Sony Music and GIC team up for $3B music catalog spree
Sony Music Group and Singapore's GIC just announced a joint venture to snap up top music catalogs, investing between $2-3 billion.
The move pairs GIC's financial power with Sony's know-how in acquiring, distributing, and licensing music—giving them a major edge in the global music scene.
Why this matters
GIC has been quietly investing in music for years and is now looking for "creative and flexible" partnerships.
Sony's COO Kevin Kelleher summed it up: this deal "brings together long-term capital and Sony Music Group's operational capabilities," opening new doors for artists' and songwriters' work worldwide.
Big trend in the industry
Sony isn't alone—other giants are making similar moves.
Warner Music teamed up with Bain Capital last year to create a $1.2 billion fund for buying music rights, while Universal Music invested in Chord Music Partners, which later raised over $2 billion.
The race to own iconic songs is definitely heating up.