Over the last ten years, buying music became trendy. The logic was simple: recurring revenue, long duration, emotional resonance. Prices climbed. Multiples stretched. Everyone wanted to jump on the bandwagon. Then the market said enough. The collapse of the Hipgnosis Songs Fund looked, for a moment, like a verdict on music as an asset. It was not. It was a verdict on an over-leveraged fund. Content underneath it was just fine. Music is still the name of the game. What came next proved the point.
