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537K AUDIO SECTOR REPORT Let the Good Times Roll! – Recap of Q4 2020 EXECUTIVE SUMMARY Q4 2020 Music Sector Wrap-Up » 2020 has proven to be a very active year in digital audio with tremendous value creation – DSPs up 42% and Publishers up 32% -- with an acceleration in M&A-led consolidation continuing into 2021 (as of this writing SONY has acquired AWAL for $430MM) » In this report we focus on some of the activity in the creator services market: ― Summit Partner’s investment in Output; Beatport’s acquisition of Loopmasters; Francisco Partner’s majority investment in Native Instruments (GCA was the exclusive advisor to Native Instruments in this pending transaction set to close in Q1 ‘21) ― We like this part of the value chain and believe it will draw further investment interest and consolidation in 2021 ― Our thesis rests on a simple point of view: the digital re-platforming of the music sector has highlighted the importance and value of the “picks and shovels” in the value chain – the software, hardware, devices, essential to streamlining the process from music creation to digital distribution » And nothing has slowed down the “song as asset class” investment thesis either – led and defined by the bold moves of Hipgnosis Songs Funds Ltd. in both buying catalogues, accumulating 129 catalogues and 60,000+ songs as of 12/31, and raising capital ― With Shamrock, Providence Equity and KKR also committed to catalogue investing, some of the smartest money in the entertainment market today, it is safe to say that we really are only at the start of a solid 10-year investment cycle » Lastly, in this report we take a look at the continuing evolution of the live streaming market – a pandemic-accelerated growth segment of the market with enormous potential, longevity and global potential ― Tencent Music, YouTube, LiveNation, Bandsintown all invested in streaming capabilities and partnerships during Q4 ’20, eager to capitalize on the momentum in this part of the market ― We expect to see multiple new partnerships and entrants to continue to emerge, as the potential opportunity has been measured by some analysts to be at a near $2Bn market size Select Q4 Active Acquirers Select Q4 Active Investors 2 TABLE OF CONTENTS I. GCA Overview II. Digital Music Trends and Insights III. Public Markets IV. M&A and Financings V. Public Comps Backup 3 GCA OVERVIEW GCA’s Dedicated Sector Knowledge and Execution Excellence GCA Music Focus GCA’s Global Music Leadership Team STREAMING PUBLISHING JOHN LAMBROS SASCHA PFEIFFER Member of the Board, Member of the Board, President, GCA US Co-Head, Europe RIGHTS [email protected] [email protected] DISTRIBUTION MANAGEMENT SAMEER JINDAL JONATHAN NORMAN ENGAGEMENT ARTIST SERVICES Managing Director, Managing Director, TOOLS Head, India Digital Media [email protected] [email protected] AI TOOLS & VIDEO & ANALYTICS CREATIVE DAVID FEGLEY MALTE ABRAMS Vice President Director [email protected] [email protected] PROMOTIONAL LIVE EVENT SERVICES MANAGEMENT GCA Overview 25 >500 500+ 245 80% OFFICES AROUND M&A TRANSACTIONS IN PE DEALS IN THE REPEAT OR THE WORLD PROFESSIONALS LAST 3 YEARS LAST 3 YEARS REFERRED CLIENTS Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Advisors Corporation and GCA Altium have advised on. 4 GCA OVERVIEW Native Instruments’ Sale to Francisco Partners GCA acted as exclusive financial advisor to EMH Partners on the sale of a majority stake in Native Instruments, the leading vendor of software and software-enabled hardware for digital audio production, to Francisco Partners SITUATION SOLUTION » Native Instruments is the global leader in digital music » GCA generated strong process momentum by introducing creation software and hardware, with more than 1.5 several very eager bidders early, of which Francisco TRANSACTION DATE million active users Partners emerged as the most motivated Pending » Native Instruments was founded in 1996 in Berlin and » Navigated the process through COVID environment with January 2021 employs more than 400 employees worldwide, operating video conference meetings between the parties in seven global offices DEAL TYPE » Drew in parties that had actively followed the company in M&A » In 2017, EMH Partners invested $60MM in Native the past to increase number of process participants – Instruments, followed by a further investment in 2020 to even during the lockdown achieve majority ownership in the Company SECTOR » Received multiple proposals from PE with different Digital Media, Music, » With Francisco Partners, Native Instruments is planning to transaction structures and assisted the company and Software, Technology further enhance its product leadership, drive board in evaluating and optimizing the various options consolidation in the growing and fragmented market for » Drove price and certainty through closure digital music creation, and extend its already leading position in the industry 5 GCA OVERVIEW Leading Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services STOCKHOLM MANCHESTER LEEDS PARIS FRANKFURT BIRMINGHAM MUNICH KYOTO NAGOYA ZURICH TOKYO LONDON SHANGHAI NEW YORK LAUSANNE MILAN NEW DELHI OSAKA TEL AVIV SAN FRANCISCO FUKUOKA TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY Global platform: Sector expertise: Exceptional cross- 25 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 500 employees and deep Half of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies San Francisco | New York | Birmingham | Frankfurt | Fukuoka | Ho Chi Minh City | Kyoto | Lausanne | Leeds | London | Manchester | Milan | Mumbai | Munich | Nagoya | New Delhi | Osaka | Paris | Shanghai | Singapore | Stockhom | Taipei | Tel Aviv | Tokyo | Zurich 6 TABLE OF CONTENTS I. GCA Overview II. Digital Music Trends and Insights III. Public Markets IV. M&A and Financings V. Public Comps Backup 7 DIGITAL MUSIC TRENDS & INSIGHTS Q4 2020 Music Sector Wrap-Up – Key Subsegment Trends » The digital re-platforming of the music sector has driven increased focus as well as strategic and financial interest in the “pick and shovels” business models – the software and the hardware essential to streamlining the process from music creation to digital distribution » Business models are evolving rapidly, in some cases displacing the traditional recording studio with advances in devices, Creator Platforms plug-ins, software, digital sounds and collaboration tools & Services » In Q4 2020, there were several transactions in this area: Summit Partners’ investment in Output, Beatport’s acquisition of Loopmasters, the majority sale of Native Instruments to Francisco Partners (pending), and the rumored Goldman Sachs investment in Splice » We expect to see more investment and consolidation in this category as the growth opportunities are enormous, and the re- occurring nature of companies’ business models are highly attractive to investors » Nothing seems to be slowing down the investment interest in this thesis – drawing numerous buyers and sellers from all across the market » Is it estate planning? Lack of live touring during COVID? Fear of tax hikes? The lure of cash certainty? Major artists including Bob Dylan, Stevie Nicks, The Killers, and Taylor Swift have all been monetize their catalogs through song funds The Song As An » Hipgnosis continues to be “the axe” setting the tempo, volume, and defining the narrative by upping the quantum of dollars Asset Class pouring into the market » Newly public Round Hill Music Royalty Fund and PE-backed funds like Tempo (Providence), Shamrock Capital Content Fund – to name a few – are chasing assets, with new entrant KKR joining the fray, acquiring Ryan Tedder’s catalogue. » With some of the smartest money in the market today investing in “the song as asset class” theme, no wonder we feel we are at the start of a good 10-year market cycle » COVID has helped to highlight many things that are here to stay for a very long time, and live-streaming concerts » The quarter saw a tremendous amount of organizing and partnering across technology and live markets Live Streaming » Tencent Music Entertainment, YouTube, LiveNation, and Bandsintown all invested in their live streaming capabilities during Q4 2020, eager to capitalize on continued momentum in the market » We expect new entrants and partnerships to continue to emerge Notes: Sources: Press Releases, Wall Street Research 8 CREATOR PLATFORMS & SERVICES Technology Driving the Explosive Growth of Independent Music Independent Music on the Rise… …Fueling The Engine of Streaming Platforms like SPOT 1» The Independent Artists market continues to rapidly gain market share in the 3» 2020 has been a banner year for Spotify, with a rapid growth in both listeners broader music market. In 2020, the segment grew 32% year-over-year and and artists on the platform. Given platform engagement, it’s no surprise that currently represents ~10% of the broader market… the Company’s stock price and market cap have more than doubled in the year 2500 $2,124 Total Subscribers (MM) Tracks Uploaded Daily (K) Non-Major % of Streams 2000 $1,607 1500 124 VS. 20 VS. 15 VS. 154
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