Better Sony own these songs than the bank.

But what we’ve learned here is all the rightsholders who sold to Hipgnosis based on Merck’s involvement… I hope you had a key man clause, which you couldn’t get anyway.

Now the truth is most rightsholders are just interested in the money. As long as you pay them they don’t care who owns the songs, until…

They disapprove of a use.

Or find they underpriced their wares.

As for underpricing… How many times do rightsholders have to see this movie to understand that publishing rights keep going up? If you’re selling because you’re fearful your songs will be worth nothing tomorrow…

That may be true, but know that the assessors of the value of your catalog know that too. They are not in the business of overpaying. Merck’s theory was right, it’s just that interest rates went up and investors were pissed and wanted out. Merck may have single-handedly driven up the price of catalogs, he might have paid a ton in a fit of mania, but the truth is copyrights have long lives…

And the internet has proved a boon to the value of music and its associated rights. It’s music that underpins social media, every platform has to pay to use it. YouTube, TikTok, they’d be decimated without music. And they keep creating new platforms that need to be licensed.

And the truth is the new music business might be a fool’s errand, very little net for expenditure, but when it comes to proven hits, those pennies keep trickling in.

And giant music corporations are in the business of managing these assets. You need infrastructure. Was Hipngosis’s up to snuff? Comparable to those of the major labels?

Well, it’s all history now.

But the question arises what is going to be done with these rights. The truth is the major labels are somewhat somnambulant. They’re peopled by lifers who in many cases are phone answerers, as opposed to creative thinkers beating the bushes in new ways to drive up revenue.

The exception is Primary Wave, which is like a major label but without the new music costs. Yes, Primary Wave does release new music, but it’s de minimis in terms of their overall business.

All those roles at the record company, the product managers, the marketers… That’s how Primary Wave runs its business. So if you’re going to sell…

Then again, Primary Wave keeps buying and buying and how many acts can its A-level team service?

But now Primary Wave owns Kobalt and can do its own administration, which it lacked previously and…

What we learned with Spotify is that those with the most assets dictate the terms. Well, let’s just say they have inordinate power over the terms. And majors owning both recordings and songs…songwriters got screwed in these negotiations. Would it be better to have someone with a seat at the table who is song first?

Well, we’ve got that with Primary Wave, and now BMG/Concord…which is still in the front line record business, but is heavily weighted with publishing copyrights.

Independents innovate. Which is why they’re needed. And consolidation works against them when it comes to power. Although they still have power in new music production, where the majors are still operating under the old paradigm. Today you start very small in many areas and nurture and see what pops. If it doesn’t have a chance of getting in the Spotify Top 50 from the get-go, the majors aren’t interested. Which is why they are losing overall market share. Because it’s indie acts who are flourishing.

But when it comes to the past…

That’s where the power is in the music business. Hell, think of all the acts touring for Live Nation and AEG. The acts that broke prior to 2005, when the MTV/VH1 paradigm died, are cash cows. Can you say Coldplay? Good luck trying to build a Coldplay today.

So we lived through a decade of innovation in publishing, and now the era of consolidation has come upon us. Expect even more.

As for the acts…

The bottom line is you need someone who cares about you, who’ll fight for you, who will get licenses for you. After Kobalt’s computerized innovation all the major administrators have upgraded and are very good.

But…

Look at what is happening in visual entertainment, with Paramount scheduled to be acquiring Warner Bros. Discovery. Artists/performers are up in arms. But they don’t have the piece of the puzzle that makes all the difference, OWNERSHIP!

That’s what it all comes down to, that’s what gives you a seat at the table, and if you don’t have it…

Once you give up ownership, you give up power. Few performers own their recording copyrights, but many do own their publishing copyrights. And this results in a steady source of income without the creative accounting labels subject them to with recording royalties.

This business was built by independents. Consolidation started when Atlantic sold to Warner, and then Elektra fifty plus years ago.

And then thirty five years ago, A&M and Island joined the major folds.

And then Edgar Bronfman, Jr. rolled up companies to form what is now known as Universal Music and then Capitol was decimated and then split up and sold and…

What we’ve ended up with is a mature business. The only way you can beat it is via independence, which depends upon hits, whether it be rights from the past or new works. But the more rights the usual suspect majors gain, the worse it is for rightsholders.

Sony Music is baked into a larger corporation, it doesn’t have to worry about investor returns like Hipgnosis did when it was independent, it can weather storms.

But if it’s your rights that went from Hipgnosis to Blackstone to Sony…who exactly is looking out for you? You have no personal relationships, no one tied to the original sale. And what we know in the music business is someone with passion is more important than pure money, someone who will work your project/music is worth more than a big advance.

But all these acts took the money and now have little to absolutely no power. Everybody got paid, including their advisors, and they’re left with a pile of money after tax and I hope it pays dividends… Don’t forget, with songs you get paid on a regular basis, this does not happen when you sell out completely.

But we live in a money-based society, and everybody focuses on the buck.

Isn’t it interesting that the Eagles haven’t sold their rights. Nor Paul McCartney or the Stones. What do they know that everybody else does not?

Everything.

That all you’ve got is your music and your image and you want to be in total control over it, because no one cares about it as much as you.

1

Apple pulled off a masterstroke, but it’s not the fruit company news everybody is talking about. Yes, Apple gained the rights for Formula 1, which used to be free on ESPN and…

Free TV is going the way of the dodo. There’s just too much money in desirable product for streamers not to lay their money down. But there’s only so much desirable product out there, and the most desirable is sports.

Now the truth is Netflix made Formula 1 big in America. Credit Liberty, which bought the series from Bernie Ecclestone… It’s kind of like a tech company, a founder may have the vision, but they may not be the best person to steer the enterprise once it breaks through and matures. Then again, I’m mostly for leaving the founder in place, assuming the founder knows that the world keeps evolving and you’ve got to keep up with it. This is what Mark Zuckerberg’s bets with Instagram, WhatsApp, the metaverse and now AI have been about. Then again, did you read this article?

“Meta Is Dying. It’s About Time.”

https://www.nytimes.com/2026/05/08/opinion/meta-facebook-zuckerberg.html

I think there are some holes in this argument, but it’s an interesting thought experiment, and the truth is Zuckerberg has been flailing.

So Apple TV has not been able to retain, never mind significantly grow, audience, i.e. subscribers. At first they charged little, wanting to build a business that had little product. Then finding that mostly diehard Apple fans were laying down their cash, they decided to raise the price. But for those who were avid cancelers, like me, or those who never subscribed at all…

I refuse to pay for a service I do not watch. I find it an insult. Because I feel like I’m being pecked to death by ducks by streaming outlets to begin with. So I only sign up for Apple TV when there’s something I want to see, which has historically meant I don’t subscribe, because I’m not going to pay all that money to watch a show that is dripped out week by week, it’s an insult, there’s a reason why Netflix is so successful, but traditional outlets, and now new ones, like Apple, are afraid to follow the paradigm.

We live in an attention economy. I hear about a good show and if it’s not available all at once, I don’t watch it, I figure I’ll pick it up when it’s complete, BUT I RARELY DO! Because my interest has been piqued by so many other productions that have come down the pipeline.

So how is Apple going to get my money every month?

WITH FORMULA ONE!

These are live events, they are inherently dripped-out, so if you’re interested, you’re not going to drop your subscription.

So I’m going to keep mine, and since I’m paying every month, I decided to delve in…

2

The Israelis and the Danes make the best television, which is kind of ironic in a world that has turned against the Jewish nation. Can you be pro-Palestinian and watch “Tehran”? I’ll let you decide.

And the truth is I thought we had watched one episode and were thumbs down. But it came up in therapy and since we’re paying anyway, I decided to pull it up, and I was wrong, we hadn’t seen it.

Now “Tehran” would be a much bigger show if it was on Netflix, if it were not behind a paywall that few people are laying down the cash to jump over. This is where distribution is king. Occasionally there’s a good show on MGM+, but really there’s almost nothing on the outlet, so I don’t subscribe. We have it much better in music, where everything is available for one low price (but that doesn’t keep people from complaining…)

The thing about Israeli television is it’s the exact opposite of American TV. In American productions it’s all whiz-bang, with stars. In an Israeli series, there can be extreme tension with very little happening. And needless to say, unless you’re a fan of Israeli TV, you don’t know the actors (although the same ones pop up regularly in series).

“Tehran” is not perfect, I’d call it a middling Israeli series, but compared to the dreck on most outlets, it’s a huge cut above.

Seemingly in each season there’s an action scene out of a Hollywood blockbuster.

Then again, the twists in the final episodes are always unpredictable.

On the other hand, the series is laden with near-misses. Just when they’re going to be caught, revealed…they escape. You get used to it, you accept it, but…

The funny thing is we’re at war with Iran right now. And “Tehran” just came out with a new season this year and that’s not a factor. But if you’ve been paying attention to the crisis…

But most people are not.

But this last season is all about the bomb. And ultimately, it’s the least satisfying, too many twists at the end… I won’t say it’s jumped the shark, like “Hacks,” with its “Amazing Race” episode, but usually you’re on pins and needles to the very end.

3

Now I recognized Niv Sultan from other Israeli shows, but she’s not slumming it, playing against character, trying to win an award like American actresses, in “Tehran.” You know, the big bad action hero bitch.

No, Sultan plays Tamar, who is subtle, and not always right, and not always in charge, but she’s true to her country first and foremost, she’s a spy, for the Mossad, which had a reputation as being unbeatable prior to October 7th.

Tamar is not one-dimensional, she’s not an automaton, she can’t just cast aside feelings.

So what we’ve got here is a Mossad operation in Tehran (the series is actually shot in Athens). And there’s an inherent tension in foreign operatives being in a country that does not look kindly on Jews…

And the first season is really good.

But the second is even better, with Glenn Close.

However the third…

It gets pulpy, but Sasson Gabai as the Owl portrays such an interesting character.

So you’ve got Tamar scurrying around on missions, which are run by the Mossad in a headquarters back in Israel that is akin to NASA Mission Control and… She’s on the street, in danger, and they’re all calm, cool and collected.

But this ain’t the United States.

Here we feel safe, untouchable. But Israel is one lost battle from being history.

And they might play Iranians, but they’re Israeli actors, and so believable in their roles, especially Shaun Toub as Faraz Kamali. Who despite everything, always comes back in defense of his country.

There’s a lot of cat and mouse, there’s a lot of changing of plans, and through it all you’re hooked. I’ve watched other series that have had me more tense, but this one is up there and…

Either you’ve seen it or you haven’t. Those who are Apple devotees have been watching it for years.

Still, most people have not seen “Tehran,” but it’s hiding in plain sight.

And although its events may not exactly parallel what’s happening in the real world today, there is the dissension within Iran… The unrest, those against the religious regime. They just killed 30,000 of them. Protesters Trump said he was going to support. Is there anybody who is going to rely on Trump anymore?

But everyone’s focused on Israel’s actions against Hezbollah, they’re critical of Jews, but they just can’t dig in or fathom what’s on the ground in Iran…

“Tehran” is a very good show, you should watch it.

Many shows don’t sell out, who’da thunk?

Yesterday everybody was complaining they couldn’t get a ticket and now they’re saying no one wants to go, which is it?

What we’ve got here is the internet, where everybody reports, mostly without background knowledge, and then things are repeated as fact and… Suddenly you’ve got an issue where you didn’t have one before!

The Pussycat Dolls?

In the pre-internet days, no one would assume a pop band that had been away for years with no discernible fan base would be able to sell tickets. But the Spice Girls did…

God, you’d think this was rocket science. But no, it’s betting, a casino!

What you’ve got here is managers who want to sell their wares, and their wares are their acts. And then you’ve got talent buyers who either bite or do not. Not to mention, there’s tons of FOMO. Is your competitor going to get the tour, establishing a relationship that might run forevermore? Do you want to take that risk?

So especially with old acts with no tour history, everybody is making a bet, and sometimes the bet is wrong.

But this doesn’t only happen in music. Look at the Cybertruck, it was projected to sell 250,000 to 500,000 units when production was fully ramped up. But it actually sold 38,965 units in 2024, and only 20,000–21,000 units in 2025. Talk about a stiff! But at a much higher cost…

Elon Musk and Tesla didn’t know whether people would want to buy the Cybertruck until it was on offer. But he hyped the hell out of it before it came to market. Just like the music business does. Ever notice that suddenly an act is all over the news? It’s usually to gain interest in new recordings, then again, you’ve got Taylor Swift’s Eras tour… Where all the tickets in the U.S. went on sale on the same day so there would be mania, which would drive sales further. I mean the audience doesn’t want to be left out. This was insurance against not going completely clean, like the previous time around. But the story became about a Ticketmaster failure… That’s hysterical, it was a bot field day, what Ticketmaster said was true, but it didn’t want to say no to Taylor, say that it couldn’t sell all those tickets on one day, risking that another company would come and take her business. And Ticketmaster really had no idea how bad the bots would be until the tickets went on sale.

There are acts that will sell out no problem, like Olivia Rodrigo. But notice how she keeps adding dates. Yup, she could announce multiple shows at once, but that risks them not selling out, which is anathema to an act. Once you’re playing to empty seats, you’re on the downhill slide. So fans are rabid for the few seats available, and after the announced shows sell they add extras, which were on hold…this was the plan. It’s not like the promoters were shocked that there was sellout demand for the announced shows…they just didn’t know how many shows she could sell!

Now it used to be if someone canceled a show or a tour, few would know about it. Possibly no one other than those who had already purchased tickets. But in the internet era, word spreads like wildfire, and nothing spreads like negative news. Haters love this stuff, they want everybody to know.

Never mind that a lot of shows that are announced as being sold out are not. Which is why you should be wary of buying extra tickets to scalp. You can’t get rid of them, because the demand was not as great as perceived, and you can’t compete with the experts, which is what we’ve learned with prediction markets:

“Why Almost Everyone Loses—Except a Few Sharks—on Prediction Markets – A WSJ analysis shows a small number of accounts on Polymarket and Kalshi—often pros using data-driven algorithmic trading—take home most of the winnings”

https://www.wsj.com/finance/investing/polymarket-kalshi-betting-profits-prediction-markets-eb23ac11

But today everybody believes they’re an expert. They’re privy to all this information online, of course they know how to do it. But would you let someone who watched a lot of YouTube videos set your broken leg, or install a stent? OF COURSE NOT! Then why is the average punter so convinced they know everything about the concert business?

They keep on beating up promoters, but the margins are amazingly thin. And not every show is successful., but the band still has to get paid. But there are stories of acts going on the road and coming home with no money and it must be someone’s fault, and the obvious targets are the promoter and ticketing company. They’re stealing from the acts!

But did the act have to tour at this cost? And how much demand is really there?

Think about it. You’re a pretty good instrumentalist. Why don’t you go on the road. But you wouldn’t, because you can’t sell enough tickets to make it financially viable. That’s where the rubber meets the road, ticket sales…are enough people big enough fans that they’ll lay down all that money to see you. They might listen to your record, but go to a show? There’s not only the ticket price, but the transportation, the parking, the food… In most cases, it’s a big decision.

And while I’m quoting the “Wall Street Journal,” did you see this article?

“The Boy Band Heyday May Be Over—But the ‘Man Band’ Era Has Just Begun – From the Backstreet Boys to the Jonas Brothers to Boyz II Men, adult women are paying up to see their favorite grown-up boy bands this summer”

https://www.wsj.com/arts-culture/music/nkotb-the-backstreet-boys-boyz-ii-men-tour-97f915e0

Here’s the nougat:

“Melissa Hicks, a 46-year-old Baltimore elementary-school teacher who bought tickets to see NKOTB three times in Vegas over July 4 weekend, a cheap seat for $153, then VIP tickets for $1,910 and $1,491—plus she paid for travel.”

That puts the kibosh on all those stories that the rich are buying the good seats, driving up prices. This woman is a SCHOOLTEACHER! But she paid four figures to see her favorite act, and she’s not the only one!

The dirty little secret is it’s the fans who are paying outrageous sums for tickets, they want to be inside the building just that much. Which is why ticket prices are so high. Because if they’re priced so the prognosticators won’t bitch, the scalpers buy the ducats and then resell them at a huge markup, with the act getting none of this money.

But you’ve got to blame somebody, and for some reason it’s always Ticketmaster.

Which may not be perfect, but…

In most cases fans are missing the point, as are reporters who delve into this field only occasionally.

The bottom line is fans have unlimited cash for the acts they want to see. Period. And no one is forcing them to see acts they don’t want to, usually the price doesn’t even matter. Either you want to go or you don’t. The promoter can drop the price and very few are incentivized to buy.

So, will this be a good summer for the concert business?

Well, what about the stock market, which keeps going up despite the war in Iran and high gas prices… And the truth is most of the value run-up is a result of AI investment, and so far return has been underwhelming, so will there be a crash? You can make your own bet, buy stock or sell it or…

But that would require a modicum of expertise.

But when it comes to the show, everybody’s an expert!

But the dirty little secret is when it comes to so many shows, NO ONE knows exactly what the demand is. You can go on a sellout arena tour and the next time around you can have trouble moving theatre tickets.

So are people pinched such that they won’t go to shows this summer?

Or is the truth that when it comes down to desirable acts, fans will beg, borrow and steal to be there.

This is the game concert promoters play.

As for those who are not superstars… The truth is since recording revenue for acts that can sell a couple of thousand tickets is so low they tour constantly and come back to markets a few times a year and at what point do fans say it’s not worth it? That’s when price plays a factor.

Post Malone selling stadiums this summer? I wouldn’t have taken that bet.

But a promoter did.

What would you do? If it was your money?

But you ask yourself the equivalent question all the time… What’s it worth for you to be in the building… You might not think it’s worth $200, but if you don’t pay the freight, you won’t be there.

So you bitch and moan, but you open your wallet and go to the show.

They keep telling us to believe in the system. And just to wait for the coming election(s).

I remember Bill Maher predicting that Donald Trump wasn’t going to leave the White House if he lost in 2020. One after another Democratic bigwig smiled and laughed and then schooled Maher that the system would hold. OH YEAH?

What we’ve got is Democratic elected officials and TV talking heads going on about the horse race(s)… It’s endless, it’s the underlying theme of all their speech. But what if someone changes the rules of the game?

That is what the Republicans have done with redistricting. Normally executed every ten years after the census, Donald Trump pushed for a redrawing now, ergo the changes in Texas.

And yes, California fought back.

And ultimately Virginia. But Virginia’s new maps were just thrown out by the courts.

And before that Ron DeSantis had his “people” redraw the maps of Florida without the public’s participation. That’s what’s been happening, except in very rare cases, a governor and state Congress have acted without a vote of the people. And you thought your vote counted, what a laugh… Hell, my vote in California hasn’t counted since I moved here half a century ago, because of the electoral college.

Well, that ain’t ever gonna change. There can be no adjustments to the Constitution, the bar is too high.

So…

What’s a poor boy to do?

Certainly not play in a rock and roll band. Rock is dead and rap…Blacks have been screwed from time immemorial. Now by the evisceration of the Vorting Rights Act. And while some rappers still delineate their dissatisfaction with the system, the goal really is to use the system, manipulate the system, for riches. They’re trying to beat the man at his own game, which is money. And good for them, but how many successful rappers are there?

Now let’s be clear, many people have completely checked out of the system. Or voted for it and found afterward they were negatively affected, but at least they kept the left wing woke/elite from benefiting!

The Republicans have not only won the redistricting wars, they’ve completely redefined public perception. They’ve played a long game, for decades, just like with the Federalist Society. People laughed at some of their pronouncements, but now it’s collective wisdom that the Democratic party is run by the woke…a word whose definition has been twisted to serve the right’s purpose. But it gets even worse, Antifa is lurking around every corner and whenever lefties get together to protest, they’re paid to do so. That true Americans aren’t doing this, that true America is in danger of disappearing, that’s what the MAGA movement is all about. And the left laughs as it loses constituents and power…meanwhile, being moribund in D.C. and afraid to take a stand for fear of alienating some protentional minority group. Oftentimes in battles that the right has created. Like trans women in college sports. First and foremost, there just aren’t many. But the right has ginned up this controversy and the left is paralyzed, because it cannot be on the wrong side of this for fear of offending the trans constituency and…where’s it going to go? A disaffected right wing influencer just revealed that her former compatriots get their marching orders from Trump’s posse and are paid to post. Yup, all those social media posts supporting the Ballroom after the gunman at the Correspondents’ Dinner was masterminded by the Trump people themselves, they’re organized. The Democrats? They tell us their hearts and minds are in the right place and it’s not necessary to employ these techniques.

Oh YEAH?

So people keep asking me who is going to be the Democratic candidate in 2028.

But it’s even worse, the Democratic Party and the commentariat keep telling us to wait until the election, for change.

Oh YEAH?

I watched  the Capitol riot on January 6th with my own eyes. You saw people wreak havoc in the building. It has come out that elected officials feared for their lives. But not only are they patriots, those who were convicted were set free. Good luck getting set free the next time you break the law or try to subvert the election process.

And it’s all being done in plain sight.

Used to be it was done behind closed doors. We found out years later about the machinations in smoke-filled rooms. Now we’ve got Orban conceding an election when Trump never has.

A free and fair election?

The Democrats were supposed to take over the House. Now it’s going to be much harder to do.

As for 2028…

It’s very easy.  And simple. The problem is illegal voting. Yup, all the immigrants showing up to vote, you know, the same immigrants afraid to go to a Bad Bunny show for fear of being arrested by ICE. These people are gonna show up to vote? Yeah, right!

And mail-in voting is ripe for fraud.

There’s so much fraud in the system.

The only problem is no one can find it, but it’s there I tell you!

So, the strategy is not only to make it harder to vote, but to strike people from the voter rolls. They’ve been doing this for multiple cycles now. Getting rid of Democratic voters. Hell, they want complete control of the voter rolls. To ensure that the table is tilted and they maintain power.

And never forget Johnson’s refusal to seat a duly elected Democratic representative for weeks and weeks.

And then there’s Mitch McConnell… Who refused to allow Obama to nominate a Supreme Court justice, but squeaked in a right wing one just before Trump left office. And now the 6-3 right wing majority, whose members are there for life, have said that the president is basically immune and there is no racism in America and…

Never mind judges further down the food chain.

In other words, if you expect the justice system to save you… The same one which keeps ruling against Trump’s tariffs as he continues to institute them?

You’re on your own, baby.

But those with all the power, and oftentimes the money, keep telling you to believe. The same people telling you that if Live Nation and Ticketmaster are split up then ticket prices will go down. They’re selling falsehoods to make you feel good when change is not imminent, not change that will benefit you.

It goes on and on, with low corporate taxes, tax cuts that benefit the rich much more than everybody else and the carried interest rule for ultra-wealthy hedge fund managers.

And we’re told to vote.

George Carlin had it right, and his wisdom is has been repeated ad infinitum online, if you think the rulers are of this country are going to cede control…

Yup, we’re getting wisdom from a comedian.

Which is one reason comedy is now burgeoning. Are you expecting the truth from Sabrina Carpenter and her imitators? They’re commercial products build by committee made to satiate a somnambulant public. Meanwhile… It’s those making the jokes who are telling the truth, to the point where Trump refused to have a comedian at the aforementioned Correspondents’ Dinner. There was supposed to be a mentalist instead.

So either you’re defeated and disconnected or you’ve been duped into believing everything is hunky-dory. Meanwhile, they’re stealing the country and getting rich in the process.

The power is with the people.

But not at the ballot box.

It couldn’t be clearer.