Warner Music Group

We think private equity is correct: music catalogues are an extremely valuable asset class. However, we prefer Warner Music Group and Universal Music Group as ways to “play” this, simply because they already own a lot of catalogues and are in the business of producing more at an up-front cost with the artists they’ve signed. Private equity and Hipgnosis is in the business of paying more aftermarket, which can hike up the price significantly -- we prefer to own it at the source.