One investor may soon have the opportunity to own the rights to Kygo's genre-defining hit, "Firestone."
It was only with the release of Kygo's second original single, "Firestone," that Kygo sparked an unmitigated hype cycle around the production of tropical house music. Nearly seven years after its original release, the track that lit up the world now flaunts over 1.5 billion streams across Spotify and YouTube alone.
At the beginning of 2021, royalty flows for the Platinum hit went on sale via Royalty Exchange, an online direct and secondary marketplace for intellectual property.
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Royalty rights for "Firestone" were direct-listed in January via auction, where one investor secured a deal for $275,000. Despite being a six-year old song at the time, the song's financial statement showed that interest in "Firestone" is still very much alive on streaming services. Across the prior 12 months it generated $25,577, and over the course of the prior three-year timespan, the average annual profits were $33,262. Assuming it continues to generate $25,000 per year, the investor would need to hang onto the asset for 11 years to recover their principle.
However, it appears unlikely that "Firestone" has found its forever home as the rights to the track have been re-listed for sale on Royalty Exchange's secondary market.
It's unclear why, or at what price the track's current owner would be willing to part with the asset, but if you have a cool $275,000 lying around, the time is now to own this piece of dance music history.