Sony Music
How Sony Music survived the death of CDs by owning the songs that every streaming platform needs to exist.
Most labels bet on discovery. A&R directors listen to thousands of demos, gambling unknown artists become famous. 95% never earn back advances. The lottery is brutal, Sony reversed it. Instead of betting on who people would love tomorrow, they bought music loved today. In December 2021, Sony acquired Bruce Springsteen's catalog for $550 million. Established songs generating $500,000 annually, never stop. Every Spotify stream, YouTube play, radio rotation paid Sony. Sony spent billions acquiring catalogs. The Beatles, Taylor Swift, Bruce Springsteen's bodies of work. Compounding royalties from decades old hits out earned one in a million artist bets by orders of magnitude.
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