Business
Proving that the best way to get stock prices to rally is to first bury them deep underground, markets surged this week as President Trump eased his tone on U.S. Federal Reserve chair Jerome Powell and said tariff negotiations with China are ongoing (although China denied the claim).
The 20-company Billboard Global Music Index surged 6.1% to 2,595.95, marking its third consecutive weekly gain after falling 10.9% in the two-week period ended April 4. The spoils of a less chaotic global market were felt by nearly all music stocks. Of the 20 stocks in the index, 16 finished the week in positive territory, and two — Anghami and Sphere Entertainment Co. — had gains exceeding 10%.
Major indexes improved this week as investor sentiment regarding U.S. tariff policy improved and President Trumpsaid he would not fire Powell. The Nasdaq composite rose 6.7% to 17,382.94 and the S&P 500 gained 4.6% to 5,525.21. The U.K.’s FTSE 100 improved 1.7% to 8,415.25. South Korea’s KOSPI composite index rose 2.5% to 2,546.30. China’s SSE Composite Index rose 0.6% to 3,295.06.
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After investors’ confusion about the U.S. tariff policy put a damper on stocks in recent weeks, markets seemed to find comfort in reports that said the U.S. Trade Representative was quickly working with some trading partners under a streamlined process. Jay Hatfield, founder/chief investment officer of InfraCap, told CNBC, “We’ve reached peak tariff tantrum” and believes the worst of the uncertainty has passed. In fact, the market could have been due for a rebound. Thomas Martin, senior portfolio manager at GLOBALT in Atlanta, told Reuters the stock market “was oversold by virtually all measures.”
Sphere Entertainment Co. was one of the week’s winners, rising 13.8% to $28.88. On Friday, Sphere Entertainment subsidiary MSG Networks announced it had negotiated a $514 million reduction in its debt and lower fees to broadcast New York Knicks and New York Rangers games. The news sent Sphere’s share price up 9.1%.
Spotify, which reports first quarter earnings on Tuesday (April 29), rose 8.1% to $620.72, giving the streaming giant a 23.3% gain over the past three weeks. This week, UBS lowered its price target to $680 from $690 and Wolfe Research raised its outlook on SPOT to “outperform” from “peer perform.”
Live Nation gained 4.4% to $132.76. Wolfe Research lowered its price target to $158 from $165 and maintained its “outperform” rating.
Warner Music Group (WMG) improved 2.4% to $29.83. Morgan Stanley lowered WMG shares to $32 from $37 and dropped the rating to “equalweight” from “overweight.” Universal Music Group (UMG), which also reports earnings on Tuesday, rose 3.5% to 24.79 euros ($28.28), bringing its year-to-date gain to 3.7%.
K-pop stocks had an unremarkable week after performing well during the tariff-driven chaos. HYBE, which, like Spotify and UMG, reports first-quarter earnings on Tuesday, rose 0.9%. SM Entertainment and JYP Entertainment improved 0.6% and 0.2%, respectively. YG Entertainment dropped 4.9%. Still, K-pop stocks are outperforming most music stocks this year. Collectively, the four South Korean music companies have posted an average year-to-date gain of 27.1%.
Cumulus Media shares dropped 16.0% to $0.21 after the company announced on Wednesday (April 23) it will de-list from the Nasdaq exchange on May 2 and immediately begin trading over the counter. The radio broadcaster’s shares are down 72.7% in 2025 and have fallen 92.2% over the last 52 weeks.
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Spotify gets more engagement — much more — than its competitors in the music subscription space.
In the second quarter of 2024, the average Spotify Premium listener spent 4.9 hours per week listening to music, according to a MusicWatch survey of U.S. consumers that excluded time spent listening to podcasts and audiobooks. That easily bested Apple Music (2.3 hours), Amazon Music Unlimited (2.0 hours) and Amazon Prime (1.3 hours). These ratios have been fairly consistent over the past five years, with Spotify having an approximately 2.0 to 2.5-times advantage over its nearest competitor.
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Last year, Spotify executives described “the Spotify machine” as multiple verticals working together to give consumers more content choices and increase engagement. Podcasts, which are a natural fit for a music service built on audio advertising, offered the promise of keeping people listening longer. The same goes for audiobooks, which Spotify began streaming in the U.S. in 2023. Product features such as Spotify Wrapped and Discover Weekly are also intended to keep people listening.
Judging from statements made by Spotify’s executives, the Spotify machine is working as intended. In November, CEO Daniel Ek said that “overall, Spotify keeps bringing up engagement and bringing down churn,” the term for a subscription service’s subscriber losses. In July, Ek said the company was seeing “healthy MAU [monthly active user] engagement trends year-over-year.”
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But Spotify’s own numbers show its average global user’s listening time has remained steady over the past six years. According to data available in Spotify’s annual reports, the service had an average of 24.8 hours per monthly average user (MAU) per month in 2024, down slightly from 25.2 hours per month in 2023 and on par with the preceding four years (24.6 in 2022, 24.4 in 2021, 24.9 in 2020 and 25.5 in 2019). These listening averages cover music, podcasts and audiobooks.
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So, based on Spotify’s publicly available figures for global listening hours and MAUs, the average user’s listening time has not increased as hundreds of millions of new users have flocked to the platform.
Why the disconnect? How can Spotify executives say that engagement is growing while its own numbers show flat engagement? Perhaps engagement has increased within pockets of Spotify users. MusicWatch’s Russ Crupnick believes that in the U.S., Spotify’s late adopters are relatively light users who balance out the higher streaming activity of earlier adopters. In that scenario, if Spotify is adding listeners, it will always have new listeners to drag down other listeners’ increasing listening time.
Geographical differences could be at play, too, based on the length of time Spotify has been in each market. In July, Ek described engagement in mature markets as “high” but chose the word “different” for engagement in emerging markets. Based on his choice of words, engagement differs depending on the length of time Spotify has been in a market.
But in the U.S., at least, the time spent listening to music on Spotify has remained “reasonably” steady over the years, says Crupnick. In fact, Spotify’s weekly listening time was “actually a bit higher a few years ago,” he says. Again, the listening habits of late adopters are a reasonable explanation.
It’s worth noting that MusicWatch’s figures exclude podcast and audiobook listening. If Spotify has been able to maintain weekly music listening over the years, it stands to reason that podcasts and audiobooks have provided incremental engagement. Spotify’s lucrative, exclusive deal with The Joe Rogan Experience worked so well that Spotify became the top network for podcast listening in the U.S. in the second quarter of 2023. Last year, Spotify ranked No. 2 behind YouTube for podcast listening (26% to YouTube’s 33% and Apple Podcast’s 14%), according to Edison Research’s The Infinite Dial 2025 report.
In the subscription business, engagement is king. It leads to more subscriptions, lower subscriber churn and a better “lifetime value,” or LTV, a metric that quantifies the present value of future revenue from a subscriber. Stronger engagement gives companies the confidence to raise prices, as Spotify has recently done, and launch superfan tiers, as Spotify has teased, that offer additional bells and whistles for a higher price.
The ability to keep people listening — and be better at it than your peers — can also be a competitive advantage. One reason Spotify has a market capitalization of more than $110 billion is because investors believe Spotify is a “best in class” service that merits such a high share price.
There’s an incredible amount of product innovation going on at music subscription services. Apple Music recently launched three more live, global radio stations. Amazon Music Unlimited offers hands-free listening with Alexa. Both services provide high-quality audio at no extra cost. But Spotify has succeeded in keeping people listening longer.
Music Canada has applied to intervene in a key Canadian music policy battle.
The organization, which advocates for the major labels in Canada, is seeking leave to intervene in the legal challenge over the Canadian Radio-television and Telecommunications Commission’s (CRTC’s) 2024 decision that major streaming services must pay into Canadian content funds as part of the implementation of the Online Streaming Act.
The mandate specifies that foreign-owned services with more than $25 million in annual revenue contribute 5% of that revenue to funding bodies like FACTOR and Musicaction and an in-development Indigenous Music Fund.
That decision has become a major battle in the Canadian music industry. Organizations like the Canadian Independent Music Association (CIMA) and the Indigenous Music Office have welcomed it. Others, like the Digital Media Association (DIMA), which represents the major streamers, have been fiercely critical of what they call the “streaming tax.”
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In December, the Federal Court of Appeal paused the mandated payments until an appeal of the decision is heard this year.
Now, Music Canada is wading into the legal challenge, aiming to speak to what it calls the potential harms the regulation may cause to existing investments made by streaming companies in the country.
“Specifically, we are asking the court to consider music streaming services’ direct investments in Canada among qualifying contributions,” reads a statement from Music Canada. “We are concerned that the CRTC’s base contributions decision risks harming ongoing and direct investments in the Canadian music streaming market and Canadian and Indigenous artists.”
Music Canada points out that streaming services have dedicated teams in Canada, investing in programs and initiatives that support Canadian and Indigenous musicians.
“In setting the 5% levy, the CRTC did not take into account or recognize any of the investments made by music streaming services in Canada,” they write.
However, in a previous interview with Billboard Canada, CIMA president Andrew Cash argued that the investments streamers currently make aren’t comparable to the career development enabled by Canadian organizations like FACTOR and Musicaction.
“Over the last five years, FACTOR has supported over 6,500 artists across the country,” he said, pointing to artists like Charlotte Cardin and The Weeknd as just two musicians who received key early investment from FACTOR.
Music Canada also takes issue with the fact that a portion of the base contributions will be used for a news fund that isn’t specifically related to music. (Specifically, 1.5% of the 5% contributions are mandated for “a new temporary fund supporting local news production by commercial radio stations outside of the designated markets.”)
“While support for news is a laudable goal, it should not come at the expense of artists who are already trying to compete in a highly competitive, global music marketplace,” Music Canada’s statement reads.
Read more here. – Rosie Long Decter
More Than 150 Canadian Musicians Sign Open Letter Against Conservative Leader Pierre Poilievre Ahead of Canadian Election
Canadian musicians are making their election choices known.
More than 150 musicians have signed a new letter from Music Votes Canada that aims to stop conservative leader Pierre Poilievre from winning the federal election on Monday (April 28).
“An Open Letter to Canadians: Why We Must Stop Pierre Poilievre from Becoming Prime Minister” features major signatories like Allison Russell, Dan Mangan, Raffi, Torquil Campbell (Stars), Haley Blais, Charlotte Cornfield and Damian Abraham (F—ed Up).
Also signing on was The Weather Station, who last week, upon returning home from a tour through the U.S., published an impassioned plea for Canadians to stay engaged in the election.
“Music comes from a place of deep love, and as musicians, we want to use the power of music to help bring our country together in this time of poly crises,” the letter reads.
Canadians are at a crossroads, the letter continued, stating that the “federal election on April 28th is possibly the most important in our country’s history.” It goes on to argue that Poilievre’s platform runs counter to “Canada’s core values” such as public services, climate action and inclusive democracy.
“His agenda echoes Donald Trump’s playbook: sowing division, empowering the wealthy, and weakening institutions that unite us,” it reads.
The letter highlights several parts of the Conservative campaign that are particularly concerning for musicians: Poilievre’s threats to public broadcaster CBC; his commitments to expanding fossil fuel production amidst the climate crisis; and rhetoric that is “fostering division instead of unity” when it comes to marginalized communities.
The letter calls for leaders to ensure that every Canadian has a safe, affordable home; to tackle the climate crisis; to tax corporate profits; and to support arts and culture in Canada through a 1% commitment of the federal budget to the arts.
Outside of its anti-Poilievre position, Music Votes Canada doesn’t explicitly endorse any particular party or candidate in the letter. Instead, it concludes by calling on voters to support candidates who are best positioned to defeat the Conservative Party, endorsing resources such as Cooperate for Canada and Lead Now, which provide candidate and riding guides.
One major Canadian star has come out with a strong endorsement of a specific candidate: Neil Young, who is putting his support behind Prime Minister Mark Carney’s Liberals in a letter titled “I’m With You, Mr. Carney.”
Though Young now has dual citizenship with the U.S >, as he writes on his website, “I am a Canadian and always will be.” He goes on to reminisce about his childhood in Ontario and Manitoba and express gratitude for the platform he has built to speak truth to power.
“Canada is facing threats to its very existence, incredibly from people we thought were our friends,” Young writes. “They want our resources, they want our land, they want our fisheries, they want our water, they want our Arctic, maybe they want our souls. I know the U.S. president could use a soul.”
Addressing Carney directly, he writes, “I believe you are the person our country needs to lead us through this crazy situation and bring us out the other side as a stronger, smarter, more resilient Canada, our core values of caring and fairness and generosity intact, along with our souls.”
Read more here. – RLD
Nigerian Music Executives Ikenna Nwagboso and Camillo Doregos Launch Hi-Way 89 Entertainment in Canada
There’s a new music company bridging Canada and Africa.
Hi-Way 89 Entertainment is a new Canadian music company headquartered between Toronto and Calgary, founded by two Nigerian-Canadian music executives — Ikenna Nwagboso and Camillo Doregos — who both have deep experience in breaking African artists on the international stage.
The new company will focus on providing artist development and label services, concentrating on artists from both Canada and Africa. Its first signing is Canadian pop/R&B singer Chrissy Spratt, who on Friday (April 25) released a new single on the label, “In Too Deep,” with distribution through Vydia/gamma.
“We are a Canadian company and, with the tremendous success we’ve had exporting African music globally, we want to do the same thing in Canada, working with Canadian artists and showing the world the gem that is Canada, and the amount of talent here,” Nwagboso said in a statement. “We understand what it takes to develop global superstars and we have the knowledge, access, resources, contacts, and partnerships to make that happen.”
Nwagboso and Doregos are now based in Toronto and Calgary, respectively. Nwagboso previously co-founded African music company emPawa Africa in 2018, serving as global head of label services and partnerships before stepping down in January. In that role, he oversaw the signing and development of artists including GuiltyBeatz, Joeboy, Fave, King Promise, Minz, Xenia Manasseh, Nandy, Tekno and Nezsa.
Nwagboso also led emPawa Africa’s flagship initiatives: the emPawa 100 and emPawa 30 campaigns, which developed 130 emerging artists from across the continent. Nwagboso is also a co-founder of Exodus Music Group, home to artists Geo Baddoo (U.K.), Nezsa (Canada/Nigeria) and Zubi (Nigeria).
Doregos, previously a manager for Mr Eazi, is the founder of DC Talent Agency, the management company behind Nigerian music stars Pheelz and Kah-Lo and South African amapiano duo TxC. He also operates a booking agency, DC Talent Agency, that has secured festival appearances, live shows and brand deals for artists including Rema, Wizkid, Davido and Moliy.
Hi-Way 89 aims to “cast a wide net with our signings,” the company said, but the initial focus will be on acts from Canada and Africa. In addition to Spratt, the first round of signings includes Nigerian artist Siraheem and South African DJ Chelsea Sloan.
The new label has high hopes for Spratt. The Ottawa artist has made a major splash on Instagram and TikTok, with an audience now numbering more than 5.5 million followers between the two platforms. There, she has grabbed attention with covers of songs ranging from R&B to Latin, with her versions of Afrobeats hits like Kizz Daniel’s “Cough (Odo)” and Ckay’s “Love Nwantiti” especially connecting with listeners in Nigeria and earning endorsements from top Nigerian artists.
Spratt is now concentrating on original music, and Hi-Way 89 plans to release her debut EP this summer. “In Too Deep” was produced by Grammy Award winner Daramola (Danny Ocean, Kapo), while the EP will feature such collaborators as Nonso Amadi, Tems’ “Higher” producer Tejiri, and Canadian songwriting team Coleman Hell & La+ch. – Kerry Doole
SGAE, the collective management organization in Spain, took in the most money in its history in 2024, 390 million euros, or $422 million based on the average 2024 Euro-dollar conversion rate, it announced. That’s up 41 million euros ($44.4 million), or 11.7%, from 2023. The organization distributed more than 349 million euros ($377.6 million) to rightsholders, up 6%, its second-highest distribution ever. It also lowered its administration fees, resulting in an increase in distributions of 6.7 million euros ($7.3 million).
Unsurprisingly, the fastest-growing category of revenue was digital, which came in at 60 million euros ($64.9 million), up 25% over 2023. Of that revenue, more than 55% came from streaming, while 43% came from audiovisual content.
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The biggest source of revenue was TV and radio, which reached 110 million euros ($119 million) in 2024, up 18.9% over the previous year. Some of that bump comes from private TV companies paying for previous uses of music.
Concert collections also grew, increasing 16.2% to 64.1 million euros ($69.4 million). Much of that money came from live pop music, which brought in 48.7 million euros ($52.7 million), up 7.4%. The biggest shows were performances by Karol G, Bruce Springsteen & the E Street Band, and Metallica.
Foreign revenue reached 35.2 million euros ($38.1 million), up 15.4%. The biggest source of that revenue was Europe, especially France and Italy, followed by Latin America, various Caribbean countries, the U.S., and Canada.
Revenue from private copying, the levies charged by collecting societies on blank memory and associated products, reached 16.2 million euros ($17.5 million). That represents a gain of 57.2% over regular collections in 2023, but a decrease of 38.1% once a special payment from 2023 is included. Mechanical rights revenue also climbed, by 11.8%, thanks to the vinyl boom, to 3.8 million euros ($4.1 million).
Texas rapper BigXthaPlug has carved out a nice career for himself over the past half-decade, amassing 16 hits and three top 20s on the Hot R&B/Hip-Hop Songs chart, a handful of appearances on the back half of the Hot 100 and a successful touring base, emerging as one of the more distinctive voices of his generation of hip-hop artists. But he was always more than just a rapper, and his multi-genre Southern roots first came to the fore with his 2022 song “Texas,” the video for which saw him decked out in full cowboy regalia as he rapped about his home state over a country-inflected acoustic slide guitar.
The song, among other things, proved BigX’s versatility. But it also opened the door to something else: the country music community. And now, as his latest single “All The Way” featuring Bailey Zimmerman spends its second week in the top 10 of the Hot 100 after zooming in with a No. 4 debut last week, BigX has a bonafide smash hit country single, with a full country-infused project on the way.
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It’s a huge moment for BigX as he explores his country interests, and also a big pop moment for the Texas MC as well, representing far and away the biggest hit of his career so far. But it’s also a big moment for UnitedMasters, the company founded in 2017 by veteran record executive Steve Stoute that releases his music — and scored its own biggest hit so far with “All The Way,” too. (The song is officially credited as BigXthaPlug/UnitedMasters/Atlantic.) And it helps UnitedMasters vp of music/head of A&R Mike Weiss earn the title of Billboard’s Executive of the Week.
Here, Weiss talks about what went into making the record, BigX’s country “side quest,” the crowded distribution space of the music business and how UM has helped develop BigX by following his vision. “The plan is simple: stay true to BigX, lean into organic collaborations and let the music speak,” Weiss says. “We’re not mashing together genres for the sake of it. We’re building something that reflects all sides of who he is as an artist and a person.”
This week, BigXthaPlug and Bailey Zimmerman’s “All The Way” spends its second week in the top 10 of the Hot 100, at number eight. What key decisions did you make to help make that happen?
This record didn’t happen overnight. It took a complete team effort to get us here with a vision for an overarching artist plan, rather than one single. My partner David Melhado and I sat down a year ago with the idea to start mapping out a course for a country-inspired BigX project. We knew from the start that authenticity had to be the foundation. If BigX didn’t feel it, it wasn’t going to happen and that filter guided every decision we made.
Around that time, BigX started spending time with a number of country artists who had become fans after his breakout single “Texas.” We knew there was an opportunity here. We have an amazing team of core producers in Charley Cooks, Tony Coles and Bandplay. They started working on ideas for a country direction that stayed true to BigX’s roots. The initial demo to “All the Way” was Ben Johnson’s vocals over a guitar that hinted at something special. We knew it needed to be “BigX-ified,” so Bandplay built a sound that was unmistakably BigX. We have an amazing A&R team that played it for BigX. He loved the record, and cut it immediately. BigX has some of the best instincts. He trusts his gut and doesn’t miss.
The song exploded out of the gate, debuting last week at No. 4 on the Hot 100 and soaring in at No. 1 on the Streaming Songs, Digital Song Sales and Hot Country Songs charts and at No. 3 on Hot Rap Songs. Why did the song have such a huge immediate impact?
Back in February, BigX teased an early version of the record on Instagram. There was no set release date at the time, but the response was immediate and explosive. Within days, fans ripped the sound from the Instagram post and flooded TikTok with tens of thousands of videos. It was clear we had something special on our hands.
Even with that momentum, we resisted the urge to drop the record prematurely. There was external pressure to release it fast and not “lose the heat,” but we knew that a moment this big deserved a proper runway. We took the time to create the right content, shoot the music video and prepare a full rollout that matched the energy we were seeing online. We were also mindful that this was the first single off the project, and once we launched, we needed to be ready to move with full force.
That patience and discipline paid off. By the time the song dropped, there was such pent up demand that the record exploded.
With a song like that with so much immediate interest, what can you guys do to keep the momentum going?
Our priority is building sustained momentum for BigX as an artist, not just capitalizing on a single moment. From the beginning, our focus has been longterm artist development, and this moment is just one chapter in a much bigger story that BigX is telling with this country-inspired project.
We have an incredible body of work lined up, and we’re deep in the process of mapping out the next singles and the full rollout. Consistency is everything. With BigX, we take the approach of always being on cycle. We’re keeping our foot on the gas and continuing to invest in the music, visuals and storytelling that got us here, while building towards the next big moment.
After landing 16 songs on the Hot R&B/Hip-Hop Songs chart, this is BigX’s first song that touches the country genre. What are your plans to make sure that his crossover there works?
Our intention isn’t to fully cross BigX into country. This project is more of a creative “side quest” that allows him to showcase his versatility and explore new territory without abandoning his core. It’s about expanding, not switching lanes.
This isn’t a trend-chasing move, it’s rooted in who BigX is. Back in 2022, we released “Texas,” a country-inspired hip-hop record where he was literally in cowboy boots and a cowboy hat in the video. That record sparked early interest from the country community and planted the seed for what we’re doing now. This moment is a natural evolution of that foundation, not a sudden shift.
The plan is simple: stay true to BigX, lean into organic collaborations and let the music speak. We’re not mashing together genres for the sake of it. We’re building something that reflects all sides of who he is as an artist and a person.
This is the biggest song in UnitedMasters’ history so far. What does that mean for the company?
This is an exciting moment for the company and for our team. We’ve been a partner to BigX for four years with a deep belief in artist development and doing what’s best for our artists. This shows that we can compete with anyone. We touched every aspect of the A&R process, rollout, marketing, digital and overarching strategy. This win further affirms that our model works. That independent artists with the right support can not only compete, but lead.
Just last year, we had a major global success with FloyyMenor’s “Gata Only,” the fastest Latin song in Spotify history to hit a billion streams. That was a global moment. But with “All The Way,” we’ve shown we can dominate domestically, too, and drive immediate, culture-shifting impact in the U.S. market. Delivering on both fronts shows that our approach scales. The exciting part is we’re still just getting started.
The distribution space is getting crowded. How do you make sure UnitedMasters stands apart from the competition?
We don’t see ourselves as just a distribution company, and we don’t operate like one. At UnitedMasters, we’re aiming to reimagine what a modern music company can be. Our mission is to reshape the industry by building something that lives at the intersection of a forward-thinking label, a tech-driven platform and a premium distributor.
What sets us apart is the ability to support artists at every stage of their journey, from emerging creators to global superstars, with a tiered system that scales alongside their growth. We’ve invested in world-class technology and paired it with an elite label services team that delivers across A&R, marketing, strategy and beyond. We’re not focused on just getting music to DSPs, we’re focused on building careers.
Prosecutors are firing back at efforts by Sean “Diddy” Combs to bar an infamous 2016 surveillance video from his upcoming sex trafficking trial, calling it a “desperate” attempt to avoid “crushing” evidence.
With his trial looming next month, Diddy’s attorneys argued last week that the clip — showing him assaulting his former girlfriend Cassie Ventura in the hallway of a Los Angeles hotel — has been deceptively edited and would “unfairly confuse and mislead the jury.”
But in a response filing Friday, prosecutors say those arguments are “overblown” and are merely a pretext to prevent jurors from seeing “some of the most damning evidence of his sex trafficking.”
“The defendant has been overwhelmingly concerned with the existence of the video surveillance since the assault occurred and has taken great measures to ensure it was not released,” prosecutors write. “Now facing trial, the defendant attempts to keep this devastating proof from the jury. His grasping arguments to preclude this crushing evidence should be quickly dismissed.”
Combs was indicted in September, charged with running a sprawling criminal operation that aimed to “fulfill his sexual desires.” The case centers on elaborate “freak off” parties in which Combs and others would allegedly ply victims with drugs and then coerce them into having sex, as well as on alleged acts of violence to keep victims silent.
Jury selection is currently set to start on May 5, with opening statements scheduled for May 12. If convicted on all of the charges, which include sex trafficking and racketeering, Combs faces a potential life prison sentence.
The Cassie video, which aired on CNN in May, showed him attacking her at the Intercontinental Hotel in March 2016. The clip drew far more public attention to the accusations against the star — who was then only facing civil lawsuits — and prompted an apology from Combs shortly after it aired.
“My behavior on that video is inexcusable,” Combs said at the time. “I take full responsibility for my actions in that video. I was disgusted then when I did it. I’m disgusted now. I went and I sought out professional help. I got into going to therapy, going to rehab. I had to ask God for his mercy and grace. I’m so sorry.”
In the lead up to the trial, Combs’ lawyers have repeatedly targeted the Cassie tape, accusing prosecutors of unfairly leaking it and alleging that CNN had unfairly edited it. Last week, they formally moved to ban it from the trial, calling it “inaccurate” and “unreliable” because of edits that were “specifically designed to inflame the passions” of viewers.
But in Friday’s response, the feds said those issues were quibbles that could easily be fixed at trial, not valid reasons to withhold the tape from jurors entirely. They pointed out that Combs himself had apologized over the clip and had not disputed its content; and they said that any problems with finding the original footage were caused by Diddy’s own efforts to destroy it.
“It is by the defendant’s own hand that the original version of this damning footage no longer exists: it was deleted and given to the defendant as part of a cover-up orchestrated by the defendant and his co-conspirators,” prosecutors write. “The Court must not reward the defendant for his actions by precluding the video that remains available despite the defendant’s obstructive efforts.”
MSG Networks, a subsidiary of Sphere Entertainment Co., was able to negotiate a reduction in debt and the fees it pays to MSG Sports to broadcast professional basketball and hockey games, the company announced Friday (April 25).
The regional sports network’s borrowers forgave $514 million of debt. Along with cash contributions by Sphere Entertainment and MSG Networks, the old debt of $804 million was reduced to $210 million. Sphere Entertainment will pay $15 million to the borrowers while MSG Networks will contribute $65 million.
Sphere Entertainment Co. and MSG Sports are part of the entertainment empire owned by the Dolan family. James Dolan is CEO of both companies as well as live events company MSG Entertainment.
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All parties have agreed to the term sheet. Per the SEC filing, the consenting stakeholders “have agreed to implement the Transactions by June 27, 2025, which date may be extended or waived in writing by each of the Consenting Stakeholders and MSG Networks.”
The news provided a bounce to Sphere Entertainment’s share price, which has fallen sharply since President Trump announced his global tariff policy on April 2. Shares of Sphere Entertainment jumped 13.2% in early morning trading and had settled to $28.70, up 8.4%, by late morning. Even after the bounce on good news, the share price is down 32.4% year to date.
The fees paid to MSG Sports to broadcast games by the New York Knicks and the New York Rangers dropped by 28% and 18%, respectively. Neither team will receive annual rights fee increases. In return, MSG Networks will issue to MSG Sports penny warrants exercisable for 19.9% of equity interest in MSG Networks.
Sphere Entertainment Group and its subsidiaries will not be obligated to fund the borrowings of MSG Networks’ new term loan or pledge its assets as security.
The company and its borrowers had agreed to numerous forbearance agreements leading up to the agreement announced Friday. MSG Networks first announced in October it was attempting to refinance its term loan and had entered into a forbearance with its lenders. The latest forbearance period ended Thursday (April 24).
According to a report at the New York Post, the renegotiated debt paves the way for a merger of MSG Sports and the YES Network, the regional sports network that airs the games of the New York Yankees and Brooklyn Nets.
It’s time to tighten our belts for another Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. There’s been a gob of staffing news this week, so let’s hop to it.
Dawn Gates, senior vp of digital business and creative development at Universal Music Group Nashville (UMGN), announced her departure after nearly 20 years to launch Seven Note Enterprises, a consulting and management firm. Her exit coincides with UMGN’s rebranding as MCA under new leadership by CEO Mike Harris and chief creative officer Dave Cobb, who came aboard in early February following the departure of Cindy Mabe. During her tenure with UMG Nashville, Gates most recently served as the core liaison for global digital businesses, integration strategies and marketing initiatives. Gates initiated the launch of and oversaw Sing Me Back Home Productions, a production arm of UMG Nashville, established in 2024. Gates, who recently welcomed twins with her wife, Harper Grae, expressed gratitude for her time at UMGN and excitement for her new venture.
“After 19 transformative years with Universal Music Group, I’m stepping away to write the next chapters of my career,” said Gates, who can be reached at dawn@seven-note.com. “I’m deeply grateful to UMG – especially Mike Dungan and Cindy Mabe – for the belief in my vision and the support in taking bold, often unconventional, risks. I’ve had the privilege of working alongside some of the most innovative and driven minds in music. However, the industry continues to shift and the way we develop artists, build stories, and connect with audiences is changing – and so am I.”
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Meanwhile…
Universal Music UK appointed Rachel Tregenza and Charlotte Allan to lead its communications and policy team, reporting to svp of communications and policy Tom Williams. Tregenza, a Universal Music Group veteran of over a decade, steps into the role of senior director of communications and global artist strategy. She will focus on international storytelling for UMUK artists and collaborate with the audience and media division. Allan joins as vp of global communications and public policy from Milltown Partners, where she advised clients across creative and tech sectors. Her responsibilities will include corporate communications and UK policy initiatives. Williams, who has led global communications campaigns for UMG, will now oversee all communications and public policy efforts for Universal Music UK. Jonathan Badyal, who has spent eight years at UMUK, most recently as director of communications, will depart this summer for a new opportunity. UMUK president Dickon Stainer praised Tregenza and Allan for bringing a dynamic perspective and thanked Badyal for his contributions. “With Tom’s guidance, they have a fresh and ambitious perspective both for our communications and storytelling in the UK, as well as the international storylines of our UK artists overseas,” said Stainer.
iHeartMedia appointed David Hillman as executive vice president, chief legal officer and secretary. Hillman, who is based in Los Angeles, will oversee all legal matters, including compliance, regulatory, corporate governance, government and business affairs, and privacy teams. He brings extensive media experience, having recently served as chief legal officer at Venu Sports, a joint venture between ESPN, FOX, and Warner Bros. Discovery. Hillman also held roles at Paramount Global, Simon & Schuster and Westwood One. Bob Pittman, iHeartMedia’s chairman and CEO, praised Hillman’s relevant experience and “familiarity with the audio industry.” Hillman added: “I look forward to working with iHeart’s leadership, partners, and the talented Legal team to help advance the company across every corner of the audio landscape.”
Virgin Music Group promoted Hannah Thompson-Waitt to senior vice president of commercial strategy. In her new role, she’ll lead the U.S. commercial team from the company’s Los Angeles headquarters, focusing on streaming strategy, analysis and fan acquisition across a wide swath of artists. Thompson-Waitt, who reports to Zack Gershen, evp of global commercial and digital strategy, previously served as vp of commercial strategy and held senior roles at mtheory, with a career that began in 2014 when she launched her own K-pop media company. Her experience includes work with Clairo, St. Vincent and others. She also sits on the advisory board of Queer Capita and holds degrees from the University of Texas and NYU.
Michael Beckerman has been named the next dean of The UCLA Herb Alpert School of Music, beginning no later than Oct. 1 of this year. A leading musicologist known for his work in Czech and Eastern European music, Beckerman has held academic positions at NYU, UC Santa Barbara and Washington University in St. Louis, and has authored seven books and received prestigious honors such as the Dvořák and Janáček Medals. Beckerman holds degrees from Hofstra and Columbia, and serves on various academic boards. UCLA executive vice chancellor and provost Darnell Hunt lauded Beckerman’s credentials, saying his “academic, professional and administrative experience and achievements, coupled with his UC roots, position him well to lead The UCLA Herb Alpert School of Music at this pivotal moment.” Beckerman, in turn, emphasized his passion for music and dedication to supporting students and expanding the school’s reach locally and internationally. The UCLA Herb Alpert School of Music combines performance, scholarship and music industry training in its program.
Messina Touring Group made a round of promotions. The company has elevated Nick Ayoub to head of digital strategy and operations, to lead MTG’s overall digital operations. Ayoub also leads digital strategy for record-breaking stadium tours, including those by Taylor Swift, Ed Sheeran and more. Kara Smoak rises to director of digital marketing and continuing to lead digital marketing and creative strategy for all MTG country artists, including George Strait, Kenny Chesney, Eric Church, Blake Shelton and more. Meesha Kosciolek has been promoted to director of production, MTG Nashville, while Alvin Abshire has risen to digital operations manager. Lucy Freeman has been promoted to digital marketing manager, and Madison Machen has been elevated to manager, partnerships and branding. –Jessica Nicholson
Black River Entertainment named LeAnn Bennett as vice president of label services. In her new role, Bennett will oversee business affairs, A&R administration and sync licensing, reporting to EVP Rick Froio. A longtime consultant for Black River, she officially joins the team with over 30 years of industry experience, including past roles at Capitol Records Nashville, Compass Records and the Country Music Hall of Fame. Since 2010, she has also led Bennett Entertainment Group. Froio praised the move, calling it “a natural fit,” while Bennett called the BRE “the best in the business.”
NASHVILLE NOTES: Curb Records elevated Allyson Gelnett (Massey) to national director of promotion & strategic initiatives, up from her previous role as director of promotion. Since joining the label in 2018, Gelnett has played a key role in developing artist campaigns and driving success across country radio. In her expanded role, she’ll work alongside svp of promotion RJ Meacham to craft and implement strategies aimed at growing fanbases and boosting airplay in top markets … Warner Music Nashville promoted two members of its commercial partnerships team: Katherine Firsching shifted to partnerships director from manager of video strategy, and Blair Poirier stepped up to division manager from coordinator.
Darkroom Records named Nina Lee as head of communications and publicity. Based in New York, Lee will lead the label’s communication strategies and publicity campaigns, collaborating closely with CEO Justin Lubliner and the Darkroom team. With over ten years of experience in music, tech and entertainment PR, Lee will manage publicity for artists including d4vd, John Summit, and Wisp. Meanwhile, Alexandra Baker of High Rise PR continues to oversee campaigns for Billie Eilish and FINNEAS. Previously, Lee held senior roles at Shore Fire Media and The Oriel Company. A first-gen Korean American and NYU alum, she is a strong advocate for equity in entertainment and mentors through the Next Gem Femme program. Lubliner praised Lee’s creative approach and deep understanding of artist development, noting “she understands the importance of narrative and works closely with artists to help them best tell their stories.”
Ikenna Nwagboso and Camillo Doregos launched Hi-Way 89 Entertainment, a new music company based between Toronto and Calgary, with distribution through Vydia/gamma. The company focuses on artist development and label services, highlighting talent from Canada and Africa. Their first major signing is Canadian pop/R&B singer Chrissy Spratt, whose debut single “In Too Deep” releases on April 25. Nwagboso, co-founder of emPawa Africa, has launched careers for artists like Joeboy and Fave. Doregos, founder of DC Talent Agency, has worked with artists like Pheelz and booked talent for major festivals. Both hail from Nigeria, and Hi-Way 89 has also signed Nigerian artist Siraheem and South African DJ Chelsea Sloan, aiming to bridge African and Canadian music markets.
BOARD SHORTS: The MLC put out an APB seeking candidates for its board of directors and several key committees. Several terms for publisher reps are expiring this year, with elections for open seats taking place soon. Selected members will serve three-year terms, with the possibility of renewal. Current openings include one publisher seat on the Dispute Resolution Committee, two on the Operations Advisory Committee, and two on the Unclaimed Royalties Oversight Committee. These groups provide policy and procedural recommendations to the board. Suggestions are due by May 22 and can be submitted via this form … AEG Presents executive Brent Fedrizzi was elected to his second non-consecutive term as board president of the North American Concert Promoters Association, following the trade group’s annual meeting April 15 at the Beverly Wilshire in Los Angeles. (His initial term ended in 2022, with Jodi Goodman succeeding him.) NACPA also elected 2025 board members, including Anthony Nicolaidis (Live Nation), Chuck Steedman (The Live Co.), Jodi Goodman (Live Nation) and John Valentino (AEG).
Shelby Paul launched boutique public relations firm Evolvance PR, specializing in strategic communications, media relations, story development and more. Paul previously worked as director of communications at Big Machine Label Group, leading media strategy for the label and its publishing arm Big Machine Music. At BMLG, she worked with artists including Carly Pearce, Conner Smith, Thomas Rhett, Lady A, Rascal Flatts, songwriters Jessie Jo Dillon and Laura Veltz, and more. Paul’s prior stops include the Academy of Country Music, Detroit Pistons and Allied Global Marketing. –J.N.
Trent Allison has been promoted to senior director of sales and special events for AEG Presents‘ venues in Georgia and Tennessee. Based in Nashville, he will oversee certain events at The Pinnacle, AEG’s new flagship venue, while continuing his leadership at The Eastern, Terminal West, Variety Playhouse and Georgia Theater. Reporting to regional vp Mike DuCharme, Allison brings over 25 years of sales experience and a strong track record in revenue growth. Margarita Rios will become director of sales in Georgia, and Dell Ressl will be promoted to sales and operations manager, both reporting to Allison. Allison has been key to AEG’s venue expansion in Georgia since 2013.
Discord appointed Humam Sakhnini as chief executive officer, effective April 28. He will also join the board of directors. Co-founder Jason Citron will transition to an advisor role while remaining on the board, and Stanislav Vishnevskiy continues as chief technology officer. Sakhnini, with over 15 years of gaming industry experience, previously held leadership roles at Activision Blizzard and King Digital Entertainment. His appointment aligns with Discord’s renewed focus on gaming, including expansions into advertising, micro-transactions, and developer tools. Discord serves over 200 million monthly active users, who spend 2 billion hours gaming each month, and has seen strong revenue growth.
ALL IN THE FAMILY: Tim Chan is promoted to vp of e-commerce at PMC. In his new role, he will lead editorial strategy and performance across PMC’s e-commerce initiatives, collaborating with editorial, sales, and revenue teams to meet commerce goals. Chan will oversee shopping, hospitality and consumer tech content for PMC’s fashion and entertainment brands, including Billboard, and spearhead projects to grow revenue and audience reach. Chan joined PMC in 2016 as the founding editor of Spy.com and later became lifestyle editor at Rolling Stone. He has also worked at Snapchat, founded the independent fashion magazine Corduroy, and began his career in Canada as a producer for E! Network and MuchMusic. Craig Perreault, PMC’s chief strategy officer, praised Chan’s talent and creativity since joining the company nearly a decade ago: “He brings his deep talent, creativity and natural business instincts to everything he does and is responsible for significantly growing our e-commerce programs across the portfolio.”
ICYMI:
Nicole George-Middleton
Universal Music Group Nashville is rebranding as MCA under CEO Mike Harris and chief creative officer Dave Cobb. Staffing changes include Katie McCartney as executive vp and general manager and Tom LaScola as head of artist and audience strategy, reflecting the new direction … Atlantic veteran Gina Tucci launched a new independent dance label, 146 Records … Nicole George-Middleton was elevated to evp and head of creative membership at ASCAP. [Keep Reading]
Last Week’s Turntable: Island Elevates Its Head of Analytics
50 Cent has filed a lawsuit aimed at blocking the release of an upcoming horror movie in which he plays the starring role, claiming he never signed a final agreement and has not been paid.
In a complaint filed Friday against producer Ryan Kavanaugh and others, the rapper (Curtis Jackson) says he filmed the entirety of SkillHouse because he trusted that he would eventually reach a deal covering his compensation for the movie.
“That trust was misplaced. No final agreement was ever signed,” 50’s lawyers write. “Nevertheless, defendants have billed Jackson as the star and producer of the film [and] have shamelessly and deceptively marketed the film as a ‘50 Cent Movie’ and ‘produced by 50 Cent,’ when it is nothing of the sort.”
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Despite being listed as a producer, 50 says he was given “no creative input into the film” – an arrangement he says he “never would have agreed to” because it might harm his “carefully curated and award-winning reputation as a film and television producer.” Adding “insult to injury,” the rapper’s attorneys say the producers “have not paid Jackson a dime” to date.
“Despite plaintiffs’ repeated objections and demands to cease and desist, defendants continue to infringe and misappropriate plaintiffs’ intellectual property rights and intend to release the film in the coming weeks (if not days),” 50’s attorneys write. “Should the film be released publicly, Jackson faces irreparable harm to his valuable brand and reputation.”
The lawsuit isn’t unexpected. Last week, the rapper warned on Instagram: “They can’t release this MOVIE SKILL HOUSE without my signature which they do not have. What kinda business are they doing? I’d hate to have to demonstrate.” In another post, he later added: “This guy Ryan Kavanaugh is doing everything in his power to make me kill this movie. This one is going in the trash can.”
In Thursday’s complaint, 50 says he only draft term sheets were exchanged, and that he believed a full contract would eventually be negotiated and signed. In order to “avoid unnecessary delay and based on a mistaken good-faith belief in Kavanaugh’s promises and reputation,” he says he filmed his scenes without that final paperwork signed.
Without such a deal, his lawyers say that releasing the movie would violate his intellectual property rights, including his trademarks and his likeness rights. And they say the producers are already infringing those rights by using his name and image to promote the movie and Kavanaugh’s GenTV streaming service.
“Defendants have made Jackson the centerpiece of their promotional and marketing efforts for the Film,” the star’s lawyers write. “Despite having raised concerns months ago, Jackson’s name, image, and trademarks still feature prominently across the GenTV platform.”
Kavanaugh did not immediately return a request for comment on Friday.
Northern Irish hip-hop trio Kneecap have split with their booking agent IAG (Independent Artist Group) following the controversy caused by their recent Coachella performances.
The news was confirmed by an IAG representative to The Hollywood Reporter. The report states that the Belfast group and IAG, which includes Metallica, Billy Joel and 50 Cent on its roster, split between Coachella’s first and second weekends. A spokesperson for Kneecap told Billboard U.K. that they would not be commenting on the split.
During the first weekend, the group claimed that the YouTube stream of their live performance had been cut following anti-Margaret Thatcher and pro-Palestine chants by the group and crowd. Thatcher was the U.K. prime minister between 1979 and 1990, and played a pivotal role during the violent Troubles in Northern Ireland during that span; she died in 2013, aged 87. The group have long expressed support for a united Ireland, and frequently spoken out on the war on Gaza at their shows and in interviews.
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During the band’s second set at Coachella, a projected message stated: “Israel is committing genocide against the Palestinian people. It is being enabled by the U.S. government who arm and fund Israel despite their war crimes. F–k Israel; free Palestine.” The set was not livestreamed on YouTube, but images from the onstage projections were widely shared on social media.
Since the band’s set, they have faced a wave of criticism from industry figures. Sharon Osbourne, wife and manager of husband Ozzy, called for their U.S. work visas to be revoked, saying that “At a time when the world is experiencing significant unrest, music should serve as an escape, not a stage for political discourse.” She also criticised Goldenvoice, Coachella’s organiser alongside AEG, for allowing the band to be booked. A previous report in The Hollywood Reporter said that Goldenvoice was “blindsided” by the messaging.
On Wednesday, London’s Metropolitan Police confirmed they were assessing a video taken of a band member appearing to say “up Hamas, up Hezbollah” at a headline performance in the capital in November. The two militant groups have been ascribed “terrorist group” status by the U.K. Government and expressing support for either is forbidden under the Terrorism Act 2000.
Following the fallout, the group have shared a number of messages on social media from Palestinians thanking them for speaking out. Kneecap member Mo Chara responded to the criticism on Wednesday, telling Rolling Stone that their message is “about [the Israeli government’s] government’s sickening actions, not ordinary people.”
Kneecap released their second studio album Fine Art in June 2024 on Heavenly Recordings. Their 2024 music biopic Kneecap, starring Michael Fassbender, was nominated for two Academy Awards, and in February director Rich Peppiat won a prize for his work on the film at the BAFTAs (British Academy Film Awards). The group will play a number of shows in Europe this summer including at Primavera Sound in Barcelona, Spain and Glastonbury Festival in England. They will return to North American for a headline tour in October.