BC MUSIC
Saved by @SAnngeri

Open Question to fellow investors tracking Music Industry.

A business like Universal which controls more than 1/3rd of all published music globally is selling for less than 6x FY20 Sales.

Why are Indian businesses like Saregama / Tips selling for 11x, 20x their sales?

 If I include all of the revenue generated by entire firm, its selling for ~4.5x FY20 Sales
Universal Listing Market Cap ~ 40 Billion USD
FY 20 Revenues ~ 8.87 B USD or 7.4B EUR

Catalogue of Music includes every international artist you can possibly name

Either Universal is grossly undervalued or Saregama/Tips are grossly overvalued.
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Cash flow statement is a financial statement published by a company every quarter and annually.

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"Music, Sense and Nonsense: Collected Essays and Lectures", por Alfred Brendel.

Capítulo: “Conversations - Talking to Brendel with Jeremy

Ya casi llegamos al final de este maravilloso libro. En esta sección, Brendel comparte varias entrevistas. La primera de ellas fue en 1972 con Jeremy Siepmann, músico, locutor, articulista y autor de varios libros sobre música.


Si bien después de 377 hojas ya tenemos una buena idea sobre las opiniones de de Brendel sobre la música y el quehacer musical, en esta entrevista revela varios puntos de vista.


Sobre si disfruta interpretar música, Brendel responde que sí, sobre todo en los últimos años, “when I’ve had the impression that much of what I do comes across. Of course, one very rarely knows if the right things come across)”.


Sobre si los intérpretes existen para vincular al compositor con el público, Brendel afirma que le interesa más la relación del intérprete con el compositor que con el público: “What fascinates me is to make sense of a piece of music while it sounds”.
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Reason for high repeatability for songs is due to connection with old memories !
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I'd like to say a few things in tribute to the brilliant musical director & vocal coach Kate Young, who died far too young last week. Even fellow musical theatre folk may not know what a trail-blazing talent she was, so here's my story of Kate (thread)/1

I first met Kate at a rehearsal for Wayne Sleep's 1983 touring dance show DASH, for which I was composer. What struck me first about her (apart from the poetic lilt of her warm, Edinburgh accent) was the impeccable care she was taking playing piano for dance rehearsals /2


(believe me, & I mean no disrespect to lovely dancers & choreographers but playing piano for dance sessions isn't called REPETITEUR for nothing and many repetiteurs switch to auto-pilot at the keys. Kate never did. Her playing was always immaculate)/3

We hit it off immediately & had long, ranty discussions about how we wanted to change musical theatre, like young people do. We had specific aims to do with the way singing was taught & shaped for the stage. /4

We wanted the singing to be much more text & meaning-focused, for actors to have the confidence to sing as well as trained singers & for the sound to be more nuanced, more plural in style & less belty & samey (tbh not sure we won that battle..) /5
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"Music, Sense and Nonsense: Collected Essays and Lectures", por Alfred Brendel.

Capítulo: “Conversations - On Schnabel and Interpretation with Konrad

En esta conversación de 1979, Alfred Brendel y Konrad Wolff, autor de “The Teaching of Artur Schnabel. A Guide to Interpretation”, discuten sobre ciertos puntos en los que Brendel no coincide con Schnabel.


Para Wolff, Brendel es el primer pianista desde Schnabel que ha gozado de plena autoridad en la interpretación de Mozart, Beethoven y Schubert. Además, en su opinión, su enfoque tiene mucho en común con el de Schnabel en los detalles de fraseo, tempo y dinámicas.


Sin embargo, hay varias opiniones en las que Brendel difiere de Schnabel. Para Brendel, las frases son como curvas que no necesariamente se miden por compases: “Very often for me the art of phrasing consists in forgetting about bars, ignoring bars and seeing large units”.


Por su parte, de acuerdo a Wolff, Schnabel veía las frases en función de la respiración y del énfasis al principio o al final: “he wanted to know how far he was to play before there was a breath (…), a phrase begins and then goes from there, or else it ends and goes to there”.
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