Litmus Music announced on Tuesday (August 15) that Monti Olson will join as president. His hire follows the venture’s recent launch, with $500 million to spend on catalogs through the backing of Carlyle Global Credit.
Like Hank Forsyth and Dan McCarroll, the veteran music executives leading Litmus, Olson has decades of experience in the music industry. He has held positions at Universal Music Publishing Group, Warner Records and BMG, where he started as co-head of A&R in 2018 and later became executive vp/head of music publishing. Olson “brings significant industry expertise that will build on and complement the team’s talent, which we believe will serve as a differentiator for Litmus’ success,” Matt Settle, managing director at Carlyle Global Credit, said in a statement.
Litmus launched with the goal of acquiring both recording and publishing rights. “Our partnership with Hank and Dan, two highly regarded executives in the music industry, underscores the value we see in music rights, driven by strong tailwinds and the uncorrelated nature of the asset class,” Settle noted at the time.
Other companies feel the same way. BlackRock and Warner Music Group poured $750 million into Influence Media Partners, which is also on the hunt for catalogs, in February. Iconoclast joined the fray earlier this year as well, buying up Robbie Robertson‘s rights. Apollo Global Management promised up to $1 billion in backing for HarbourView Equity Partners last year; another prominent investment company, KKR, bought Kobalt’s catalog for $1.1 billion in 2021 along with Dundee Partners; and Blackstone committed $1 billion to Hipgnosis Songs Capital.
Litmus aims to “acquire and manage music rights… across genres, geographies and vintages,” according to its launch announcement. “The partnership will focus on creating value for artists and investors through the thoughtful management of music.”