The music industry is witnessing a surge in value and deal-making, particularly with the increasing involvement of private equity firms. In 2024, Hellman & Friedman (H&F), a private equity firm managing $120 billion in assets, made headlines with a significant acquisition. They secured a ten-figure deal to acquire a stake in Irving Azoff’s Global Music Rights (GMR), valuing the organization at $3.3 billion.

The trend of securitizing music assets has also gained momentum this year, with major players like Hipgnosis Songs Fund, Concord, and Kobalt engaging in asset-backed securitizations. Additionally, Sony Music has been active in catalog acquisitions, purchasing parts of the catalogs of iconic artists such as Queen, Pink Floyd, and Michael Jackson.

The article outlines the 21 largest music deals of 2024, focusing on those with disclosed values. Notably, the list excludes deals without known values and refinancing activities by major companies like Universal and Sony.

The top deal of the year involved H&F's investment in GMR, where Azoff retained a stake while TPG exited. This move has positioned H&F prominently in music mergers and acquisitions, with Moelis & Company facilitating the transaction.

Following this, Shamrock Capital raised $1.6 billion across two funds aimed at entertainment and media acquisitions. While not exclusively for music, the funds will allow Shamrock to invest in various sectors, including media and sports.

Blackstone's acquisition of Hipgnosis Songs Fund for $1.584 billion was another significant event, marking a competitive bidding war against Concord. This acquisition brought a vast catalog of music, including works from the Red Hot Chili Peppers, into Blackstone's portfolio.

In a related move, a consortium led by Denis Ladegaillerie took Believe private for approximately $1.54 billion. This deal followed a brief interest from Warner Music Group, which ultimately withdrew, allowing the consortium to proceed.

Additionally, Hipgnosis secured $1.47 billion through an asset-backed securities transaction shortly after Blackstone's acquisition. This funding will be used to repay existing debts and support future acquisitions.

New Mountain Capital's acquisition of BMI, valued at around $1.4 billion, also highlights the ongoing trend of private equity involvement in music rights organizations. This deal, announced in late 2023 and finalized in early 2024, underscores the growing interest in music assets.

Overall, the music industry is experiencing a transformative period, with private equity firms playing a crucial role in shaping its future through substantial investments and acquisitions. The increasing value of music rights and catalogs is attracting significant financial interest, indicating a robust market poised for further growth.