Hedge-fund billionaire William Ackman says music comes just under food and water in the hierarchy of needs, but music is worth an investment because it pays royalties.

In a presentation on 23 June to lay out his rationale for spending $4bn to purchase 10% of Universal Music Group, Ackman and his colleagues at Pershing Square Tontine Holdings spelled out a bullish case for the music industry that relies heavily on the growth potential for music streaming around the globe. He also said music is the least expensive form of entertainment — 60 million songs that can be heard anywhere by anyone while doing anything.