Billboard On The Record How Music Catalogs Became the Smartest Investments in Entertainment w/ Golnar Khosrowshahi
Apr 1, 2026
Golnar Khosrowshahi, founder and CEO of Reservoir Media, built a powerhouse buying and stewarding publishing and master catalogs. She discusses how streaming and new investors reshaped catalog values. Conversations cover off‑market dealmaking, working with estates and families, activating legacies like Miles Davis, syncing and biopics, sampling and interpolations, and how AI could change valuations.
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Why Catalogs Were Smart Bets In 2007
- Reservoir bought catalogs in 2007 because copyrights produce perpetual annuity cash flow even during the darkest days of digital disruption.
- Golnar Khosrowshahi says publishing was attractive then due to steady long-term revenue despite piracy and streaming uncertainty.
Hipgnosis Changed Public Perception Of Catalogs
- Hipgnosis educated Main Street investors and normalized music royalties as an investable asset, raising market liquidity and prices.
- Golnar credits their public activity for wider awareness and higher bid levels across the market.
Win Catalogs By Offering Active Stewardship
- Build relationships to win off-market catalog deals rather than competing in auctions.
- Golnar explains Reservoir's moat: active platform, creative services, management, and in-house administration that appeal to sellers wanting stewardship.