The sale of three scaled music rights catalog companies, Anthem, Iconoclast and Crescendo, indicates a milestone in the catalog investment market. Since Hipgnosis Songs Fund listed on the London Stock Exchange in 2018, the market for music as an "investible asset has grown by tens of billions. Private equity firms, insurance companies, pension funds, sovereign wealth funds, global private credit investors, and family offices have been attracted to the annuity-like returns music royalties provide in the streaming era. Iconoclate, the music rights and brand development company started by Olivier Chastan and backed by the $2-trillion investment manager PIMCO, is in the final stages of a sale to Irving Azoff’s Iconic Artists Group. Meanwhile, Northleaf Capital is in talks to sell the Cresccendo catalog for $500 million.