Pophouse Redefining catalogue investment for the fan economy

The music catalogue acquisition market is shifting towards name, image, and likeness (NIL) rights, as investors recognise that with wider rights ownership comes new opportunities to actively build value – rather than just passively collecting income. Between 2021 and 2024 alone, the share of publicly announced deals, including NIL rights, rose from just 4% to 16%. While several companies are moving into this space, none are doing so quite like Pophouse. The Swedish entertainment company places fandom at the heart of its strategy, including live, in-person experiences like the ABBA Voyage virtual concert residency in London and Avicii Experience museum in Stockholm.

What sets Pophouse apart is its deep investment not just in rights, but in the creative infrastructure to activate them. The company hired the former Chief Creative Officer of the Harry Potter franchise as its Head of Entertainment R&D, and is said to develop 10-year plans before closing any deal. For ABBA Voyage, Pophouse partnered with Star Wars director George Lucas’ visual-effects firm Industrial Light & Magic, brought on nearly 1,000 CGI engineers, and even constructed a dedicated arena for the show.

Of course, this approach is not without risk – a bold divergence from the typically cautious world of catalogue investment. ABBA Voyage reportedly cost $175 million to produce, and each project takes three to five years to develop, with breakeven timelines stretching even further. Scalability is another challenge, as few acts meet the criteria for Pophouse’s larger-scale productions, and even fewer are willing to part with their NIL rights.

Nonetheless, Pophouse illustrates the potential for catalogue investors to lead the fan economy, by acquiring expansive rights from legendary artists and building out ecosystems of brand, products, and experiences around them. After striking a deal with KISS in 2024 – covering publishing, recordings, and NIL – Pophouse even formed a “fan panel” to help shape its strategy. The company’s fandom-first approach will continue to be tested as new projects line up. In March 2025, the company closed a $1.3 billion fund, with around 30% already deployed at the time of writing in deals with the likes of KISS, Cyndi Lauper, and Swedish House Mafia.

Roles

This report is relevant to the following roles:

Fandom Business Strategy