NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Music and Audio Entertainment Sector Outlook — September 2026

NeuraCap's Music and Audio Entertainment sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

7.7x
Sector median EV/EBITDA
16.4x
Premium end EV/EBITDA vs 6.1x at the discount end
7
Transactions with disclosed terms

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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › MUSIC AND AUDIO ENTERTAINMENT

Music and Audio Entertainment: Rights Positioning Tracks the Range

This report shows how business model, earnings delivery and rights quality shape strategic standing.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Music and Audio Entertainment is not valued as a single model. Rights businesses, digital platforms, radio operators and adjacent models bring different revenue quality, content economics and capital needs. The public-company range and precedent transactions both point owners toward the same practical agenda: strengthen retention and monetization, protect rights quality, manage content costs and allocate capital where earnings can remain durable.

Key findings

  • The Premium End Is Associated With More Than Scale
  • Rights Businesses Can Defend a Higher Position
  • Faster Growth Does Not Command the Higher Middle Multiple
  • Premium Positions Support Different Earnings Profiles

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › MUSIC AND AUDIO ENTERTAINMENT

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › MUSIC AND AUDIO ENTERTAINMENT.

    Cover — Music and Audio Entertainment sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › MUSIC AND AUDIO ENTERTAINMENT Music and Audio Entertainment: Rights Positioning Tracks the Range This report shows how business model, earnings delivery and rights quality shape strategic standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Rights, Platforms and Radio Occupy Different Value Positions 02 The Landscape Four Business Models Compete for Different Pools of Value 03 Valuation & Situations The Premium End Combines Platforms with Rights Ownership 04 Precedent Transactions Precedent Transactions Reward Conviction in Rights and Strategic Fit 05 Strategic Implications Strengthen Revenue Quality Before Adding Cost or Complexity 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Music and Audio Entertainment Spans Rights, Platforms, Radio and Adjacent Models

    Music and Audio Entertainment Spans Rights, Platforms, Radio and Adjacent Models.

    Music and Audio Entertainment Spans Rights, Platforms, Radio and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Music and Audio Entertainment Spans Rights, Platforms, Radio and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Is Associated with More than Scale The premium end sits at 16.4x, while the discount end sits at 6.1x. With a forward EV / EBITDA lens already crediting forecast earnings, the remaining gap is associated with confidence in durability. 2 Rights Businesses Can Defend a Higher Position Diversified music and audio rights businesses sit at 12.9x on the single name with an estimate. Terrestrial radio and broadcast audio sits at 7.5x across two names with estimates, highlighting the relevance of catalog durability and rights scope. 3 Faster Growth Does Not Command the Higher Middle Multiple The three names above the 7% growth split sit at 7.2x. The three names below it sit at 8.2x; the pattern is consistent with growth quality and earnings durability mattering alongside pace. 4 Premium Positions Support Different Earnings Profiles Reservoir Media, Inc. (RSVR) carries a 42% EBITDA margin, while Spotify Technology S.A. (SPOT) carries a 16% margin. Their shared premium position is associated with different stories: rights income for one and platform monetization for the other. 7.7x Sector median EV/EBITDA CY2027E consensus · 6 rated of 8 companies 16.4x Premium end EV/EBITDA vs 6.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 7 Transactions with disclosed terms 22 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

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    Section 02 of 06 — Four Business Models Compete for Different Pools of Value. Rights ownership, audience access and monetization mix separate the landscape. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Four Business Models Compete for Different Pools of Value Rights ownership, audience access and monetization mix separate the landscape. 02 of 06 Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Value Sits Across Rights Ownership, Audience Access and Adjacent Models

    Value Sits Across Rights Ownership, Audience Access and Adjacent Models.

    Value Sits Across Rights Ownership, Audience Access and Adjacent Models 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Value Sits Across Rights Ownership, Audience Access and Adjacent Models 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 TERRESTRIAL RADIO AND BROADCAST AUDIO 2 cos median 7.5x SIRI IHRT Established audience reach matters, but slower growth and fixed infrastructure can constrain the valuation story. DIVERSIFIED MUSIC AND AUDIO RIGHTS BUSINESSES 2 cos 12.9x · 1 rated WMG RSVR Master rights, composition rights and durable royalty income support a distinct value case. ADJACENT: DIGITAL CONTENT PLATFORMS 2 cos median 12.6x SPOT TME Subscription conversion, advertising yield and global audience access define the commercial model. ADJACENT MODELS 2 cos 7.2x · 1 rated NTES SOGP Interactive entertainment and creator software broaden the sector beyond traditional music economics.

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    02 · LANDSCAPE

    Rights Ownership and Digital Reach Sit Above Traditional Audio

    Rights Ownership and Digital Reach Sit Above Traditional Audio.

    Rights Ownership and Digital Reach Sit Above Traditional Audio Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Rights Ownership and Digital Reach Sit Above Traditional Audio Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Terrestrial radio and broadcast audio 2 25% 7.5x Sirius XM Holdings Inc. (SIRI) · iHeartMedia, Inc. (IHRT) Reach meets mature economics. This group combines broad audio audiences with established advertising and subscription models. Its 7.5x level puts retention, pricing and cost discipline at the centre of the value case. Diversified music and audio rights businesses 2 25% 12.9x n=1 Warner Music Group Corp. (WMG) · Reservoir Media, Inc. (RSVR) Catalogs support durable income. This group owns or administers master rights and composition rights. Its 12.9x level rests on one name with an estimate, so repertoire depth, chain of title and royalty durability remain central. Adjacent: digital content platforms 2 25% 12.6x Spotify Technology S.A. (SPOT) · Tencent Music Entertainment Group (TME) Platforms monetize global audiences. This group pairs subscription economics with advertising and content distribution. Its 12.6x level reflects two names with estimates and materially different earnings profiles. Adjacent models 2 25% 7.2x n=1 NetEase, Inc. (NTES) · Sound Group Inc. (SOGP) New formats widen participation. This group includes interactive entertainment and creator software. Strategic relevance depends on monetization depth, user retention and links to music or audio consumption.

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    SECTION 03

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    Section 03 of 06 — The Premium End Combines Platforms with Rights Ownership. Forward valuation already credits forecast earnings, making durability central to the premium. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Combines Platforms with Rights Ownership Forward valuation already credits forecast earnings, making durability central to the premium. 03 of 06 Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Premium End Combines Digital Reach with Rights Ownership

    The Premium End Combines Digital Reach with Rights Ownership.

    The Premium End Combines Digital Reach with Rights Ownership EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 7.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Combines Digital Reach with Rights Ownership EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 7.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.4x CORE · median 7.7x DISCOUNT · median 6.1x Sector median 7.7x WHAT SEPARATES THE TWO ENDS Four models frame the range. The 16.4x premium end includes a digital platform and a rights business, while the 6.1x discount end includes radio and a digital platform. Durability supports the premium. A forward EV / EBITDA multiple already reflects forecast earnings. A premium that remains is associated with confidence in retention, monetization or royalty income beyond the forecast period. Business quality needs proof. Subscriber churn, advertising yield, content costs and catalog durability give owners practical ways to test whether earnings can hold.

  9. 09
    03 · VALUATION DRIVERS

    The Faster-Growth Half Sits Below the Slower-Growth Half

    The Faster-Growth Half Sits Below the Slower-Growth Half.

    The Faster-Growth Half Sits Below the Slower-Growth Half Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS The Faster-Growth Half Sits Below the Slower-Growth Half Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 33% Growth Pace Does Not Separate the Premium Names On the three names above the 7% split, the median forward EV / EBITDA multiple is 7.2x. On the three names below it, the median is 8.2x. Revenue Quality Sharpens the Growth Story Retention, subscription conversion and predictable catalog royalty income help distinguish repeatable growth from release-driven or advertising-sensitive growth. Content Economics Protect Earnings Durability Royalty expense, minimum guarantees and acquisition costs can weaken the conversion of audience growth into EBITDA. Pricing and mix therefore remain important operating tests.

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    03 · SITUATION MAP

    Four Distinct Operating Agendas Sit Across the Margin and Valuation Map

    Four Distinct Operating Agendas Sit Across the Margin and Valuation Map.

    Four Distinct Operating Agendas Sit Across the Margin and Valuation Map Cut on EV / EBITDA vs the sector median (7.7x) (rows) and EBITDA margin vs the covered median (33%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Four Distinct Operating Agendas Sit Across the Margin and Valuation Map Cut on EV / EBITDA vs the sector median (7.7x) (rows) and EBITDA margin vs the covered median (33%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Higher Margin Above-median multiple · above-median EBITDA margin 1 names Reservoir Media, Inc. (RSVR) Reservoir Media, Inc. (RSVR) sits above the 7.7x valuation reference and the 33% margin reference. The position supports a focus on catalog durability, rights scope and disciplined capital allocation. Premium with Lower Margin Above-median multiple · below-median EBITDA margin 2 names Spotify Technology S.A. (SPOT) · iHeartMedia, Inc. (IHRT) Spotify Technology S.A. (SPOT) and iHeartMedia, Inc. (IHRT) sit above the valuation reference and below the margin reference. The operating agenda centres on pricing, monetization and the conversion of audience reach into durable earnings. Discount with Higher Margin Below-median multiple · above-median EBITDA margin 2 names NetEase, Inc. (NTES) · Tencent Music Entertainment Group (TME) NetEase, Inc. (NTES) and Tencent Music Entertainment Group (TME) sit below the valuation reference and above the margin reference. The gap points to questions around growth quality, business mix and how much of the earnings base investors credit to music and audio. Discount with Lower Margin Below-median multiple · below-median EBITDA margin 1 names Sirius XM Holdings Inc. (SIRI) Sirius XM Holdings Inc. (SIRI) sits below both reference lines. Retention, pricing, cost structure and capital allocation are the practical areas that can strengthen its standing.

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    03 · THE AGENDA

    Strategic Choices Center on Revenue Quality and Earnings Durability

    Strategic Choices Center on Revenue Quality and Earnings Durability.

    Strategic Choices Center on Revenue Quality and Earnings Durability NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA Strategic Choices Center on Revenue Quality and Earnings Durability NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Recurring Revenue Prioritize pricing, retention and subscription conversion where they can strengthen predictable cash generation without increasing content risk. What changes the answer: The answer changes when churn, subscriber additions or average revenue per user show a sustained shift. Own More Durable Rights Assess whether master rights, composition rights or administration capabilities can improve revenue mix and reduce dependence on external distribution. What changes the answer: The answer changes with chain of title, rights duration, territorial scope and concentration risk. Reset Content Economics Test content guarantees, royalty expense and acquisition spending against the earnings they support. Redirect capital where the royalty waterfall limits returns. What changes the answer: The answer changes when content and royalty expense grows faster than monetization. Use Partnerships Selectively Compare build-versus-buy choices for distribution, collection and creator services. Favor structures that improve reach without weakening control over economics. What changes the answer: The answer changes when a partner can add audience access or collection capability more efficiently.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Reward Conviction in Rights and Strategic Fit. The transaction record spans corporate platforms, music rights and publishing assets. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Reward Conviction in Rights and Strategic Fit The transaction record spans corporate platforms, music rights and publishing assets. 04 of 06 Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Platforms, Public Companies and Publishing Rights

    Precedent Transactions Span Platforms, Public Companies and Publishing Rights.

    Precedent Transactions Span Platforms, Public Companies and Publishing Rights 2 of 7 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 23 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Platforms, Public Companies and Publishing Rights 2 of 7 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 23 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Apr-2021 $788M Roth CH Acquisition II Co. Roth CH Acquisition II Co. backed Reservoir Holdings, Inc. at meaningful scale. EV / LTM revenue 9.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests interest in a business built around music rights, administration and recurring royalty streams. Catalog durability and global collection reach would be central strategic tests. HOW THE TARGET WAS VALUED The disclosed value was $788M at 9.8x EV / Revenue. That places the transaction above the other disclosed revenue-multiple references in the set. Jun-2018 $4.8B Sony Corporation Sony Corporation added publishing scale through EMI Music Publishing (DH Publishing, L.P.). EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The strategic fit suggests value in expanding composition rights and publishing reach. Repertoire depth, ownership share and global collection capability are central to that fit. HOW THE TARGET WAS VALUED The disclosed value was $4.8B. It provides a scale benchmark for a major publishing-rights transaction.

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    SECTION 05

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    Section 05 of 06 — Strengthen Revenue Quality Before Adding Cost or Complexity. Operating choices should reinforce durable earnings, rights scope and monetization. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen Revenue Quality Before Adding Cost or Complexity Operating choices should reinforce durable earnings, rights scope and monetization. 05 of 06 Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    A Stronger Position Starts with Durable Revenue and Disciplined Content Economics

    A Stronger Position Starts with Durable Revenue and Disciplined Content Economics.

    A Stronger Position Starts with Durable Revenue and Disciplined Content Economics NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS A Stronger Position Starts with Durable Revenue and Disciplined Content Economics NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Protect the Quality of Growth Balance subscriber additions and audience reach with retention, pricing and content economics. Growth carries more weight when it converts into repeatable earnings. FOR RIGHTS BUSINESSES Defend Catalog Durability Focus capital on evergreen repertoire, clear chain of title and broad rights scope. Concentration, reversions and collection leakage can weaken otherwise attractive royalty income. FOR PLATFORMS Convert Reach into Earnings Improve subscription conversion, advertising yield and content efficiency. Audience scale is more valuable when monetization holds through changing release cycles.

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    SECTION 06

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    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.7x); amber marks below · 6 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.7x); amber marks below · 6 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.7x · median 16.4x · 2 companies Spotify Technology S.A. SPOT Adjacent: digital content platforms $92.8B 19.9x 14% 16% 33 Reservoir Media, Inc. RSVR Diversified music and audio rights businesses $1.1B 12.9x 6% 42% 48 CORE — 6.9x–11.7x · median 7.7x · 2 companies iHeartMedia, Inc. IHRT Terrestrial radio and broadcast audio $6.0B 8.2x 0% 19% 18 NetEase, Inc. NTES Adjacent: interactive entertainment and game publishing $54.8B 7.2x 8% 39% 46 DISCOUNT — <6.9x · median 6.1x · 2 companies Sirius XM Holdings Inc. SIRI Terrestrial radio and broadcast audio $18.4B 6.8x 2% 31% 32 Tencent Music Entertainment Group TME Adjacent: digital content platforms $10.4B 5.4x 8% 34% 42

  18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (22 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 23 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (22 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 23 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2024 Teleperformance SE → Liberty SiriusXM Group n/a n/a 7.9x The Teleperformance SE transaction involving Liberty SiriusXM Group was recorded at 7.9x EV / EBITDA. It provides a profit-based reference within the transaction record. Mar-2023 n/a → SM Entertainment Co., Ltd. $0M 3.9x n/a The transaction involving SM Entertainment Co., Ltd. was recorded at 3.9x EV / Revenue. It shows how revenue can serve as the benchmark when operating earnings are not the stated basis. Jan-2022 n/a → Warner Music Group Corp. n/a n/a 25.1x The transaction involving Warner Music Group Corp. was recorded at 25.1x EV / EBITDA. It marks the upper end of the disclosed profit-based references in this set. Sep-2021 n/a → Universal Music Group N.V. $0M 4.6x n/a The transaction involving Universal Music Group N.V. was recorded at 4.6x EV / Revenue. It offers a reference for a diversified music business with broad rights exposure. Apr-2021 Roth CH Acquisition II Co. → Reservoir Holdings, Inc. $788M 9.8x n/a Roth CH Acquisition II Co. and Reservoir Holdings, Inc. agreed a $788M transaction at 9.8x EV / Revenue. The pairing suggests investor interest in scaled music rights and administration. Jun-2018 Sony Corporation → EMI Music Publishing (DH Publishing, L.P.) $4.8B n/a n/a Sony Corporation agreed to acquire EMI Music Publishing (DH Publishing, L.P.) for $4.8B. The transaction highlights the strategic relevance of composition rights and publishing scale. Mar-2015 S. Carter Enterprises, LLC → Aspiro AB n/a 1.3x n/a S. Carter Enterprises, LLC and Aspiro AB were linked in a transaction recorded at 1.3x EV / Revenue. It provides a lower revenue-based reference for a digital music platform.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 19

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Music and Audio Entertainment and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 3 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 348 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (347) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  20. 20

    The Premium Sits with Durable Earnings Stories Across Both Rights and Platforms.

    The Premium Sits with Durable Earnings Stories Across Both Rights and Platforms..

    Closing — The Premium Sits with Durable Earnings Stories Across Both Rights and Platforms. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 20

    Everything on this page

    The Premium Sits with Durable Earnings Stories Across Both Rights and Platforms. NeuraCap AI — Music and Audio Entertainment Coverage September 2026 · Prepared by NeuraCap AI · Confidential Music and Audio Entertainment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Music and Audio Entertainment (Communication Services › Media and Entertainment › Music and Audio Entertainment) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Music and Audio Entertainment according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: iHeartMedia, Inc. (IHRT), NetEase, Inc. (NTES), Reservoir Media, Inc. (RSVR), Sirius XM Holdings Inc. (SIRI), Sound Group Inc. (SOGP), Spotify Technology S.A. (SPOT), Tencent Music Entertainment Group (TME), Warner Music Group Corp. (WMG). The market map groups them by business vertical — Terrestrial radio and broadcast audio: 2 companies (SIRI, IHRT); Diversified music and audio rights businesses: 2 companies (WMG, RSVR); Adjacent: digital content platforms: 2 companies (SPOT, TME); Adjacent models: 2 companies (NTES, SOGP). 6 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Music and Audio Entertainment (Communication Services › Media and Entertainment › Music and Audio Entertainment) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Music and Audio Entertainment according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: iHeartMedia, Inc. (IHRT), NetEase, Inc. (NTES), Reservoir Media, Inc. (RSVR), Sirius XM Holdings Inc. (SIRI), Sound Group Inc. (SOGP), Spotify Technology S.A. (SPOT), Tencent Music Entertainment Group (TME), Warner Music Group Corp. (WMG). The market map groups them by business vertical — Terrestrial radio and broadcast audio: 2 companies (SIRI, IHRT); Diversified music and audio rights businesses: 2 companies (WMG, RSVR); Adjacent: digital content platforms: 2 companies (SPOT, TME); Adjacent models: 2 companies (NTES, SOGP). 6 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

3 records failed a validation gate and never feed a statistic in this report (3 excluded from aggregate). Each exclusion, with its reason: IHRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · IHRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · IHRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Music and Audio Entertainment and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 6 of 8 companies; EV / rEVenue: 8 of 8 companies; P/E: 5 of 8 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥11.7x, Core 6.9x–11.7x, Discount <6.9x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 7.7x = median(ev_ebitda CY2027E) (6 rated companies) · 16.4x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 7.7x = median(ev_ebitda CY2027E) within Core tier (n=2) · 6.1x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 7.2x = median(ev_ebitda CY2027E) | growth ≥ 7% (n=3) · 8.2x = median(ev_ebitda CY2027E) | growth < 7% (n=3) · 7.2x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 33% (n=3) · 8.2x = median(ev_ebitda CY2027E) | EBITDA margin < 33% (n=3) · 37% = median Rule of 40 score (revenue growth + EBITDA margin) (n=6)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Music and Audio Entertainment recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 22 transactions were recorded for this industry; 7 are shown. 15 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 13 × deal value unit unresolved; 9 × no evidence record; 1 × divestiture roles reassigned. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 352 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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