Business News
Page: 10
Billboard Canada is getting ready to spotlight some of the most vital players in the music industry: music managers.
Managers to Watch — Billboard’s spotlight on the teams behind music’s biggest breakout artists — will expand to Canada for the first time at this year’s NXNE festival.
A special invite-only Managers to Watch reception will take place on June 11, directly before Billboard Canada Power Players. The event will build on Billboard Canada’s new partnership with Music Managers Forum, which is moving its Honour Roll celebration of the most legendary managers in the business to NXNE this year.
Both recognitions will be given out at the Managers to Watch reception, after which all invited managers will be invited to stay and mingle with the most influential members of the industry at Billboard Canada Power Players.
The event will foster community and opportunity for self-managed artists and managers, who play a critical role in the success of Canadian artists on the international stage.
Trending on Billboard
“We’re proud to partner with MMF Canada to spotlight the managers powering the next wave of talent,” says Mo Ghoneim, president of Billboard UK and Billboard Canada. “They’re key players behind many of the industry’s biggest breakthroughs, and we’re excited to recognize their contributions on a global stage through Billboard.”
The Music Managers to Watch list will feature a hand-selected list of artists and self-managed artists making waves in the industry. It will be chosen by the editorial team at Billboard Canada. Managers can submit for consideration using this form.
Find more info here. – Richard Trapunski
CIMA Makes an Appeal to Prime Minister Mark Carney
The votes were still being tallied in the Canadian federal election on Monday morning (April 29) when the Canadian Independent Music Association (CIMA) sprang into action. The trade org issued a press release congratulating Mark Carney and the Liberal Party of Canada on their electoral victory while urging Carney to, in its words, “make the investment in and promotion of Canadian-owned cultural businesses a top priority.”
The statement stressed that “the global cultural economy is changing rapidly, and with it come significant risks to Canada’s cultural and economic sovereignty. Recent developments — including TikTok’s decision to walk away from licensing negotiations with Merlin, a key representative of independent music worldwide; Universal Music Group’s acquisition of Downtown Music’s assets; and the legal challenge by global tech platforms, in partnership with foreign-owned multinational record companies, to avoid regulation under Bill C-11 — starkly illustrate the growing concentration of global corporate power in Canada’s cultural sector. If left unchecked, these trends threaten to erode Canadian ownership of intellectual property, diminish our global competitiveness, and compromise the future of Canadian cultural exports.”CIMA emphasizes four priorities for the most industry and suggests the government act quickly:
Prioritize Canadian ownership in cultural policy and investment frameworks;
Strengthen competition, trade, and copyright policies to protect Canadian IP holders;
Champion independent Canadian businesses in international markets;
Defend Canada’s right to regulate its cultural industries against multinational corporate resistance.
CIMA concluded by noting, “We are eager to work with your government to secure a strong future for Canadian culture — Canadian culture remains Canadian-owned, Canadian-created, and world-renowned.”
Read more here. – Kerry Doole
Black Eyed Peas’ Apl.de.Ap and Other Lapu Lapu Day Festival Performers Speak After Van Attack in Vancouver
Artists are sharing their heartbreak after a deadly attack at Vancouver’s Lapu Lapu Day festival.
The attack killed 11 people, leaving dozens more injured, when an SUV drove through the block party on Saturday (April 26.) A 30-year-old man has been charged with eight counts of second-degree murder.
Organized by Filipino BC, the festival is a celebration of Filipino hero Datu Lapu-Lapu and an annual occasion for the Filipino-Canadian community to celebrate resilience and cultural heritage.
The attack took place in the evening, following a day of performances from artists like The Black Eyed Peas‘ apl.de.ap (the Filipino-American artist also known as Allan Pineda Lindo), multi-disciplinary artist Kaya Ko and R&B singer Sade Awele. Festival performers are sharing messages and calling for support for the B.C. Filipino community following the attack.
Apl.de.ap and Filipino singer J. Rey Soul had recently left the stage after finishing their headlining set when the attack took place.
“It’s hard to describe the shock and heaviness we feel,” they shared in a joint statement on social media. “Please keep the victims, their families, and the organizers in your prayers.”
“The one thing I have noticed, from the audience to the messages sent around, is the sense of community that wraps its loving arms around us.”
Festival chair RJ Aquino spoke about the support that’s been pouring in from around the world.
“It’s not lost on us … that the spirit of the festival was about that resistance, resilience, that courage, that strength,” he told reporters, per CBC.
“And you know, we’re going to have to call that up in ourselves.”
Awele shared her prayers for the B.C. Filipino community on Instagram. “I was barely able to sleep thinking about the tragic incident that occurred after the festival,” she said. “We can’t keep living like this — treating each other with hate and violence. We have to do better.”
Read more here. – Rosie Long Decter
According to Live Nation CEO Michael Rapino during the company’s earnings call on Thursday (May 1), every chief executive is being asked the same question this earnings season: Are you feeling a consumer pullback?
It’s a reasonable query given the worsening state of the economy. U.S. gross domestic product decreased at an annual rate of 0.3%, the U.S. Bureau of Economic Analysis announced on Tuesday (April 30). And on Thursday, news broke that U.S. joblessness claims for the week ended April 26 surged beyond expectations. Earlier in April, the University of Michigan reported that its consumer sentiment score fell to 57.0 in March, down from 71.8 in November. That puts the closely watched measure on par with scores during the 2009 fallout of the U.S. housing crisis and in August 2011, as consumers feared a stalled recovery.
But on Friday (May 2), a reprieve from the bad news arrived in the form of a better-than-expected jobs report. And judging from comments during this week’s earnings calls, many music companies remain confident that their businesses will weather whatever storms develop in 2025.
Trending on Billboard
“We haven’t felt [a pullback] at all yet,” Rapino said. Whether it’s a festival on-sale, a new tour or a standalone concert, Live Nation has seen “complete sell-through” and “strong demand” that surpasses 2024’s record numbers, he added: “So, we haven’t seen a consumer pullback in any genre, club, theater, stadium [or] amphitheater.”
To see how Live Nation fared during the last recession, you’d have to go back to 2009. The U.S. housing crisis had shaken the economy and GDP shrank 2.0% that year, but Live Nation’s revenue increased 2.3%. Then, as the economy rebounded in 2010, the company’s revenue jumped 21.1% in 2011.
Of course, live music took a nosedive during the pandemic, but the drop-off in 2020 and 2021 was caused by a decrease in the supply of concerts, not a dip in demand for live music. When artists returned to touring, fans showed up in record numbers.
Some parts of the economy can be trusted to stumble during a downturn. Case in point: U.S. advertising revenue fell 14.6% in 2009 and dipped 5.4% in 2020. Brands are quick to cut their ad spending when they anticipate a pending sales decline. For example, car dealerships frequently advertise on TV and radio, but cut back as auto sales fell 17.6% in 2009 and 20.3% in 2020.
A decline in advertising is harmful to some parts of the music business. Radio companies have struggled with weak ad revenues in recent years, and their stock prices have taken a beating. Through Friday, iHeartMedia’s stock price is down 50% year to date, and Cumulus Media, which de-listed from the Nasdaq today, has lost 82%.
But music is a “counter-cyclical” business, meaning it doesn’t follow larger economic trends, and the popularity of subscriptions has helped insulate the music industry from economic woes. It’s widely believed that consumers simply won’t part with their favorite music service. In fact, $11.99 for a month from Spotify or Apple Music, although a few dollars higher than two years ago, is considered by top music executives to be underpriced.
During Spotify’s earnings call on Tuesday, CEO Daniel Ek said “engagement remains high, retention is strong” and the ad-supported free tier gives users a way to remain at Spotify “even when things feel more uncertain” — not that Ek is uncertain about the company’s future. “I don’t see anything in our business right now that gives me any pause for concern,” he said flatly.
Universal Music Group (UMG) is on the same page as Ek. CEO Lucian Grainge attempted to ease investors’ concerns by explaining that he has witnessed music weather numerous recessions. “Music has always proven to be incredibly resilient,” he said during an earnings call on Tuesday. “It’s low cost, high engagement and obviously a unique form of entertainment.” In addition, added chief digital officer Michael Nash, UMG’s licensing agreements include minimum guarantees that provide “very significant protection against digital revenue downside risk this year.”
There’s always a chance that unforeseen events or a particular confluence of factors will ruin music’s winning streak. With subscription prices rising, a possible “superfan” subscription tier on the horizon, ticketing prices not getting any cheaper and tariffs increasing the costs of music merchandise, consumers may reach a breaking point. MIDiA Research’s Mark Mulligan argued this week that superfans are being “pushed to the limit” and concertgoers don’t have an unlimited ability to absorb higher ticket prices.
So far, however, the evidence suggests music fans’ spending is continuing unabated. Live Nation says its various metrics — ticket sales, deferred revenue for future concerts — point to another “historic” year in 2025. Rapino added that the company’s clubs and theaters haven’t reported a decrease in on-site spending. Part of that could be that Live Nation carefully curates an array of food and beverage options that maximize per-head revenue. But a more likely explanation is that people need entertainment now more than ever.
As part of the ongoing Jazz & Heritage Festival in New Orleans, a jubilant event took place at music venue Tipitina’s on Monday (April 28): the annual Shorty Fest, which took over the block outside the legendary club to showcase the talented teens and young adults involved with the Trombone Shorty Foundation.
This marked the 13th year the Foundation hosted Shorty Fest, which gives kids a chance to show off their skills outside Tipitina’s before heading inside for a student-assisted performance by “Trombone Shorty” (born Troy Andrews). The annual event serves as a fundraiser for the foundation, started by New Orleans native Shorty, that provides a free after-school program for kids aged 12-18 (Trombone Shorty Academy); a music industry apprenticeship program; a free program on the music business (Fredman Music Business Institute); and masterclasses and cultural experiences including trips to Cuba.
The young students not only perform at Shorty Fest, but use the skills learned through the foundation’s business-oriented programs to help produce the event, which features marching bands, alumni bands and a battle of the bands contest.
Trending on Billboard
“People can see on display the full beauty of New Orleans music culture, but through the eyes of the younger generation,” says Trombone Shorty Foundation co-founder/executive director Bill Taylor. “Then throughout the evening, our young people sit in with the various bands that are performing, and then they all come out with [Trombone Shorty] during his set, and it creates this magical moment that it’s hard not to be emotionally moved seeing that on stage playing out in front of your eyes. It’s like watching the passing on of culture in real time.”
The Trombone Shorty Foundation launched in 2012 as a way to pass on and preserve the various musical cultures that have made New Orleans such a vibrant city. Taylor tells Billboard that the foundation was created in the aftermath of Hurricane Katrina in 2006. With so many families displaced by the tragedy, historically Black neighborhoods became gentrified, especially the Treme neighborhood where Shorty grew up.
Trombone Shorty Foundation at Shorty Fest in New Orleans.
Jafar M. Pierre
“One of the things that New Orleans has always been known for is its ability to regenerate that culture and pass it down to the next generation. And the way Troy was able to absorb a lot of it early on was through his neighborhood,” says Taylor. “We recognized the need to protect the culture and to give young people the same opportunities that a young musician like Troy had when he was their age.”
The foundation’s flagship program, the Trombone Shorty Academy, provides students a chance to learn how to play instruments, perform on stage and be immersed in the musical traditions of New Orleans. While the city is best known for brass bands and jazz, students are also taught about soul music, funk and other less well-known influences on the Louisiana sound.
Shortly after the foundation launched in 2012, the leadership decided they needed to also educate students on the business side of the music industry and launched the Fredman Music Business Institute. The free program gives students insight into how to financially support themselves as musicians, but also how to get involved in event production, touring, licensing, management, finance and marketing. The foundation takes the students — roughly 200 per year — to other U.S. music hubs to see how the business of music is run outside New Orleans, giving them the chance to visit studios, agencies, management companies and more in Nashville, New York, San Francisco and other locations.
“That infrastructure that exists in Nashville, and obviously New York and L.A., is pretty lacking in New Orleans,” says Taylor. “It is going to be the young people who are going to change that.”
The foundation’s apprenticeship program allows kids ages 12-24 to learn from industry experts and then apply those skills to paid positions with hands-on work throughout the city, with apprentices selecting the industry partners that best align with their interests.
Taylor offers an example of a talented young trumpet player who performed and traveled with the Academy but whose real passion was graphic design. “He is out of college now and opened up his own graphic design company,” Taylor says. “He now designs some of the artwork for our events. He connected with his real passion and it’s connected to music, but he’s not trying to be a professional musician, necessarily.”
Trombone Shorty
Jafar M. Pierre
Along with a trip to Nashville, the foundation also recently took a group of 250 students, staff and musicians to Havana, Cuba — where Shorty found a lot of inspiration while visiting a relative — for an annual trip that started in 2020. The most recent visit to the country included appearances by George Clinton, Valerie June, Yola, Robert Randolph and more.
“New Orleans is your superpower, because if you’re from New Orleans and you’re in music, you naturally get respect,” says Taylor. “Then the question is, what can we do to connect some of these young people to a bigger world, so that the possibilities of what they can do with their career, with their life, with their music, starts to expand?”
President Donald Trump signed an executive order late Thursday aimed at ending federal funding for NPR and PBS, accusing the organizations in a social media post of spreading “radical, woke propaganda.” The official order, found on the White House website, directs the Corporation for Public Broadcasting (CPB) and other agencies to halt both direct and indirect public financing to the public broadcasters.
“Today the media landscape is filled with abundant, diverse, and innovative news options,” the order states. “Government funding of news media in this environment is not only outdated and unnecessary but corrosive to the appearance of journalistic independence.”
Trending on Billboard
This move follows a pattern of Trump leveraging executive powers to defund or dismantle institutions he deems oppositional, including cultural and educational organizations like the Kennedy Center and National Endowment for the Humanities.
The legality of Trump’s order is in question, however, as CPB is a private nonprofit entity and not a federal agency.
CPB CEO Patricia Harrison emphasized its independence from presidential authority, stating the executive order is not legally binding. “Congress directly authorized and funded CPB to be a private nonprofit corporation wholly independent of the federal government,” she said.
PBS president Paula Kerger condemned the executive order as “blatantly unlawful,” adding that it jeopardizes the broadcaster’s long-standing public service mission. She highlighted PBS’s bipartisan congressional support and its role in delivering educational and cultural programming.
NPR also pushed back at the order, vowing to defend itself through all legal avenues. The organization asserted that Trump’s action is not about fiscal responsibility, as public broadcasting receives less than 0.0001% of the federal budget, but rather an attack on First Amendment rights and press freedom. “We will vigorously defend our right to provide essential news, information and life-saving services to the American public,” the organization said. “We will challenge this Executive Order using all means available.”
Each year, CPB allocates about $535 million in taxpayer funds to public broadcasters and content producers. Although NPR and PBS have anticipated funding threats since Trump’s 2016 election, the administration’s latest action escalates those concerns. The Trump administration has also proposed a $9.1 billion budget cut package that includes rescinding CPB funding, though the proposal has yet to reach Congress.
This action mirrors similar efforts by the administration to suppress institutions that provide independent or critical viewpoints. It also coincides with attempts to dismantle the agency in charge of Voice of America and Radio Free Europe/Radio Liberty. Federal courts have previously intervened in cases where the administration withheld congressionally approved funds from media outlets, raising doubts about the legal sustainability of Trump’s latest move targeting public broadcasters.
Critics argue that cutting funding to NPR and PBS could significantly hinder access to trusted educational and cultural programming, especially in underserved communities. Trump’s executive order may also face strong legal and political resistance, as both public broadcasters have traditionally enjoyed bipartisan support in Congress.
“There’s nothing more American than PBS, and our work is only possible because of the bipartisan support we have always received from Congress,” Kerger said last month. “This public-private partnership allows us to help prepare millions of children for success in school and in life and also supports enriching and inspiring programs of the highest quality.”
The CPB has already sued Trump over his attempt to remove three board members, which would have left the board unable to function due to lack of quorum.
The Associated Press contributed to this report.
It’s time to drop the needle on 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 bit of staffing news this week, so let’s hop to it.
Whitaker Elledge stepped into the lead role at Nashville-based label Dualtone, following the passing in December of former president Paul Roper after a battle with cancer. Elledge will remain based in Nashville and will report to MNRK Music Group’s COO Chris Moncada. Since joining Dualtone in 2018, Elledge has held several roles in A&R and artist development, before being promoted to general manager/senior vp in 2023. Dualtone was founded in 2021 and has a current roster that includes The Lumineers, Langhorne Slim, Shovels & Rope, Gregory Alan Isakov and Kathleen Edwards. The Dualtone team also includes Daniel Higbee (vp, synch), Julie Muncy (senior vp, promotion), Joey Luscinsky (senior vp, production & design), Alyssa Austin (senior director, eCommerce + strategy), Dana Murray (director, artist development), Emily Allen (senior manager of operations and marketing), and Sidney Campbell (manager of operations & marketing). —Jessica Nicholson
Kobalt appointed music industry veteran Jason Feinberg as senior vice president and head of KOSIGN, its new platform designed to support the creator middle class. Feinberg brings a strong background in artist-focused technology and marketing, previously serving as managing partner at 138 Strategic, svp of marketing at Universal Music Group, and head of artist marketing at Pandora AMP. KOSIGN also promoted David Waite to operations lead and Jacob Paul to vp of platform growth and brand strategy. Launched earlier this year, KOSIGN enables artists, songwriters and producers to collect publishing royalties with flexibility and transparency. Built on Kobalt’s global infrastructure, KOSIGN offers global royalty collection, real-time transparency and an 80/20 royalty split in favor of writers. “I’m passionate about everything that KOSIGN stands for,” said Feinberg. “The platform empowers artists to collect their publishing revenue around the world, providing them the freedom and support they deserve.”
Trending on Billboard
Henri Lanz gave Sony the slip and joined Warner Music Nordics as the label’s new senior international A&R and creative advisor. Known artistically as MGI, Lanz previously founded M-Eazy Music and served as CEO of Sony Music Finland and Sony Music Baltics from 2019 to 2024. (Over the past year, he has worked as chief creative advisor at Sony Music Finland.) In his new role, Lanz aims to elevate Warner Music Nordics’ international repertoire by fostering artist partnerships and leveraging the company’s creative and global network. Over the years he has collaborated with 50 Cent, French Montana, Justin Bieber and Sia, and played a pivotal role in the careers of Finnish stars like Cheek and Evelina. Warner execs praised Lanz’s talent-spotting ability and global vision, highlighting his potential to strengthen Warner Music’s creative edge across Nordic and international markets. “With access to our entire Nordic and global A&R network, Henri adds a fresh creative edge and further strengthens our position,” said WMF managing director Ramona Forsström.
Downtown Music’s artist direct distribution and music services platform CD Baby named Sean Hallarman as senior vp of product, and Craig May as senior vp of artist and fan development. Both roles report to CD Baby president, Molly Neuman. Hallarman previously held roles at Sonos, Meta and Amazon Music, and in his new role will lead product vision and execution. May previously served as senior vp of global marketing services at FUGA, and in his new role will oversee artist and fan development initiatives. —J.N.
Avex Music Group promoted Justin Hunter to vice president, where he will support company operations and work closely with CEO Brandon Silverstein to guide leadership across Avex and S10. Hunter began his career in 2018 as an assistant to Endeavor exec Patrick Whitesell before joining S10 Entertainment, where he served in multiple roles, including chief of staff and head of S10 Records. Based in Los Angeles, he will help drive Avex’s U.S. strategy following the Japanese entertainment company’s expanded investment in S10 and appointment of Silverstein as CEO in March. Silverstein praised Hunter’s entrepreneurial mindset and industry relationships, calling him “the perfect candidate to help execute AMG’s strategy in the U.S. and beyond.”
Liz Gateley, a veteran TV producer who created MTV’s Laguna Beach and executive produced its spin-off The Hills, left Spotify in late 2024 to launch Damsel Media, a production company targeting Gen Z women. At Spotify since 2019, Gateley led the creation of original podcasts, including the award-winning Wind of Change. She managed the Warner Bros./DC partnership, collaborated with Kim Kardashian and initiated Spotify Pictures, adapting podcasts into visual media, including RapCaviar Presents for Hulu. Prior to joining Spotify, Gateley was a programming executive at Lifetime, overseeing Unreal and Surviving R. Kelly. Her extensive experience in streaming and network television positions her to produce content for various platforms, including brands and AVOD platforms. Based in Los Angeles, Damsel Media will focus on creating premium content for young adult female audiences, leveraging the culture-defining storytelling that Gateley is known for.
Payday Music Publishing expanded its Los Angeles-based sync team with the hires of Jamey Sussman and Desiree Autobee, both reporting to founder & CEO Patrick Moxey. Sussman, formerly with Score A Score, joins as synch director of trailers and ads, while Autobee, previously at MNRK Music Group, will serve as synch director, TV and film. Based in Santa Monica, they’ll focus on securing media placements for Payday’s roster across film, television and advertising. Sussman brings experience from projects like Babylon and season two of The White Lotus, while Autobee has contributed to major syncs for Hulu, ESPN and Netflix. Payday has also expanded its L.A. studio presence and recently landed placements with brands such as Range Rover and Nissan, as well as TV shows including Grey’s Anatomy and Abbott Elementary. Recent signings include Reo Cragun and Gaidaa, who have worked with artists like David Guetta and Marshmello.
Crypto.com Arena promoted Michael Becker to the position of vp of event services and production. In his new role, Becker will oversee Crypto.com Arena’s events team and act as a liaison between the Los Angeles Lakers, LA Kings and Los Angeles Sparks and facilitate the dozens of concerts and other special events taking place inside the iconic Downtown Los Angeles arena each year. Becker came to the arena in 2010 as a guest services supervisor, rapidly learning the ropes before transitioning to the event services department as an event manager. –Dave Brooks
A cyclist passes Crypto.com Arena on March 20, 2024 in Los Angeles.
Mario Tama/Getty Images
Reed Smith welcomed David Long-Daniels as a partner in its labor and employment group, based in the firm’s Atlanta office. Previously with Squire Patton Boggs, Long-Daniels is known for handling high-profile litigation and has represented a wide range of artists including Steven Tyler, Greg Allman and Cissy Houston. He has tried over 90 jury trials and 20 bench trials, representing clients in industries like entertainment, hospitality, and food and beverage. Long-Daniels cited Reed Smith’s strong trial reputation and global platform as key reasons for joining. His addition supports the firm’s growth in Atlanta, where the office has expanded to nearly 40 lawyers since its January opening. Cindy Schmitt Minniti, chair of the firm’s labor & employment group, marveled at how Long-Daniels is “often asked to parachute into bet-the-company litigation just weeks before a case is set for trial” and that “he joins a group of Reed Smith lawyers well-known for that same skill set.”
Symphonic Distribution expanded its presence in Asia by appointing a new team of A&R client development leads across key territories. The team includes Christine Su for Greater China and Taiwan, Eleanor Phan for Vietnam, Twinky Lagdameo for Southeast Asia and Jay Choe for South Korea and Japan. Fiona Comendador joins as client manager for the APAC region. Reporting to territory manager Guji Lorenzana, the team will work with local artists and labels, providing market-specific strategies and support. The new hires bring plenty of experience: Su has led international music projects like the Golden Melody Awards; Phan managed label partnerships at The Orchard and MMUSIC; Choe has experience in K-pop group debuts (PIXY, from20) and songwriting (for EVO and Uki Satake); and Lagdameo has over two decades in artist development, marketing and publishing at companies like MTV and EMI. Comendador, formerly with Virgin Music and Kumu, will oversee client relations and project execution across APAC. This expansion follows recent signings, including DYNA Music Entertainment and Kafka By The Sea, aiming to support artist development across Asia.
Berklee has appointed Edward J. Lewis III as its new senior vice president of institutional advancement, effective May 15. With over 20 years of experience in higher education and the performing arts, Lewis will work with senior leadership to enhance Berklee’s global fundraising and engagement strategies. Previously, he was president and CEO of the Caramoor Center for Music and the Arts, where he launched the center’s first major gifts program and led a strategic plan through the COVID-19 pandemic. “Berklee’s mission to educate and empower the next generation of artists and creative leaders deeply resonates with me, both personally and professionally,” said Lewis, who like many Berklee staffers is also a musician. “I look forward to working with this entire community to build support for Berklee.”
ALL IN THE FAMILY: The Hollywood Reporter announced the addition of Ada Guerin as creative director and Tony Maglio as television editor to its editorial team. Guerin, who previously served as creative director at Los Angeles Magazine and TheWrap, will manage the visual aspects of THR’s editorial properties, including the print mag and website, from Los Angeles. Maglio, most recently executive editor of news and business at IndieWire, will oversee THR’s television coverage from New York City.
ICYMI:
Mike Van
Apple Music named Ole Obermann and Rachel Newman as the company’s new co-heads … Penske Media executive Jenny Connelly was appointed director in charge of SXSW … Leslie Fram, former svp of music and talent for CMT, launched FEMco, a Nashville-based consulting company … and Mike Van was elevated to the role of CEO of Billboard — the first time anyone has held the role. [Keep Reading]
Last Week’s Turntable: UCLA’s Herb Alpert School Hires New Brass
While many public companies are struggling amid the backdrop of macroeconomic uncertainty and the looming threat of global tariffs, music company executives are beating the drum for music as a stable place to invest. Despite a plateauing of the growth curve, revenue from streaming subscriptions continues to drive relative stability at Spotify, Unversal Music Group […]
The Weeknd has signed with William Morris Endeavor (WME) in all areas, the agency announced on Thursday (May 1). He leaves Creative Arts Agency (CAA) after signing with them in 2021, having left WME. WME is also representing the superstar’s production company, Manic Phase, which produced his 2023 HBO series The Idol and his upcoming […]
Mike Van, who was appointed the first CEO at Billboard earlier this week, has been named to Gold House’s annual list of the 100 most impactful Asian Pacific leaders, it was announced Thursday (May 1).
Van will be celebrated alongside the other honorees on this year’s list, known as The A100 List, during a slate of events taking place in New York on May 9 and May 10. Those include the A100 Celebratory Reception (co-hosted with the Academy Museum of Motion Pictures and East West Bank); the A100 Honorees Dinner presented by OpenTable, which will host past and present A100 honorees and judges; the Gold Gala, where A100 List honorees known as “A1s” — described as “the most impactful in their respective categories” — will be honored; and the Billboard x Gold House Founders Party, during which DJ Anderson .Paak is set to perform.
In celebration of the A100 and to kick off Asian Pacific Heritage Month, the Nasdaq stock market and Gold House partnered on a half-day Gold Power Summit on Wednesday (April 30) that culminated with Gold House CEO/co-founder Bing Chen and several A100 honorees, including Van, ringing the Nasdaq closing bell, an event broadcast across multiple financial networks. Van also served as a featured speaker on a Gold Power Summit panel on Wednesday.
Trending on Billboard
Others included on this year’s A100 list include Wicked director Jon M. Chu; Pachinko author Min Jin Lee; comedian and actor Ronny Chieng; K-pop group aespa; Goodwater Capital co-founder/managing partner Eric Kim; and multiple individuals listed under the banner “Los Angeles Wildfire Heroes.”
As part of the celebration of the A100 List and the Asian Pacific community, landmarks across North America will light up in gold lights. Participating cities and landmarks include: Atlanta (Mercedes-Benz Stadium), Chicago (Willis Tower), Honolulu (City Hall), Los Angeles (City Hall & Paramount Tower), Las Vegas (LV City Sign), Ontario (Niagara Falls), New York City (Empire State Building, Nasdaq Tower & The Edge), Seattle (Columbia Center Tower), Toronto (CN Tower), and Vancouver (BC Place & Olympic Cauldron).
Wednesday’s Gold Power Summit marked the second annual edition of the event, which first took place last May. Attendees at the inaugural summit included executives from Citibank, Netflix, McKinsey & Company and EMPIRE.
Prymax Media & Technology Group has acquired all the remaining masters from the estate of music industry pioneer Stan Lewis, founder of the legendary labels Jewel Records, Paula Records and Ronn Records. While Prymax Media declined to reveal the purchase price, Billboard can exclusively report that the New York-based private investment firm’s acquisition encompasses more than 1,600 songs. Those include recordings by Aretha Franklin, Gladys Knight & the Pips, Willie Nelson, Ike & Tina Turner, Albertina Walker and Lightnin’ Hopkins, among other iconic artists representing America’s golden era of blues, R&B, soul, rock & roll, gospel and country.
Prior to co-founding Prymax Media in 2020, Tyrone Holmes worked primarily as a music and film producer who collaborated with Grammy-winning artist Faith Evans and late Stellar Award-winning artist LaShun Pace, among others. In a statement announcing his firm’s acquisition, Holmes said, “This is about more than just reclaiming music. It’s about preserving cultural heritage and sharing stories that have long been silenced. With the release of this vault, we’re not only honoring the legacy of the artists involved but also opening the door for new interpretations and collaborations in the future. These recordings were hidden treasures, and now we can introduce them to the world.”
Trending on Billboard
Added Beverly Paige, a member of the Prymax team, “This isn’t just an acquisition it’s the recovery of a cultural legacy. We look forward to seeing how this music resonates with lifelong fans as well as invite newcomers to discover the rich legacy of music that has shaped the industry. We’re also excited for the conversations it will spark around the significance and impact of gospel music in our lives.”
In addition to the aforementioned Albertina Walker — aka “The Queen of Gospel Music”— Prymax’s acquisition features released and unreleased recordings by fellow gospel artists Shirley Caesar and Dorothy Norwood, Jimmy Reed, Bobby Rush, John Lee Hooker and Malcolm X. Among the song titles now under new ownership are “Judy in Disguise,” the 1967 No. 1 hit by John Fred and His Playboy Band, “I Feel Good” by John Lee Hooker, “Knock on Wood” by Ike & Tina Turner and “A Message for You” by Curtis Mayfield.
Beyond fully finished tracks, the catalog cache includes rare studio sessions and alternate takes.
Lewis’ industry career began with the opening of Stan’s Record Shop in Shreveport, Louisiana in 1948 (a frequent customer was the yet-unknown Elvis Presley) from money earned selling newspapers. From there at age 20, he established what became the South’s largest independent record distribution network. In addition to Chess Records, where he also worked for a time, Lewis represented several other independent labels such as Atlantic, Checker and Specialty. Moving back to Shreveport after his Chess stint in Chicago, Lewis founded Jewel Records in 1963. Its roster and catalog holdings included Big Joe Turner, John Lee Hooker, Ike & Tina Turner, Aretha Frankline, B.B. King and Fats Domino. Prior to establishing Jewel, he had begun producing music artists while also co-writing with Dale Hawkins the 1957 rock & roll classic “Susie Q.”
Lewis later bought the masters of Chicago blues label Cobra Records in the late ‘60s (home to Buddy Guy). Then came the founding of the Paula (named after his wife Pauline) and Ronn imprints. The former sported a roster headed by The Uniques (led by Joe Stampley), Toussaint McCall, John Fred and His Playboy Band and others.
It was Garland Jones, owner of record store Garland Super Sounds and a longtime Lewis mentee, who helped the latter’s son Lenny outline all the music assets in Lewis’ vault before his death in 2018.
“After a decade-long legal battle, I finally obtained the rights to Stan Lewis’s succession and successfully sold this extraordinary, once forgotten collection of music to Prymax Media,” said Jones. “This partnership now can resonate with and inspire a new generation. The collection also includes the complete unreleased vault from the legendary Q Records and Gramercy Records.”
Attorney Jeffrey D. Garfin oversaw the transaction for Prymax Media. “The material derived from the estate of Stan ‘The Record Man’ Lewis represents a literal time capsule containing hundreds of unknown recordings from incredibly well-known artists,” commented Garfin. “Many of these iconic performers are no longer with us. So to be able to hear alternate takes on their hits and even new material is just fantastic. I’m honored to be shepherding these recordings into the 21st century.”
South Korea’s HYBE used its artists’ heavy touring schedule and strong merchandise and licensing revenues to overcome a slight drop in recorded music sales in the first quarter of 2025.
In the historically slow first quarter, total revenue rose 38.7% to 500.6 billion KRW ($350 million), the second-lowest quarterly revenue since the first quarter of 2023. Earnings before interest, taxes, depreciation and amortization (EBITDA) of 47.3 billion KRW ($33 million) was up 19% from the prior-year period.
“Typically, the first quarter is a period when artists take a break after busy year-end activities and prepare for new albums and projects,” CFO Kyungjun Lee said during the earnings call Tuesday (April 29). “Therefore, in Q1, we had relatively fewer album releases and content offerings, thus posting a slightly lower profitability compared to the prior quarter.”
Trending on Billboard
Recorded music revenue fell 5.9% to 136.5 billion KRW ($95 million), with streaming accounting for almost half of recorded music sales, said CEO Jaesang Lee. “While album sales fluctuate quarter over quarter depending on release schedules, steady streaming revenue serves as a stable source of profit. Streaming helps mitigate recorded music sales volatility in quarters like this quarter, when the number of new albums is relatively smaller.”
Concerts revenue jumped 252% to 155.2 billion KRW ($108 million). CEO Lee cited the “huge success” of tours in South Korea, the U.S., Japan and elsewhere in Asia by J-Hope, TOMORROW X TOGETHER, ENHYPEN and BOYNEXTDOOR. Additionally, J-Hope’s solo shows in Mexico “marked the beginning of active expansion to the Latin market,” he added.
Merchandise and licensing improved 75.2% to 106.4 billion KRW ($74 million). Whereas concert-related merchandise was most popular in the past, HYBE has found success with artists’ character-driven merchandise, such as for Seventeen’s MINITEEN, a group of animal representatives for the band. “All the character products have been selling really quickly, and many items are in high demand, resulting in additional rounds of pre-order sales,” said CFO Lee.
Content revenue fell 32.7% to 41.2 billion KRW ($29 million). It included sales of the Seventeen in Carat Land Memory Book and BTS 7 Moments, an archive of group members throughout 2022 and 2023 that includes a 66-minute video and 180-page photo book.
CEO Lee also teased details of Big Hit Music’s upcoming boy band that will debut in the third quarter of 2025. He described the five-member group as “a next generation creator crew that pursues self-expression in completely new styles and senses” and will perform “very original music that has not existed in the past.”
Separately, a seven-member, all-Japanese boy band called aeon will debut in June. Created by YX Labels, HYBE’s Japanese operation, the group formed from a TV show that aired in Japan on Nippon TV from February to April.