Christmas Hit - “Everybody’s Waiting for the Man with the Bag” & More

Catalog royalties are one of the few asset classes where the underlying asset can actually appreciate over time - more covers, more sync placements, more platforms finding new audiences for old music. This Kay Starr catalog is a working example of exactly that.

And the earnings trajectory here tells a compelling story as 2024 delivered the strongest single-year earnings in the dataset. The gain was driven by SiriusXM's rapid adoption of the catalog, which went from near-zero satellite income before 2023 to the catalog's largest single payor today, a structural shift, not a one-time event. This catalog faces the same valuation tailwinds lifting vintage catalogs across the board.

The anchor asset is one of the most commercially durable holiday recordings in existence. "(Everybody's Waitin' for) The Man with the Bag" has been covered by nearly 80 artists since 2000, and each new cover version drives renewed discovery of the original, which remains the definitive version on every major DSP. And it earns year-round, not just in Q4.

Beyond the holiday anchor, this is a genuine hitmaker catalog: multiple Grammy-era charting singles, a Grammy Hall of Fame-inducted recording ("Wheel of Fortune"), and sync placements with Warner Bros. Television across multiple productions. The copyright runway extends to 2067 under the Music Modernization Act's CLASSICS provisions — a buyer today acquires 40+ years of remaining protection on a catalog with a durable, calendar-driven earnings base.

Income is diversified across Spotify, Apple Music, Amazon, Sirius XM, Pandora, SoundExchange, YouTube, and 20+ additional platforms globally, with meaningful international earnings from the UK, Canada, Japan, Australia, Germany, and beyond.

What you have here is a catalog with multiple earnings drivers and a copyright runway that outlasts most investment horizons. The recent surge in SiriusXM income is still building; the 2026 first-half pace runs ahead of 2024's full-year level, which could mean the forward picture is stronger than the historical averages currently show.

For a detailed analysis of earnings trends, cash flow projections, and investment criteria, review the full Investment Memorandum.

Kay Starr was one of the last great pre-rock American vocalists — a jazz and pop singer whose Capitol Records run from 1948 through the mid-1950s produced multiple gold records and a string of standards that still populate holiday and easy-listening rotations today. The masters in this catalog span her most commercially productive decade.

The catalog's anchor is "(Everybody's Waitin' For) The Man With The Bag" (1950), the seasonal hit that now drives the LTM through streaming and satellite play. Around it sit two chart-topping singles: "Wheel of Fortune" (1952), a #1 Billboard pop hit and one of the biggest records of that year, and "The Rock and Roll Waltz" (1955), her second #1 and one of the earliest recordings to bring a rock-and-roll motif to a mainstream pop audience.

Additional standards include "Side by Side" (1953), "If You Love Me (Really Love Me)" (1954), "The Man Upstairs" (1954), "Hoop-Dee-Doo" (1950), and "Bonaparte's Retreat" (1950) — a mid-century vocal-pop programming set that remains a staple of jazz and standards channels on SiriusXM and business-music providers. The result is a catalog with one clear seasonal anchor and a broad recurring foundation of American Songbook recordings continuing to earn seven decades after release.

Earnings Note Regarding Copyright Length. The highest-earning recording in the catalog, "(Everybody's Waitin' For) The Man With The Bag," was created in 1950. According to U.S. copyright law, the copyright was automatically renewed to last 95 years from the creation date. Recordings first published between 1947 and 1956 receive a 15-year extension after the general 95-year term. That means that the copyright for "(Everybody's Waitin' For) The Man With The Bag" will be valid through at least 2060.

The seven highest-earning songs' copyrights will expire as follows:

"(Everybody's Waitin' For) The Man With The Bag" (1950): Expires 2060
"Rock and Roll Waltz" (1955): Expires 2065
"Wheel of Fortune" (1952): Expires 2062
"Side by Side" (1953): Expires 2063
"If You Love Me (Really Love Me)" (1954): Expires 2064
"The Man Upstairs" (1954): Expires 2064
"Bonaparte's Retreat" (1950): Expires 2060

After the sound recording copyrights expire, these master recordings will enter the public domain.

Administration Note. There is no reported income from 2017 through 1H-2018 due to the songwriter transferring royalty rights into a trust. 

Earnings Note. A spike in royalties for July 2024 is the result of NETFLIX synchronization payment (approx. $7,500) for the song “Wheel of Fortune”. Any future synch payments will be payable to the buyer of this catalog.

Earnings Note. The Earnings by Period chart below reflects royalty payments based on two distinct statement sets from different payors. The Last 12 Months include:

SoundExchange Statements: August 2025 through July 2026 (Monthly)
UMG Statements: 1H2025 & 2H2025 (Semester)