Larry Mestel on What Makes a Song Worth Millions

I sat down with Primary Wave CEO Larry at the Trapital Summit.

When Larry started Primary Wave in 2006, the company had roughly $60 million to invest. Twenty years later, Primary Wave raised a record $2.2 billion fund dedicated. It has partnered with the estates and catalogs of Whitney Houston, Prince, Bob Marley, James Brown, Luther Vandross, and more.Larry and I talked about how Primary Wave evaluates music rights, recent acquisitions, the rise of capital in the space, the criticism that the firm has given, and more.

CHAPTERS

07:53 What makes a music catalog valuable11:38 Active vs. passive management12:16 Whitney Houston, Prince, and other estates16:36 Why Primary Wave acquired Kobalt23:09 The future of music rights valuations

This conversation was recorded live at Trapital Summit 2026 in Los Angeles.

Listen here: Spotify | Apple Podcasts | YouTube | Overcast

Links mentioned:

Primary Wave Music

Primary Wave’s acquisition of Kobalt

Primary Wave’s $2.2 billion Music IP Fund IV

Trapital Summit 2026

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