Seeker Music Group, Evan Boggart’s music rights company, said on Tuesday (March 24) it secured $267 million through an asset backed security to fund future catalog acquisitions.
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This is Seeker’s first capital raise through a debt offering, and it was arranged by backer M&G and rated by Kroll, Fitch and S&P.
A growing number of music companies are tapping the debt markets to raise capital, as companies from Concord to SESAC have used structured finance for a a low interest rate capital solution. Debt investors, like pensions and insurance companies, are drawn to the annuity-like returns they make from music assets.
Seeker CEO Evan Bogart said securing the ABS financing was “an important moment for Seeker and for the music we champion.”
“This is the fuel behind our mission to transform how music rights are managed, valued and celebrated … and this capital empowers us to move even faster,” Boggart said in a statement. “We’re expanding our creative footprint and proving that a creator-led model is the future of music rights management and the standard the modern industry demands.”
Founded by M&G Investments in 2020, Seeker’s portfolio consists of more than 19,000 copyrights, including songs written and recorded by Beyoncé, Christopher Cross, Drake, The Go-Gos, Jay Sean, J-Kwon, Joan Jett and Lewis Capaldi, worth $400 million, the company says.
Seeker has been particularly successful in placing music from its catalog in new releases, as it did with the interpolation of J-Kwon’s “Tipsy” in Shaboozey’s “A Bar Song (Tipsy),” which topped the Billboard Hot 100 for a whopping 19 weeks. Seeker also launched “Samplémoose,” a strategy through which it partners with producers and songwriters to reimagine old hits.
Barclays acted as sole structuring and lead placement agent, with MUFG serving as joint placement agent.
Salina Sabri, managing director at Barclays, said, “The strong market reception underscores continued investor demand for music‑backed financings.”
