US-based music rights investment firm GoldState Music has expanded its portfolio through two strategic acquisitions, purchasing catalogs from CatchPoint Rights Partners and AMR Songs for about USD $200 million.
That’s according to Billboard, which reported on Wednesday (November 27), citing sources, that GoldState Music acquired portfolios of music publishing and recorded music royalty income streams from the two boutique music asset investment firms.
Founded in 2022 by music industry veteran Charles Goldstuck, GoldState has strategically targeted music publishing and royalty income streams that offer steady returns rather than chasing high-profile, expensive catalogs, the report said.
The CatchPoint Rights Partners portfolio includes rights to notable tracks such as Kanye West‘s Flashing Lights, Sheryl Crow‘s If It Makes You Happy, and Panic! At The Disco‘s I Write Sins Not Tragedies. Additional acquisitions cover music by Brantley Gilbert, Smash Mouth, and Avril Lavigne.
AMR Songs‘ catalog, meanwhile, includes John Sebastian‘s entire Lovin’ Spoonful songwriter’s share, including songs like Summer in the City and Do You Believe In Magic. The acquisition also includes Sebastian’s solo catalog and rights to music from SOJA, Macy Gray, and Ivan Neville. AMR Songs launched in March 2023, acquiring Sebastian’s catalog. At the time, MBW reported, citing sources, that AMR Songs raised $100 million in backing from institutional investors.
Sources told Billboard that both portfolios generate about $14 million annually, or $7 million each in annual income, with a mix of active and passive income streams. Active income represents direct ownership of publishing rights and master recordings, while passive income includes writer’s shares and artist royalty streams.
CatchPoint, founded in 2020 by former BMI executive Rich Conlon, Wall Street executive Patrick Riordon, and business executive PJ Miklus, appears to have sold its portfolio as a “proof-of-concept” for potential investors. Sources suggest the firm retains additional music assets and continues to seek further acquisitions, Billboard reported.
Meanwhile, AMR Songs was established by Tamara Conniff, a former music publishing executive from Roc Nation and Artist Publishing Group, alongside Wall Street private equity executive Steve Reinstadtler. Following the acquisition, Conniff and part of her team have reportedly joined GoldState’s staff.
Goldstuck brings extensive music industry experience to these acquisitions, having previously held executive positions at major labels including Arista Records, Capitol Records, J Records, and RCA. He also served as president/COO of Bertelsmann Music Group and co-chairman of Hitco Entertainment, which he co-founded with L.A. Reid in 2018. Hitco was sold to Concord in September 2022.
GoldState’s financial backing comes from prominent investors including Flexpoint Ford, Pinnacle Financial Partners, and Regions Bank, according to the firm’s website. GoldState’s growth portfolio includes music and entertainment platform TouchTunes, in which Goldstuck serves as executive chairman; The Sanctuary, a recording studio situated within the luxury resort community of Albany in The Bahamas that Goldstuck founded; and Los Angeles-based music distribution, publishing, and data analytics company Create Music Group.
In June, GoldState joined a $165 million funding round for Create Music Group with private equity firm Flexpoint Ford. The fundraising is understood to have seen the Flexpoint-led group acquire close to a fifth of Create’s equity. The deal further highlighted GoldState’s aggressive expansion strategy.
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