Who's Next: Five Music Companies That Could Follow UMG and Go Public

Primary Wave could become the fourth independent music publisher to go public, following Hipgnosis Songs Fund, Round Hill Music and Reservoir Media.

A public offering would most likely offer allow its institutional investors an opportunity to cash out of the private equity funds and perhaps acquisitions made with the third fund. But any plans may wait a beat or two, however, since it's possible the music companies in the public market have satisfied investors' appetites for now.

The valuation and revenue figures used here come from financial results, Billboard calculations extrapolated from financial results, or Billboard estimates. * indicates a number comes from financial results; ** indicates a calculation extrapolated from results; *** denotes a Billboard estimate.

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