Sphere Entertainment is now profitable, Wizard of Oz was a hit, and more locations are coming. Has the business turned the corner, or are there still question marks?

In this episode, I’m joined by Tati Cirisano, MIDiA Research, to assess where Sphere Entertainment stands in 2026. We unpack the company’s narrative, scalability, residencies, challenges, and more.

CHAPTERS

01:34 Is It Really Profitable?

10:01 The Concert Residency Model

14:58 Sphere Expansion Plans

22:33 Novelty Risk

26:07 Does Sphere Have a Comp?

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In music right now, the winners aren’t just the artists with the biggest audiences, they’re the teams that control the infrastructure.

First, I sit down with Mag Rodriguez, CEO and co-founder of EVEN, to break down how Even became a key part of J. Cole’s The Fall Off rollout, from exclusive drops and direct-to-fan sales to tour presales and fan community features designed to keep people coming back.

Then, I’m joined by Lior Tibon, CEO and co-founder of Duetti, to unpack the financial plumbing behind catalog deals: how Duetti raised $200M, why equity and debt get used differently, and how data, underwriting, and marketing operations power the rights-acquisition machine.

CHAPTERS:

04:27 Why J. Cole Uses EVEN

10:16 EVEN-UMG Deal, Explained

16:49 Clearing the Rumors

32:30 Duetti’s Equity vs. Debt Stack

33:34 What a typical Duetti deal looks like

38:38 Catalog Marketing Playbook

SPONSORSChartmetric: Listen in for our Stat of the Week Linktree: Share music, sell merch, and connect with fans on one simple link. Linktree is the #1 link in bio tool that musicians and artists use to connect fans to everything they do.

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For the past 20 years, subscription streaming has produced an outcome that still gets overlooked. The category winners weren’t the big tech giants or the major studios. In music, Spotify became the default. In premium video, Netflix did the same.

In this episode, we break down how pure-play focus, faster decision-making, and a single retention-driven scoreboard create compounding advantages that big tech’s money and bundling can’t easily copy.

CHAPTERS

01:03 Why Spotify and Netflix Succeeded

06:13 Pure-Play Edge

10:36 Speed & Ownership

14:29 Survivorship Reality

SPONSORS

Chartmetric: Listen in for our Stat of the Week Symphonic: Distribute your music to one of the largest networks in the industry. Symphonic delivers your music to over 200 digital service providers ensuring that you’re monetizing every stream and use of your music on Spotify, TikTok, YouTube, and more

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We just came back from the 68th Grammy Awards. I am joined by Tati Cirisano of MIDiA Research break down what it’s actually like to the experience the Grammys up close from industry events and late-night conversations to crossing paths with artists, executives, and power players shaping the music business. We unpack standout performances, unexpected moments, and how attending the show in person is different from watching at home.

CHAPTERS

01:43 Bad Bunny’s Big Night

05:11 The Grammys In Person vs. On TV

08:36 Lauryn Hill

10:07 Cher on Stage

14:02 Polymarket and the Grammys

20:39 Grammy Week

25:19 Big Changes Next Year

SPONSORS

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YouTube is the biggest TV, music, and video platform in the world, but it’s not satisfied. The company still wants to compete for the dollars that go to traditional TV. But can YouTube have it all?

In this episode, we examine YouTube’s push into the living room, from securing the NFL Sunday Ticket to becoming the exclusive home of the Oscars starting in 2029. But as YouTube chases TV legitimacy and higher profit margins, it faces a core tension: how can it get there without losing the creator-driven ethos that made it dominant.

We break down YouTube’s battle for short-form dominance, where YouTube TV fits in, and what its evolving strategy reveals about the future of media, creators, and global attention.

CHAPTERS

02:12 YouTube’s Ambition

04:59 YouTube vs TikTok

10:04 YouTube TV

13:16 Future of YouTube

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Meta’s short-form video surface, Reels, now generates $50 billion in annual run rate. That’s more than some of the largest media companies like Netflix, TikTok, and YouTube’s ad business.

Reels may be less culturally relevant than those companies, and its users spend less time on the platform than others, but it prints money and shows no signs of slowing down.

This episode explores how Meta’s infrastructure made Reels one of the most successful monetization plays in modern tech and what could threaten its momentum next.

CHAPTERS

02:51 Culture vs. Cash

04:30 How Reels Makes Money

06:49 Meta’s Advantage

15:34 Risks Ahead

18:54 What’s Next for Reels

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Linktree: Help your followers discover everything you do, with one simple link. Use code TRAPITAL50 for a discount

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In this episode, we sit down with Will Page, economist and author of Pivot, for a deep dive on the global economics of music. Using Will’s latest Global Value of Music Copyright Report, we explore streaming economics, global market gaps, AI, and where the music industry’s next phase of growth may come from.

CHAPTERS

02:45 Global Value of Music: 10 Years in Review 11:24 Emerging Music Markets 13:37 Africa’s Music Economy 18:11 Brazil’s Music Market 21:12 The Crocodile Smile 33:18 AI and Music’s Future

SPONSORS Chartmetric: Listen in for our Stat of the Week

beatBread: Smarter choices. Better deals.

GUEST

Will Page, former Chief Economist of Spotify and PRS for Music, Author of Pivot

LINKS

Global Value of Music Copyright - Will Page

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Prediction markets like Polymarket and Kalshi have had a big year in 2025, but what are they really? Securities? Derivatives? Sportsbooks? They may be all of the above.

Listen to my breakdown on how these markets have evolved over time, and what led to their current rise today. We then dive into the opportunities, risks, and the regulatory challenges that may shape their future.

CHAPTERS

02:54 The Origin of Prediction Markets

06:43 Polymarket, Kalshi, and Modern Prediction Markets

09:16 Regulation and What’s Next

09:31 Bucket A: Policy, Finance, and Economics

13:36 Bucket B: Sports, Entertainment, and Pop Culture

SPONSORS

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Too Lost: empowering artists with tools to manage, distribute, and grow their music independently.

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People say they miss when MTV played music videos, but their viewing habits say otherwise!

We revisited one of our most popular episodes from 2023, but trimmed it down to include the best parts. I’m joined by Zack O’Malley Greenburg to unpack MTV’s rise from a scrappy video platform to a cultural powerhouse. We break down breakthrough moments like Michael Jackson’s “Billie Jean”, the rise of reality TV, the networks influence, rise, fall, and what’s next?

CHAPTERS

01:04 The Birth of MTV 04:45 MTV's Business Model 13:01 Cultural Impact of Influence 21:28 Rise of Reality TV 29:59 MTV ‘s Decline

SPONSORS

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beatBread : A music funding platform that empowers independent artists to access advances on their streaming income while keeping 100% ownership of their music.

Splice, a cloud-based music creation platform offering millions of royalty-free samples, plugins (via rent-to-own), and AI-powered tools to inspire creators everywhere

GUEST

Zack O’Malley Greenburg, Author, Empire State of Mind

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We continue our Trapital Summit series with Dan and MiDIA Research’s Tati Cirisano sharing bold predictions from Trapital Summit attendees and sharing their thoughts.

We debate the long-term viability of major record labels, whether a Netflix + Spotify merger make sense (we recorded this before the podcast partnership!), we also discussed whether we’ll return to mass mainstream monoculture, future growth opportunities, and which new opportunities will be unlocked by AI-powered tools.

CHAPTERS

01:47 Future of Major Labels?

03:58 Will Netflix and Spotify Ever Merge?

05:52 A Return to Monoculture?

09:06 Unprecedented Industry Growth?

10:30 Will AI-Driven Labels Be The Future?

SPONSORS

Splice: Splice Instrument is here. Real instruments, meticulously crafted, and authentically crafted

Chartmetric: Listen in for our Stat of the Week

GUEST

Tatiana Cirisano, VP Music Strategy, MIDiA Research

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This episode is in partnership and collaboration with our friends at The Recording Academy

You’ll hear our deep dive on what we can learn from this years Grammys with our usual analysis and a few select guests including: Panos Panay (President of The Recording Academy), Tati Cirisano (MIDiA Research), Zack O’Malley Greenburg, author and investor.

We discuss the biggest takeaways from the 2026 nominations, the rise of international music, how the voting body has evolved, and the economic lift of a Grammy win.

CHAPTERS

01:41 - Biggest takeaways

05:41 - Tati Cirisano joins us

13:02 - Panos Panay joins us

17:10 - Which past Grammys would have changed

21:52 - The Grammy Bump

33:10 - Zack Greenburg joins us

SPONSORS

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GUESTS Panos Panay, President, The Recording Academy

Tatiana Cirisano, VP Music Strategy, MIDiA Research

Zack O’Malley Greenburg, Author, Empire State of Mind

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RESOURCES What is the Economic Value of a GRAMMY in Today’s Industry? - Chartmetric and Will Page