The Reliable Business of Nostalgia
I have always found the entertainment industry reliably predictable. When one revenue well runs dry, executives simply grab a bigger bucket and look somewhere else. Right now, that bucket is pointed squarely at music intellectual property.
In the recent past, streaming subscriber growth felt like a ghost town. Then, platforms realised something crucial. Familiarity is cheap to mine and incredibly lucrative to sell. Netflix and Warner Music Group recently shook hands on a multi-year deal for exclusive artist documentaries. To me, this is not just a polite corporate arrangement. It is a glaring signal of where the smart money might be heading.
Nostalgia is the most potent, ruthless drug on the open market.
Think about the mechanics of it. When a glossy documentary drops on a streaming platform, viewers do not just watch the programme. They listen. They fire up Spotify and immediately binge the featured artist's entire musical history. Spotify reaps the rewards of renewed listening time. Meanwhile, Warner Music Group, clutching the rights to these sprawling catalogues, quietly collects the royalties.
