This early Q3 dip and other valuable takeaways are made possible by DMN Pro’s Music Industry Funding Tracker, which compiles key details about “core” industry rounds as well as non-core rounds that, while falling outside the music sector, are nevertheless important for the space.

Anthropic’s funding blasts are noteworthy on their own and especially when considered alongside the industry’s many ongoing copyright actions, for instance. Similarly, ElevenLabs’ earlier rounds, having landed under the non-core banner, took on a new significance with the launch of ElevenMusic one year ago.

On the “perhaps” front, KKR opted against divulging the hard numbers associated with its deal for a stake in Mumbai-headquartered ticketing platform and promoter BookMyShow. Of course, this means the two-month window’s total core funding, $99.74 million, doesn’t include the sum.

Nor does it encompass capital that, though perhaps not falling under the funding banner in the traditional sense, is nevertheless indicative of continued industry investments. The UK government in July supersized its Music Growth Package to £45 million/$60 million, for example.

Additionally, Influence Media-backed MENA intellectual property investor IPNation in August technically pointed to “a target investment size of $100 million” as opposed to $100 million raised, on hand, and expected to be deployed imminently.

Furthermore, relative dip aside, July and August were heavy on acquisitions – including plays for Anghami, Aiode, Nina Protocol, RED UTS, Anthem Entertainment, GYRO.Group, and others.

(This falloff is closer to 96.7% when accounting for the $115 million that Peter Schwenkow raised as part of his return to live – though the tranche officially came to light at September’s start.)

While undoubtedly attention-grabbing, the huge percentage decrease doesn’t necessarily tell the whole story. The July and August 2025 sum (and more generally the industry’s wider funding growth) largely resulted from catalog commitments and securitizations, to the tune of a staggering $6.23 billion.

Funding is, of course, funding, but logic suggests that necessity will at some point prompt a catalog craze cooldown.

(At the same time, it’s true that said craze has been in motion for years running, has fueled a multitude of IP deals, and, assuming buyers can manage to find suitable investments, has plenty of runway yet thanks to its already-earmarked capital.)

As such, it’s also worth considering the non-catalog picture and the changes that could coincide with the eventual IP-funds slowdown. In many ways, non-catalog and -AI businesses are seemingly in a difficult position when it comes to securing capital at present.