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Country Music Hall of Fame duo Brooks & Dunn, who have collected 25 ACM Awards wins over the course of their decades-long career, will be feted on May 7 at the Omni PGA Frisco in Frisco, Texas, during the “Play Something Country” gala hosted by the ACM and ACM Lifting lives. The event comes one […]
Kendrick Lamar has become the first musician to ever be featured in a Gatorade commercial thanks to the brand’s latest ad. On Friday (April 18), the award-winning rapper was tapped for Gatorade’s new Lose More. Win More. ad campaign, and gives a motivational speech throughout the commercial while his GNX track “Peekaboo” soundtracks the moment. […]
Wiz Khalifa was surrounded by puppies when he pulled up to the Buzzfeed offices earlier this week. The Taylor Gang honcho is on the road in support of his Kush + Orange Juice 2 sequel album, which arrived on Friday (April 18). Khalifa was feeling the puppy love during his interview with Buzzfeed Celeb as […]
Investors seeking shelter from the chaos unleashed by President Trump’s often incoherent tariff policy can find safety in companies without direct exposure to tariffs or the teetering advertising market. And music, especially digital music, will be able to weather the storm, say many analysts — with one major exception.
To understand what people are thinking about tariffs’ impact on the business world, look no further than stock prices. The performance of various music-related stocks reveals how investors are betting that economic uncertainty will affect various companies.
Many stocks — especially those of companies traded on U.S. exchanges — have taken a hit as investors fled for safer alternatives. The Nasdaq and S&P 500, U.S. indexes, are down 6.2% and 6.7%, respectively, since April 1, the day before President Trump announced his tariff plans. Elsewhere in the world, indexes have generally performed better. South Korea’s KOSPI is down just 2.0%. Japan’s Nikkei 225 is off 3.5%. The U.K.’s FTSE 100 is down 4.2%. Germany’s DAX has lost 5.9%.
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Within music, companies that get most of their revenue from streaming are faring relatively well. Since April 1, Spotify and Deezer have each gained 4.0%, two of the better showings for music stocks. Cloud Music improved 3.9%. Tencent Music Entertainment, on the other hand, has fallen 15.1%, although its share price remains up 8.1% year to date.
Record labels and publishers have also been holding up well, in relative terms, particularly outside the U.S. Since April 1, shares of Universal Music Group (UMG) — which is headquartered in the U.S. but trades in Amsterdam — and Warner Music Group (WMG) are down 8.0% and 7.1%, respectively. Reservoir Media lost 3.0%. K-pop companies — much like South Korean companies in general — have fared well. Since April 1, SM Entertainment has gained 7.9%, YG Entertainment is up 1.1% and JYP Entertainment has gained 0.7%. HYBE fell 3.4%.
UMG and WMG’s post-tariff declines are slightly greater than the drops in the Nasdaq and S&P 500 of 6.7% and 6.2%, respectively. But both UMG and WMG had strong starts to 2025, and their year-to-date losses of 4.5% and 6.1% are far better than the S&P 500’s 10.2% drop and the Nasdaq’s 15.7% year-to-date decline.
Some live music companies’ stocks have been resilient, too. Live Nation shares are down 3.7% since April 1, while German concert promoter CTS Eventim is up 3.2%. Sphere Entertainment Co., owner of the Sphere venue in Las Vegas, is an exception. Sphere Entertainment shares have plummeted 23.1% since President Trump’s tariff announcement, a far more significant drop than the stocks of other companies — Caesars Entertainment, Wynn Resorts, MGM Resorts — that rely on consumers’ willingness to part with their money in Las Vegas.
For many U.S. media stocks, the direct impact of tariffs is “relatively muted,” wrote Citi analysts in an April 7 report, as many of the companies rely on discretionary spending, not ad revenue. Apple and other tech companies, for example, got an exemption from the 145% tariffs on Chinese imports but must still pay the blanket 20% tariff. Companies that get much of their revenues from subscriptions — Netflix, Spotify, UMG and WMG — will be less impacted.
Music streaming, most notably subscription services, is considered by equity analysts to be safe from whatever tariff-induced economic chaos awaits the global market. “Digital goods are unaffected by tariffs,” wrote TD Cowen analysts in an April 14 investor report. Subscription services, they argued, provide enough bang for the buck, and customers have such an emotional attachment to music that subscribers are unlikely to leave in “meaningful” numbers if the economy goes south.
Streaming and subscription growth slowed in 2024, but many analysts expect improvements to come from a regular drumbeat of price increases, renewed licensing deals and super-premium tiers. That said, analysts believe that Spotify’s latest licensing deals with UMG and WMG, and upcoming deals with other rights holders, better reward labels and publishers for price increases. As a result, TD Cowen slightly lowered its estimates for Spotify’s revenue, gross profit margin and operating income in 2025. Likewise, in an April 4 note to investors, Guggenheim analysts lowered their estimate for Spotify’s gross margin in the second half of 2025.
Companies reliant on advertising revenue will also take an indirect hit. Citi estimates that $4 trillion of imports could generate $700 billion in tariffs and reduce personal consumer and ad spending by 1.9%. Tariffs have ripple effects, too. Because household net worth and personal spending are highly correlated, says Citi, the recent declines in stock prices could reduce personal and advertising spending by 3.0%.
Consumer spending is at the heart of the concert business, but analysts agree that fans’ affection for their favorite artists protects live music from economic downturns. As a result, Live Nation has “less risk than the average business that depends on discretionary spending,” according to TD Cowen analysts.
Advertising-related businesses aren’t so lucky, though. As tariffs raise prices and household wealth declines, personal spending also declines, and, in turn, brands pull back on their advertising spending. Investors’ expectations for advertising-dependent businesses were apparent before April but have become clearer since President Trump’s April 2 tariff announcement. iHeartMedia, which closed on Thursday (April 17) below $1.00 per share for the first time since June 4, 2024, has dropped 35.3% since April 1 and fallen 50.3% year to date. Cumulus Media has fared even worse, dropping 47.5% since April 1 and 62.7% year to date. Townsquare Media has fallen 12.8% in the tariff era and 23.8% year to date.
J.P. Morgan analysts believe iHeartMedia’s full-year guidance of $770 million is “somewhat optimistic” given economic uncertainties and ongoing pressures in the radio business. It forecasts full-year EBITDA of $725 million — nearly 6% lower than iHeartMedia’s guidance. If things wind up going more the way J.P. Morgan predicts than iHeart, it would be a big blow to the company and an unfortunate bellwether for the already struggling radio business. While other music industry sectors look to ride out the tariffs at least in the shorter term, the economic uncertainty introduced by the Trump administration may only hasten radio’s ongoing decline.
As Billboard has noted numerous times in recent weeks, investors are attracted to music assets because they are counter-cyclical, meaning they don’t follow the typical ups and downs of the economy. Consumers will, by and large, stick with their music subscription services and continue going to concerts. But by introducing the tariffs, the Trump regime exposed one of radio’s greatest weaknesses as a business: a greater exposure, due to its reliance on advertising, to the state of the wider economy.
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Never mind, Sydney Sweeney will find someone like you. In a new clip, the Euphoria star sings one of Adele‘s most classic breakup anthems at a karaoke bar in Florida, belting out “Someone Like You” with a pair of friends with a big smile despite the sad lyrics. Shared by TMZ, the video finds Sweeney […]
Wiz Khalifa delivered.
15 years after he dropped his classic Blog Era mixtape Kush & Orange Juice, the multi-platinum rapper decided to go back to his roots on its sequel tape and tap back into the sound that made him one of stoner rap’s most important rappers. He also brought the gang back together as Cardo, Sledgren and his stoner-in-crime Curren$y all contributed like they did during that first cypher back in April of 2010.
Kush & Orange Juice 2 also features the likes of Gunna, Mike WiLL Made-It, Ty Dolla $ign, Don Toliver, Larry June, Conductor Williams, and legends in Juicy J, DJ Quik, and Max B, among others. And while those acts are diverse in terms of their own individual sounds, Wiz was able to have them fit the story he wanted to tell and he did a pretty good job. It’s rare if not damn near impossible for a sequel to be as good as a classic, but Wiz did a pretty good job. Clocking in at 23 tracks and 77 minutes long, the Kush & OJ sequel is the perfect soundtrack for that cousin walk on Easter Sunday — as you and your family celebrate not only the resurrection, but 4/20 as well.
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And as he rolled out the much anticipated project, Khalifa went on an already-memorable run of freestyles that started last November with “First YN Freestyle.” Hopefully more rappers will hop on that wave, and give fans more music that feels fun and low-stakes.
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Billboard talked with Wiz about why he decided to take that approach, and about a bunch of other things. Check out our chat below and be sure to go run up that Kush + Orange Juice 2 this weekend.
You’ve been on a crazy run lately with these freestyles. Can you talk about why you decided to go that route?
Really just by seeing the reaction of my fans and the people who support me when I started to get into the mode of promoting Kush & Orange Juice 2, and really visualizing what that was going to feel like for everybody else. I wanted to make it an experience, and not something that just dropped overnight and then went away. So, me doing the freestyles was kind of a way to write that narrative and to get everybody on board so they understand what to expect and it got a great reaction. So, naturally, I just kept going. And it’s something that I like to do just for fun.
Did the freestyles help spark something creatively in you?
I was already pretty much done with the album by the time I did the freestyles. But I think anytime I’m able to just play around and see what people enjoy, it gives me a sense of what to do next or what to continue doing. So, it definitely served its purpose when it comes to that.
You and other Blog Era peers like J. Cole, Kendrick Lamar and Drake have crossed over into the mainstream. So, now that you’ve achieved a certain level of success, does that mean that you plan on still playing the major-label game, or are you gonna go back to just making what you feel like making?
I think it all just kind of comes together, and it’s really about the fans and what they want and what people are are tuning into, and just me knowing that people digest my music for the way that I do it. It allows me to be free, but it also opens up a lot of different opportunities for me to put that in other places. So, it’s a beginning of a wave that could, you know, go on for however long.
Why do you think rappers have moved away from doing freestyles and stuff like that?
I think because clearances and a lot of people want their their stuff on the biggest platform. It’s hard to monetize a freestyle and if you put a lot of energy into it, a lot of people want it to go far, so that value has been missing. It takes certain artists to push it and to show that the value of it isn’t gone. It’s not really where you’re aiming to put these at. The people and the listeners, and their ears are there, and they’re going to discover it. I think people have to re-understand that and reimagine that.
So much has changed since you came in the game. If you were an up and coming rapper today, how would you approach your career?
I would approach it the same way. A lot of the younger artists or personalities, they know who their fan base is. They know who they’re talking to, and they reach out to them, and that’s what dictates what they do or what their next moves are. And a lot of artists are afraid of that, but there’s a lot of power and a lot of value in knowing who your consumers are and the people who want the best from you and aiming what you do towards them. And that would be my advice, or that would be what I would do. That’s what I’m doing now, is just focusing on the people who I know support and are expecting this, and really just making the experience for them.
One person that’s carving out a unique lane for themselves is streamer and producer PlaqueBoyMax. You were on his stream recently. How was that experience?
Yeah, it was cool working with Max, and that was the first time I had made a song live on somebody else’s stream. And even just with that platform of him being, you know, with FaZe and them having the reach that they do. That’s a whole different fanbase than the people who are used to me, and it was good to be able to win those people over, show them what my talent actually is, and work with somebody for the first time and create something in front of everybody that’s just super fun and super cool to me.
You floated the idea of doing a full tape with him towards the end. Do you think that can happen down the line?
I wanted to do it, but I feel like he’s already doing it, and he’s doing it in his way, where he’ll benefit off of it, which is cool with me. I’m always down anytime. If he needs me, then he’ll hit me.
What can fans expect from Kush & Orange Juice 2?
They can expect good smokin’ music, good chillin’ music, good motivational music, and good ridin’ around with the homies music. It’s definitely for the people who understand it. And it’s not just about the music, it’s about the experiences that you have with it. So, the more you listen to it and live with it, or even if it’s your first time, when you listen to it and live with it, it’s gonna change a lot. I’m really happy with that. I’m really confident in that, and I’m just really excited for everybody to experience that.
Are you performing anywhere on 4/20?
Yeah, I’m gonna be performing at Red Rocks in Colorado.
I interviewed Curren$y a couple months ago, and I had asked him if he has any 420 rituals and he said he doesn’t really have any because he’s always working. I’m assuming that’s the same for you.
Yeah, pretty much, especially at this point. A lot of people come out and visit us on those days, even if it’s family from the East Coast or an artist or whatever. They usually want to come kick it with us, so that’s usually fun. I get to see a lot of people who I just really enjoy smoking with, like Berner. It is work, but for me personally, I try to roll at least an abnormally big joint or two, and I usually smoke more dabs that day than I normally do as well.
I wanted to ask you what your favorite strains were, but on Club Shay Shay, you said you’ve been smoking your own strain exclusively for about 10 years now.
Oh yeah, it’s definitely Khalifa Kush always for like almost 12 now.
What is that like, though — having your own strain and not really having to pay for it anymore?
It’s a blessing. I don’t know if I necessarily knew that it was going to be this way. We always hoped and wished that it would be this way — and knew that it was, you know, beneficial for everybody — but to actually live in an era where we can do this… It’s awesome. I’m grateful and I’m taking full advantage.
You also mentioned the Smoke Olympics. What would be some of the events if you were to put that together?
There would be a rolling competition. I’m bringing the origami, I’m bringing the samurai skills. What else? You have to hit, like, a bong. You’ll have to make a bong out of something. You could choose what you have to make a bong out of. You have to last a certain amount of rounds, too — so as we keep smoking, there’s no tapping out. Yeah, we’ll start there.
I ran into Conductor Williams recently and he was beaming about the way you approached “Billionaires” with Ty Dolla $ign. What was it about that particular beat that caught your attention out of the pack of beats that he sent?
I appreciate it. I feel like I always gravitated towards his production because of how soulful it is and just how musically inclined he is. You could tell he knows a lot about music in general. My approach is very specific to what I know my people are gonna f—k with. And I think when I got into that pocket, it was nostalgic, but it was also something that people never expected, or ever knew that they would enjoy.
I think that combination right there kind of makes discovering some new music worth it — and that’s what people need now, and to be able to do that with people who I’m cool with, and got in my phone and I can hit at whatever time, and be like, “Yo, send me some beats,” and we could just come up with something legendary off the bat. That’s real fun for me.
You’ve gotten into martial arts like over the years like Muay Thai and Jiu Jitsu. How important has that been for you?
It’s part of my everyday life as much as music is and I’m passionate about it the same way I am about my music, and I’ve been doing it for seven years now, and I feel like I’m still learning a lot of new things, and it’s still fun and it’s interesting. It’s not a chore or a job or I don’t even have a real end goal when it comes to it, so it’s fun to be on a journey and have something that I that I enjoy and that challenges me and also makes me better.
Has it helped your lungs be stronger too?
Yeah, 100 percent. My cardio is crazy, and it helped me learn how to control my breathing better and just being in good shape in general. Being able to function and and move athletically as I get older, because I’m 37 now, so I’m moving into my 40s. The older that we get the less athletic some of us get. But for me, it’s a lifetime thing of I’m always going to have this type of movement.
All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes. While there’s no shortage of merch for Taylor Swift lovers, fans have been particularly taken with these cozy slippers that feature […]
Regional Mexican star Julión Álvarez made his return to the U.S. stages on Thursday night (April 17), with the first of three shows of his 42/18 Tour at the SoFi Stadium in Inglewood, Calif. — a record for a Latin artist at the venue. Previously, Los Bukis — also Mexican and representing the same musical genre — held the record there with two performances in August 2021.
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It took eight years for Álvarez, also known as the King of the Box Office, to perform in the U.S. again after he was accused by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) of money laundering in 2017, a charge he was cleared of in 2022.
“I must confess that I was close to tears. I’m trying to stay strong, but I’m truly very emotional and happy. You can’t imagine the amount of feelings and emotions I’m experiencing right now. I hope you enjoy this as much as I am,” Álvarez said shortly after starting the show with a Mexican flag and a snippet of “Cielito Lindo,” singing in Spanish, “Let them say I’m asleep and bring me here, beautiful and beloved Mexico, if I die far from you.”
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“I hadn’t come to sing for you in eight years,” he continued. “Thank God and thanks to all of you, I’m still doing what I love — the work on which so many families depend. Thanks to my family, who supported me through everything. Thanks to the friends who were always there. But above all, a thousand thanks to the audience, and to the media who were always present. I thank you from the bottom of my heart.”
Álvarez then embarked on a musical journey through his career, performing hits such as “Regalo de Dios,” “Te Hubieras Ido Antes,” “Rey Sin Reina,” “La Frontera” and “Mi Mayor Anhelo,” a song that brought back memories of his days as the vocalist for Banda MS, which he thanked for the lessons he learned from the band. In another touching moment, his musicians played the classic “Las Mañanitas,” and his daughters Maria Julia and Maria Isabel joined him on stage to celebrate his April 11 birthday.
Known for performing shows lasting up to four hours, the artist born Julio César Álvarez Montelongo explained to the audience that venue rules would prevent him from singing for more than two hours. “I hope you can forgive me, but I must respect the laws of this land,” he said before closing with a medley of José Alfredo Jiménez’s classic rancheras “El Rey” and “Ella,” along with his rendition of “Volaré.”
After his shows on Friday and Saturday (April 18 and 19) at SoFi Stadium, Álvarez will continue his 42/18 tour on May 24 at AT&T Stadium in Arlington, Texas.
Billboard’s New Music Latin roundup and playlist — curated by Billboard Latin and Billboard Español editors — is back with fresh new music. This week’s releases include a bunch of duets, such as Beéle and Marc Anthony (“Dios Me Oyó”), Ana Bárbara and Yahritza y Su Esencia (“Besos Robados”), Xavi and Netón Vega (“Hija de Papi”) and Kenia OS and Anitta (“En 4”). […]
Wale has announced that after 10 years, his annual WaleMania event is coming to an end. He made the unexpected announcement on X Thursday (April 17), confirming that this year’s WaleMania — which has always coincided with WrestleMania weekend — will mark the end of an era. Explore Explore See latest videos, charts and news […]