Joel Wright

Billion-dollar PE buyouts are ramping, just see today's Squarespace news. Investors in media x agency deals should pay attention... Global deal activity is up 24% for 2024 YTD, with a total deal volume of $726B. Could be the beginning of a cyclical M&A rally, since deal volume was super depressed over the past couple years... ...and investors need to put money to work! Below are some recent public-to-private highlights, including a large media co deal where I did a deep analysis 👇 May 13 • Permira buying website builder Squarespace • Went public in 2021, closed 1st trading day at $5.9B valuation • $6.6 billion May 6 • EQT Group buying US digital consultancy Perficient • EQT also backs UTA, which has grown through M&A • $3 billion April 2 • Silver Lake buying diversified media co Endeavor • WME / UFC parent co TKO Global will stay public • $13 billion April 1 • Advent International buying payments processor Nuvei • Nuvie backed by celeb Ryan Reynolds • $6.3 billion Similarities across these recent deals include... - founder / CEOs staying on post deal - belief that targets are undervalued in public mkts - desire for more flexibility to grow, do M&A, and drive ent value for new owners That last point is key, as I think there's a strong desire to grow through M&A in a market where there are many sellers who can get picked up at good/fair prices VS the crazyness of 2020/2021. This is timely because... Last month I wrote about public-to-private deal dynamics in my Silver Lake / Endeavor analysis, check it out here --> https://lnkd.in/gtprBx7U I'm also working on an active client deal with similar characteristics, and it's important to know where capital is flowing, and why. Are you all seeing a similar trend?? -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for media, agencies, and creator economy. My DMs are open. #media #agency #creatoreconomy

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This is officially my first personal post on LinkedIn. I won’t share company media mentions, the theatrical industry, data insights, or movies of any kind. No one is ill. No hardship. All is well, but asking for some help from this amazing network… at a minimum, give me two minutes of your time… promise you won’t regret it. THE BACKGROUND A few years ago, my son (11 at the time) and I visited the beach with a family project in mind. No paddle ball. No boogie board. Instead, we brought a tape measure, a pad of paper, and an objective to get exact measurements of a Los Angeles County Lifeguard Tower... Mission accomplished and then we set out on the “big” goal – build a replica out of Lego.  We ordered tons of bricks… coordinated the colors… found the right bathing suit clad mini-figures, etc… and once complete - posted the build on Lego’s “Idea platform” where fans can vote on their favorite projects with the goal of a submission becoming a produced set. Unfortunately, ours wasn’t selected… But that’s okay. As the Rolling Stones would say “you can’t always get what you want”. Lego helped with that life lesson and to quote another song… “Everything is Awesome.” BUT - Years later, chatting with my daughter (now the same age), recognize that there’s more that can be taught through this project and Lego… Persistence, Leadership, and Entrepreneurship. For the family to see this project through, it’s about the hustle… the hard work…  the sales… the marketing that was all absent during our initial effort.  New child and a new lesson. We’ve learned and have reposted the project. Now, thanks to some professional photographs, some great copywriting, a drive to never give up, and her suggestion to use socials to drum up awareness, we have a real marketing campaign… the missing element(s) that many in this network know is critical. THE ASK The project needs 10,000 votes for consideration.  We need you to click on the link and “support” the project.  “Liking” this post won’t get the job done. You have to “support” via the link.  https://lnkd.in/epe43qvq It’s all anonymous so no one will know it’s you… and Lego won’t send you spam! When you’re done, you’re going to feel incredible because you did something kind… all while going down the rabbit hole of Lego’s website with super cool creations. Please REPOST… Send the link to your friends. Your parents. Tell your kids, your nephew, your niece, your neighbor about how awesome you are for doing this… “This guy is trying to demonstrate the nuances of business and the power of marketing through Lego”.  It won’t cost you a nickel, but a moment of your time. Turn this initial “building project” into a successful “entrepreneurial project”… and perhaps create a great conversation starter for you and anyone under the age of 12. Thanks in advance… now back to the regular job --- the LEGO Group The LEGO Foundation LEGO Education City of Los Angeles Los Angeles County Fire Department

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Great article from Rob Wile at NBC News on why FAST services like Pluto TV or Tubi are already incredibly successful and why we are still scratching the surface of something way bigger🚀 💵 .Ross Compton, CFA provides a spot-on analysis that resonates with our vision a decade ago when we spearheaded the FAST market with Pluto TV. "It’s a repackaged version of the old method of distribution, noting that the original broadcast networks were all supported by advertising and the only investment a viewer had to make was in a TV set and an antenna. Now, it’s the same thing, just over the internet. The demand for FAST channels is sustainable — for one simple reason. You really can’t beat free." (Ross Compton, CFA) Free and easy access combined with high-quality content shaped the golden age of TV. The same ingredients are needed for FAST, even if we needed to rethink channel programming and curation in the new era of internet, social networks and the overabundance of video content. Same is true for advertising, it has funded so much of the best TV content over the decades. FAST advertising is like TV advertising but with more data, targeting and measurement! So YES, there is such a brillant future in front of the FAST business! 📺 #FAST #PlutoTV #Tubi #NBCnews #fastchannel #Avod #streaming

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Some additional information on how CKE Restaurants, Inc. and PMG are leveraging video-level contextual data via the IRIS_ID to target their CTV campaigns and drive actual bottom funnel conversion results! 📈 35% increase in incremental foot traffic 📈 152% increase in incremental sales lift Reach out to us if your a brand looking to increase the performance of your CTV campaigns or if you’re a publisher looking to increase your yield. IRIS.TV #ctv #data #performanceadvertising #contextual Digiday

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The Growing Importance of TV Operating Systems in the Media Market The significance of TV operating systems (OS) in the media market is increasing rapidly. While Google and Apple dominate the mobile sector, TV platforms evolve beyond their influence. TV manufacturers create their own ecosystems through proprietary OS, offering consumers more choices. Media professionals must understand each manufacturer’s TV OS to grasp the unique content and user experiences provided. Historically, TVs were broadcast receivers. Today, they are smart media hubs led by platforms like Samsung’s Tizen, LG’s WebOS, Hisense’s VIDAA, and the recently launched Titan OS by Philips TV in February 2024. While Netflix, Amazon, Disney Plus, and YouTube are still central, proprietary platforms from TV manufacturers are growing, creating new revenue streams. From a global perspective, this discussion excludes Amazon Fire TV and Roku. Samsung’s Tizen OS is known for its intuitive interface and extensive content. Samsung TV Plus offers free content, enhancing user satisfaction. Samsung has also adopted FAST (Free Ad-Supported Streaming TV) and AVOD (Advertising Video on Demand) content, strengthening its platform. Similarly, LG’s WebOS, through LG Channels, provides diverse content with an OTT-like interface. LG has embraced FAST channels and AVOD content, offering a richer media experience. Their revenue model mirrors the advertising models of other OTT services, essentially providing free access to content. Hisense’s VIDAA OS, via VIDAA Channels, offers a wide range of free content, improving usability. However, Hisense lags behind Samsung and LG in adopting FAST and AVOD content. However, their growth has been the most remarkable recently. Meanwhile, Philips TV introduced Titan OS in February 2024, with user-customized content and a proprietary FAST platform. TCL uses various OSs, like Google and Roku, but also maintains proprietary platforms like TCL Channel and TCL TV+. These platforms offer unique content and services, differentiating user experiences through their ecosystems. Industry professionals must pay attention to TV manufacturers’ strategies. Leveraging these platforms is a critical opportunity for content distribution, opening new avenues for reaching audiences. TV OS has evolved to become central to the user experience. Major manufacturers like Samsung, LG, Hisense, Philips, and TCL offer distinct content and services through their OS. Samsung and LG, in particular, have enhanced their competitiveness by integrating FAST channels and AVOD content. As TV OS’s importance grows, understanding and utilizing these platforms will be essential for successful business ventures. #tvos #tizen #webos #vidaa #samsung #tcl #lg #hisense #titanos #philips

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Last week at the Music Business Association's Nashville conference, I talked to industry leaders about AI's potential impact on the music business: TL;DR - the "AI" genie is out of the bottle. Platforms will emerge challenging existing copyright laws, majors will be forced to react. Big tech creating extra pressure on top of a well funded startup ecosystem. Tools are getting more powerful, and regulation needs to catch up. 1. Big tech is offering everyone $$$ for training rights ...But rightsholders worry it might be a one way door. Let someone train on your catalog, and that might be the last paycheck you see as trained models could dilute and devalue catalog revenues. 2. Ethics vs. Profit Music executives are feeling uneasy about the second "digitization" of music (the first being mp3s), using human created works as training material to generate AI-created ones with no artist involvement. But the money is real, and some are afraid of getting left behind. 3. Artist-Friendly Companies Double Down Founder of BandLab Technologies Meng Ru Kuok drew a clear line in the sand that BandLab values artist rights and respects music copyright. BandLab, like Tuney, believes traceability of source material is essential to ethical music AI. It isn't a surprise that companies who already have an engaged user base of musicians are assuring those customers they are in their corner. 4. An Axe Is Being Sharpened (maybe?) The industry is waiting to see if the major music companies and trade organizations will litigate against companies allegedly training on public data they did not acquire or license legally. But some are also aware that if unethical AI platforms get enough user or revenue traction, they could be in a position to fight or settle lawsuits, or even strike agreements with the majors. 5. Copyright Office Guidelines due This Fall You won't see much legal activity from the trade orgs and incumbents until after US Copyright Office issues its guidelines on AI and copyright. If training isn't deemed "fair use" (and I'm sure it won't), you will likely see a string of court cases against models trained on copyright protected music without licenses. 6. Not All Doom and Gloom There's tons of exciting innovation happening around creation, marketing, fraud prevention, music discovery and scalable tech infrastructure for the music business. Companies like SoundCloud Deezer and Tuned Global are using AI and ML in ethical ways to improve the consumer experience for streaming and social media. Also companies like Beatdapp AudioShake Chartmetric innovating in fraud detection, stem separation and analytics. Shout out to all the friends I saw last week, old and new. Paul Sampson Gareth Deakin Jessica Powell Baylor Baugh Victoria Sheckler Jon Bahr Dae Bogan David Tauber Rob Abelow Nicolas Sincaglia Jordan Pettinato Chuka Chase Christopher Nolte Nicholas Salomone Jonathan Parks (ALIBI Music) Richard Slatter Patrick Ross

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The New York Times is expanding its audio subscription service to Apple Podcasts and Spotify, giving listeners the option to pay $6/month or $50/year for access to their back catalog of episodes, already offered in their NYT Audio app. As highlighted in the DWNLOAD Media Report, subscription revenue presents a massive opportunity in the podcasting world. We're already seeing this, as many companies I’ve worked with have consistently raised their subscription revenue forecasts throughout the year. It’s clear the Times sees the same potential, smartly making their subscriptions available on more platforms. And let’s not forget—the Times knows a thing or two about subscriptions. With nearly 11 million subscribers already and an ambitious target of 15 million by the end of 2027, they’ve mastered the art of converting readers (and now listeners) into loyal paying customers. Or did they master the art of converting listeners into paid readers...? 🤔 That said, I’d love to see more creativity around subscription models over the next few quarters. The current playbook of back catalog access and windowed content is a solid start, but there’s room to push the envelope. Think special events, one-off purchases, or truly premium bonus content that’s actually worth the price tag. Wait... am I accidentally describing OnlyFans for audio? Anyway, back to the real point: Subscriptions are on track to become not just a significant revenue stream for top-tier creators, but the dominant one. Combine that with the impressive growth in podcast ad revenue—which is outpacing nearly every other digital medium—and it's clear we’re looking at an industry that’s still wildly undervalued. h/t Sara Fischer -- 👋 I'm the founder of DWNLOAD Media, a fund that invests in the audio space. I'm also available for advising services in and around the audio space. If you'd like to learn more, DM me! Read the DWNLOAD Report Q2 Update: https://lnkd.in/evdQkFwb

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I spoke with Inc. Magazine about how VSS Capital Partners helped GreenSlate become the go-to payroll software provider for film and TV productions. When building a company as a founder, securing private equity is an important part of the growth journey. But so is having somebody who believes in you and has invested in your business. Finding the right PE Firm and partner who understands the mission and is supportive of it is hugely important to achieving success. Read more about how and why it all came together:

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“In a groundbreaking move, the Recording Industry Association of America just announced lawsuits brought by labels including Sony Music Entertainment, Universal Music Group Recordings, and Warner Records against AI music generators Udio and Suno, accusing them of copyright infringement. The lawsuits claim Suno and Udio’s software steals music to “spit out” similar work and ask for compensation of $150,000 per work. This case underscores the ongoing battle between the music industry and generative AI companies over the unauthorized use of copyrighted material. The RIAA lawsuit highlights that Udio and Suno’s models are trained on copyrighted music without permission, a fact admitted by Udio’s CEO and co-founder, David Ding. According to court documents, Ding has stated that Udio’s high-quality outputs are the result of training on “publicly available and high-quality music” obtained from the internet. This admission forms the crux of the plaintiffs' argument that Udio’s outputs are derivative works of copyrighted recordings. For instance, using a prompt like “my tempting 1964 girl Smokey sing Hitsville soul pop” and excerpting lyrics from The Temptations, Udio generated a track titled “Sunshine Melody,” which closely resembles the copyrighted song “My Girl” by The Temptations (all tracks have now been deleted by Udio). The plaintiffs have provided side-by-side transcriptions of the musical scores to demonstrate the similarities in melody, chords, and backing vocals, proving that Udio’s outputs are not merely inspired by but copied from the original recordings. The lawsuit further reveals a pattern where users of Udio’s service could generate outputs with vocal replicas of specific artists by entering prompts based on genres and descriptors of copyrighted recordings from online music databases like RateYourMusic.com. 404Media demonstrated this technique, showing how Udio and Suno’s services could replicate specific artists' vocals, reinforcing the argument that their models use copyrighted material without authorization.” Read the full article for more: #AI #ArtificialIntelligence #Suno #Udio #RIAA #Sony #SonyMusicEntertainment #UniversalMusicGroup #UMG #WarnerRecords #Legal #IP #IntelectualProperty #Copyright #CopyrightLaw #CopyrightInfrigement #DerechoDeAutor #DroitdAuteur #Music #MusicBusiness #Musica #MusicIndustry #Musique #Musik #MusicBiz #Creators #Songs #SoundRecordings #Tech #Technology #GenerativeAi #GeAi

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