Trapital

Coachella sold out in five days after announcing Justin Bieber as headliner. That's the good news. The bad news? It tells you how hard it's become to book a headline act who can actually move 250,000 tickets for the one of most premiere music festivals in the world.Dave Brooks, a music correspondent at Puck and host of the Decibel and Docket podcast, joins the show to break down the business of festival season 2026. We get into why the biggest artists no longer need Coachella, which festivals are actually profitable, and what's ahead for live music.CHAPTERS07:46...

Now that Wasserman Agency has rebrand itself to "The Team," what's next? Who will lead The Team? Who will the new owner be? What will they do with it? Elsewhere in the talent agency world, CAA has a new managing director for music touring, and UTA's longtime leader has stepped down. Who will lead the next era? I am joined by Ben Sisario from the New York Times to unpack the talent agency business, the leadership and reputational questions surrounding the companies, and what it all signals about succession, private equity, and the future...

As streaming growth slows, the music industry is searching for its next big opportunity. One of the leading bets? AI-powered music creation. I'm joined by MIDiA Research’s Tati Cirisano to break down whether platforms like Suno represent a true growth engine or just another niche product. We explore the rise of consumer creation, the limits of the “superfan” narrative, and why the future of music revenue may be more fragmented than the industry hopes. CHAPTERS 02:10 Rise of AI music tools 06:00 The superfan idea 14:30 The superf...

The Department of Justice has settled its lawsuit against Live Nation - Ticketmaster. There will be no breakup of the live entertainment company, but Live Nation has agreed to several remedies in an effort to improve the ticketing industry. But more rust that’s settled… what’s next? What will this change? In this episode, we are joined by returning guest and NYU professor Larry Miller to break down the DOJ’s settlement with Live Nation/Ticketmaster. We also dig into the bigger question fans care about most: will this make tickets cheaper...

Investors have poured more money into music than ever before. Music as an asset class if hotter than ever,. But the public markets have discounted the value of music companies: UMG stock is currently trading near its all-time low WMG trades at a discount on its earnings relative to UMG RSVR is going through a takeover attempt Several publicly traded music companies have been taken off the public markets This is a huge disparity, and it was time to explain why. In this solo episode, I break down this paradox. We will also connect the...

Sphere Entertainment is now profitable, Wizard of Oz was a hit, and more locations are coming. Has the business turned the corner, or are there still question marks? In this episode, I’m joined by Tati Cirisano, MIDiA Research, to assess where Sphere Entertainment stands in 2026. We unpack the company’s narrative, scalability, residencies, challenges, and more. CHAPTERS 01:34 Is It Really Profitable? 10:01 The Concert Residency Model 14:58 Sphere Expansion Plans 22:33 Novelty Risk 26:07 Does Sphere Have a Comp? <...

In music right now, the winners aren’t just the artists with the biggest audiences, they’re the teams that control the infrastructure. First, I sit down with Mag Rodriguez, CEO and co-founder of EVEN, to break down how Even became a key part of J. Cole’s The Fall Off rollout, from exclusive drops and direct-to-fan sales to tour presales and fan community features designed to keep people coming back. Then, I’m joined by Lior Tibon, CEO and co-founder of Duetti, to unpack the financial plumbing behind catalog deals: how Duetti raised $200M, why equi...

For the past 20 years, subscription streaming has produced an outcome that still gets overlooked. The category winners weren’t the big tech giants or the major studios. In music, Spotify became the default. In premium video, Netflix did the same. In this episode, we break down how pure-play focus, faster decision-making, and a single retention-driven scoreboard create compounding advantages that big tech’s money and bundling can’t easily copy. CHAPTERS 01:03 Why Spotify and Netflix Succeeded 06:13 Pure-Play Edge 10:36 Speed & Ownership 14:29 Survivorship Reality </p...

We just came back from the 68th Grammy Awards. I am joined by Tati Cirisano of MIDiA Research break down what it’s actually like to the experience the Grammys up close from industry events and late-night conversations to crossing paths with artists, executives, and power players shaping the music business. We unpack standout performances, unexpected moments, and how attending the show in person is different from watching at home. CHAPTERS 01:43 Bad Bunny’s Big Night 05:11 The Grammys In Person vs. On TV 08:36 Lauryn Hill <...

YouTube is the biggest TV, music, and video platform in the world, but it’s not satisfied. The company still wants to compete for the dollars that go to traditional TV. But can YouTube have it all? In this episode, we examine YouTube’s push into the living room, from securing the NFL Sunday Ticket to becoming the exclusive home of the Oscars starting in 2029. But as YouTube chases TV legitimacy and higher profit margins, it faces a core tension: how can it get there without losing the creator-driven ethos that made it dominant. We...

Meta’s short-form video surface, Reels, now generates $50 billion in annual run rate. That’s more than some of the largest media companies like Netflix, TikTok, and YouTube’s ad business. Reels may be less culturally relevant than those companies, and its users spend less time on the platform than others, but it prints money and shows no signs of slowing down. This episode explores how Meta’s infrastructure made Reels one of the most successful monetization plays in modern tech and what could threaten its momentum next. CHAPTE...

In this episode, we sit down with Will Page, economist and author of Pivot, for a deep dive on the global economics of music. Using Will’s latest Global Value of Music Copyright Report, we explore streaming economics, global market gaps, AI, and where the music industry’s next phase of growth may come from. CHAPTERS 02:45 Global Value of Music: 10 Years in Review 11:24 Emerging Music Markets 13:37 Africa’s Music Economy 18:11 Brazil’s Music Market 21:12 The Crocodile Smile 33:18 AI and Music’s Future SPONSORS Chartmetric: Listen in for our...

Prediction markets like Polymarket and Kalshi have had a big year in 2025, but what are they really? Securities? Derivatives? Sportsbooks? They may be all of the above. Listen to my breakdown on how these markets have evolved over time, and what led to their current rise today. We then dive into the opportunities, risks, and the regulatory challenges that may shape their future. CHAPTERS 02:54 The Origin of Prediction Markets 06:43 Polymarket, Kalshi, and Modern Prediction Markets 09:16 Regulation and What’s Next 09:31 Bucket A...

People say they miss when MTV played music videos, but their viewing habits say otherwise! We revisited one of our most popular episodes from 2023, but trimmed it down to include the best parts. I’m joined by Zack O’Malley Greenburg to unpack MTV’s rise from a scrappy video platform to a cultural powerhouse. We break down breakthrough moments like Michael Jackson’s “Billie Jean”, the rise of reality TV, the networks influence, rise, fall, and what’s next? CHAPTERS 01:04 The Birth of MTV 04:45 MTV's Business Model 13:01 Cultural Impact of Influence 21:2...

We continue our Trapital Summit series with Dan and MiDIA Research’s Tati Cirisano sharing bold predictions from Trapital Summit attendees and sharing their thoughts. We debate the long-term viability of major record labels, whether a Netflix + Spotify merger make sense (we recorded this before the podcast partnership!), we also discussed whether we’ll return to mass mainstream monoculture, future growth opportunities, and which new opportunities will be unlocked by AI-powered tools. CHAPTERS 01:47 Future of Major Labels? 03:58 Will Netflix and Spotify Ever Merge? 05:52 A Return to Mono...

This episode is in partnership and collaboration with our friends at The Recording Academy You’ll hear our deep dive on what we can learn from this years Grammys with our usual analysis and a few select guests including: Panos Panay (President of The Recording Academy), Tati Cirisano (MIDiA Research), Zack O’Malley Greenburg, author and investor. We discuss the biggest takeaways from the 2026 nominations, the rise of international music, how the voting body has evolved, and the economic lift of a Grammy win. CHAPTERS 01:41 - Biggest takeaways 05...

At our Trapital Summit, Nathan Hubbard joined me in stage to discuss Firebird Music’s investment thesis, working with Yungblud, and the business of Taylor Swift. CHAPTERS 04:06 Firebird’s Mission 06:46 Yungblud’s Case Study 14:16 Investing in Management Companies 21:03 Finding New Talent 23:34 Is Taylor Swift the Best CEO in Music? SPONSORS Chartmetric: Listen in for our Chartmetric Stat of the Week. Splice: Learn more about Splice’s brand new virtual INSTRUMENT LINKS & SOURCES ⁠Trapital newsletter⁠⁠ Trapital Summit 2025⁠ Guests: Nathan Hu...

We continue our Trapital Summit series with Jason Sklar, a partner at Shamrock Capital, to explore music rights as an asset class, as well as gaming, film, and more. We discuss Shamrock’s perspective, market trends, valuation approaches, the role of AI, and cross-industry opportunities. 02:27 State of Music Rights Investing 09:37 Shamrock’s Investment Approach 16:01 AI, Gaming, and Music 19:39 Why Investing in Film is a B2B Business 20:13 What’s Next for Catalog Deals This episode is brought to you by SoundCloud for Artists, the all-in...

We continued our Trapital Summit series with our talk with Udio CEO Andrew Sanchez and MIDiA Research’s Tati Cirisano. AI is rapidly transforming how music is created, distributed, and experienced. You’ll hear them unpack the challenges and opportunities shaping this new era of sound. From redefining creativity to fostering trust between artists and technology, we explore how collaboration, ethics, and innovation can drive a more equitable and inspiring future for the music industry. 03:36 AI Music: Trends and Future 08:11 What Sets Udio Apart 14:06 Trust and Fair Use in AI <...