The presence of independent acts Muni Long and Lauren Spencer-Smith atop DSP charts has sparked much chatter about potentially sizable deals. The analytics are clear with both tracks—they are legitimate hits. So why haven’t they closed yet?

Muni Long’s “Hrs and Hrs” became an instant Apple Music giant after the holidays, with the bedroom R&B jam locked in the Top 10 on the platform since the year began. Muni is the artist moniker of veteran songwriter Priscilla Renea, who’s co-penned hits for Rihanna, Ariana Grande, Fifth Harmony and Pitbull, among others, and previously released two albums under her given name. Her team consists of biz vets Chris Anokute and Rashad Tyler.

Spencer-Smith’s “Fingers Crossed” appeared to come out of nowhere—immediately topping iTunes and impacting the Top 25 at both Spotify and Apple Music. However, the Canadian singer-songwriter has a loyal following at TikTok (2m+) that showed up to support her. Spencer-Smith is repped by attorney-turned-manager David Ehrlich.

Some biz skeptics have expressed the view that the Spencer-Smith strategy lacks any substantive plan or foundation and that becoming the flavor of the week at Pop radio may not have been the best strategy at this time. They say all the heavy lifting that goes into a sustained run at Pop is missing—but there’s no doubt that the song is a big hit and has been the shiny new thing on the A&R landscape for weeks.

Even so, Spencer-Smith’s team may be in a slightly less advantageous position now than just a short time ago as the record loses a bit of momentum at DSPs.

Multiple majors are said to be looking at these acts, both of which are entering their third week of meetings. Though the overall price of poker continues to soar, the Spencer deal may not be as expensive as one might imagine, especially since at least a few label heads are said to remain unconvinced. In this case, majors seeking to put points on the board with alacrity may be more motivated.

Amid all this drama, the key question is this: Will these acts have a lasting impact beyond their singles? And, as with any bidding war: How much is too much?