Larry Mestel on What Makes a Song Worth Millions

I sat down with Primary Wave CEO Larry at the Trapital Summit. When Larry started Primary Wave in 2006, the company had roughly $60 million to invest. Twenty years later, Primary Wave raised a record $2.2 billion fund dedicated. It has partnered with the estates and catalogs of Whitney Houston, Prince, Bob Marley, James Brown, Luther Vandross, and more. Larry and I talked about how Primary Wave evaluates music rights, recent acquisitions, the rise of capital in the space, the criticism that the firm has given, and more. CHAPTERS 07:53 What makes a music catalog valuable 11:38 Active vs. passive management 12:16 Whitney Houston, Prince, and other estates 16:36 Why Primary Wave acquired Kobalt 23:09 The future of music rights valuations This conversation was recorded live at Trapital Summit 2026 in Los Angeles. Listen here: Spotify | Apple Podcasts | YouTube | Overcast Links mentioned: Primary Wave Music Primary Wave’s acquisition of Kobalt Primary Wave’s $2.2 billion Music IP Fund IV Trapital Summit 2026 Why Investors Are Looking Beyond Iconic Music Catalogs — Trapital’s conversation with Flexpoint Ford’s Mike Morris Presented by Chartmetric