First Study of Investor Sentiment on Music

Photo Credit: NMPA President & CEO David Israelite

Fourth Pillar’s Music Investment Barometer offers the first dedicated study into the views, behaviors, and outlook of global music investors.

Corporate and financial strategic communications firm Fourth Pillar has announced the findings of its inaugural Music Investment Barometer, the first dedicated study designed to track sentiment across the global music investment community.

Drawing on responses from 125 decision-makers and senior advisors across five continents, the Music Investment Barometer illustrates that music rights dealmaking is expanding in volume, appeal, and sophistication, driven by music’s positive growth outlook.

The survey measured market confidence, capital allocation intentions, deal flow and valuation trends, the factors driving investment decisions, sources used when assessing catalog acquisitions, obstacles to expanding capital deployment, and investor sentiment on emerging risks—including artificial intelligence.

Respondents comprise the highest levels of institutional leadership; 72% of those surveyed operate at Managing Director level or above. Collectively, the respondents oversee more than $3.24 trillion in assets under management.

Key findings of the Music Investment Barometer include:

• 99% of respondents agree that music IP, from recorded music and publishing catalogs to royalty income streams, is now recognized and treated as a formal asset class, with 78% expecting total capital allocations to the music industry to grow.
• 86% plan to increase their allocations to music rights in the next 12 months, with 66% saying the number of deals available increased year on year.
• The average deal size was $87 million, with valuations described as achievable (76% of respondents) and deal sizes expected to hold steady (34%) or grow (51%).
• Beyond returns, track record and the reputation of company leadership rank as the two primary drivers of capital allocation decisions.
• 42% cite the impact of artificial intelligence (AI) on the industry as their top concern for the next 12 months, although a majority (58%) are neutral (33%), somewhat unconcerned (21%), or not concerned at all (4%) about AI negatively impacting music asset values.
• 92% express optimism about the medium-to-long-term outlook for music as an investment.

“The music investment community, and interest in the music investment opportunity, has grown rapidly over the past decade; but reliable, comprehensive data on investor sentiment has been conspicuously absent,” said David Israelite, President & CEO of the NMPA and Founder of the Music Investor Conference, which takes place this year in New York on June 9.

“The findings validate what we have seen firsthand at Music Investors Conference: capital conviction remains strong, deal flow is deepening, and institutional players are rallying to the platforms with a proven edge in the market. This research will serve as an essential benchmark for anyone seeking to understand how sophisticated investors view music rights.”

The survey was conducted over four weeks in Q4 2025 and captured responses from senior decision-makers from music investment platforms (24%), investment managers (16.8%), private capital firms (16.8%), music labels and publishers (12.8%), investment banks (11.2%), and law firms (9.6%). Geographic distribution included North America (74.4%), Europe (21.6%), Asia (2.4%), Oceania (0.8%), and South America (0.8%).