An independent full-service platform
ATC offers comprehensive services to 850 artists, including management, content creation, live events, merchandising, and venue partnerships, empowering artists to directly monetize their fanbase.
All Things Considered: Redefining the Music and Entertainment Ecosystem
Innovative, Artist-Centric Solutions at the Intersection of Music Rights, Live Events, and Digital Engagement
AQX:ATC
£1.080
Updated: May 02, 2025
Media & Entertainment
microuk
Bull & Bear Case
An overview of the main reasons to invest and the key risks involved.
Bull Case
Strong Growth Potential from Digital
ATC uses data from platforms like Spotify and social media to help artists engage with fans, utilizing AI and analytics to personalize experiences. They also had significant success at Glastonbury.
Scalable Business Model
ATC's growth is fueled by artist success and expanding services, with plans for acquisitions like Raw, enhancing their platform’s reach and scalability within the music industry.
Bear Case
Reliance on the Live Music Industry
ATC's revenue is partially dependent on the live music sector, which can be vulnerable to disruptions. However, more artists using ATC helps diversify its revenue base.
Key Staff and Execution Risks
ATC must integrate recent acquisitions and retain key talent, with senior management holding over 30% equity, aligning their interests with company success in the people-driven music industry.
Competition
ATC faces competition from major music labels and management firms. However, ATC's independent, artist-aligned approach sets it apart by advocating for artists retaining their rights to maximize revenue.
Executive Summary
Rapidly Expanding Music & Entertainment Powerhouse Poised for Global Growth
All Things Considered (ATC) is a rapidly growing, integrated music and entertainment company that provides a full range of services across artist management, live events, direct-to-consumer services, livestreaming, and rights management. ATC’s diversified portfolio enables it to leverage unique opportunities across various sectors, from live music and artist management to digital experiences and the emerging metaverse. The company has achieved impressive growth since its IPO in December 2021 and is now scaling its operations with a strong foothold in the UK and US markets. Key acquisitions like Sandbag and Driift have further positioned ATC to capitalize on the growing demand for live events and fan experiences.
Investment Thesis
Overview of buy and sell case of the business.
Why Invest?
Key pieces of information about the business that you need to know about.
Strong M&A Activity
ATC’s strategic acquisitions, such as Sandbag and Driift, have expanded its service offerings and positioned the company to capitalize on emerging opportunities in the live music and fan engagement space and grow revenues substantially.
A Cheap Play On One Of The Strongest Growing Consumer Trends
ATC is one of the cheapest music plays in the market at just 0.3x sales. ATC offers the complete flywheel of services to its artists who are now getting back their master rights meaning they don’t need to sign away their lives to music labels and can go direct to their fans with the right platform. ATC now has a relationship with over 900 artists and the ways artists can monetise their craft is growing exponentially.
Diverse Revenue Streams
ATC operates across multiple high-growth sectors, including live events, artist management, livestreaming, and digital collectibles. This diversification provides resilience and significant upside potential. ATC will look to provide more services to more artists allowing them to leverage their platform to drive growth and operating margins.
Proven Track Record
The company has shown strong growth, increasing revenues by 33% in 2022 despite global challenges and has consistently added top-tier clients in artist management and live events.
Catalysts
The key events that could drive investment opportunities and shift markets.
Post-Pandemic Event Resurgence
The global return of in-person events and live music following pandemic-related restrictions is expected to significantly boost ATC’s live event business, especially as festivals and shows re-emerge stronger than ever.
Direct to Fan Services
Allows the artist to connect directly with their fan base physically and digitally. Tickets are sold months in advance and provides the opportunity to sell more merchandise and VIP experiences to their super fans. ATC is using a lot of data analytics to drive growth in this segment.
Expansion of Digital and Virtual Experiences
As ATC continues to integrate digital and virtual experiences, including NFTs and metaverse-based fan engagements, it stands to benefit from the rapid growth in digital entertainment, with livestreaming and virtual events becoming major drivers of revenue.
Key Risks
Key pieces of information about the business risks that you need to know about.
Market and Industry Volatility
The live music and entertainment sector is highly susceptible to external factors, including economic downturns, regulatory changes, and global crises like pandemics. ATC’s heavy reliance on live events and ticketing could lead to a decrease in revenues if the market faces challenges.
Control of Master Rights
With master rights returning to established artists and new ones retaining theirs, ATC becomes the primary service provider, fully aligned with artists. Monetization opportunities have risen exponentially, with streaming being just one example.
Competition and Technological Change
As the market for digital collectibles, livestreaming, and fan experiences grows, ATC faces increasing competition from both traditional players in the music industry and new entrants, including tech companies looking to disrupt the space with innovative technologies and platforms.
Follow the Experts
Quickly navigate key insights from industry experts and leverage their knowledge and market intelligence.
Expert Insights
article
"With global movie box office revenues coming in at $33.2 billion in 2023, music copyright is now worth 38% more than the cinema business – a complete reversal from just four years earlier."
article
"She [Taylor Swift] has raised the bar in terms of what an artist can achieve in this complex value chain, both from streams and tickets."
Joseph Thomas
Analyst, European Leisure and Media at HSBC
500,000+ audience
Expert Insights
article
"The music industry is increasingly looking to monetise ‘ Superfans’ ie consumers who are willing to spend significantly more than the average music consumer."
Expert Insights
article
"In 2023, the industry grew 25% yoy, well ahead of our prior 6% forecast....This demonstrates the resilience of concert spending amidst elevated inflation and pressure on consumer spending, and the growing structural demand for experiences "
Expert Insights
Expert Insights
x
Meanwhile, another unfolding case in the US threatens to add to the cost of music for consumers.
Expert Insights
article
The value of British music exports rose to a record £775mn last year but the rate of growth more than halved
Investor Materials
Access the most recent investor updates published by the company.
Key Resources
All Things Considered eyes LSE move after record-breaking growth
ArticleShared with Dropbox
FY24 Trading and Corporate Update
PDFAnnual Report 2023
PDFExternal Insights
A curated collection of third-party content relevant to the company and sector to help inform your investment decision.
ATC Services
Music sales hit a 20-year high, thanks to streaming and vinyl
ArticleAlbums by Billie Eilish, Taylor Swift and Coldplay pushed sales of recorded music to a record £2.4bn.
Team
Meet the experienced professionals leading our organization
Adam Driscoll
Brian Message
Craig Newman
Deborah Lovegrove
What the Pro's Are Asking
Here are the questions that professional investors are asking before making an investment decision.
How should investors view ATC?
ATC is a play on the growing value associated with music rights, artist creativity, live events and merchandising - physical and digital. It has a high recurring revenue stream, low capital intensity and many opportunities to expand margins.
How many artists does ATC have?
ATC now has a relationship with over 900 artists and the ways artists can monetise their craft is growing exponentially. ATC will look to provide more services to more artists allowing them to leverage their platform to drive growth and operating margins.
What is the D2C offering and how have ATC's acquisitions shaped this?
ATC is bringing 150 artist relationships and a platform that can be developed into a broad ‘direct to fan’ market. The addition of Sandbag's artist to fan distribution business allows ATC to deliver both digital and physical product globally. Sandbag is an industry leading, independent merchandise partner adding 200+ highly complementary clients
Who are ATC's peers?
Universal Music Group and Warner Music Group. Both have both posted very strong numbers recently and trade on multiples several times above ATC’s despite exposed to the same trends. In fact, ATC is more aligned to the artists than the music companies.