Warner Music Group Corp. (WMG)

Streaming changed the industry's economics for the better: instead of a one-off disc sale, the rights holder is paid every time a song is played, and that stream recurs for years. A catalogue from past decades earns money without new investment — an old recording works just as a new one does.

The second part is publishing rights to the works themselves, the music and lyrics independent of the performer: they earn from other people's recordings and from use in film and advertising. Risks: the bargaining power of large streaming platforms, how payouts are split between rights holders, and the cost of signing artists. A dividend is paid.