Mark Cuban is not mincing words about the business of music.
Speaking on Billboard’s On the Record podcast after SXSW, the millionaire investor said he still sees music as a terrible bet for investors chasing the next big thing. “Yeah, I think it’s the worst industry ever,” Cuban said, before adding, “No, it’s probably tied with clothing, branded clothing… that’s the worst, and music is right behind it.” He later made clear he was talking about new music, not older catalogs or music tech, which he sees very differently.
When asked why firms like KKR and Shamrock are still buying music rights, Cuban argued that catalog deals are not really about betting on artists in the traditional sense. “Licensing revenue for music is really consistent,” he said, explaining that for big investors it is less about creativity and more about dependable returns. “It’s almost like owning an apartment building,” Cuban added, framing established music rights as a predictable cash-flow asset rather than a risky culture play.
Cuban also got into the hot-button topic of the rise of AI and how it is affecting the music industry. “It depends on how consumers take to AI-generated music,” he said when asked whether there could be a Spotify-level company in the AI era. He acknowledged that “we’re seeing some of it roll up the charts,” but stressed that “we don’t know if they will truly say yes to it.”
On the broader health of the business, he did agree with the idea that music tends to hold up in harder times, saying, “The worse things are, the more people need music,” and adding, “I’m a big believer that music soothes the soul and makes life livable.”
Cuban’s take lands harder because of who he is. As the entrepreneur who co-founded Broadcast.com, rose to become one of America’s most recognizable investors through Shark Tank, and later built a portfolio spanning sports, media, tech, and healthcare — including Mark Cuban Cost Plus Drug Company — he is not speaking as an outsider throwing out a hot take.
To an extent, the broader industry data support what he is saying. Global recorded music revenue rose 6.4% to $31.7 billion in 2025, according to IFPI, while EY has noted that music catalogs are increasingly being treated like infrastructure-style assets because of their predictable cash flows and low correlation to economic cycles.
In other words, Cuban is not saying there is no money in music. He is saying the money is far more reliable in proven catalogs than in the chaotic, hit-or-miss business of backing new artists — and that is exactly why his “worst industry ever” line hits such a nerve.