Spirit Audio Team operator Lyric Cash has officially announced the near of its 2nd audio royalty fund, which better-ups say is outfitted with around $800 million to inject into catalogs.
New York City-headquartered Lyric Money, which arrived on the scene in 2019 and expenses by itself simply as “a private equity agency focused on investing in tunes royalties,” revealed its newest funding milestone nowadays. Oct of 2021 noticed the entity unveil a $500 million catalog fund with Northleaf, and Spirit scooped up Jason Aldean’s new music IP in a reportedly $100 million deal in February of 2022.
Now, four-12 months-old Lyric has secured “total commitments of approximately $410 million” for its second fund, execs reported, created possible by “support from a assorted team of new and existing institutional buyers.” Additionally, the business enterprise indicated that “senior credit card debt financing” accounts for the remainder of the to begin with talked about $800 million or so in deployable capital.
In a assertion, Lyric co-founder and managing partner Jon Singer, who doubles as Spirit’s chairman, touted the just-comprehensive funding and emphasised that his organizations have “a strong pipeline of proprietary opportunities.”
“I couldn’t be more excited about completing our most recent fundraise with the participation of existing and new traders which validates our exclusive and collaborative approach to obtaining substantial-excellent belongings from recording artists and songwriters,” communicated the former Common Songs Group exec Singer. “Thanks to our interactions and established standing as good stewards of legendary tune catalogs and recordings, we have a robust pipeline of proprietary options and the money to go after them.”
And in remarks of his own, Lyric co-founder and lover Ross Cameron relayed that his business enterprise “has transacted on more than $800 million” to day.
“Since inception, Lyric Money has transacted on over $800 million to produce excellent catalogs of songs, in partnership with artists and songwriters,” said the former Spirit better-up and present-day Acuity Management vice president Cameron. “Our disciplined expenditure strategy is educated by our possession of Spirit New music Team and supported by 25 several years of proprietary songs royalty information delivering us with an unmatched perception when acquiring and handling copyrights.”
Last of all, Lyric took the opportunity to highlight that Spirit’s catalog encompasses “over 100,000 owned and managed copyrights and grasp recordings,” which includes stakes in songs executed by Ed Sheeran, Jay-Z, Taylor Swift, Tom Petty, The Touring Wilburys, and an array of others.
Lyric Capital is not the only enterprise which is scored a catalog-connected raise in February, which has found MusicBird and Reducing Edge Media Music just about every announce $100 million in new funding.
Also on the thirty day period, Reservoir Media inked a offer with jazz mainstay Sonny Rollins, Multimedia Music reportedly shut an 8-determine settlement for STX Entertainment’s tunes library, and anonymous resources recommended that the Michael Jackson estate intends to provide 50 percent the King of Pop’s catalog for somewhere in the ballpark of $900 million.
