Trapital

Latest Episodes:

Talent Agencies: Who Leads the Next Era? Mar 30, 2026

Show notes

Now that Wasserman Agency has rebrand itself to "The Team," what's next? Who will lead The Team? Who will the new owner be? What will they do with it? Elsewhere in the talent agency world, CAA has a new managing director for music touring, and UTA's longtime leader has stepped down. Who will lead the next era?

I am joined by Ben Sisario from the New York Times to unpack the talent agency business, the leadership and reputational questions surrounding the companies, and what it all signals about succession, private equity, and the future of agency power.

CHAPTERS

05:05 Wasserman's Rebrand

08:23 Sale Scenarios

12:52 Margins And Risk

21:16 Why Music Lags

26:08 The Black Box of Talent Agencies

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Linktree: Share music, sell merch, and connect with fans on one simple link. Linktree is the #1 link in bio tool that musicians and artists use to connect fans to everything they do.

Symphonic: Distribute your music to one of the largest networks in the industry. Symphonic delivers your music to over 200 digital service providers ensuring that you’re monetizing every stream and use of your music on Spotify, TikTok, YouTube, and more

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Can AI Music Creation Be a Real Growth Market? Mar 23, 2026

Show notes

As streaming growth slows, the music industry is searching for its next big opportunity. One of the leading bets? AI-powered music creation.

I'm joined by MIDiA Research’s Tati Cirisano to break down whether platforms like Suno represent a true growth engine or just another niche product.

We explore the rise of consumer creation, the limits of the “superfan” narrative, and why the future of music revenue may be more fragmented than the industry hopes.

CHAPTERS

02:10 Rise of AI music tools 06:00 The superfan idea 14:30 The superfan landscape 22:30 Suno’s growth 40:00 AI vs. streaming 46:00 Labels and deals 52:00 Streaming’s future

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Linktree: Share music, sell merch, and connect with fans on one simple link. Linktree is the #1 link in bio tool that musicians and artists use to connect fans to everything they do.

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Where technology shapes culture. New episodes and memos every week. Sign up here for free.

Live Nation and DOJ Settled. Now What? Mar 16, 2026

Show notes

The Department of Justice has settled its lawsuit against Live Nation - Ticketmaster. There will be no breakup of the live entertainment company, but Live Nation has agreed to several remedies in an effort to improve the ticketing industry. But more rust that’s settled… what’s next? What will this change?

In this episode, we are joined by returning guest and NYU professor Larry Miller to break down the DOJ’s settlement with Live Nation/Ticketmaster.

We also dig into the bigger question fans care about most: will this make tickets cheaper?

CHAPTERS

04:13 Why Did DOJ Want to Settle?

11:14 Will Ticket Prices Fall?

13:05 Primary vs. Secondary Ticketing Market

22:48 StubHub and SeatGeek’s Challenge

24:56 Live Nation’s Consent Decree

SPONSORS Chartmetric: Listen in for our Stat of the Week Linktree: Share music, sell merch, and connect with fans on one simple link. Linktree is the #1 link in bio tool that musicians and artists use to connect fans to everything they do.

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Private Investors Love Music. Why Doesn’t Wall Street? Mar 09, 2026

Show notes

Investors have poured more money into music than ever before. Music as an asset class if hotter than ever,. But the public markets have discounted the value of music companies:

UMG stock is currently trading near its all-time low
WMG trades at a discount on its earnings relative to UMG
RSVR is going through a takeover attempt
Several publicly traded music companies have been taken off the public markets

This is a huge disparity, and it was time to explain why.

In this solo episode, I break down this paradox. We will also connect the dots to real estate, the post-2021 repricing, and why more take-private attempts may be ahead.

CHAPTERS

00:10 Private vs Public Money in Music

07:26 Similarities in Music

08:19 2021 Reset

15:10 WMG and UMG

24:02 What’s Ahead

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Linktree: Share music, sell merch, and connect with fans on one simple link. Linktree is the #1 link in bio tool that musicians and artists use to connect fans to everything they do.

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Where technology shapes culture. New episodes and memos every week. Sign up here for free.

Trapital: Where Business Meets Culture Mar 09, 2026

Show notes

Is The Sphere… A Good Business? Feb 26, 2026

Show notes

Sphere Entertainment is now profitable, Wizard of Oz was a hit, and more locations are coming. Has the business turned the corner, or are there still question marks?

In this episode, I’m joined by Tati Cirisano, MIDiA Research, to assess where Sphere Entertainment stands in 2026. We unpack the company’s narrative, scalability, residencies, challenges, and more.

CHAPTERS

01:34 Is It Really Profitable?

10:01 The Concert Residency Model

14:58 Sphere Expansion Plans

22:33 Novelty Risk

26:07 Does Sphere Have a Comp?

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Follow The Money: EVEN, Duetti, and The New Deal Stack Feb 20, 2026

Show notes

In music right now, the winners aren’t just the artists with the biggest audiences, they’re the teams that control the infrastructure.

First, I sit down with Mag Rodriguez, CEO and co-founder of EVEN, to break down how Even became a key part of J. Cole’s The Fall Off rollout, from exclusive drops and direct-to-fan sales to tour presales and fan community features designed to keep people coming back.

Then, I’m joined by Lior Tibon, CEO and co-founder of Duetti, to unpack the financial plumbing behind catalog deals: how Duetti raised $200M, why equity and debt get used differently, and how data, underwriting, and marketing operations power the rights-acquisition machine.

CHAPTERS:

04:27 Why J. Cole Uses EVEN

10:16 EVEN-UMG Deal, Explained

16:49 Clearing the Rumors

32:30 Duetti’s Equity vs. Debt Stack

33:34 What a typical Duetti deal looks like

38:38 Catalog Marketing Playbook

SPONSORSChartmetric: Listen in for our Stat of the Week Linktree: Share music, sell merch, and connect with fans on one simple link. Linktree is the #1 link in bio tool that musicians and artists use to connect fans to everything they do.

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Why Netflix and Spotify Won in Paid Streaming Feb 11, 2026

Show notes

For the past 20 years, subscription streaming has produced an outcome that still gets overlooked. The category winners weren’t the big tech giants or the major studios. In music, Spotify became the default. In premium video, Netflix did the same.

In this episode, we break down how pure-play focus, faster decision-making, and a single retention-driven scoreboard create compounding advantages that big tech’s money and bundling can’t easily copy.

CHAPTERS

01:03 Why Spotify and Netflix Succeeded

06:13 Pure-Play Edge

10:36 Speed & Ownership

14:29 Survivorship Reality

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Chartmetric: Listen in for our Stat of the Week Symphonic: Distribute your music to one of the largest networks in the industry. Symphonic delivers your music to over 200 digital service providers ensuring that you’re monetizing every stream and use of your music on Spotify, TikTok, YouTube, and more

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Inside Grammy Week: Galas, Deal Rooms, and “The Two Grammys” Feb 04, 2026

Show notes

We just came back from the 68th Grammy Awards. I am joined by Tati Cirisano of MIDiA Research break down what it’s actually like to the experience the Grammys up close from industry events and late-night conversations to crossing paths with artists, executives, and power players shaping the music business. We unpack standout performances, unexpected moments, and how attending the show in person is different from watching at home.

CHAPTERS

01:43 Bad Bunny’s Big Night

05:11 The Grammys In Person vs. On TV

08:36 Lauryn Hill

10:07 Cher on Stage

14:02 Polymarket and the Grammys

20:39 Grammy Week

25:19 Big Changes Next Year

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Can YouTube Have It All? Jan 23, 2026

Show notes

YouTube is the biggest TV, music, and video platform in the world, but it’s not satisfied. The company still wants to compete for the dollars that go to traditional TV. But can YouTube have it all?

In this episode, we examine YouTube’s push into the living room, from securing the NFL Sunday Ticket to becoming the exclusive home of the Oscars starting in 2029. But as YouTube chases TV legitimacy and higher profit margins, it faces a core tension: how can it get there without losing the creator-driven ethos that made it dominant.

We break down YouTube’s battle for short-form dominance, where YouTube TV fits in, and what its evolving strategy reveals about the future of media, creators, and global attention.

CHAPTERS

02:12 YouTube’s Ambition

04:59 YouTube vs TikTok

10:04 YouTube TV

13:16 Future of YouTube

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Where technology shapes culture. New episodes and memos every week. Sign up here for free.