The RoleYou will be responsible for the evaluation and underwriting of music deals (catalog and frontline advances, acquisitions, etc.). Day to day, that means building and pressure-testing deal models and forecast assumptions, running royalty diligence, preparing materials that go to the C-suite and investment committee, and tracking how closed deals perform against underwriting.
This is a pure deal and investment role, not an A&R sourcing role. You are not expected to find or sign artists. You are expected to be the person in the room who knows what a deal is actually worth and why the model says what it says.
We are hiring at the Analyst through Senior Analyst level and will calibrate title, scope, and compensation to experience.
What You'll DoUnderwriting and modeling- Build DCF valuation models for catalog acquisitions, label deals, and artist advances, including decay curve construction, streaming forecast builds, and terminal value assumptions
- Model deal structures across their full mechanics: advance sizing, recoupment waterfalls, royalty splits, escalators, term and reversion, minimum guarantees, and earn-outs
- Run IRR, MOIC, and payback analysis across multiple structure scenarios; produce sensitivity and downside cases that show what actually breaks the deal
Diligence- Perform royalty statement diligence: normalize statements across distributors and DSPs, tie reported income to underlying streaming data, and identify undisclosed leakage, misattribution, or unrecouped positions
- Verify ownership and rights: master vs. publishing splits, Schedule A and asset-level review, ISRC/UPC-level ownership confirmation, territory carve-outs, existing encumbrances, and producer or featured-artist obligations
- Analyze streaming and consumption data (Luminate, Spotify for Artists, Chartmetric, raw DSP reporting) to separate durable catalog income from promotional spikes, playlist dependence, and one-off virality
- Flag the diligence issues that change price, not just the ones that fill a checklist
Investment materials and portfolio- Draft investment committee memos: thesis, valuation, structure, key risks, and recommendation
- Build the deal-specific analysis that supports negotiation, and sit in on negotiation to update the model in real time as terms move
- Maintain portfolio monitoring: actual vs. underwritten performance, recoupment tracking, and post-close variance analysis to identify any issues in collections or forecasts on every closed deal
- Support pipeline tracking and analytics infrastructure - help improve and build an efficient analysis framework
What You NeedRequired- 2-5 years of proven analysis experience including underwriting and investment appraisal gained through a career in music finance, music investment, distribution, label finance, royalty administration, or investment banking / private credit with meaningful music or media exposure
- Demonstrated fluency in music industry economics- you understand how streaming revenue is actually generated, reported, and paid, and you know the difference between master and publishing income, gross and net receipts, distributor rates and label rates
- Advanced Excel modeling skills: you can build a multi-scenario deal model from scratch
- Strong numerical and analytical skills with the ability to interpret data, formulate opinions, and discuss the merits and weaknesses of potential investments for decision making purposes
- Strong communication and presentation skills, ensuring clear and accurate presentation of findings to stakeholders
- Ability to efficiently manage multiple projects and stakeholders within tight deadlines
Strongly preferred- Direct experience with royalty statement data analysis
- Experience with Luminate, Chartmetric, or equivalent consumption data platforms
- Exposure to catalog M&A, music royalty funds, or private credit structures in music
- Familiarity with artist, songwriter, label, distributor and publishing agreements
Why Work at Too LostWe invest in our team with comprehensive benefits designed to support your health, growth, and creativity.
- 🏥 Health Insurance - Employer-provided health coverage via Anthem Blue Cross Blue Shield, plus Dental, Vision, and Life Insurance
- Wellness Packages - Up to $100/month toward gym memberships and wellness opportunities
- 🎵 Free Music Distribution - A free Too Lost account with unlimited music distribution, for life
- Paid Time Off - Two weeks guaranteed PTO plus additional paid holidays
- Events & Discounts - Company-sponsored events and partner discounts
- Flexible Schedule - Flexible hours and remote roles available
- 401(k) Plan - Participation in our available 401(k) plans
- Competitive Compensation - Competitive base salaries with opportunities for commissions and bonuses
$95,000 - $125,000 a year
