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Prompted by Chappell Roan’s comments about health insurance from the Grammy stage on Feb. 2, over the last several weeks an important conversation has been taking place about financial stability and health among those who work in music. At MusiCares, we celebrate this conversation and want to collectively seize this moment for real change. To do this, we need to go deeper than just a conversation. It is important to understand and focus solutions on data-backed, long-standing issues around fair pay and health in the music community.
In fact, MusiCares was founded with this mission in mind. The Recording Academy formed MusiCares as an independent 501c3 charity in 1989 to be a shared service for the larger music industry because even back then, it was difficult to ensure fair pay across all sectors. As a result, many music people were falling on hard times. Health and welfare problems are exacerbated in low-income environments. This problem continues in music today, even after MusiCares has provided over $118 million in direct assistance to people from every music profession, genre and U.S. state.
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We know this because we research it. Financial instability is a major concern for people in music, affecting their household economics, physical well-being and mental health. Our Wellness in Music survey, open to anyone in the U.S. working in music, shows that 69% of respondents cannot comfortably cover their expenses through work in music alone and 47% attribute their stress to financial instability. Furthermore, 65% of respondents are not confident about the trajectory of the industry. These are major red flags for both the well-being of our music community and the sustainability of this industry in its current form.
MusiCares provides customized care, often with substantial financial assistance to cover basic living needs and other expenses, when music people face economic hardship. Many people in music never get guidance on how to manage their money. For this reason, we also focus on the preventive side of financial health, including financial management services and tax support. The tragic fires in Los Angeles and hurricanes in the Southeast demonstrate how perilously close so many people in our community are to financial ruin. While some music people had substantial loss, many of the 5,000+ individuals we supported through our recent disaster relief efforts needed support simply because they lost a gig or two: $200 or $300 in income was often what separated them from security and an inability to pay their basic living costs. Higher wages are essential, but we also need to grow financial safety nets, which include funding and resources to support music professionals through hard times. This requires substantial and ongoing investments from the industry to ensure qualified non-profit organizations can meet the need.
Health insurance has also been a major topic in recent weeks, and it’s an important one. But health insurance alone is not enough. Our Wellness in Music survey consistently shows that 87-90% of music professionals have health insurance, just slightly the below US national coverage. While universal coverage is the goal, the barrier many people in music face is an inability to use the insurance they have. Most MusiCares clients have health insurance but may not use it because they can’t afford the deductible, their provider doesn’t take insurance, or the provider is out of network. Overwhelmingly, music people are not accessing preventive care services, like mammograms, dental cleanings and hearing screenings, at healthy rates. For this reason, we work with a carefully vetted network of hundreds of licensed health providers across the United States and have provided over 45,000 free preventive clinic visits. We need to keep closing the gap in economic and logistical access to essential medical care. This includes access to quality health insurance, additional funding to cover out of pocket costs and dedicated providers who can work with music professionals on their unique needs.
Inability to use insurance affects mental health too. The American Psychological Association estimates that about one in three therapists do not take insurance. Access to care is further complicated because people in music are highly mobile. Licensing regulations may mean people can’t work with their mental health provider or worse, end up receiving care from unlicensed providers. In the absence of access to licensed, affordable care, many music people are vulnerable to unregulated initiatives that have no grounding in science.
Music people in need of substance use treatment often face similar challenges. In-network treatment centers may have no space or it’s not the right fit for their needs. For single parents, highly mobile workers or those who need to keep working, in-patient treatment may not be an option. To get people the care they deserve, we need to expand access to substantial financial assistance for addiction recovery, in addition to tailored and long-term care options, referrals, and placement.
At MusiCares, we’ve provided over $25 million in direct assistance to music people and placed them in therapy and substance use treatment. Currently, MusiCares is the only philanthropic organization that covers the full costs of substance use treatment for music people. While financial support is essential, we find it is only effective because we have specialized providers o meet the needs of music people as well as follow-up care, like sober living, accountability coaching and support for basic living needs during key recovery junctures.
Finally, we need better coordination to create comprehensive support for everyone who works in music. At MusiCares, we have never gone at it alone and have no interest in trying. We need to work in tandem with health care providers, music industry companies and non-profit partners to ensure no one slips through the cracks. Those of us who work in this space have an opportunity for stronger coordination, including sharing our data and best practices, so that we are all making evidence-based investments that address the very real challenges within our community.
We all need music. Music needs a safety net.
Laura Segura is executive director and Theresa Wolters is vice president of health & human services at MusiCares.
Japanese entertainment company Avex announced a major move to increase its investment and presence in the U.S. on Tuesday (March 25), naming S10 founder Brandon Silverstein CEO of its newly formed Avex Music Group. AMG will focus on promoting Avex artists globally, building its music publishing portfolio, expanding into music catalog deals and much more.
“Avex has always been driven by a bold vision: to shape the future of music,” Avex CEO Katsumi Kuroiwa said in a statement. “Since forming our strategic partnership with Brandon, we have strengthened our presence in the U.S. market, and now, we are taking that vision to the next level.”
Previously known as Avex USA, all assets and staff will be consolidated under AMG, which will continue to be headquartered in Los Angeles. Silverstein will oversee all company operations in addition to being a partner in AMG with an equity stake and joining its board of directors.
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“It is an honor to work alongside Katsumi and contribute to Avex’s legacy of innovation and excellence,” Silverstein added. “My mandate is to build Avex Music Group into a dynamic, full-service music company that creates global opportunities for our creative community.”
In conjunction with Silverstein’s new role, Avex – which had an estimated global revenue of $1 billion USD in 2024 – has acquired 100% of the S10 Music Publishing song catalog and an additional stake in S10 Management. Avex now has the largest share in S10 Management alongside Silverstein and Roc Nation. S10’s existing team and operations will remain unchanged.
Silverstein founded S10 Publishing in 2020 as a joint venture with Avex. Its catalog includes Hot 100 No. 1s such as “Peaches” by Justin Bieber featuring Daniel Caesar and Giveon; “Greedy” by Tate McRae; “First Class” by Jack Harlow and more, alongside hits by Rihanna, Bad Bunny, Post Malone and others.
S10’s Management roster includes Myke Towers, Big Sean and Madison Bailey.
“By deepening our commitment and entrusting Brandon to lead our U.S. operations, we are not only expanding our footprint but also positioning Avex as a potent force in the international music landscape,” Kuroiwa said. “Together, we will create new opportunities for creatives, introduce Japanese talent to a wider global audience, and push boundaries to redefine what it means to be a global powerhouse in music and entertainment.”
Ed Sheeran has enlisted an all-star cast to back his written plea for the U.K. government to provide stronger support for music education in schools, with signatories including Sir Elton John, Harry Styles, Coldplay and more.
In an open letter to prime minister Sir Keir Starmer ahead of this week’s budget announcement, Sheeran says that while he acknowledges a recent package from the Labour government on arts education, “we urgently need funding going directly into the hands of schools and communities on the ground. We’re losing time.”
In an accompanying statement, Sheeran added, “This creative industry brings so much to our culture, our communities, our economy, our personal wellbeing, but music education has fallen through the gaps. That’s why I’m tasking government, collectively, to correct the mistakes of its past and to protect and grow this for generations to come.”
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The letter specifically calls for a £250 million ($322.6 million) U.K. music education package “to repair decades of dismantling music” and calls upon a number of government departments (Culture, Education, Foreign Office, Health & Social Care and Business & Trade) to contribute to the fund. It also highlights five key areas for growth: music funding in schools, training for music teachers, funding for grassroots venues/spaces, music apprenticeships and a diverse music curriculum.
Other big-name co-signers to the letter include Annie Lennox, Ben Lovett & Ted Dwane (Mumford & Sons), Central Cee, Dave, Eric Clapton, James Bay, Myles Smith, Robert Plant and Stormzy.
Rachel Reeves, chancellor of the exchequer, is due to present her spring budget statement to parliament on Wednesday (March 26).
The Ed Sheeran Foundation
Courtesy of The Ed Sheeran Foundation
The letter comes amid a renewed focus on music education in the U.K. In January, Sheeran launched the Ed Sheeran Foundation to highlight the lack of music education funding and help provide opportunities. He wrote at the time, “Even when I was in school it was seen as a ‘doss subject’ and not taken seriously. There’s a misconception that it’s ’not a real job’ — when the music industry accounts for 216,000 jobs in so many different fields, and bringing as much as £7.6 billion ($9.3 billion) in a year to the UK economy.”
In the letter, Sheeran additionally calls for an extra £32 million ($41.3 million) a year towards the Music national Music Hub program, set up by the U.K.’s Department of Education (DfE) to provide high-level music education to state schools. In 2025, the program will provide schools with funding of up to £79 million ($101 million).
At the BRITs earlier this month, several high-profile acts used the ceremony to call for better music foundations for emerging artists and school pupils. Speaking from the stage after collecting the BRITs Rising Star Award, Myles Smith said, “If British music is one of the most powerful cultural exports we have, why have we treated it like an afterthought for so many years? How many more venues need to close? How many more music programs need to be cut before you realize that we can’t just celebrate success, you have to protect the foundations that make it?”
Experts have also highlighted the need to provide ample education around not only music performance but the diverse job opportunities available in the industry overall. In a previous interview with Billboard UK, Ben Selway of Access Creative College said, “The lack of access to music education for under-16s results in a generation of young people who’ve not been afforded the opportunity to spark their interest in music and realise their talent.”
Read the full letter and see the list of signatories here.
Longtime music manager Andrew Goldstone has joined the team at Milk & Honey as head of electronic music, the company’s CEO and founder Lucas Keller announced today (March 24).
With him, Goldstone brings manager Taren Smith along with clients including the dance/electronic artists Kream and Sullivan King.
Goldstone’s long history the electronic music space includes a run at the venerable dance label Astralwerks, where he signed artists including Fatboy Slim. He created his own imprint, F-111 at Warner Brothers before joining Ministry of Sound. After attending law school and serving at a legal firm, he left law and joined the team at Red Light Management, where he worked with dance icon Tiësto and others. Later at YMU, he worked with artists including 3lau, Lloyiso and Sullivan King.
“I’m thrilled to join a management company that’s so clearly focused on the breadth of electronic music,” Goldstone says. “Milk & Honey understands and provides what artists and managers need to thrive in today’s environment.”
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Smith has worked as a manager in the electronic space for more than a decade at companies including YMU and more. In 2022 she was on Billboard’s list of the top women executives in music. She will serve as manager in Milk & Honey’s electronic music department.
Goldstone and Smith will report to Milk & Honey’s head of artist management Dave Frank, along with Keller. The hirings mark Milk & Honey now having electronic music managers at its offices in Los Aneles, New York and London.
“Today is truly a full circle moment for me,” says Frank. “I first worked with Andrew in 2013 and now a decade later I’m thrilled to bring him and Taren Smith to Milk & Honey. Andrew and Taren’s deep and nuanced understanding of the electronic music industry and the artists that drive it is an invaluable asset for Milk & Honey’s continued growth.”
“We’ve been growing our global electronic music management business over the last nine years now and have plans to double our investment this year,” says Keller. “We predict that the genre will have another large acceleration over the coming years, and we’re building one of the best global infrastructures to support it. Milk & Honey clients will be at a huge advantage to have Andrew Goldstone, a seasoned vet in the space, at the helm.”
Milk & Honey’s existing electronic music management clients include Dutch star Oliver Heldens and his Hi-Lo alias, Italian stalwart Benny Benassi and British producer Joel Corry and underground phenoms including J. Worra, Massano and Chris Avantgarde. The company also represents Ian Asher, KAS:ST, Wuki and more in the artist space.
The company says its cross-genre clients will collectively play over 1,500 shows in 2025, with Keller citing the company’s 15-person creative team and A&R access as keys to its ongoing success. Founded by Keller in 2014, Milk & Honey is a global music management and sports agency. Its clients, which include artists, songwriters, producers and more, received a collective 19 nominations at the 2025 Grammys.
The company’s sports clients include Kansas City Chiefs star Travis Kelce and wide receiver Courtland Sutton of the Denver Broncos. The firm entered the sports world three years ago with Jake Presser and Rawleigh Williams alongside Dave Frank and Alex Harrow.
Nashville-based publishing and catalog giant Concord said on Monday it agreed to acquire Stem Distribution, a 10-year-old independent digital distribution company.
Terms of the deal were not disclosed. Reports from early March put the price tag at above $50 million, according to Music Business Worldwide.
Adding Stem to its portfolio will help Concord’s expand its business signing and servicing up-and-coming artists. Stem is a distribution company and payment platform that has worked with artists like Brent Faiyaz, Chappell Roan, Julia Michaels and Mk.gee.
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Known for originating digital royalty payment splits on songs with several collaborating artists, Stem expanded over the years to provide financial management technology and alternative sources of funding for independent artists seeking to run their own businesses. Joining Concord allows it to access its operational and financial resources.
Concord is among the biggest independent music companies, and its frontline record label business includes Rounder Records, Concord Jazz, Fearless Records, Concord Theatrical Recordings and the Kidz Bop franchise.
Concord also has joint ventures in Loma Vista Recordings with Tom Whalley; Easy Eye Sound with Black Keys frontman Dan Auerbach; and PULSE Records with PULSE Music Group. Launched in 2023, PULSE Records saw major success with Tommy Richman’s hit “Million Dollar Baby,” which Billboard estimates generated $4.99 million from on-demand audio streams and digital song sales in 2024.
Concord Label Group CEO Tom Becci said that through Stem, Concord is seeking to support “independent artists and entrepreneurs.”
“The success of the indie community is vital to the long-term growth and health of the music industry,” Becci said in a statement. “Our investment … will equip [Stem] with the tools necessary to deliver first-class service across the globe while further modernizing the indie music landscape.”
Stem founder CEO Milana Lewis described the acquisition by Concord as an opportunity for expansion. Lewis and President Kristin Graziani will continue to lead Stem under the Concord umbrella.
“With Concord’s backing, we gain more fuel for the engine and a global team to help us scale,” said Lewis. “We’re doubling down on raising the standard for independent artists.”
“Concord’s capital, comprehensive global label services and strategic expertise across recorded music will immediately strengthen Stem’s offering,” stated Graziani.
Stem will spin off its Tone business, which houses royalty accounting and other financial tools for record labels owned by Stem. Concord will be one of Tone’s investors.
Concord received outside legal counsel from Reed Smith and tax advice from KPMG. Stem received financial advice from Raine Group, and outside legal counsel from Rachel Totten and Natalie Martirossian of Goodwin Procter, Sarah Graham from Gibson-Dunn and Laxmi Vijaysankar at Serling Rooks Hunter McKoy Worob & Averill.
After a four-week span that negated some positive earnings results and strong global trends, music stocks received a reprieve from the gloom that has spread over the economy since the Trump administration imposed tariffs on Canada, Mexico and European countries.
Tencent Music Entertainment shares rose 11.6% to $14.00 after the company’s fourth-quarter earnings release on Tuesday (March 18) showed a big increase in both subscribers and subscription revenue. The Chinese streaming company’s revenue surpassed $1 billion in the fourth quarter, an 8.2% increase, and net profit climbed 47.3% to $284 million. Additionally, Tencent Music made two announcements that tend to get a warm reaction from investors: a dividend and a $1 billion share repurchase program.
The Billboard Global Music Index gained 3.0% to 2,533.53 as 12 of its 20 stocks posted gains, seven lost value and one was unchanged. After suffering through a tariff-induced, four-week losing streak, the S&P 500 improved 0.5% and the Nasdaq composite gained 0.2%. In the U.K., the FTSE 100 broke a two-week losing streak by gaining 0.2%. South Korea’s KOSPI composite index gained 3.0%. China’s SSE Composite Index dropped 1.6%.
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Music streaming company LiveOne gained 13.3% after the company announced it surpassed 1.3 million subscribers and ad-supported users. The index’s third-best performer, K-pop company SM Entertainment, rose 10.0% to 100,300 KRW ($68.46).
A handful of companies that had taken a hit since mid-February fared better this week. iHeartMedia gained 9.3% to $1.76, improving its year-to-date loss to 17.4%. Madison Square Garden Entertainment rose 7.6% to $33.85, its first weekly gain in four weeks. Live Nation also broke a four-week losing streak, improving 3.2% to $123.06.
Satellite radio broadcaster SiriusXM shares gained 3.5% to $23.47. The company announced on Thursday at named Anjali Sud, CEO of on-demand video streaming platform Tubi, as an independent director to its board. SiriusXM shares are down 39.5% over the last 52 weeks but have rebounded recently and are up 5.0% year to date.
French streaming company Deezer shares fell 6.0% to 1.41 euros ($1.53) following the company’s fourth-quarter earnings release on Tuesday (March 18). Deezer’s revenue grew 12% to $591 million but its subscribers fell 3.1% to 9.7 million (the decline was actually more significant Deezer because removed 500,000 inactive family accounts from its 2023 subscriber count). Despite the week’s decline, Deezer shares are up 7.6% year to date.
The biggest loser of the week, JYP Entertainment, fell 12.2% this week following the K-pop company’s fourth-quarter and full-year earnings release on Tuesday (March 18). Revenue grew 26.8% in the fourth quarter and 6.2% in the full year, but operating profit dropped 2.6% in the quarter and 24.3% in the full year due to a decline in album sales, a higher proportion of management revenue and an introduction of new artist lineups.
The owners of Departure — the conference and festival formerly known as Canadian Music Week (CMW) — are being sued by its former founder/president for breach of contract and unpaid sale fees.
In a notice of action filed with the Ontario Court of Justice this week (March 17), Neill Dixon has commenced a legal proceeding against the owners of Departure, including Loft Entertainment and Oak View Group (OVG) Canada.
Dixon accuses the companies of breach of contract, unjust enrichment and quantum meruit (a reasonable fee for work done) and seeks damages of $435,428 plus $50,000 in punitive and aggravated damages. The claim states that the new owners have not paid the full sale price of $2,000,000 agreed to in June 2024.
“After 42 years of building an internationally respected Canadian music business, I made the difficult decision to sell and retire, trusting the purchasers to honour their commitments under the Agreement we had between us,” Dixon tells Billboard Canada in a statement. “I have been forced to start a lawsuit to hold them to their end of the Agreement we had between us. It’s disheartening to have decades of dedication and hard work met with such an approach by them.”
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In a statement to Billboard Canada, Loft and OVG confirm they have received the statement of claim and write that they have been negotiating with Dixon over the terms.
“LOFT Entertainment and Oak View Group have received a formal statement of claim from Neill Dixon,” they write. “We have been negotiating with Neill and his counsel for an extended period to finalize our agreed upon terms. If we are unable to reach an agreement, we will explore alternative options.”
Dixon announced his retirement and sale of CMW to Loft and the U.S.-based OVG (which has opened an office in Canada) on the opening day of the conference last summer. In a surprise move before the end of 2024, the new owners announced they would be changing the event’s name to Departure. The festival had been known as Canadian Music Week since 1982, which included Dixon’s entire term as president. During that time, it became known as one of the most important music industry conferences in Canada.
The new owners announced the rebranding at a launch event in November at the conference’s new headquarters, Hotel X in Toronto. The new Departure team — including Loft co-founder Randy Lennox, CEO Jackie Dean and executive producer Kevin Barton as well as OVG Canada president Tom Pistore — outlined a new vision for the festival, expanding the music event to also include comedy, tech, food and more. Some of the confirmed speakers for this year include Matty Matheson, Bryan Adams and Dallas Green.
Dixon was at the launch event, where Lennox and Barton announced they would honour the former CMW co-founder with a lifetime achievement award at this year’s festival, which takes place from May 6-11, 2025.
Now, however, Dixon claims the new owners have not honoured their monetary commitments to him.
Full story here. – Richard Trapunski
IFPI Global Music Report 2025 Touts Canadian Revenue Growth, International Punjabi Music Push
Canada’s music market is staying strong, with revenues growing to $660.3 million USD in 2024.
That’s according to the IFPI, which represents the global recording industry. IFPI’s 2025 State of the Industry report again lists Canada as the 8th largest music market in the world.
Canada’s 2024 revenues saw relatively small growth of just 1.5%, but the report notes that the 2024 figures are in comparison to an unusually high 2023, which saw a large one-off performance rights revenue payment.
Meanwhile, Canada’s most popular musician, Drake, saw his global standing rise. During a tough year for the superstar’s reputation, his worldwide popularity increased, rising from No. 4 to No. 2 in the IFPI’s artist rankings, behind only Taylor Swift.
The report highlights Warner Canada and Warner India’s joint venture, 91 North, which has been successfully growing the profile of South Asian music in Canada and abroad. In the report, Warner India’s Jay Mehta and Warner Canada’s Kristen Burke discussed how the collaborative label came to be. Mehta says the idea came to him during lockdown when he noticed the explosion in Punjabi talent coming out of Canada.
“While it was already a big consumption market, Canada was newly becoming a big creator market, which was consistently making great Indian sounds,” Mehta said. He connected with Burke on the idea of a label that could support South Asian artists in Canada who have huge followings in India.
“Jay and I quickly got together and recognized that there was a real opportunity here to be the first label to come together to really support these artists,” Burke added.
Read more on the Canadian insights in the IFPI Global Music Report here. – Rosie Long Decter
Canadian Country Music Association Adds Francophone Artist of the Year Category for 2025
The Canadian Country Music Association is adding a new category for Francophone Artist of the Year.
The inaugural award will be presented during Country Music Week in Kelowna, B.C., this September. It marks a milestone addition for the CCMA Awards, recognizing both the increasing impact of Francophone artists in Canadian country and the popularity of country music in Quebec.
“The addition of the Francophone Artist of the Year category is a significant step forward in celebrating the diversity within Canadian country music,” said Amy Jeninga, CCMA President, in a statement. “We are thrilled to provide a dedicated platform that recognizes and supports Francophone country artists, ensuring their contributions receive the attention they deserve.”
The eligibility period runs from March 1, 2024, through April 30, 2025. Seventy percent of the act’s released repertoire during that period must be in French.
The new award, which joins the 15 established artist awards at the CCMAs, will shine a light on Francophone artists who might not be getting a national spotlight.
Quebec has a robust Francophone country scene. The province’s ADISQ Gala presents an annual award for Country Album, with recent winners and nominees including Acadian group Salebarbes, singer-songwriter Alex Burger and multi-instrumentalist duo Hauterive.
Francophone country artists are also spread across the country beyond Quebec. The Ontario equivalent of the CCMAs, the Country Music Association of Ontario, already features a similar award dedicated to Francophone artists. Reney Ray of Kapuskasing, Ontario, took home the 2024 CMA Ontario Award for Francophone artist of the year.
The new award at the CCMAs is the latest example of major Canadian music associations adapting to account for the country’s musical and cultural diversity.
Read more here. – RLD
A “datapocalypse” hit the music industry this week as both the RIAA and IFPI reported 2024 numbers, following MIDiA Research’s annual tally a week earlier — and all three agreed that growth slowed in 2024. The IFPI’s figures and rankings of top markets revealed the rise of emerging markets, while the U.S.-focused RIAA figures revealed that growth in the United States was particularly weak (although not the worst in the world).
The trends seen in these reports have consequences for the global music industry. Companies follow opportunities, and emerging markets are attractive places to put resources. In November, Billboard published a story about major labels’ pivot in investment strategy from tech startups to old-school music companies in small and developing markets. As majors face slowing growth in mature markets, they’re looking for growth elsewhere — especially China, India and Africa. Independent companies such as Believe have long pursued markets around the world, too, betting on the rise of streaming and the increasing popularity of local music.
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The trio of reports underscore that slow streaming growth in many markets will need to be addressed. To that end, labels are already working to improve payouts through super-premium tiers that carry higher prices and working with streaming platforms to ensure “professional” artists get better remuneration than hobbyists, background noise and nature sounds. Ridding streaming platforms of AI-generated tracks will also improve labels’ payouts.
The reports differ because they represent different types of income. The IFPI reports trade revenue — the money collected by distributors and record labels — while much of the RIAA’s report shows the retail value, or the money collected by streaming platforms and retailers. In addition, the RIAA numbers cover only the U.S. while the IFPI and MIDiA reports track the global business. MIDiA Research includes additional revenue streams not found in RIAA or IFPI reports: expanded rights, which includes merchandise, sponsorships and other revenue that does not originate from master rights; and production music, which is growing in importance in music licensing but is typically outside the purview of record labels.
Following are the four main takeaways from the three reports.
Emerging Markets Were the Story of 2024
The most established markets mostly kept their place in the pecking order, but there was one momentous change in 2024. In a sign of the times, Australia, which ranked No. 10 on the IFPI rankings in both 2022 and 2023, was replaced by Mexico. While Australia improved 6.1%, Mexico expanded 15.6% thanks to a huge improvement in subscription revenue. In fact, the Latin America region grew an astounding 22.5%. Brazil, the No. 9 market, grew 21.7% — the fastest rate in the top 10.
Despite having a relatively small population of approximately 27 million, Australia has historically punched above its weight in music spending. The country ranked No. 6 in both 2014 and 2015 before falling off the top 10 in 2024 for the first time in nearly three decades. Meanwhile, Mexico — which had never cracked the top 10 before now — has roughly 130 million people, a booming streaming market and a flourishing music scene.
To be fair, Mexico is more of a mid-tier market than an emerging market. In terms of IFPI rankings, the country is emerging only in the sense that it “emerged” into the top 10. But it has a lot in common with emerging markets, including high growth rates and ample room for more subscriptions. In mature markets, subscribers are becoming harder to find.
China held firm at No. 5, its same ranking as the previous two years. With the world’s largest population and a fast-growing subscription streaming market, the country has risen from No. 7 in 2019 and No. 10 in 2017. Its largest music streaming company, Tencent Music Entertainment, finished the year with 121 million subscribers — more than all the streaming subscribers in the U.S.
In terms of pure growth rate, the top regions were the smaller Middle East-North Africa (MENA) and Sub-Saharan Africa, which grew at 22.8% and 22.6%, respectively.
Prior to 2024, the same markets had appeared in the top 10 for the last decade, sometimes in a different order. In 2017, China and Brazil entered the top 10, knocking out Italy and the Netherlands. Brazil had been in the top 10 in previous years but was absent in 2016. Now, with Mexico and emerging markets surging, we may be seeing a bigger shakeup in the top 10 in the future.
U.S. Growth Underperformed Nearly Every Other Market
In a business where year-over-year growth has become commonplace, the large, mature music markets don’t have the appeal of the smaller, fast-growing ones. So, while the U.S. remained the world’s largest market — by a wide margin — its revenue growth didn’t even keep up with 2024’s 2.9% inflation rate (depending on which numbers you’re looking at).
U.S. revenue growth slowed to 2.2% according to the IFPI report, or 3.2% according to the RIAA report. Together, the U.S. and Canada, which grew 1.5% in 2024, accounted for 40.3% of global revenue but grew just 2.1%, according to the IFPI report. Japan, the world’s second-largest market, dropped 0.2% as a 5.5% increase in streaming — led by a 7.2% gain in subscription revenue — was offset by a 2.7% decline in physical revenue. South Korea, the No. 7 market, fell 5.7%. The total Asia region grew 1.3%, however, in part due to China increasing 9.6%.
Some other major markets fared better than the U.S. As Billboard previously reported, U.K. revenues increased 4.8% and Germany rose 7.8%.
Subscriptions Are Stronger Than Ever
Subscriptions are the lifeblood of the record industry, accounting for more than 74% of global streaming revenue and 51.2% of total revenue in 2024, up from 49.1% in 2023, according to the IFPI. Of the global industry’s $1.4 billion added in 2024, $1.3 billion came from subscription streaming.
That said, the U.S. subscription market slowed considerably in 2024. Global subscription revenue rose 9.5% to $10.46 billion — almost double the 5.3% growth rate in the U.S., according to the RIAA. That 5.3% gain was half of 2023’s 10.6% improvement and well under 2022’s 7.2% growth (the 22.2% subscription growth seen in 2021 was a fortunate aberration of the pandemic). While a reversion to the mean was expected in successive years, 5.3% isn’t much, especially in a year when Spotify raised prices.
Ad-Supported Music, On the Other Hand…
Global ad-supported streaming grew just 3% to $3.62 billion, according to the IFPI. That’s a paltry number given the growth of streaming in large emerging markets such as India and Indonesia. But 3% global growth outperformed the U.S., where the RIAA report showed that ad-supported streaming dropped 1.8% and hasn’t had a double-digit gain since 2021.
For all the popularity of subscription music services, consumers will continue to use ad-supported platforms — video platforms like YouTube, social media apps like TikTok and radio services such as Pandora. And for freemium services such as Spotify, the ad-supported tier is a critical gateway to the premium tiers.
But the state of the economy suggests advertising dollars could be difficult in 2025, too, as advertisers tend to pull back their spending at the first signs of an economic slowdown. SiriusXM CFO Tom Barry, speaking at a banking conference on March 11, said advertising started “to see a drop-off” in previous weeks following the Trump administration’s tariff threats. “I would say we’re cautious about where the ad industry is going right now,” he warned.
Here we go again with another Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. There’s a full slate of news this week, so let’s get started.
Warner Music Group expanded Niels Walboomers’ role as president of recorded music and publishing in Benelux to include oversight of legendary dance label Spinnin’ Records. This follows the departure of co-president Ewout Swart after 16 years with the company, having risen from royalties manager in 2009 to chief operating officer in 2016 and co-president in 2023. His exit comes shortly after Roger de Graaf, Spinnin’s co-founder, stepped down in November 2024 after 25 years with the label. Spinnin’ Records will continue to operate independently of WMG Benelux, with Walboomers working closely with Jorn Heringa on A&R activities. Founded in 1999, Spinnin’ has been a key force in the EDM industry, representing artists such as Afrojack, Martin Garrix, Tiësto and Nicky Romero. It also houses notable artist imprints, including Tiësto’s Musical Freedom and David Guetta’s Future Rave, and in 2019 launched Spinnin’ Records Asia. WMG acquired Spinnin’ in 2017, leading to co-founder Eelko van Kooten’s departure and subsequent launch of Ledo, a digital distribution platform. “With new leadership, we’re helping Spinnin’ Records write an exciting new chapter for its artists,” said Simon Robson, president of EMEA recorded music, WMG. “Niels has gone from strength to strength since joining WMG, and with his recent work with Spinnin’ Records, it was an easy decision to expand his role.”
The Ryan Seacrest Foundation, a non-profit organization focused on inspiring youth through entertainment and education, announced new appointments to its industry advisory committee. This committee, composed of pros from music, TV, film and sports, provides expertise and resources to create experiences for young patients in children’s hospitals. New members include Dan Pearson (Lakeside Entertainment Group), Fount Lynch (WMG), Jacki Artis (UTA Foundation), Jennifer Vessio (1220 Entertainment), Jess Anderson (The Lede Company), Lisa Wolfe (Range Music), Lucas Romeo (REPUBLIC), Nicholas Fustor (WWE), Nikki Walsh (Universal Pictures) and Otis Maher (iHeartMedia). They join returning members Debra O’Connell (Disney Entertainment), Devin DeToro (Red Light), Keith Rothschild (RCA) and Scot Fink (Disney Music). The committee plays a crucial role in guiding the foundation’s initiatives, bringing talent visits to Seacrest Studios, securing behind-the-scenes content and aiding in fundraising.
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SiriusXM Holdings announced the appointment of Anjali Sud as a new independent director on its board of directors, filling the vacancy left by James E. Meyer, who resigned this week. Sud, an accomplished executive in media and technology, is currently the CEO of Tubi, Fox’s free streaming service. She previously served as CEO of Vimeo, where she took the company public. Jennifer Witz, CEO of SiriusXM, praised Sud’s track record and expertise, highlighting her potential to contribute to the company “as we look to maintain our strong standing and to position ourselves for future growth.” Meyer, who joined SiriusXM in 2004 and served as CEO from 2012 to 2020, expressed pride in the company’s achievements and confidence in its future. “I am extremely proud of all that SiriusXM has accomplished since I first arrived over two decades ago, of the unparalleled audio entertainment the company delivers to listeners across North America and the value it brings to its stockholders,” he said. Witz thanked her predecessor for his commitment and contributions over the years, wishing him the best.
Chris Martignago // Credit: Taylor Christian Jones
Chris Martignago has been promoted to vp of A&R at independent publisher Prescription Songs. Based in Nashville, he works with artists like Trent Dabbs, Anderson East, JT Daly, Nick Lobel and Tony Esterly. With over 14 years of A&R experience, Martignago began his career at Atlantic Records, where he rose to director of A&R and research, before joining Prescription Songs in 2021 as a senior A&R. Over the years, he has contributed to gold and platinum-certified hits for artists such as Paramore, Marshmello, Shinedown, Ingrid Michaelson and Saweetie, among others. Additionally, he founded HELL YES!, an online community supporting emerging songwriters, and actively volunteers with local schools and art programs. Rhea Pasricha, Prescription Songs’ head of A&R for the West Coast, praised his leadership, saying he has been instrumental in shaping the company’s roster by championing diverse talent.
Wasserman Music announced three new hires: Tim Beeding, Chloe Garcia and Doug Singer. Beeding spent 20 years at CAA and will co-lead Wasserman’s fairs and festivals division with Shannon Casey. Los Angeles-based Singer, previously partner at WME, joins Wasserman Music as vp of its global agent team. Finally, Los Angeles-based Garcia joins as director of tour marketing following a tenure as tour marketing agent at WME. Wasserman Music president Lee Anderson: “Each of them is a highly regarded leader in their area of expertise, and all of them are exceptional humans we’re proud to call colleagues and partners.” –Dave Brooks
Big Yellow Dog Music, a Nashville-based independent publishing and media rights company, announced a trifecta of promotions across its team. Jonah Gordon has been elevated to manager of sync, expanding his role in placing songs across film, TV, advertising and media. Alana Morgan steps up to coordinator of A&R, where she will focus on talent scouting and development, helping grow the company’s diverse artist and songwriter roster. Brannen Carter has advanced to catalog administrator/coordinator of label services, taking on greater responsibilities in publishing administration and label marketing. CEO and co-owner Carla Wallace praised their growth, stating, “each of these three has shown exceptional expertise, and we look forward to their contributions in 2025.” Big Yellow Dog Music boasts a catalog featuring hits performed by Meghan Trainor, Kacey Musgraves, Maren Morris, The Jonas Brothers, Jennifer Lopez, Hozier, Demi Lovato and more, while its sync division has secured placements with Target, Apple and more.
Chelsea Blythe exited her role as executive vp of A&R at UMG Nashville on March 14, having joined the label in 2023. On social media, she expressed gratitude for the opportunity to work in Nashville, highlighting her love for country music, but that it was “time to go back to California.” Blythe thanked now-former CEO Cindy Mabe, who departed the Nashville label last month, along with artists, managers, producers, publishers and colleagues, for their support. Before UMG Nashville, Blythe was senior vp of A&R at Def Jam, leading efforts for artists like Armani White and 26AR. She began her career at Interscope Records, working with Kendrick Lamar and Rae Sremmurd, and later moved to Columbia Records, signing Symba and Baby Keem, and developing Polo G and The Kid LAROI.
AEG Presents appointed Lisa Mart as the regional general manager of indigo at The O2 and Watford Colosseum. With over 15 years of experience in live events and venue management, Mart will oversee the commercial and operational success of both venues. This role supports AEG Presents UK’s expansion of its mid-size venue portfolio, including the reopening of Watford Colosseum in 2024 and the launch of the Olympia Music Venue in 2026. Mart previously held leadership roles at ATG Entertainment and was most recently venue director at Swansea Building Society Arena. Stuart Dorn, AEG Presents UK’s group venues operations director, welcomed Mart, saying “she brings a wealth of experience, which will help with both the establishment of Watford Colosseum and the continued growth of indigo at The 02” — which is set to host over 200 show this year.
Lauren Camp // Courtesy Image
Creed Media wants to pack more punch in the U.S., appointing Lauren Camp as head of strategic partnerships in its expanding Los Angeles operation. Camp is tasked with driving new business opportunities, building partnerships with agencies and influencers, and enhancing long-term value as Creed scales in North America. With over a decade of experience in music, entertainment, tech and sports, Camp founded On Record in 2017 to support independent artists and creatives. Her firm has collaborated with hundreds of artists, brands and labels, offering counsel in branding, media relations and crisis management. She has worked with Brent Faiyaz, FNZ, Pink Sweat$, and corporate clients like Stem and LVRN. She also manages R&B artist Kyle Dion and previously held leadership roles at FYI Brand Group and Hiltzik Strategies. Based in Stockholm with branches in New York, London and elsewhere, Creed Media has orchestrated campaigns for artists like Post Malone, Beyoncé and Dua Lipa.
The Country Music Association announced a big round of promotions and hirings. Ben Balch has been promoted to vp, accounting and finance; he joined the CMA in 2013 as a senior accountant and previously worked at Tractor Supply Company. Aaron Hartley has been promoted to sr. director, business affairs, while April Edman joins as director, accounting and finance. Edman previously served as sr. director, finance at the Sarah Cannon Research Institute. Jason Rost joins as director, ticketing and premium experiences; he previously served as assistant athletic director, ticket initiatives and customer relations at Penn State University. Kevin Coffey has been promoted to director, brand partnerships development, while Meredith Goucher has been promoted to director, international relations and development. Isabel Baldinger has been promoted to marketing manager, while Anthony Sinnott has been hired as CRM Manager and Cailey Parker has been bumped up to full-time as finance operations specialist. –Jessica Nicholson
NASHVILLE NOTES: SMACK backed Mak Symmonds as director of marketing. She’ll lead strategic campaigns across the company’s management, label and publishing arms to boost the visibility of artists and songwriters like Walker Hayes and Shane McAnally. Symmonds brings seven years of experience from Piedmonte & Co., where she excelled in elevating artists’ profiles through major releases, events, partnerships, and marketing campaigns … Stem is bolstering its Nashville operations by naming Courtney Daly as director of artist and label strategy. Daly, who previously worked at Big Machine Label Group, brings nearly ten years of expertise in digital strategy, e-commerce, and DSP relations.
Brad Banducci, the former CEO of Woolworths Group, was appointed chief executive officer of TEG, while Geoff Jones is transitioning to chairman after 14 years as CEO. Banducci, with three decades of leadership in retail and consumer sectors, follows his passion for live events in this new role. Jones, awarded the Order of Australia Medal, played a key role in transforming TEG into a global leader in ticketing, live entertainment and technology. Before joining TEG in 2007, Jones held roles at IMG, Foster’s, and served in the Australian Defence Force. TEG is owned by Silver Lake, a private equity firm focused on technology investments.
ATC Group promoted Ric Salmon to the new role of chief growth officer. Based in London, Salmon has been with ATC for a decade, managing artists like Laura Marling, Glen Hansard, and Trevor Horn. He also co-founded Driift, a BAFTA-winning livestream company now part of ATC Services. Before ATC, Salmon managed global artists such as Seal and Morrissey and held senior A&R roles at Sony Music, Ministry of Sound, and Warner Music International, working with artists like Eric Prydz, Rod Stewart and The Corrs. In his new role, Salmon will focus on expanding ATC’s full-service model through acquisitions and partnerships. ATC Group, which saw a 107% revenue increase in 2024, manages artists like Nick Cave and PJ Harvey and books shows for over 570 acts.
Round Hill Music founder and CEO Josh Gruss is opening Round Hill Music Co., a hybrid music store in Greenwich, Conn., at 398 Greenwich Ave. this May. The store is designed as a spot for musicians, collectors and fans of all stripes, blending tasty guitars, curated vinyl, apparel and other goods into an immersive environment. Conceived as a personal passion project by Gruss, the store aims to bridge the gap between serious musicians and casual listeners. Located a couple minutes from the Greenwich train station, it features listening stations and what it describes as an “inviting layout for effortless music discovery.” Gruss, who moonlights as guitarist in the rock band Rubikon, said he was inspired by his favorite music stores as a kid, including the sadly-gone block of instrument shops on 48th Street in NYC and record shops like Tower Records and Long Island Sound. Round Hill Music Co. will also feature a live performance stage for small concerts and events.
Josh Gruss’ shop in Greenwich.
Round Hill Music Co.
The Core Records appointed Zach Siegal-Eisman as head of audience development and insights. With over 15 years of experience in entertainment marketing, Los Angeles-based Siegal-Eisman will focus on digital strategy, audience growth and fan engagement for the label’s artists. He has worked with acts like Nickelback, John Fogerty and HARDY, holding leadership roles at Artist Network Management, Crowd Surf and Big Loud Rock, among other companies. Co-founders Chief Zaruk and Simon Tikhman praised his expertise in artist development, asserting “it will be instrumental in maximizing fan engagement and artist impact.” Founded in 2019 with Live Nation, The Core Entertainment represents artists such as Bailey Zimmerman, Nickelback and Nate Smith. In 2023, it launched The Core Records with Universal Music to develop and support new talent using UMG’s global reach.
Jeremy Heffner launched Third Generation Music Group (TGMG), a new music company that includes a record label, music publishing, and artist management. With a decade of experience at Universal Music Group’s UMe division and ABKCO Music & Records, Heffner oversaw physical production, digital releases, and licensing. TGMG aims to partner with artists rather than operate as a traditional label, focusing on amplifying creative voices. The initial roster features Texas-born singer-songwriter Bennett Woolsey, indie folk/pop artist Clint., and Brooklyn-based rock band Thesaurus Rex. Heffner stated, “Our hope is to help our artists get their voices heard, aid the creative process and have the world recognize their efforts.”
Quinn Kaemmer launched communications, creative consulting and media relations firm The Quinntessential. Kaemmer previously led the communications department at Big Machine Label Group, spearheading efforts for artists including Riley Green and Jackson Dean. Prior to joining BMLG in 2022, Kaemmer rose through the ranks at BBR Music Group, working with artists including Lainey Wilson and Parmalee. –J.N.
ICYMI:
Kramer and Zimmer
David Kramer will become CEO of UTA in June, succeeding co-founder and longtime leader Jeremy Zimmer. Zimmer, who has served as CEO since 2012, will transition to a role as board member and executive chairman. Paul Wachter will continue as chairman of the board … Audacy unveiled several executive changes, appointing Kelli Turner as president and CEO, Chris Oliviero as chief business officer, and Bob Philips as chief revenue officer. [Keep Reading]
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For the first time ever, Mexico has entered the top 10 global music markets, the International Federation of the Phonographic Industry (IFPI) has confirmed to Billboard Español. The milestone was driven by a 15.6% increase in recorded music revenue, as revealed in the IFPI’s 2025 Global Music Report published Wednesday (March 19). Mexico’s climb to No. […]