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Intuitive Machines vs. Rocket Lab: Which Space Stock Can Send Your Returns Into Orbit in 2026?


Are you looking to capitalize on the next frontier of human expansion? Comparing Intuitive Machines (LUNR -1.33%) and Rocket Lab USA (RKLB +1.12%) offers a glimpse into two distinct paths within the commercial space race.

LUNR & RKLB: Performance Comparison

Key Financial Metrics

Intuitive Machines Stock Quote

LUNR – Intuitive Machines

$14.05

–1.33% (–$0.19)

Market Cap

$2.5B

52wk Range

$7.78 – $46.75

Gross Margin

10.19%

P/E Ratio

-15.10

EPS (TTM)

-$0.94

Rocket Lab Stock Quote

RKLB – Rocket Lab

$70.46

+1.12% (+$0.78)

Market Cap

$42B

52wk Range

$37.57 – $151.00

Gross Margin

34.11%

P/E Ratio

-249.21

EPS (TTM)

-$0.28

Intuitive Machines focuses on cislunar (a term for the space between Earth and the Moon) infrastructure and moon landings, while Rocket Lab provides reliable launch services and spacecraft manufacturing. Both companies represent high-risk, high-reward opportunities in a rapidly evolving market for orbital and lunar services. They are being compared because they dominate the emerging commercial space economy.

The case for Intuitive Machines

Intuitive Machines provides spacecraft, network connections, and infrastructure-as-a-service for the defense industry and commercial sectors. It serves customers across the space domain, including civil and national security missions. The company maintains a significant customer concentration, with one major customer accounting for nearly 78% of revenues, which adds concentration risk to the business.

In its latest annual report filed for FY 2025, revenue reached roughly $210.1 million. This represented a year-over-year decrease of about 7.9% compared to the previous fiscal year. The company reported a net loss of approximately $83.3 million for the year, as it continues to invest heavily in its lunar capabilities.

As of its December 2025 balance sheet, the debt-to-equity ratio was nearly negative 0.5x. This negative value means that total liabilities exceed shareholder equity. The current ratio, which measures a company’s ability to cover short-term obligations with current assets, is roughly 5.0x. Free cash flow, calculated as cash flow from operations minus capital expenditures, was negative $56.0 million for FY 2025.

The case for Rocket Lab USA

Rocket Lab provides end-to-end space solutions, including rocket manufacturing and mission services. It operates frequently from launch sites in New Zealand and Virginia. The company serves a diverse group of more than 20 global organizations across the defense and commercial sectors, positioning itself as a reliable partner for orbital access.

In its latest annual report for FY 2025, revenue reached about $601.8 million. This was a substantial increase of approximately 38% over the previous fiscal year. Despite the top-line growth, the company reported a net loss of around $198.2 million as it scales its operations and develops new launch vehicles.

As of the December 2025 balance sheet, the debt-to-equity ratio was approximately 0.1x. This ratio measures total debt against shareholder equity to assess financial leverage. The current ratio stands at roughly 4.1x, indicating strong short-term liquidity. Free cash flow was negative $321.8 million for FY 2025, reflecting significant investments in expansion.

Risk profile comparison

Intuitive Machines faces significant risks related to revenue concentration. The company relies heavily on a single customer for the vast majority of its income, creating exposure to changes in that customer’s ordering patterns. It also must navigate operational challenges, such as the integration of Lanteris and the inherent risks of lunar missions, where failures could lead to contractual penalties.

Rocket Lab is currently managing a massive $8 billion acquisition of Iridium Communications (IRDM -0.06%). This deal involves substantial financing and dilution risks for existing shareholders. The company also faces operational risks with its Electron vehicle and relies on critical components from suppliers like Canon (CAJFF +2.37%) and Synspective, where interruptions could lead to production delays.

Valuation comparison

Intuitive Machines currently trades at a significantly lower sales multiple than its peer, although Rocket Lab shows much faster top-line growth and a more stable balance sheet.

Metric Intuitive Machines Rocket Lab
Forward P/E 129.8x 252.5x
P/S ratio 4.6x 53.2x

Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

Intuitive Machines started fiscal 2026 with its strongest quarter in history, delivering record revenue of $187 million. Management says they have an order backlog of $1.1 billion, including $400 million in early 2026 bookings. NASA is moving toward a steady access to space flights and deliveries, too, which bodes well for the company’s longer-term sales. Revenue for fiscal 2026 is expected to more than quadruple to $952 million, with a narrower net loss of $66 million. Analysts expect the business to turn a profit for the first time in 2028.

Rocket Lab, meanwhile, made a huge splash in the market with its proposed $8 billion acquisition of Iridium Communications this year. The combination promises to make Rocket Lab a space powerhouse, combining Rocket Lab’s launch technology and the communications spectrum offered by Iridium. In short, Rocket Lab could very well be a serious competitor to Space Exploration Technologies Corp (SPCX -1.85%). Don’t overlook Rocket Lab’s expertise in sending small payloads into orbit, and it is closing in on the same reusable rocket technology that SpaceX has used to lower its customer prices.

Stand-alone Rocket Lab is seen boosting its revenue by about 33% this year and narrowing its net loss to about $145 milion. The Iridium acquisition is a big meal to swallow, but the combined business should generate $1.8 billion in revenue in 2026 and come close to breaking even, profit-wise.

These are two exciting space-age stocks. Intuitive Machines, with its much more reasonable P/S ratio, gets the nod, under the adage of buying good companies at good prices for the long-term, rather than paying extremely high premiums for future growth with Rocket Lab

Chase Q4 2026 Pay Yourself Back Categories and Redemption Rates


Chase Pay Yourself Back Q4 2026 Categories

Chase has shared its Q4 2026 Pay Yourself Back categories for both Chase-branded and co-branded cards.

Pay Yourself Back lets cardholders redeem points or miles for statement credits against eligible purchases made within the previous 90 days. For Q4, the best values are still concentrated on Sapphire Reserve and JPMorgan Reserve, while several co-branded cards continue to offer annual fee redemptions and select travel-related categories.

For Sapphire Reserve and JPMorgan Reserve, cardholders can get up to 1.50 cents per point for qualifying charities, 1.25 cents per point toward the annual fee, 1.20 cents per point at department stores, and 1.15 cents per point at grocery stores and wholesale clubs, excluding Target and Walmart, through December 31, 2026.

Chase Branded Cards

  • Sapphire Preferred
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for qualifying charities through December 31, 2026 (subject to change).
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.10 cents per point for their annual fee through December 31, 2026 (subject to change).   
  • Sapphire Reserve
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.50 cents per point for qualifying charities through December 31, 2026 (subject to change)
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for their annual fee through December 31, 2026 (subject to change).
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.20 cents per point for their purchases with department stores through December 31, 2026.
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.15 cents per point for purchases with wholesale clubs and groceries (excluding Target and Walmart) through December 31, 2026.   
  • JPMorgan Reserve
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.50 cents per point for qualifying charities through December 31, 2026 (subject to change).
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for their annual fee through December 31, 2026 (subject to change).
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.20 cents per point for their purchases with department stores through December 31, 2026. 
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.15 cents per point for purchases with wholesale clubs and groceries (excluding Target and Walmart) through December 31, 2026.    
  • Freedom 
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for qualifying charities through December 31, 2026 (subject to change).
  • Ink (includes Ink Plus, Ink Cash, Ink Business Cash, Ink Business Unlimited, Ink Business Premier, Ink Business Preferred) 
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for qualifying charities through December 31, 2026 (subject to change).
  • Chase Sapphire Reserve for Business 
    • Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for qualifying charities through December 31, 2026 (subject to change).
  • Eligible charities include Alzheimer’s Association, American Heart Association, American Red Cross, Equal Justice Initiative, Feeding America, GLSEN, Habitat for Humanity, International Medical Corps, International Rescue Committee, Leadership Conference Education Fund, Make-A-Wish America, NAACP Legal Defense and Education Fund, National Urban League, Out and Equal Workplace Advocates, SAGE, Thurgood Marshall College Fund, United Negro College Fund, UNICEF USA, United Way and World Central Kitchen. 

Co-Brand Cards

  • Marriott Bonvoy Bold Card
    • Marriott Bonvoy Bold cardmembers can redeem points for a statement credit to cover qualifying travel purchases made directly with airlines or at hotels participating in Marriott Bonvoy®, up to $750 total in redemptions per year.   
  • United Family of Cards from Chase: Cardmembers who utilize Pay Yourself Back can redeem miles for 1.35 cents to 1.50 cents per mile (based upon United product) for annual fee statement credits. Cardmembers can also utilize Pay Yourself Back to redeem miles for 1 cent per mile (for all United Card products) for purchases of $50 or more in the United airfare purchase category. Purchases include United airfare tickets purchased on United.com or the United mobile app using a United MileagePlus Credit Card. Flights purchased through any other source, such as United General Reservations, United Vacations, travel agencies or other travel websites, are not eligible.
  • Southwest Rapid Rewards® Consumer Credit Cards  
    • Southwest Rapid Rewards Consumer Credit Cardmembers can use Rapid Rewards® points to cover their annual fee at any time during the calendar year. Redemption requests must be made within 90 days of the annual fee transaction date found on your statement.      
  • Southwest Rapid Rewards® Business Credit Cards
    • Southwest Rapid Rewards Business Credit Cardmembers can use Rapid Rewards® points to cover their annual fee at any time during the calendar year. Redemption requests must be made within 90 days of the annual fee transaction date found on your statement.
  • Disney® Inspire Visa® Card
    • Redeem Rewards Dollars for a statement credit toward purchases made at most Disney locations in the U.S. and online at Disney sites including DisneyStore.com, DisneyPlus.com, Hulu.com, and Plus.ESPN.com. Cardmembers can also redeem Rewards Dollars toward airline purchases including tickets on any airline to any destination with no block-out dates. 
    • When using Pay Yourself Back®:
      • Redeem on Chase.com within 90 days of purchase 
      • Do not load your Disney Rewards Dollars to a Disney Rewards Redemption Card
      • Disney Rewards Dollars will be deducted directly from your account 
  • Disney® Premier Visa® Card
    • Redeem Rewards Dollars for a statement credit toward purchases made at most Disney locations in the U.S. and online at Disney sites including DisneyStore.com, DisneyPlus.com, Hulu.com, and Plus.ESPN.com. Cardmembers can also redeem Rewards Dollars toward airline purchases including tickets on any airline to any destination with no block-out dates.
    • When using Pay Yourself Back®:
      • Redeem on Chase.com within 90 days of purchase 
      • Do not load your Disney Rewards Dollars to a Disney Rewards Redemption Card
      • Disney Rewards Dollars will be deducted directly from your account
  • Disney® Visa® Card
    • Redeem Rewards Dollars for a statement credit toward purchases made at most Disney locations in the U.S. and online at Disney sites including DisneyStore.com, DisneyPlus.com, Hulu.com, and Plus.ESPN.com.
    • When using Pay Yourself Back®:
      • Redeem on Chase.com within 90 days of purchase 
      • Do not load your Disney Rewards Dollars to a Disney Rewards Redemption Card
      • Disney Rewards Dollars will be deducted directly from your account
  • The Chase Air Canada Aeroplan® Card: Aeroplan® points may be redeemed for a statement credit using Pay Yourself Back for purchases made at select merchants within the 90 days before the redemption request date.  Redemptions using Pay Yourself Back against the following purchases made with your credit card will qualify: travel purchases and the prior payment of your annual fee. Each point you redeem through Pay Yourself Back for a statement credit towards qualifying travel purchases (up to 200,000 points or $2,500 annually) is worth $.0125 (one and a quarter cents), which means that 100 points equals $1.25 in redemption value. For a limited time, each point you redeem toward the prior payment of your annual fee is worth $.02 (2 cents), which means that 100 points equals $2 in redemption value.

Pay Yourself Back may also run promotional categories from time to time. Each point you redeem through Pay Yourself Back for a statement credit towards qualifying purchases in promotional categories will also be worth $.008, which means that 100 points equals $.80 in redemption value.

Raytheon secures $24.4B contract for SM-6 interceptors




Raytheon secures $24.4B contract for SM-6 interceptors

Are 8% Mortgage Rates a Foregone Conclusion?


The longer this aggressive uptrend goes on, the more it feels like 8% mortgage rates are inevitable.

By some accounts, we are only about a half of a percentage point away.

And given the current climate, which feels very much like a higher for longer scenario, it wouldn’t take much to get a nudge back above 8%.

Of course, simply getting back to 8% isn’t the be all end all.

Perhaps what matters more is how high we go and how long we stay at elevated levels.

It Feels Like 8% Mortgage Rates Are Inevitable

I was on the fence for a while about how high mortgage rates would go.

It seemed like the recent move higher was a bit overdone (and it still may be), but without any sort of “brakes,” perhaps nothing stops this train.

We’ve got mounting government debt, sticky-high oil and energy prices due to the war, and what feels like another major bout of inflation.

Unless any of those things change, why would mortgage rates move materially lower?

The answer is they probably wouldn’t. And lately it doesn’t feel like there are any leads in any of those categories.

The deficit and related spending are out of control and are unlikely to be reined in.

The war you barely even hear about these days, which makes it feel more and more entrenched.

And inflation, despite the odd report that’s below forecast still seems like a major problem, especially because of the unresolved conflict in the Middle East.

Taken together, it’s hard to imagine mortgage rates coming down meaningfully.

Conversely, it’s quite easy to imagine them rising even higher from here.

How High Will Mortgage Rates Go?

Lately, I’ve heard all types of doomy scenarios regarding mortgage rates, with some saying double-digits for the 30-year fixed aren’t out of the question.

I don’t think it gets that bad, though I do see more upward movement this cycle before things cool off.

In a prior post, I laid out a scenario where mortgage rates experience a double-top like they did in the early 1980s.

We’ve got somewhat similar conditions today compared to back then with regard to inflation and an energy crisis, but arguably not nearly as bad.

Still, if that scenario plays out, you get a 30-year fixed around 8.88%. Not so lucky. Or maybe it is…

That would take a fairly considerable rise in 10-year bond yields along with wider mortgage spreads relative to Treasuries.

To get to 8.88%, you’d need a 10-year yield north of 6% (currently around 5.20%) and a spread maybe around 280 basis points (currently closer to 230).

Is it possible? Sure. Is it probable? That’s another question.

We’ll need more of the same high energy prices, war escalations (or at least not improving).

And heightened inflation along with continued government spending (easy) and AI build-out.

The mortgage rate spreads can also widen due to volatility if rates are surging higher, creating a one-two punch.

How Long Will the High Mortgage Rates Last?

To me, this is the more important question.

Who cares if we get 8% mortgage rates again if they only last for several months?

Sure, it’d be a temporary blow and everyone would make a big thing of it in the media, online, etc.

It would impact home sales too, along with loan origination volume (not that it hasn’t already).

But if it proved to be short-lived, it wouldn’t matter all that much.

More concerning would be if mortgage rates find new footing at higher levels and stay there.

Then you’ve got some real problems for the housing market and the industry at large.

Either way, the solution is to end the war and control the spending so we can get inflation and bond yields lower, and thereby mortgage rates too.

Next: Compare different monthly payments and interest rates with my mortgage rate calculator.

(photo: andressolo)

Colin Robertson
Latest posts by Colin Robertson (see all)

Why Asset Owners Need Private Governance Expertise


The more efficient model is preventive rather than reactive.

Instead of assembling expertise transaction by transaction, owners could maintain standing relationships with independent valuation, restructuring, and fiduciary specialists before conflicts emerge.

When sponsors know in advance that a continuation fund or conflicted restructuring will be reviewed by informed counterparties, the most likely consequence is not more litigation but fewer transactions structured in ways likely to invite challenge.

The greatest value of ownership capability may never appear in litigation statistics. It appears in transactions that are never attempted. Governance capability resembles insurance. A premium is not wasted because the house did not burn down; its value lies in protecting against potentially adverse outcomes.

The obvious objection is that no single owner wants to fund capability whose benefits are shared across the rest of the market. That collective-action problem is real—and it points toward the solution: a standing coalition of large, diversified owners with shared access to governance expertise as permanent infrastructure.

The important distinction is that such a coalition is not primarily about cost-sharing. Its purpose is demand concentration.

Scattered, episodic demand cannot create new markets. Standing, recurring demand can.

Cost-sharing splits the bill for capability that already exists. Demand concentration shapes which capabilities come to exist at all

The proxy-advisory industry offers an existing precedent: It emerged because institutional investors generated sufficient recurring demand for independent voting expertise.

The argument, then, is not that asset owners should simply spend more. It is that they should become repeat purchasers of governance capability.

Bilt Rent Day (October 2026): Amtrak & Hilton


The Offer

Bilt rent day for October 2026, up to 125% bonus to Amtrak (as expected) and up to 200% bonus to Hilton. Keep in mind that the regular transfer rate is 2 Bilt points for 1 Amtrak point (2:1) and math is hard. The regular transfer rate to Hilton is 1:1. 

  • Amtrak bonus:
    • Blue = 25% bonus
    • Silver = 50% bonus
    • Gold = 75% bonus
    • Platinum = 100%  bonus 
    • Platinum can pay $400 in Bilt Cash and get 125% bonus 
  • Hilton bonus + status:
    • Blue = 75% bonus and instant Hilton Silver status
    • Silver = 100% bonus and instant Hilton Silver status
    • Gold = 150% bonus and instant Hilton Gold status
    • Platinum = 175% bonus and instant Hilton Diamond status
    • Platinum can pay $200 in Bilt Cash and get 200% bonus and instant Hilton Diamond status
    • Hilton status earned with this promotion is valid through December 31, 2026. There is also a 90-day challenge for status through 2027: 6 nights for Blue/Silver to earn Gold and 12 nights for Gold/Platinum to earn/keep Diamond.

The Fine Print

  • Limit of 100,000 Bilt points can be transferred with the Amtrak offer.
  • Limit of 100,000 Bilt points can be transferred with the Hilton offer.

Our Verdict

New Palladium card comes with Gold status if you spend $4,000 in the first three months, not sure how long that takes to trigger. Can also use Bilt cash to upgrade status ($200 to upgrade one tier). 

These transfer bonuses are the best times to use Bilt points and one of the rare occasions when a speculative transfer can make sense. 

‘We cannot sweep the dust under the carpet’: French debt is projected to grow to 122% of its GDP



France’s public debt has climbed to a record during the two terms of President Emmanuel Macron, unsettling investors and emerging as a defining issue ahead of next year’s presidential election.

With France already gripped by deep social tensions, the candidates vying to succeed Macron are under pressure to explain how they would bring the debt under control. It now stands at 119% of gross domestic product, leaving the country’s strained public finances likely to dominate the campaign.

France again won’t come close to balancing its annual state budget next year, despite a proposed 54 billion euros ($61 billion) in spending cuts. The government said Thursday that the budget will again overshoot EU spending limits and that the national debt is expected to grow to nearly 122% of GDP, a new record.

Budget minister David Amiel argued that the spending cuts were essential, ahead of what is sure to be a bruising battle to get them through parliament.

“We cannot sweep the dust under the carpet,” he said.

One idea to fix the debt has been particularly scrutinized. The radical-left presidential candidate Jean-Luc Melenchon has proposed canceling French government bonds held by the European Central Bank to unlock money for public spending, claiming it would free up funds for investment. Others on the right argue that Melenchon’s proposal is unrealistic, with far-right leader Marine Le Pen calling for reforms to “clean up” public finances.

“Freezing this debt means transforming it into perpetual debt — that is, debt with no repayment deadline and a low or zero interest rate,” Melenchon said. “Freezing it is therefore effectively the same as canceling it.”

ECB President Christine Lagarde says Melenchon’s idea would be a “pure violation” of the EU treaty, which bans central bank financing of national governments.

Lagarde insisted that if the country freezes its debt now, the next time it seeks to borrow, creditors could demand exorbitant terms or flat-out say no.

“It’s not because you repeat something that doesn’t make any sense — either legally, technically, or financially — that it becomes something valid,” she said during a Sept. 10 news conference.

Here is a look at France’s public debt and how it affects the second-largest economy in Europe.

Record-high levels

France remains a major industrial power and has the world’s seventh-largest economy. But at the end of June, its public debt stood at 3.596 trillion euros ($4.08 trillion), equivalent to 119% of GDP, according to figures released this week by France’s National Institute of Statistics and Economic Studies.

It stood at 97.9% of GDP in 2019, before the COVID-19 pandemic.

France is hardly alone in loading up on debt in recent years. At the end of the first quarter of 2026, the general government gross debt to GDP ratio in the euro area stood at 88.9%, according to data from Eurostat, the official statistical office of the European Union.

France’s debt pile is smaller than Greece’s, which was 143.5% of GDP, and Italy’s (138.9%). It’s also lower than the U.S.’s 122.6%. France, however, lacks the U.S. advantage of having the world’s dominant reserve currency, which supports Washington’s ability to borrow.

France needs to borrow to finance budgets

Every year, France prepares a budget. These resources mainly come from taxes and levies paid by individuals and businesses. Expenditure is the money used to finance public services such as education, the justice system, or policing. For the past 50 years, expenditure has exceeded revenue, resulting in a budget deficit. To finance this gap and continue funding public services, France takes out loans. The total value of these loans constitutes public debt. Deficits matter because investors demand more in return when they lend the government money.

First the pandemic, then an energy crisis

France last balanced its budget in 1973, while maintaining a generous welfare state with strong worker protections. For years, accumulated debt was high — over 90% of annual gross domestic product from 2008 on — but manageable due to steady growth and years of near-zero interest rates.

Then came the pandemic, followed by an energy crisis after Russia cut off most natural gas supplies following its 2022 invasion of Ukraine. The French government spent heavily on subsidies to keep businesses afloat and shield people from higher energy costs. Globally, interest rates suddenly moved higher. Debt in France jumped from 98% of GDP in pre-pandemic year 2019 to 114% in 2020.

The impact of the debt on France’s budget

As public debt increases, the French state also increases its expenditure. Debt service is a significant item of expenditure, accounting for around 7% of the state budget. With interest rates much higher these days, interest costs are expected to surpass 90 billion euros in 2027, much more than the government plans to spend on defense (63.4 billion) or schooling (65.5 billion).

A stable outlook, but some credit rating agencies are worried

The credit rating agency Scope downgraded France’s long-term ratings in September.

“A sustained deterioration in the fiscal outlook, characterized by rising general government debt, persistently high fiscal deficits and limited progress on structural reforms drive the downgrade,” the agency said in September.

Despite the widening fiscal deficit and rising public debt, Fitch Ratings in August said it is maintaining France’s sovereign credit rating at “A+” with a stable outlook.

“France’s ratings are supported by its large, diversified high-income economy, a sound banking sector and a diverse investor base,” it said.

Who owns French debt

According to France’s economy ministry, French debt is held by a wide variety of investors.

The debt is held by insurers, banks, central banks, and pension funds in countries where retirement is based on funded pension systems.

___

John Leicester in Paris contributed to this report.

Linking songs to recordings is music data’s ‘single biggest unsolved problem.’ Expect it to come up at DDEX’s Meta-backed summit next month.


DDEX is the not-for-profit body that sets the formats music companies use to exchange data, from details of new releases to sales reports.

The org’s 150+ members include Spotify, Apple, Amazon, and all three major music companies, as well as major companies from every sector of the industry.

Next month, on November 19, DDEX hosts its MusicTech 20/20 Summit in Toronto, presented by Meta. The event arrives in DDEX’s 20th anniversary year.

One of the key topics discussed at the event will be data identifiers – with a panel featuring Chris Horton, EVP, Strategic Technology at Universal Music Group, and Sylvain Piat, Director of Business and Technology at CISAC, the organization behind the ISWC system.

Ahead of the event, MBW caught up with Mark Isherwood, who has headed DDEX’s Secretariat since the organization was formed in 2006 – and has more than 40 years of professional involvement in music rights and data.

“It is very clear that the single biggest problem that remains unsolved is having available, to everyone, authoritative links between musical works (ISWCs) and sound recordings (ISRCs).”

Mark Isherwood

Expressing his personal view on the data identifier issue, Isherwood suggested that the biggest unsolved problem in music data remains the lack of authoritative, industry-wide links between songs and recordings.

He noted that many databases inside music companies hold “extensive numbers of links” between song ID codes (ISWC) and recording ID codes (ISRC).

But he said these are “generally used by such companies as a unique selling point, rather than something that might have common value and benefit.”

“If you ask most people working in operations within the music industry value chain, it is very clear that the single biggest problem that remains unsolved is having available, to everyone, authoritative links between musical works (ISWCs) and sound recordings (ISRCs),” he said.

“If this issue could be solved, a very significant amount of grunt work that everyone needs to undertake at the moment on a daily basis would be unnecessary and provide considerable cost and efficiency benefits,” added Isherwood.

DDEX has its own standard, BWARM, for sending data on large numbers of songs in bulk, including links to the recordings that use them.

Asked what the industry’s data systems could make possible over the next decade, Isherwood said: “The ultimate objective for the industry has to be the management of operations, simply through the use of unique identifiers.

“At the moment, very significant amounts of data have to be exchanged because identifier data almost always has to be accompanied by corroborating data.

“Over the next ten years the industry needs to work to phase out the need to exchange anything other than identifiers. The identifiers would be communicated in significantly smaller messages, just containing identifiers.

“Recipients will then draw down the data they need using the identifiers as pointers to data that is stored elsewhere, rather than there needing to be multiple huge message exchanges of metadata, much of which at the moment is duplicative.”


The MusicTech 20/20 summit will open with an address from DDEX’s Board Chair, Dan Simpson, who is also Meta’s Head of Music Operations.

The keynote speaker at the event is Phil Wiser, most recently Chief Technology Officer of Paramount. According to DDEX, Wiser was part of the Sony team involved in the deal to launch iTunes.

Tickets for the summit, available through DDEX’s event page, cost USD $650 until November 1 and $770 after that.


Asked what the realistic worst case would be if the industry’s data systems fail to keep up with AI, Isherwood said: “The important word in that question is ‘realistic.’ Could a situation arise where the whole system gets so gummed up that nobody gets paid? No, definitely not.

“But, somewhere along the spectrum from where we are to that situation arising, it may be possible. How far along is dependent on how quickly the industry can adapt.

“Our experiences at DDEX are that industry players are very much on top of these issues and already ready to adapt. We have done a considerable amount of work on solving the operational issues thrown up by AI and some of this is already beginning to emerge into the operational ecosystem.”

“As with every walk of life, resources are finite. That said, there is nothing fundamental about the industry’s approach that needs to be changed.”

Mark Isherwood

On whether today’s standards, which depends on agreement between many companies, can keep up with the pace of change ahead of the music biz, Isherwood added: “It is true that standards development can take time. However, DDEX prides itself on being able to move pretty quickly in the ever-changing landscape.

“Nevertheless, there is always a lag between the completion of standards and their deployment across the industry. DDEX works in a way that seeks to minimise this lag by ensuring that there are member companies ready to implement a standard before it is published.

“Of course, DDEX and the industry as a whole could do more and do it better, but, as with every walk of life, resources are finite. That said, there is nothing fundamental about the industry’s approach that needs to be changed.”

Looking back at DDEX’s origins, Isherwood added: “The main catalyst for the creation of DDEX was the infrastructure that had been created for the iTunes Store when launched in 2003. There were a lot of individual company systems all created in different ways, with different architectures and data models.

“In many instances, data was being communicated using [Excel] spreadsheets. Everything was done on a proprietary basis. Five labels, three musical work CMOs and three technology companies therefore came together to figure out how data communication could be made easier.

“From these discussions, which [began] mid-2005, DDEX was launched in May 2006. Since then, DDEX has grown to over 150 members representing every sector of the music industry value chain, including many more musical work CMOs, music publishers, producer/performer CMOs, distributors, technology service provide[r]s, music recognition technology companies and companies providing services to creators for the collection of metadata.”Music Business Worldwide

Toronto board of trade calls for regulatory reforms to spur housing growth




The Toronto Region Board of Trade is urging the province to amend zoning and building code rules as it says Ontario is on pace to fall well short of its goal of getting at least 1.5 million new homes built by 2031.