Tomorrow’s Trapital episode is a deep dive on Taylor Swift’s move to put her music back on TikTok despite her label UMG keeping its music off TikTok.

What went down between T Swift and UMG? What does this mean for UMG-TikTok?

We have answers. Episode drops tmrw!

StubHub wants to IPO at $16.5B, which is way, way too high. That’s a ZIRP number.

StubHub is carrying some debt. Plus, this is a business was just bought for $4B in 2020.

An < $10B IPO price is much more likely.

What does the future hold for Ciroc, Revolt, Sean John, and the Bad Boy catalog after the Diddy allegations?

Zack O’Malley Greenburg and I discuss on the latest Trapital episode link.chtbl.com/diddy

A tradition unlike any other.

Would you pay $2 more per month for music streaming for early access all new releases 24 - 48 hours in advance of the general public?

A year after our deep dive episode on Coachella, Dan Runcie and I investigated why so many festivals are getting cancelled recently, and what that means for the future...

Suno AI is wild.

That’s it. No analysis or deeper analysis thoughts yet. Just wild.

I just watched the Freaknik doc. A similarity with the Woodstock documentaries:

• 1994: Great times! Good energy. Let's keep this going.

• Late 90s: Way too toxic. Problematic. Never again.

In honor of COWBOY CARTER, a Trapital classic from 2020.

The Beyoncé sales funnel.

Each tier of fandom goes further down the funnel.

Look at the top 10 most streamed songs in U.S. from 2019 back in 2019 vs four years later in 2023.

The only song on both lists is J. Cole 'Middle Child.'

Cool breakdown by Luminate.

IFPI Global Report says that annual recorded music revenue grew to $28.6B in 2023.

Thats great but it’s just one area of the business.

Other areas (est.):

• $23B - concerts
• $11.4B - songwriters CMOs
• $4.1B - publishers direct
• $3.5B - merch
• $1.8B - artist direct

It’s been almost two months since Universal Music Group said it will pull its songs from TikTok.

Here’s why I don’t see the dispute ending anytime soon.

UMG became a public company on September 2021. At the time, activist investor Bill Ackman’s Pershing Square acquired a 10%