Public Comps and Valuation Multiples for Music

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Spotify	$99B	$89B	$21B	4.2x	28.2x
Live Nation	$41B	$42B	$26B	1.6x	17.0x
Universal Music	$38B	$42B	$15B	2.8x	13.0x
Tencent Music Entertainment	$15B	$12B	$5B	2.4x	6.9x
Warner Music Group	$15B	$19B	$7B	2.7x	11.7x
HYBE	$6B	$6B	$2B	2.4x	27.1x
JOYY	$3B	$2B	-	-	-
NetEase Cloud Music	$3B	$1B	$1B	1.1x	4.9x
SM Entertainment	$1B	$897M	$827M	1.1x	5.3x
JYP Entertainment	$1B	$971M	$568M	1.7x	7.9x
Saregama India	$934M	$907M	$107M	8.5x	24.7x
Tips Music	$861M	$836M	$42M	20.1x	27.6x
Reservoir Media	$672M	$1B	$178M	6.2x	14.9x
YG Entertainment	$553M	$363M	$377M	1.0x	5.5x
Avex	$318M	$104M	$935M	0.1x	-
Deezer	$158M	$114M	$620M	0.2x	8.1x
HIM International Music	$148M	$105M	-	-	-
Edel	$120M	$198M	$320M	0.6x	4.9x
LiveOne	$81M	$96M	$82M	1.2x	101.1x
GMM Grammy	$75M	$93M	-	-	-
Cube Entertainment	$70M	$49M	-	-	-
KT Genie Music	$59M	$9M	-	-	-
Vinyl Group	$56M	$56M	-	-	-
Sm Entertainment Japan	$47M	$24M	-	-	-
Artist Studio	$22M	$672K	-	-	-
Hollywall Entertainment	$15M		-
One Media iP Group	$13M		$6M
RS Group Thailand	$9M		-
Nashville Records	$5M		-
Mdundo	$3M		-
Radioio	$316K		-

Financial data powered by FactSet and Morningstar. Valuation multiples as of last 12 months. For more data, start your free trial here.