Seeker Music Raises $267M in Asset-Backed Securities Deal

Music rights, publishing and record company Seeker Music Group has closed its debut USD $267 million Asset Backed Securitization (ABS).

Funding injection:

• The Los-Angeles headquartered business says the transaction enables it to expand its catalog, invest in talent, and modernize its rights management technology.

• Backed by Seeker Music’s portfolio, the deal was rated by Fitch, Kroll and S&P.

Portfolio:

• Since 2020 Seeker has amassed a catalog of more than 19,000 copyrights and master recordings, including works by Beyoncé, Christopher Cross, Drake, The Go-Gos, Jay Sean, J-Kwon, Joan Jett, Lewis Capaldi, Miley Cyrus, One Direction, Run the Jewels and SWV.

• The company, which is led by CEO Evan Bogart and backed by M&G Investments, says it is now worth more than $400 million.

Wider trend:

• As Music Business Worldwide points out, Seeker’s deal follows several other music-backed securitizations.

• Over the past two years, Concord, Harbourview, Influence Media Partners, Recognition Music Group (formerly Hipgnosis), Duetti and Kobalt have all closed ABS transactions.

What they said:

• Evan Bogart: “This is an important moment for Seeker and for the music we champion. This partnership is the fuel behind our mission to transform how music rights are managed, valued and celebrated. Together with M&G, we’ve created a home where songs and legacies get the respect they deserve – and this capital empowers us to move even faster. We’re expanding our creative footprint and proving that a creator-led model is the future of music rights management and the standard the modern industry demands.”