17 Oct
2026
The music catalog market has spent the past few years making headlines with giant, all-in buyouts. Two deals announced in the first week of October point to a different shape for the next phase. Sia sold half, not all, of her catalog to a firm that promises to help build what comes next. And Big Loud, the Nashville company behind Morgan Wallen, hired an executive specifically to buy catalogs, turning a label into an acquirer.
Put together, the moves suggest that songs are still being treated as a financial asset class, but that the buyers, the structures and the pitch to artists are all changing.
On October 1, Pophouse Entertainment, the Swedish investment firm co-founded by ABBA's Björn Ulvaeus, announced it had acquired a 50% stake in Sia's publishing and master music rights, Music Business Worldwide reported. The price was reported at $180 million, which would imply a valuation of about $360 million for the full catalog. That figure was first reported by TMZ, citing legal documents; Pophouse confirmed the stake but not the price. The deal is subject to customary closing conditions.
Sia's catalog carries both her own recordings and an unusually deep songwriting résumé. MBW notes she has generated billions of streams, received nine Grammy nominations and written songs recorded by Beyoncé, Rihanna, Eminem and David Guetta. That combination of masters and publishing is what investors prize: it earns from streams, radio, sync licensing in film, TV and advertising, and cover versions.
"I'm really excited to be working with Pophouse," Sia said. Pophouse CEO Jessica Koravos said, "It is a privilege to partner with Sia," and the firm said it would support Sia in developing new creative ventures while stewarding her existing work.
Pophouse has built its business on that partnership pitch. The Sia deal is its third major artist partnership of 2026, following Iron Maiden in July and Tina Turner in March, the latter via BMG. Its roster also includes Cyndi Lauper, KISS and Avicii; the 2024 KISS deal was reported at over $300 million, and a KISS avatar show is slated for 2028. Pophouse is also a founding investor in ABBA Voyage. Its first fund closed in March 2025 at its €1 billion hard cap, with total fundraising, including co-investment vehicles, above €1.2 billion.
The strategy is clear from that list. Pophouse is not just buying royalty streams; it is investing in artist brands it believes can be extended through new formats, from immersive shows to stage productions. A 50% stake keeps the artist financially invested in the catalog's growth, which aligns both sides around new projects rather than passive collection. For artists, the appeal is obvious: a large up-front payment without giving up all control or all future upside.
Four days later, Big Loud Records named Dusty Miller its President of Catalog Acquisitions, responsible for finding, assessing and buying music catalogs and other music-related assets. Miller brings more than 25 years in financial services, including 13 at Truist Bank, and more than 15 in the music industry. "As partners, we have long talked about developing a catalog acquisition component to our business," said Big Loud partner and CEO Seth England.
Big Loud knows the market from the seller's side. In 2025 it sold a minority stake in Morgan Wallen's master recording catalog, covering his first three studio albums, to Chord Music Partners in a deal MBW's sources valued at over $200 million. Universal Music Group paid $240 million for a 25.8% stake in Chord, valuing it at $1.85 billion. Founded in 2015, Big Loud says it has more than 102 billion global on-demand streams and 37 No. 1 U.S. country airplay hits.
A label moving into acquisitions is a meaningful signal. Labels have advantages that financial buyers lack: marketing teams that can revive older songs, relationships with artists and songwriters, and an understanding of how a particular genre's audience behaves. Those are capabilities that can help a buyer judge, and then grow, what a catalog is worth.
These deals sit against a backdrop of much larger transactions. In July, Sony Music Publishing completed its acquisition of Recognition Music Group's catalog, more than 45,000 songs assembled by Merck Mercuriadis under the Hipgnosis name and later owned by Blackstone. Terms were not disclosed, though Bloomberg had reported a value of $3.5 billion to $4 billion. The catalog includes shares in hits such as Journey's "Don't Stop Believin'," Fleetwood Mac's "Go Your Own Way" and Mariah Carey's "All I Want for Christmas Is You." Sony made the purchase in partnership with a music rights investment venture it launched with Singapore's sovereign wealth fund GIC.
MBW also notes that BMG and Concord confirmed a merger in April, with Bertelsmann as majority owner, and that Primary Wave agreed in March to acquire Kobalt. The buyers are getting bigger and fewer, even as new entrants like Big Loud look for smaller deals the giants may overlook.
The top of the market is still active. In June, the Wall Street Journal reported that Garth Brooks was seeking around $2 billion for his songs and recordings, according to MBW. Brooks has stayed off Spotify and Apple Music, with an exclusive streaming deal with Amazon Music since 2016, which raises an interesting question for any buyer about whether wider streaming availability could unlock more value.
For working musicians, the lesson from this month is that "selling your catalog" is no longer a single decision. Options now range from a full sale to a minority stake, a 50/50 partnership, or a deal limited to masters or publishing. Each structure trades a different amount of control and future income for cash today. Artists considering any of them should get independent legal and financial advice and understand exactly which rights, territories and income streams are included.
The catalog boom has not ended. It has matured into a market with more structures, more specialized buyers and a sharper focus on what a song can still become, not just what it has already earned.
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