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Trapital

Dan Runcie

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Trapital is where technology meets culture. Hear breakdowns on the most important trends in tech, media, and entertainment. Trapital founder Dan Runcie and various guests break down the moves that shape the rest of society. Learn more
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We continue our Trapital Summit series with Jason Sklar, a partner at Shamrock Capital, to explore music rights as an asset class, as well as gaming, film, and more. We discuss Shamrock’s perspective, market trends, valuation approaches, the role of AI, and cross-industry opportunities. 02:27 State of Music Rights Investing 09:37 Shamrock’s Investm…
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We continued our Trapital Summit series with our talk with Udio CEO Andrew Sanchez and MIDiA Research’s Tati Cirisano. AI is rapidly transforming how music is created, distributed, and experienced. You’ll hear them unpack the challenges and opportunities shaping this new era of sound. From redefining creativity to fostering trust between artists an…
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At the Trapital Summit, we were joined by the CEO of VERZUZ, Steve Pamon. His career is all about turning events into big moments, from his time at McKinsey, HBO, NFL, WWE, IMAX, and more. We discussed how major shows scale into franchises, covering team execution, fan value, storytelling, and lessons from Beyoncé, Roger Goodell, and more. 03:50 St…
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We’re continuing our Trapital Summit series with TuneCore CEO Andreea Gleeson. You’ll hear her and Billboard’s Taylor Mims discuss how TuneCore empowers artists worldwide, how indie artists break through the noise, successes, challenges, and more. 03:48 Wins and Milestones 09:55 Superfans Opportunities 12:57 Future Tools for TuneCore Artists 15:33 …
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We’re continuing our Trapital Summit series. In this episode, we’re with Kakul Srivastava, CEO of Splice, to discuss how technology is reshaping music. From Splice’s acquisition of Spitfire Audio to the rise of AI-powered tools, we explore innovation, M&A lessons learned, and more. 03:51 Acquiring Spitfire Audio 10:24 Product and Data-Driven Growth…
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We’re continuing our Trapital Summit recap series. In today’s episode, you’ll hear my conversation with Oliver Schusser, VP of Apple Music and International Content, to explore Apple’s journey in music. We dive into the state of music streaming, AI ‘s impact , and Apple’s partnerships in sports and live content. 02:46 From iTunes to Apple Music 01:…
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We’re kicking off our Trapital Summit recap series. In today’s episode, you’ll hear my conversation with Elliot Grainge, CEO of Atlantic Music Group. This was Elliot’s first public talk since becoming CEO in October 2024. We discuss his response to the fanfare around the Warner Music Group transition, Elliot’s experience selling 10K Projects, and a…
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In this episode, we take you behind the scenes of last week’s second annual Trapital Summit. Listen to me and Tati Cirisano from MIDiA Research break down what went into the event. From the NeueHouse bankruptcy to speaker selection, key moments, feedback from guests, curating the right room, and plenty more. 01:13 A Last-Minute Surprise 09:40 Curat…
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Our Trapital Summit is Wednesday, September 10 in Los Angeles! Get your tickets here. Today's mini-episode is a breakdown on The Weeknd's $1 billion music rights financing goals and whether it is worth that massive price tag. I also share a few words on the late Peter Sinclair, CEO and co-founder of beatBread. How Much Is The Weeknd's Music Really …
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Trapital Summit is on Sep 10 in LA. Join us! Get your tickets here. The major record labels are adapting for the modern era. Lately, that shift has them looking less like RCA and more like KKR. These companies have invested less in signing new artists and more in acquiring the legendary back catalog of music. With streaming driving steady royalties…
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In this solo episode, we dive into the most valuable music catalogs in the world, and what makes them stand out. From Queen and Michael Jackson’s deals and more, we explore why the top catalogs fetch massive multiples and how they operate at unique financial and cultural assets. 03:19 Iconic Catalogs 07:07 Music Biopics 08:32 How Genres Imoact Cata…
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In this episode, we’re revisiting our deep dive on James Dolan’s Sphere in Las Vegas. The Backstreet Boys residency at the Sphere. As we predicted on our 2025 Live Music Draft, the boy band’s apperance at the Vgas spectacle would exceed expectations. So I talk about that before I jump into the episode. Then I’m joined by MIDiA Research’s Tati Ciris…
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It’s harder than ever to breaking through the noise, but navigating YouTube may be a prerequisite to even have a chance. In this episode, I’m joined by YouTube’s Director of Black Music & Culture, Tuma Basa. He returns to reflect on the platform’s evolution and the ongoing relationship between curators and the algorithms they rely on to reach the m…
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This is the room for the leaders shaping what's next in music, entertainment, and technology. It's Wednesday, September 10 at NeueHouse Hollywood in Los Angeles, CA. ​Register now. Early bird pricing ends July 24, two weeks from today. You'll hear from: Elliot Grainge, CEO, Atlantic Music Group Steve Pamon, CEO, Verzuz | Board Member, IMAX Erin Tea…
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This episode’s a bit different, no guests. I’m going solo to break down a big topic. For record labels, the market share they have relative to peers drives major decisions both macro and micro. They spend a lot to maintain that position. Is it all worth it? 01:33 Market Share’s Financial Impact 05:49 Challenges & Critiques 07:21 Cross-Industry Para…
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Now that the dust has settled on Taylor Swift’s music rights saga, what’s next? We unpacked the financial impact of all the transactions on key players like Scooter Braun, Scott Borchetta, Shamrock Capital, and Swift herself. While all of those parties made a lot more money, we took a deeper look into the potential losers over the years. And lastly…
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We’re joined by AWAL CEO Lonny Olinick. In the episode, we broke down why artist development still matters, how AWAL merges traditional record label services with its distribution business, giving artists creative freedom, global reach, and real ownership to AWAL’s artist-first approach often beats major label deals, what it means to be part of the…
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Hip-hop’s has had an outsized impact in fashion for decades, but where are we today? In this episode, I am joined by Fashion Killa authorSowmya Krishnamurthy. We unpack hip-hop’s relationship with fashion, how these partnerships have evolved, where they stand in 2025, and what we want to see more of. 01:41 Hip-Hop’s Cultural Impact vs. Sales Metric…
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American music still dominate the global stage, despite the world going local. In this episode, I am joined by former chief economist at Spotify, Will Page. We explore the powerful global influence of American music and what it reveals about culture, commerce, and control in the streaming era. From top-down industry power to bottom-up grassroots mo…
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There are billions of videos uploaded to the internet daily. They all need the right music or sound effect. Many of them rely on Epidemic Sound to make that happen. In this episode, I’m joined by Oscar Hoglund, co-founder and CEO of Epidemic Sound. We dive into how Epidemic Sound uses AI to enhance music discovery while ensuring fair compensation f…
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Is the global market headed for another shake-up? In this episode, we unpack the rising uncertainty in international trade and finance—from shifting geopolitical alliances to unexpected tariffs and policy pivots. What does this mean for businesses, investors, and everyday consumers? Tune in as Billboard’s Senior Finance Correspondent, Liz Dilts Mar…
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In this episode, we’re shaking things up with our very first Live Music Draft 2025!Joined by MIDiA Research’s Tati Cirisano, we’re drafting our top music festivals, stadium tours, arena tours, concert residencies, over-performers, and under-performers of the year! 02:30 Music Festivals09:21 Stadium Tours14:04 Arena Tours (First Timers)22:00 Vegas R…
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There are millions of companies worldwide that use personal music streaming accounts for their businesses’ music. But if those companies had the business-level streaming they should, it would add billions of annual revenue to the industry. So why isn’t this a priority? Well, it’s a priority for today’s guest, Ola Sars. He’s the founder and CEO of S…
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Everyone’s talking about “superfans,” but artist management companies have been focused on their top fans for quite some time. We sat down with Jonathan Daniel from Crush Music. They manage Green Day, Miley Cyrus, Sia, Weezer, Fall Out Boy, Train, and others. We talk about Coachella, touring strategies, how they use data, business ventures and more…
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Let’s cut through the noise and get real about what it takes to build a sustainable business on the world’s biggest video platform. Joining me are Ten2 Media founders Donna Budica and George Karalexis, who help artists like Benson Boone and Brent Faiyaz maximize YouTube. ****We dive into insights on how artists can take advantage of the YouTube eco…
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It’s time for a Trapital Mailbag! We dive into hot topics like the Coachella’s payment plan debate, Tubi’s strategy under Fox, Meta vs the FTC, Lucian Grainge’s tenure at UMG, and a special section on how we use AI tools at Trapital! 00:55 Coachella Payment Plans 07:07 Tubi's Long-Term Strategy 15:42 Lucian Grange's Impact on UMG 26:14 Meta and the…
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Our episode today is a two-parter. I start at the top with my take on TikTok. We then transition to our partner spotlight! Part 1: The April 4 deadline has passed, and there’s still no deal on TikTok. The app got caught in the middle of the U.S. - China trade war and the ongoing tariffs. How will this all play out? Part 2: I’m joined by beatBread’s…
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It’s Data Week at Trapital and for part 2 in this week’s episode, we take a closer look at Spotify’s economic structure and the platform’s evolving role in the music industry. Spotify’s Head of Marketing & Policy for Music, Sam Duboff joins me as we take insights from the company’s Loud and Clear report, we explore how money flows through the syste…
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It’s Data Week at Trapital! In 2024, music streaming revenue growth slowed down, but not for everyone! MIDiA Research’s Mark Mulligan joins me to break down the compaby’s annual report and the latest trends. How will the rise of the global south shape the industry? Which sectors of the “indie” market are actually growing? Will expanded rights be th…
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Is Apple Music shaping the future of streaming, or is it just playing catch-up? In this episode, we discuss the past ten years of Apple Music, its role in music streaming, and whether it’s more important to the music business than it is to Apple overall. Join me and Tati Cirisano from MIDiA Research as we break down the moves that led to this point…
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The most influential conversations about your industry might be from an anonymous commenters who is validated by hundreds of upvotes on popular subreddit thread. Join me and Dr. Marcus Collins, the award-winning marketer, author, and friend of the pod, as we discuss the significant cultural influence of Reddit, its evolution as a community of subcu…
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In today’s entertainment landscape, with more platforms and formats than ever, do true moguls still exist? If we’re being honest, they may have more power today than ever before. From Lew Wasserman’s Hollywood dominance, to Ted Turner’s cable news empire, to today’s tech titans, we explore how these power players shaped the industry, and who might …
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What if the most important social network in the world isn’t a social network at all? In this episode, we explore how WhatsApp—often overlooked in the U.S.—has become a lifeline for families, businesses, artists, and economies worldwide. Join me and Tati Cirisano from MIDiA Research as we break down whether WhatsApp is the closest thing to a true “…
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It’s the perfect time to revisit one of our more popular episodes. Taylor Swift and Beyoncé are still at the top of the music industry despite the newer artists that do well on streaming and TikTok. That said, can today’s new class of stars ever match that same level of superstardom? . In this episode, I’m joined by Tati Cirisano from MIDiA Researc…
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According to Bloomberg, Spotify is exploring a new premium tier, Music Pro, which will include several new features and perks. But given what we know about music streaming, consumers, and record labels, who is this product really for? Will it work? Listen to me and MIDiA Research’s Tati Cirisano break down all aspects of the industry’s goal to get …
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Every few years, Meta makes a big push with a media-related product, but few of then have lasted long. Instant Articles, Facebook Watch, Instagram Live, podcasts, music videos and more. Why don’t these initiatives stick? Is this similar with most social media platforms that try new things? How will this evolve in the future? Join me and MIDiA Resea…
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The most streamed song on Spotify from the 1980s is not from Queen, Michael Jackson, Prince, or Madonna. The most streamed Spotify song from the 2000s is not from Eminem, Usher, Beyonce, or Kanye West. The streaming data is full of unique takeaways about what people really listen to. Join me and Zack O'Malley Greenburg as we delve deep into Spotify…
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When it comes to music, Disney is a generational hitmaker. From Miley Cyrus to Hilary Duff, Disney has consistently produced some of the biggest names in music over the past few decades. We break down what worked well, what hasn’t, and how it has evolved with artists like Olivia Rodrigo. Join me and MIDiA Research’s Tati Cirisano as we dive in Disn…
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Join me and Billboard’s Kristin Robinson as we break down everything from the political context up to creator reactions to TikTok’s Shutdown. 9:11 Stalled Antitrust Efforts 14:12 How Creators Reacted to the Ban 16:05 TikTok's Role for Creators 25:12 Predictions on TikTok Ownership This episode is presented by State Farm, the home for your small bus…
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In the podcasting world, audio quality used to be king. Today, however, video elements have become increasingly essential. As platforms like Spotify, YouTube, and Apple Podcasts continue to shift their strategies, the landscape of audio content is changing faster than ever. Join me and Ashley Carman of Bloomberg News as we break down everything abo…
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YouTube turns 20 this year, and it’s influence continues to grow. In music, video, podcasts, advertising, entertainment, attention, and more. It’s in a unique role, where plenty of companies compete with YouTube, but few compete with it on all levels. But what does the future look like? Despite its edge, what are the challenges ahead? Listen to me …
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Spotify went from a $14 billion market cap in 2022 to crossing $100 billion toward the end of 2024. A lot has changed in two years, but there’s more to the story than just the past 24 months. Join me and Sleepwell Capital, an investor, to break down Spotify’s journey to profitability. Hope you enjoy! 04:59 Spotify vs Big Tech DSPs 10:16 Spotify's g…
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Here’s Part 2 of the winners and losers of 2024 in streaming, artist, and record label with Zack O’ Malley Greenburg. We talked about the shifting terrain of the music industry, down to the decline of festival headliners and the emergence of “Peak Superstar”. Hope you enjoy! 02:00 Live music - winners and losers 08:22 M&A - winners and losers 24:38…
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Here’s my fireside chat with Eliah Seton, CEO of SoundCloud, from our Trapital Summit. We talked about the company’s sale process, how it became profitable, SoundCloud as a platform for tastemakers, and more. Hope you enjoy! 06:25 Connecting music creators and fans 07:48 How SoundCloud became profitable 13:30 Adding value for superfans 20:24 Helpin…
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Here’s my fireside chat with Tunji Balogun, Chairman and CEO of Def Jam, and our Trapital Summit. We talked about the evolving landscape of Universal Music Group, fluidity of music genres, the state of hip-hop, and the role of artist development. Hope you enjoy! 04:31 Def Jam's evolution 11:32 Hip-hop’s current state and influence across genres 20:…
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At our Trapital Summit, we had a fireside chat on the overlooked areas of music with Splice CEO Kakul Srivastava and MIDiA Research’s Tati Cirisano. They discussed why it matters to invest in the new generation of talent, the tension between creators and rightsholders, and AI’s influence in music creation. Hope you enjoy! 08:22 Exploring difference…
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At our Trapital Summit, we had to talk about Founder Mode vs. Manager Mode. We were joined by the founder and CEO of Believe, Denis Ladegaillerie. Believe is global music company that owns TuneCore and had its IPO in 2021. But in 2024, a consortium led by Ladegaillerie tried to take the company private, while fending of a takeover attempt from Warn…
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The global value of music copyright is now $45.5 billion. In this episode, we'll explore the global music market with friend of the pod, Spotify’s former chief economist, Will Page. We examine how glocalization is transforming the industry from Colombia to Brazil, Mexico, and beyond. We'll also discuss the difference between value and volume, strea…
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Aubrey Graham has taken two legal actions against Universal Music Group, Spotify, iHeartMedia, after the success of "Not Like Us." Are Drake's claims of inflated streams and defamation of character valid? Even if they are, what is Drake's end game with all of this? Listen to me and Brian "Z" Zisook, Audiomack co-founder, break it all down. This epi…
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