Ask most people which genre commands the highest prices in the catalog market and they’ll say classic rock. They’re not wrong — but they’re not exactly right either. Golnar Khosrowshahi, founder and CEO of Reservoir Media, offers a more nuanced take on her appearance on Billboard’s On the Record.
1. Genre is a proxy for the question buyers actually care about
Catalog buyers don’t value genre for its own sake. What they’re really evaluating is how widely a song is listened to and how long that appeal is likely to last. Classic rock tends to score well on both dimensions — hence the premium prices — but the underlying logic applies across every genre. A country artist with four decades of proven radio presence is a fundamentally different investment proposition than a dance artist whose biggest hits came out three years ago, regardless of genre.
“I would break it down as: how widespread is the listenership and how long is that going to last? At what rate is the revenue on this music going to decay?”
2. Longevity is the real premium, not genre
There is a finite group of artists and songwriters across every genre who will command truly elite catalog prices. What they share is not a sound or a style — it’s the proven ability to remain culturally relevant long after their peak commercial moment. “Take Me Home, Country Roads” is licensed constantly, covered endlessly, and embedded in American culture in a way that generates consistent revenue decade after decade. That kind of staying power is what justifies a premium multiple, whether the music is country, jazz, pop, or soul.
“There is a finite group of artists and songwriters across genre who will command that premium — and everything else comes down to what this will be worth in 10, 15, 20 years.”
3. Hip-hop and dance face real headwinds in sync licensing
One area where genre genuinely creates friction is sync licensing — the placement of music in films, TV shows, and advertisements. Music with heavy use of expletives or that relies on uncleared samples from other recordings is simply harder to license for these purposes. Advertisers need clean clearances; film and TV supervisors need straightforward rights chains. That doesn’t make hip-hop or dance catalogs worthless — but it does reduce the ceiling on one of the most lucrative revenue streams available to catalog owners.
“We are going to be more or less optimistic on film and TV sync if we’re looking at music filled with expletives. That’s not going to be easy.”
4. Geography creates unexpected opportunities
The catalog market is global, and listener behavior doesn’t always follow obvious patterns. Miles Davis is enormously popular in Japan and France. Country music has a passionate following in France. These cross-cultural affinities can meaningfully expand the revenue base for catalogs that might otherwise seem niche — and they’re easy to overlook if you’re only thinking about domestic streaming numbers when running your valuation.
“There are pockets of genre-geography marriages that are very, very surprising. Country music is very popular in France.”
5. The real risk is music that was big in the moment but won’t last
Every era produces songs that feel culturally definitive at the time but fade quickly from the cultural conversation. Catalog buyers are acutely aware of this risk. A song can be a genuine #1 hit, a genuine cultural moment, and still not be worth much as a catalog asset if there’s no reason to believe people will still be listening to it in 2040. The question isn’t whether a song was important — it’s whether it’s durable.
“Some hits don’t really stick around. They could be a culturally defining moment — but that doesn’t mean they will sustain that cultural impact two decades from now.”
Based on Golnar Khosrowshahi’s appearance on On the Record, Billboard’s music industry podcast.
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