Understanding how music generates returns on Bolero

A musical work continues to live beyond its release. Through streaming, radio, on stage, in advertising, or abroad, each time it is played, it can generate income. For an investor, understanding these uses means decoding the returns of a catalog or a track.

For example, platforms like YouTube, TikTok, or Instagram multiply usage opportunities. The volume of listens is immense, particularly thanks to short formats and UGC (User Generated Content). Tracks and works can see their revenues increase tenfold and revive commercial results, sometimes several years later.

On Bolero, two families of rights combine: master rights, linked to the sound recording, and publishing rights, linked to the composition and lyrics. Together, they form a living, diversified asset suited for the long term.

For Master Rights

1. Streaming

This is the pillar of the current market. These are revenues generated by listens on streaming platforms worldwide such as Spotify, Apple Music, YouTube Music, Amazon Music, Deezer, Soundcloud, Qobuz...

In 2024, global streaming revenues crossed the $20.4 billion mark and represented 69% of total recorded music revenues. Paid subscriptions grew by 9.5% in 2024, and the number of users reached 752 million.

This flow is continuous, large-scale, modelable, and forms the basis of sustainable returns.

2. Downloads

These are revenues generated by audio track purchases on platforms like iTunes, Bandcamp, or Beatport.

3. Physical Sales

These are revenues generated by sales of physical media such as CDs, vinyl records, and cassettes.

Note that Vinyl is experiencing strong growth: in 2024 it grew by 4.6%, while physical formats as a whole declined by 3.1%.

For an investor, this can be particularly useful for catalogs with a collector audience or in specific markets.

4. Radio and Television

Broadcast on radio or television triggers revenues for both the recording and the musical work.

5. Synchronizations

These are revenues generated by licensing contracts for using the track in audiovisual content such as films (feature and short films), series, and commercials.

Additionally, they allow for valuing the cultural relevance of the work over time. This is often a "bonus" to regular returns, but one that can create a spectacular and lasting effect.

For Publishing Rights

6. Audiovisual Media

"Audiovisual Media" exploitations include television and radio.

For television, these are rights collected from public, private, cable/satellite, Internet, and DTT television channels when reproducing the work.

For radio, these are rights collected from national public and private sector radios and networks, as well as local private radios and the "Independent Group" when reproducing the work.

7. Recorded Media & Multimedia

‍ "Recorded Media & Multimedia" exploitations include phonograms, videograms, and video games. For phonograms, these are rights collected when reproducing the work on CD, vinyl, and cassette media. For videograms, these are rights collected when reproducing the work on DVD and Blu-ray media for different categories of audiovisual works (films, series, documentaries, concert recordings, etc.). For video games, these are rights collected when reproducing the work within multimedia supports such as game consoles and/or their CDs.

8. Internet

"Internet" exploitations include streaming, web radio, VOD, as well as podcasts and institutional films online, online video games, and paid live streams. For streaming, these are rights collected when the work is reproduced by online music services and international downloading platforms such as Spotify, iTunes, YouTube, Amazon, Apple Music, Dailymotion, etc. For web radios, these are rights collected from national online music services like web radios, sites allowing download or listening to musical works. For VOD, these are rights collected from Video on Demand and Subscription Video on Demand platforms.

9. Live Music

‍ "Live Music" exploitations include concerts, shows, artist tours, as well as dances with orchestras.

Author rights are collected when reproducing the work from show organizers, tour promoters, and all permanent establishments.

10. Nightclubs & Bars

‍ "Nightclubs and Bars" exploitations refer to author rights collected from nightclub operators, organizers of events animated by mobile discos, and operators of bars with musical ambiance.

11. Sound Systems

‍ "Sound System" exploitations refer to author rights collected from public places that use, for background music, works reproduced on sound media or music programs provided by any specialized company.

12. Private Copies

‍ "Private Copies" exploitations refer to remuneration for private audio and audiovisual copying collected by for instance Copie France from manufacturers and importers of analog and digital recording media allowing the copying of works.

13. Cinema

"Cinema" exploitations refer to author rights from the screening of films, or the retransmission of concerts and shows in movie theaters.

14. Foreign Exploitation

Foreign exploitations refer to author rights for works exploited in foreign territories and collected by collective management organizations (e.g., SACEM).

Key Figures for Context

• The global recorded music market reached $29.6 billion in 2024, with 4.8% growth compared to 2023 according to the IFPI Global Music Report 2025.
• Goldman Sachs forecasts $31.4 billion for the recorded music market in 2025, with expected growth of 5.8%, projecting a market of $110.8 billion by 2030.
• Streaming represented 69% of global recorded music revenues in 2024, with total streaming revenues exceeding $20 billion for the first time ($20.4 billion).
• The number of paid streaming subscribers reached 752 million in 2024, growing 10.6% compared to 2023.
• Global collections for authors, composers, and publishers reached €13.97 billion in 2024 (+6.6%), of which €12.59 billion specifically for music (+7.2%) according to the CISAC 2025 report.

In Conclusion

‍The return on a music catalog does not rely on a single channel. It is based on streaming, but also feeds on broadcasting, live performances, audiovisual, publishing, public uses, and international markets. This network creates a robust asset for investors.

On Bolero, transparency on flows, clear distinction between master and publishing, and revenue diversity make each catalog a thoughtful, informed, and sustainable investment.

Important: Bolero does not provide investment advice. Investing involves risks, and past performance is not indicative of future results.