Music Moneyball

Institutional investors are changing how music rights are evaluated.
In this episode of Music Moneyball, Brian Richards, Founder and Managing Partner of Artisan, joins us to explain what that shift looks like in practice, from pricing and capital structure to execution and exits.
Brian sits at the centre of the catalog market, advising funds, labels, and platforms on capital raising, portfolio sales, and complex financing. Drawing on that vantage point, he breaks down how expectations have evolved as the market has matured, why realised outcomes now matter more than narrative, and where differentiation still creates edge.
We also explore why headline multiples are misleading, how private credit has reshaped capital structures, and why secondaries are becoming a normal part of portfolio management rather than a red flag.
Brought to you by Standard Innovation.
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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
Artisan: https://www.artisan1.com
Standard Innovation: ⁠⁠https://standard-innovation.com⁠⁠
► Credits
Guest: Brian Richards — Founder and Managing Partner, Artisan
Hosts: Emma Griffiths, Tom Mullen, Sam Morey
Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

The bar has moved in music rights investing.
As institutional capital continues to scale into the asset class, funds are being judged less on what they buy and more on how portfolios are run. Operating maturity is no longer a nice-to-have. It’s being priced into outcomes.
In our first Music Fastball episode, we introduce the Catalog Maturity Curve — a new operating benchmark for music investment funds. We explore how leading asset classes define operating maturity, why it now matters for music rights investors, and how maturity shows up in underwriting confidence, reporting, diligence, and exits.
Benchmark your fund with our quick assessment: https://standard-innovation.com/assessments/data-maturity-assessment
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 separates enduring music rights companies from the rest?
In this episode of Music Moneyball, we’re joined by Golnar Khosrowshahi, Founder and CEO of Reservoir, to explore how a disciplined, data-led approach has shaped one of the most respected independent music companies in the world.
Golnar reflects on the deals that shaped Reservoir’s evolution, from TVT to Tommy Boy, and how they reinforced a long-term, music-first investment philosophy. We discuss how Reservoir evaluates music at the song level, prices risk realistically, and creates value through operational execution. The conversation also looks at Reservoir’s growing presence in emerging markets, where local partnerships position the business for the next wave of global music growth.
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
Reservoir: https://www.reservoir-media.com
Standard Innovation: https://standard-innovation.com
► Credits
Golnar Khosrowshahi  — CEO and Founder, Reservoir
Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

How do you take an artist whose prime was nearly a century ago and make them feel culturally relevant today? In this festive Music Moneyball special, Adam Lowenberg (CMO, Primary Wave) breaks down the playbook for reactivating legacy catalogs, using Bing Crosby as the case study.
We cover how Primary Wave builds multi-year marketing plans with estates, turns sexasonal spikes into long-term growth, and executes across digital, brand partnerships, sync, and global markets — balancing commercial ambition with artist integrity.
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
Primary Wave: https://primarywave.com
Standard Innovation: https://standard-innovation.com
► Credits
Guest: Adam Lowenberg — Chief Marketing Officer, Primary Wave
Hosts: Emma Griffiths, Tom Mullen, Sam Morey
Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records

The music industry is standing at a crossroads where AI will either become the biggest new revenue stream in its history or trigger the largest transfer of value away from rights holders and into AI platforms.
In this episode, we sit down with entrepreneur and technologist Benji Rogers (Sureel AI, Lark42) to unpack what that means for music investors and catalog buyers. Benji argues that most funds are still pricing catalogs off 10–18x past revenues as if the next decade will look like the last, without modelling how AI will change what gets played, synced and surfaced by pushing the cheapest viable audio over premium IP.
We explore how attribution and licensing design could turn AI from an opaque threat into a metered, recurring revenue stream, and why unreleased, un-scraped and more novel recordings may soon become some of the most mispriced assets in the market.
At stake is whether music investors capture the upside of this shift — or accidentally finance the next major wealth transfer out of the music ecosystem.
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
Sureel AI: https://www.sureel.ai
Lark42: https://www.lark42.com
Standard Innovation: https://standard-innovation.com
► Credits
Guest: Benji Rogers — Co-President, Sureel AI; Partner, Lark42
Hosts: Emma Griffiths, Tom Mullen, Sam Morey
Theme: “Meet Me” — Outlines (Written by Sam Cox) — Courtesy of Bespoke Records