubling the value since AEG and Onex merged in 2019.The allure of live entertainment was evident as music and sports fans flocked to venues, eagerly spending record amounts on tickets. This acquisition not only strengthened Legends' position in the live entertainment business but also showcased the growing importance of venue management in the post-pandemic era.

Blackstone Acquires Hipgnosis Songs Fund ($1.6 Billion)

After a remarkable six-year journey on the London Stock Exchange, shareholders of Hipgnosis Songs Fund made a decisive move by voting to sell the fund's portfolio of songs to Blackstone. Completed in July, this deal was the culmination of a rollercoaster year for both shareholders and the Hipgnosis board. In 2023, the fund faced prolonged low stock prices and a record of mismanagement, leading to a shareholder revolt. Blackstone's offer of $1.31 per share and a market cap of $1.584 billion was higher than Concord's competing offer.Now, Blackstone owns Hipgnosis Songs Fund's extensive portfolio of 65,000 songs, along with other private music assets. The trillion-dollar global investment giant is investing in data analytics, investor education, and transparency to enhance investors' understanding of music as an asset class. This acquisition marks a significant shift in the music royalty market and sets the stage for new opportunities and challenges.

Believe Taken Private ($1.52 Billion)

In 2024, French music company Believe made headlines as nearly 95% of its shares were acquired by a consortium of investors. Led by prominent venture capital firm TCV and private equity firm EQT X, along with Believe founder Denis Ladegaillerie, the consortium offered to buy a majority of shares at a 21% premium over the prior closing price. This move aimed to enable the company to better execute its value-creation plan and accelerate its growth in the French and European markets.Warner Music Group briefly considered acquiring Believe in March but backed out due to a lack of due diligence time. The deal highlights the competitive nature of the music industry and the continuous search for growth opportunities. Believe's journey from a public company to a privately held entity showcases the evolving dynamics of the market and the strategies employed by different players.

New Mountain Capital Acquires BMI ($1.3-$1.5 Billion)

Private equity firm New Mountain Capital completed its acquisition of performance rights organization BMI in February, with the deal valued between $1.3 and $1.5 billion. As one of the few music-adjacent investments for New Mountain Capital, which manages $45 billion in assets, this acquisition holds significant importance.BMI's affiliate songwriters and publishers received $100 million from the sale proceeds in recognition of their value. This deal not only expands New Mountain Capital's portfolio but also highlights the continued relevance of performing rights organizations in the music industry. With the global music market evolving, such acquisitions play a crucial role in shaping the future of the industry.

Hipgnosis ABS ($1.47 Billion)

In November, just three months after acquiring Hipgnosis Songs Fund's rich catalog, Blackstone-owned Hipgnosis Song Management pledged those assets as collateral for a $1.47 billion music rights asset-backed security. This was the second ABS deal for HSM and valued the assets at around $2.3 billion, including an additional $700 million in debt.The funds raised from the ABS were used to pay down existing debt, cover transaction fees, and establish a reserve account. This transaction showcases the growing importance of asset-backed securities in the music industry, providing a new source of capital and flexibility for music companies and investors alike.

KKR Acquires Superstruct ($1.39 Billion)

Private equity firm KKR has a long history in the music space, with notable catalog-acquiring partnerships. In the post-pandemic era, where ticket prices are on the rise, the concert business presents an irresistible opportunity. KKR's acquisition of Providence's stake in Superstruct in June for around $1.39 billion is a prime example.Superstruct, founded by Providence Equity Partners and James Barton, organizes renowned music festivals like Sziget and Wacken Open Air. With $190 billion in assets under management, KKR sees the potential for a significant return on investment in the live music sector. This deal highlights the shift in focus towards live music and the value it holds in the current market.

Sony Music Acquires Queen Catalog and Rights ($1.27 Billion)

While Queen's contemporaries capitalized on the hot market for classic rock catalogs, the British four-piece remained a notable exception. However, the 2018 biopic Bohemian Rhapsody reignited interest in their music, lifting their catalog to new heights.Sony Music's acquisition of Queen's recorded music and publishing rights for $1.27 billion in 2024 was a game-changer. The movie's success not only boosted Queen's popularity but also justified the hefty price tag. This deal showcases the power of music biopics in driving the value of music catalogs and the continued demand for iconic music.

Concord ABS ($850 Million)

When interest rates spiked post-pandemic, music companies turned to asset-backed securities to raise capital. Concord's ABS deal in October was one of the larger ones, raising $850 million from an existing ABS that ballooned to $5.1 billion after acquisitions.Backed by the royalties of artists like Carrie Underwood, Genesis, and R.E.M., the proceeds from this ABS were used to redeem notes and acquire additional assets. This demonstrates the creative ways music companies are leveraging their assets to secure funding and drive growth in the industry.

Sony Music Acquires Stake in Michael Jackson's Catalog ($600 Million)

A $600 million investment at a $1.2 billion valuation might not be the biggest deal of the year, but it still holds significant value. Sony Music's acquisition of half of Michael Jackson's recorded music and music publishing catalogs showcases the enduring appeal of the King of Pop.The deal excluded royalties from certain theatrical productions but still represents a substantial investment. With a biopic about Jackson scheduled for release in 2025, there is potential for further growth in the catalog's value. This acquisition highlights the continued relevance of Michael Jackson's music in the music industry.

HarbourView ABS ($500 Million)

In March, HarbourView Equity Partners raised $500 million through an asset-backed security led by KKR. This capital infusion allows the company to continue its mission of investing in premier intellectual property and ensuring creators are appropriately valued.In the following months, HarbourView made strategic investments in independent studios and acquired the rights of notable artists. The Newark-based company's activities in financing biopics like the one about Queen Latifah demonstrate its commitment to the creative community and the potential for growth through intellectual property.

Sony Music Acquires Pink Floyd Recorded Music Catalog ($400 Million)

Pink Floyd's long-awaited catalog deal finally closed in 2024, overcoming the band members' famously rocky relationship. After being actively shopped for over two years, Sony Music purchased the recorded music catalog, including iconic albums like The Wall and The Dark Side of the Moon.Owning a piece of this legendary psychedelic rock band was worth the wait. The $400 million deal not only includes the music but also name, image, and likeness rights, further enhancing its value. This acquisition adds to Sony Music's extensive catalog and solidifies its position in the music industry.

UMG Buys Stake in Chord Music Partners ($240 Million)

In February, Universal Music Group made a significant investment by acquiring a 26% stake in Chord Music. This novel deal allows UMG to manage the distribution and publishing administration for Chord's 60,000 copyrights while relying on Chord's partners to fund catalog acquisitions.Future catalog acquisitions will be held in Chord, which was valued at $1.85 billion after UMG's investment. This public-private partnership is being closely watched by Warner Music Group as a model for efficient capital management in catalog acquisitions. It showcases the innovative strategies being employed in the music industry to drive growth and expand catalogs.