Sector 03
Entertainment
Rights, formats, and live experience. We buy the things an audience returns to, not the things it discovers once.
How we take it
Rights acquisition, majority stakes in production, and structured finance against catalog.
The thesis
Why we hold this sector
Distribution has been rebuilt three times in twenty years. The catalogs and formats that survived every rebuild are the only durable asset in the sector, and they are consistently underpriced relative to the platforms that rent them.
We underwrite libraries, formats, and live properties on repeat behavior rather than on launch numbers. A format that travels across four countries and two decades is an infrastructure asset wearing a creative jacket.
Live and location-based experience is the part of the sector a screen cannot compress. It is capital intensive, operationally hard, and therefore defensible.
Focus areas
What we actively look at
- Format and catalog rights with proven international travel
- Independent production with retained ownership
- Live, festival, and location-based experience
- Games and interactive properties with durable communities
The other sectors
Working on something in this sector?
We would rather hear the structural argument than see the projections. If the argument holds, the projections will follow.