Released October 27th, 2021
Arman Gokgol-Kline - Universal Music Group: The Gatekeepers of Music
Arman Gokgol-Kline is a partner and investor at Ruane, Cunniff & Goldfarb. We cover the ways music was sold historically, assess streaming's impact on the industry, and dive into UMG's place in the ecosystem.
Business Building
Public Equity
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UMG: Business Breakdowns Research
Read our research on UMG's history, business model, and competitive position prepared ahead of Patrick's conversation with Arman.
Daniel Ek - The Future of Audio
Daniel Ek is the founder and CEO of Spotify. We cover trends in audio, some of his frameworks for viewing the world, and his commitment to growth for both himself and Spotify.
Stefano Domenicali - Formula One: The Iconic Motor Sport
Stefano Domenicali is the CEO of Formula 1 and Arman Gokgol-Kline is an investor from Ruane, Cunniff & Goldfarb. We cover how Formula 1 operates and generates revenue, Stefano’s own story growing up with Formula 1 and running Ferrari, and the white space opportunities for F1.
John Harris - Resilience and Imagination
John Harris is the Managing Partner of Ruane, Cunniff & Goldfarb, the flagship Sequoia Fund. We cover John’s approach to finding businesses that can be owned for the long-term, what goes into their diligence process, and the importance of resilience for investors.
Matthew Ball - The Future of Media: Movies, the Metaverse, and More
Matthew Ball is the Managing Partner of Epyllion Industries and the former head of strategy at Amazon Studios. We cover the past and future of media, video games, and the metaverse.
Broken Record: Rick Rubin
Esteemed music producer and co-founder of Def Jam Records Rick Rubin discusses his journey through the music industry.
PSTH & Bill Ackman Investor Presentation - UMG
Presentation by the Pershing Square team & Bill Ackman on the UMG transaction including industry overview, UMG's valuation and Q&A.
How Major Labels Discover Their Artists
Warner Music Group’s head of artist & repertoire shares the role of a record label in discovering talent, and what they look for.
In Practise: Universal Music, Spotify, & The Music Industry
Nick Gatfield, Former Chairman and CEO, Sony Music, UK on the balance of power between labels, Spotify and artists, and UMG's valuation.
FT: An interview with Universal Music’s Lucian Grainge
UMG's CEO and music magnate Lucian Grange on taking risks, building relationships with stars, and taking UMG public.
Digital Native: The Two-Way Mirror of Art and Technology
Rex Woodbury of Digital Native on how streaming economics are changing the production of media, from song length to chorus format.
Trapital: How More TikTok Stars Can Succeed in the Music Industry
Dan Runcie of Trapital on how TikTok works as a modern day MTV, with labels mining the platform to find future stars.
A compilation of Ben Thompson's articles on Spotify's evolving strategy.
Music Streaming Royalties 101
An informative look at the nuts and bolts of how royalties in the music business work in the age of streaming.
16 Years Late, $13B Short, but Optimistic: Where Growth Will Take the Music Biz
A detailed look at the trends leading to the music industry's streaming based recovery in the second half of the 2010s.
Audio’s Opportunity and Who Will Capture It
Audio is not just growing faster than it has in decades, it’s diversifying and changing too. Matt Ball dives into audio's past and future.