Fly Me to the Moon,” “This Land Is Your Land,” “We Shall Overcome,” “Are You Lonesome Tonight,” “Space Oddity” — the list reads like the top titles in a major music company’s catalog.
But it’s actually a list of just a few of the copyrights in the catalog of the quiet independent publishing giant TRO Essex Music Group. Founded in 1949 by Howie Richmond, a former press agent for the day’s biggest stars like Frank Sinatra, Glenn Miller and Gene Krupa who went on to become a pioneering music publisher (and co-founder of the Songwriters Hall of Fame), today’s TRO Essex started under the name Cromwell Inc. and quickly grew into a collection of 22 publishing companies under The Richmond Organization (TRO) umbrella. It became a titan of indie publishing, particularly in the 1950s, ’60s and ’70s, finding success in jazz with Bill Evans and Alec Wilder, folk with Pete Seeger, Lead Belly and Woody Guthrie, and rock with Pink Floyd, Black Sabbath, Marc Bolan of T. Rex, The Who and Pete Townshend.
At 75, TRO Essex is still going strong, managing its formidable catalog of publishing and recorded-music interests through its international offices in Hamburg, Germany; London; Paris; and elsewhere. After a few decades of taking on more of a catalog management role, TRO Essex is returning to frontline signings, using proceeds from past evergreens to fund new development.
“For our 75th anniversary, we started to think about ways we could celebrate our past and move into our next chapter,” says Kathryn “Kathy” Ostien, COO of global music operations. “So we restructured and brought in a whole new A&R team. In 2023, we signed 26 new writers to the publishing catalog. We then launched a new record label called Shamus Records at the end of the year to manage their masters.”
This includes betting on albums arriving this year by newcomers of all genres, including alt-pop talent Sam Louis, indie pop artist Casii Stephan and jazz producer Matt Stevens.
The company is also rolling out the latest album installment in its series Evergreens Reimagined, under Shamus, enlisting its new talent to cover older hits. “It’s an exciting time,” Ostien says. “We are building fast on top of our already incredible base, but we are ready for the future, too.”
You look after such a rich back catalog, which you administer in-house. What is your strongest income stream?
I feel like it changes every five years, mostly because of the technology that we’ve seen. Obviously, it used to be CDs, tapes, LPs. Mechanicals were everything. Performance has always been strong, too. Overall, I think mechanicals have always remained very steady. Our most iconic catalogs continue to do well with mechanicals as well as synchronization.
When I first came to TRO Essex [in 2000], the synch market wasn’t much of anything. We were outsourcing it. Now it’s a huge amount of what we are doing — talking to the studios in Los Angeles, New York. Any type of synch is important for us — commercials, films, TV shows. The Hollywood strikes did not help last year.
Has synchronization risen now that the strikes are over?
We have definitely seen some nice pickup in the past few months.
Do certain genres in your catalog fare better for synch than others? I’ve heard rock is particularly of interest for synch.
I don’t know that I see it that way. There was a period in the early 2000s where rock was really, really desirable for commercials. Every ad agency wanted a Pete Townshend song. It ebbs and flows and all comes from the studios — sometimes they want hard rock, sometimes they want a standard. It depends. During COVID, we did really well with synch, ironically because we have a lot of wartime peace songs, hopeful songs. Everybody wanted that. It did well with commercials and productions during that time.
Your catalog includes some of America’s most essential protest anthems, and the last five years or so have seen the rise of several social movements. Do you look after those songs with particular care?
We do have a lot of protest songs. It’s interesting, especially with the political climate that we’ve had in the past several years. One of the things we take a lot of pride in is protecting those songs and making sure that they’re being used in the way that they were originally written — you always want to stay true to that. You want to keep songs like “This Land Is Your Land” within the time and [context] it was important. We also represent “We Shall Overcome,” which is very iconic. That song in particular is curated the most heavily because it’s so special to [the Civil Rights] movement.
How has the popularity of sampling, interpolating and more influenced your catalog in the last few decades?
Sampling really started taking off with hip-hop and rap in the late ’90s, and then it really took off in the mid-2000s. It has been great for our back catalog, though, to have new copyrights established on top of songs. A great example is how Joe Cocker’s “Woman to Woman” became 2Pac’s “California Love.” We work with a lot of hip-hop and rap managers to use some of these iconic songs and bring them to life.
The catalog market has been red hot for the last five or so years. Does TRO Essex ever try to acquire more catalogs?
We don’t do acquisitions — we’ve never needed to. We want to grow our company by following our own history, which was always based on discovering new, incredible songs that don’t have a home and seeing what we can do with them.
Was there a period where you completely stopped signing frontline acts? Or was it just a slowdown up until the founding of Shamus Records?
I don’t know if I would say it fully stopped, but [it slowed in] the ’80s to ’90s. This is a large catalog to manage independently. We’re trying now to restart that signing process.
Is there a particular identity you’re trying to build with the Shamus signees?
It’s still so new, and our team here is still so new. Mostly, we’re just trying to do what [founder] Howie [Richmond] did — find songs and acts that we like and see what we can do with them. I don’t know if we really have a brand in mind with our roster, but we were thinking that we wanted to bring some newer sounds to the catalog.
What is one of the most important things you can offer to an act looking to sign to Shamus Records/TRO Essex?
It’s an interesting time right now because metadata is everything. We feel that metadata management takes away from the creativity that writers and artists might have if they didn’t have to sit there and go through all these different portals to try to get their money. That’s something we excel at.
Having accurate and complete metadata — like the names of all the songwriters, the performing rights organizations and publishers they use — is important to keep track of as a publishing administrator. Do you think it is more important than ever to manage metadata closely to ensure you and your talent are paid?
Yes, exactly. We had to bring in new staff just to handle the metadata management. This is true for all publishers. It has been an incredible thing, what happened with [the Music Modernization Act] and the creation of the [Mechanical Licensing Collective]. The MLC has built this portal that so easily allows you to go match and claim royalties for your songs. It has really made it so much easier. There was nothing there before. It has made it much more universal and cleaner.
Doing administration in-house with the caliber of the catalog TRO Essex holds must be a lot of work. How do you keep up with it as an independent player?
It is one of the hard things about remaining independent because as the revenue increases, the administration costs increase as well, if you’re doing it correctly.
I’m sure anyone would be interested in buying or administering this catalog for TRO Essex. Why was it important to make sure that you are always independent, always doing your own administration despite the challenges that come with it?
I’m not the right one to speak about why we never sold, but the motivation was just never there for us. We’re proud of what we do. We’re strong. We’re financially very healthy. We don’t think anybody else knows these copyrights as well as us, and we’re good at what we do.
There are several emerging revenue streams in music, particularly in social media licensing. TikTok has made headlines this year for its strained negotiations with Universal Music Group. Are these sources of income good moneymakers for your catalog?
I haven’t seen that [TikTok payments] make a huge [boost] to us financially, but every way you can get a catalog out there is important, especially with a vintage catalog. It’s a new way to introduce it. We just need to be paid appropriately. We follow the guidance of the [National Music Publishers’ Association].
Another emerging area of the music business is artificial intelligence, which could provide risks and benefits to catalog holders. Some are even using AI to market catalogs. Do you have any estates interested in leaning into AI for this purpose?
There’s so much more to understand about AI. At this point, I don’t believe it affects us as greatly as it would probably some of the current recording artists, mostly because of the copying of the voices and likenesses. For us, our copyrights are much more secure bedrocks. It’ll be interesting to see how AI develops and what that true impact is on copyright. We haven’t had anyone really concerned from an estate or writer perspective. As I said earlier, though, every five years it seems there’s a sea change. We’re watching it.
Given that you have such a strong back catalog, it would be easy to say, “That’s it.” You’re just going to keep doing the administration and not push forward into signing new acts. Frontline is so risky. Why was it important to continue to sign new talent?
It’s a lot of work managing a catalog like this, and it presents different, evolving challenges around the world, so for a long time that’s what we did. However, looking at the 75th anniversary, we decided we wanted to breathe new life into it. We wanted to create these new covers, explore a new sound and see what we could do to reinvigorate it. While we were at it, we just thought, “OK, let’s see what else we can sign.” It’s an exciting time to celebrate this incredible history of the past 75 years and then look at the next 75 years with so much hope and excitement.
This story originally appeared in the June 22, 2024, issue of Billboard.