In this month's Office Hours Q&A session, we began with a brief introduction to Direct Listings, which is a new feature where artists selling catalogs can post them to the Secondary Market directly at their own price, rather than holding an auction.

One longer point of discussion focused on the different ways public performance royalties generate income from different sources of use. This includes music played in bars/restaurants and live venues vs streamed digitally or on the radio. Some investors expressed concern that the pandemic shutdowns might affect public performance payments stemming from in-venue music.

Our analysis shows that the catalogs submitted to Royalty Exchange are minimally affected by live and in-venue declines. In fact, most of their public performance royalty income stems from streaming, film/TV, and radio.

We shared a preliminary analysis of earnings by format in March, which you can review again in this article Royalties In The Age Of Covid-19. We are also working on a far more detailed, and updated, analysis we plan to share with investors this month, so stay tuned.

Be sure to register for next month's Investor Office Hours to ask any questions of your own...

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