State Champ Radio Business News
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The estate of Ronnie Spector, best known as the lead singer of iconic girl group The Ronettes, has enlisted Artist Legacy Group (ALG) to be its exclusive representative. Under the deal, ALG will provide comprehensive management services for the estate, including oversight of Spector’s personality rights and administration of her official digital and social media assets. ALG CEO Ashley Austin will also spearhead branded media, licensing and anniversary projects. A film adaptation of Spector’s memoir, Be My Baby, is currently in development at A24. Spector’s husband, Jonathan Greenfield, serves as managing director of the estate.
Lil Yachty launched Concrete Rekordz, a new record label joint venture with Quality Control Music/HYBE. The announcement was accompanied by “Family Business,” a new track and music video from Concrete Boys — a group composed of Lil Yachty, Karrahbooo and Camo! — that will make its home on the label. The group is slated to release its first compilation album, It’s Us Volume 1, on Friday (April 5).
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Dubai-based streaming platform OSN+ and music streaming service Anghami announced the completion of OSN+’s purchase of a majority stake in Anghami after receiving all necessary regulatory approvals. First announced in November, the merger puts OSN+ parent company OSN Group’s majority stake in Anghami at a valuation of $3.69 per share. According to a press release, the deal creates a company that boasts more than 120 million registered users, around 2.5 million paid subscribers and nearly $100 million in revenue at closing while bringing together OSN+’s library of 18,000 hours of video content with Anghami’s catalog of more than 100 million songs and podcasts. The combined entity will be led by Elie Habib, co-founder/CEO of Anghami, as CEO. Joe Kawkabani will remain CEO of OSN Group.
Virgin Music Group has partnered with 3AM Entertainment, a new label founded by British-Indian artist Jay Sean, producer/executive Jeremy Skaller and Jared Cotter, manager/vp of music at Range Media Partners. 3AM will focus on artists from the South Asian diaspora of all different genres. The first release under the deal is “Heartless,” a new single from Jay Sean featuring Ikky that’s slated for release on Friday (April 5); it will be followed by an album. Skaller and Cotter will serve as co-presidents at the new label, with Cotter continuing in his role at Range. Elsewhere, Sean’s longtime manager, Thara Natalie, will be chief operations manager; Madison Bickel will serve as GM; and Mahima Sharma will serve as an A&R out of New Delhi, India. Additionally, Sean’s co-manager, Aayushman Sinha, and his team at management company Represent will consult on A&R and strategy out of Mumbai, India.
Soundmouse by Orfium was selected as the official music reporting partner for broadcasters in South Korea by the South Korean Broadcast Music Identifying System (BROMIS), a consortium led by major broadcasters including KBS, MBC, SBS and four collecting societies. Under the three-year agreement, Soundmouse by Orfium’s music cue sheet reporting and audio recognition fingerprinting technology will be used by 36 broadcasters to track music usage across 175 TV channels and radio stations in Korea. Soundmouse by Orfium’s reports will be used to inform royalty distributions to songwriter, artist, producer and rights holder members of South Korean collecting societies. The deal was supported by the South Korean Ministry of Culture, Sports and Tourism and the Korean Copyright Commission.
Danny Wimmer Presents (DWP) acquired two music festivals: Rocklahoma and Born & Raised, both of which are held at Rockin Red Dirt Ranch in Pryor, Okla. DWP will continue working with Pryor Creek Music Festivals, the original creator of both festivals, while several remaining stakeholders will remain involved in both events in 2024 and beyond. This year’s Rocklahoma is slated to run from Aug. 30-Sept. 1 with headliners Avenged Sevenfold, Disturbed and Slipknot. Born & Raised will take place Sept. 13-15 with Turnpike Troubadours, Whiskey Myers, Gary Allan and more.
BMG has acquired Dr. Alban‘s recorded interests in his catalog, including ’90s Eurodance hits “It’s My Life” and “Sing Hallelujah!” The company already owned the label share of the recordings. The catalog of the Nigerian-born Swedish artist and producer, born Alban Nwapa, also includes tracks such as “Hello Afrika” and “No Coke.”
Numero Group announced a partnership with New York indie rock label Tiger Style Records. Under the deal, Tiger Style’s catalog of 40 albums and a dozen EPs have been absorbed into the Numero Group ecosystem, including works by The American Analog Set, The Appleseed Cast, The Mercury Program, Tristeza, Her Space Holiday, The Album Leaf, Rye Coalition and Ida. Formed in 1998, Tiger Style, once owned by online music retailer Insound, went on hiatus more than 20 years ago. Much of the label’s discography is now available digitally via Numero Group, with several physical LP reissues and box sets slated for next year.
Industrial-focused private equity firm Allied Industrial Partners made an investment in Celebrity Coaches, a Nashville-based provider of transportation and logistics for the live entertainment sector. Celebrity Coaches will continue to be led by its founder, Jeff Michael, who will retain an ownership stake along with other members of the company’s management team including Josh Trivett.
ASM Global signed a multi-year booking agreement with Nevada tavern and slot route operator Golden Entertainment for exclusive booking rights to the company’s Laughlin Event Center and The Edge Pavilion — two music venues located at the Edgewater Casino Resort.
Music data company Musixmatch partnered with Runway in a deal that will bring the latter’s AI-powered media generation technology to the more than 1 million artists and musicians in the Musixmatch community, which will have access to Gen-2 and other Runway models to create synchronized lyrics and videos.
WavMaker, a music licensing platform that offers a music catalog for video creators featuring songs that have been cleared for commercial use, launched with $5 million in seed funding. The company was founded by CEO Matt Arcaini, director of label services Mark Stuart and director of marketing Caleb Grimm. The funding round was led by Vicky Patel, a principal in the Nashville-based record label Wavy Records and co-founder/principal at Monarch Media. The funds will be used to expand the platform’s capabilities, hire staff and increase customer outreach.
Business-to-business music and streaming platform Tuned Global partnered with international travel media network Spafax, which provides content technology and media assets for airlines to power cleared music playlists in in-flight entertainment systems. Spafax clients include Emirates, Qatar Airways, IAG, Lufthansa Group and Air Canada. Through the deal, Tuned Global will provide music-as-a-service a content management tool for Spafax curators to generate playlists. Spafax will also benefit from Tuned Global’s integration with music rights management and reporting company Crunch Digital, which verifies musical works available for use under Spafax and airlines’ existing music licenses with record labels and publishers.
It’s all about the artist, music executives say (and say and say). If you really look at the industry over time, though, it’s really all about the formats — the health of the business may have more to do with how people listen to music than what they actually listen to. For the last decade, that has been on-demand streaming, and the music business has boomed — from total revenue of $6.7 billion in 2014 to $17.1 billion last year, according to the late-March RIAA report. In inflation-adjusted dollars, the industry is worth almost double what it was at the beginning of the streaming boom. Internationally, the story is broadly similar — the business was worth $13 billion in 2014 and $28.6 billion last year, according to IFPI statistics.
In the U.S., at least, growth is slowing — revenue rose from $15.9 billion to $17.1 billion last year, and it hasn’t grown much in the last two years, accounting for inflation. The reason is simple: There are only so many streaming subscriptions to sell, and the U.S. now has a 12-month average of 96.8 million on-demand subscriptions in a country of 127 million households. It’s hard to know when we’ll reach Peak Subscription — 105 million in a year? 110 million in two? — but slower growth in the number of subscribers seems inevitable. This is one reason record companies are cutting back. It’s the end of hypergrowth for creators and rightsholders — at least in some places.
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Those places also include most of Europe, where the recorded music business grew 8.9%, according to the IFPI’s 2024 Global Music Report, compared with 7.4% in the U.S. and Canada. In the developing world, where the music business is much smaller, the figures tell a very different story: Asia was up 14.9%, with much of that growth coming from China, which was up 25.9%; Latin America grew for the 14th consecutive year, by 19.4%; and revenue from sub-Saharan Africa rose 24.7%. These increases are taking place in smaller businesses, but they mean that there’s plenty of room for growth — it’s just moving south and east.
We’ve all heard the simple and optimistic version of what comes next: Just wait until everyone in China, India and Brazil subscribes to a streaming service! (I hope they subscribe to Billboard Pro while they’re at it.) But this assumes a world where the global middle class continues to grow, trade and prosperity continue to expand, and developing economies stay relatively stable. Alas, as the small print says, past performance is not indicative of future results. Over the past two years, Russia has gone from a developing market into a geopolitical adversary, and tensions between the U.S. and China are heating up. (Whatever you think of globalization, it will be far worse in reverse.) If the U.S. forces a sale of TikTok, could China retaliate by imposing limits on American music? Could inflation in Latin America hurt consumer purchasing power in a way that stifles a streaming business that still depends more on advertising? Whatever happens is beyond the control of the music business. The potential is incredible — it’s just not reliable.
The truth is that there’s still plenty of opportunity in developed markets, including plenty of room to raise streaming subscription prices, but creators and rightsholders don’t have to just sit around and wait for that. Other opportunities are emerging, and growth could be fueled by licensing music for AI training, as well as for social media, video games, and the next iteration of the technology formerly known as the Metaverse.
Some of the most exciting opportunities might come from a traditional business model: Selling stuff. Yes, I know, it’s all so unbearably dreary compared to the “Free” future we were told to expect. But consider that, adjusted for inflation, the U.S. recorded music market is still only two-thirds the size of its 1999 peak. Back then — how old does that sound? — much of that revenue came from serious fans who bought a couple of albums a month instead of a couple of albums a year, mostly for more than the cost of a monthly streaming subscription today. Such dedication explains the fantastic growth in the vinyl market, which rose from $243.8 million in 2014 to $1.4 billion last year — almost a sixth the size of the music business of a decade ago in 2023 dollars. (I am proud to say that I have done my part.)
Sure, vinyl growth is slowing, too — the format isn’t for everyone and I am running out of shelf space myself, but consumers have demonstrated a willingness to spend more on their favorite artists, which is why music executives are so excited about superfans, which could be the most exciting opportunity available. The last decade of the music business was about making a hundred dollars a year from millions of people. The next 10 years will be about making millions — OK, probably thousands, but you get the idea — from hundreds of people. That won’t be easy, though. The music industry has always been, pardon the pun, a volume business. Making money from superfans requires finding that, figuring out what they want to buy, and marketing that, presumably online, better than live promoters or dedicated startups.
This could also solve one of the biggest problems with the recorded music business: it’s not making stars fast enough, and the new ones it has don’t shine for so many people. But what is a big problem in the hit-driven streaming business doesn’t matter so much when it comes to monetizing superfans — older acts still do big business, and there are riches in niches. From a financial perspective, K-pop is essentially a high-margin merchandise business focused on an audience that’s dedicated but not quite mainstream. And if labels are going to keep growing in the U.S. and Europe, at least some of their business might look a lot like that.
Popular performance series From The Block has locked in a partnership deal with Sparta Distribution, the companies announced today (April 3). Since its 2021 inception, From The Block Performance has gained traction through viral performances from Cardi B, Offset, Chris Brown, Lil Yachty and 4 Batz, along the way accumulating over 200 million views. Sparta […]
Pophouse — the Swedish company that backed ABBA’s Voyage show in London and owns rights to music by Swedish House Mafia, Avicii and Cyndi Lauper — is acquiring KISS’ publishing, recording royalties and trademarks, including both the band’s logo and its iconic makeup design. The deal, announced April 4, will result in a Pophouse-produced KISS hologram show, using some of the same technology as ABBA’s Voyage.
“We have a lot of plans for KISS,” Pophouse CEO Per Sundin tells Billboard. Although Sundin says the company bought out the rights owned by frontmen Gene Simmons and Paul Stanley, they will work with the company to develop the show, which is expected to open in 2027 in a U.S. city that Sundin declined to name. “We want to keep to the legacy,” Sundin says. “We want to extend it and amplify it for new generations.”
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The band got interested in a possible deal when manager Doc McGhee saw Voyage “and he loved it and contacted us,” Sundin says. Over the course of the band’s End of the Road World Tour, the two sides met in Milan and Stockholm, thinking about what a hologram show could look like.
“We went to see the ABBA show and it blew our socks off,” Simmons tells Billboard. “And the technology since then has improved by leaps and bounds. We’ve seen sketches of what it will look like and we looked like the X-Men.”
Like dozens of other investors, Pophouse buys rights to songs and in some cases recordings or likenesses. But it tends to take a more active approach than most, with a focus on theatrical or immersive entertainment, rather than simply collecting royalties. In addition to the ABBA show, it runs the ABBA Museum and the Avicii Experience, both in Stockholm.
The idea of a hologram show seems ideal for KISS, whose concerts were always heavy on spectacle. “Everything is theater,” says Simmons. “We wanted bombast theater.”
Over the course of its career, KISS inspired the KISS Army, formed around an act that could have been described as the hottest brand in the land, with deals that included KISS Kondoms and a KISS Kasket. (Pantera guitarist Dimebag Darrell was buried in one that Simmons donated.) Now, after the End of the Road tour, “the end is actually the beginning,” Simmons says. “If you’re a caterpillar who can’t imagine what the future will look like, you think of the cocoon as the end, and it is the end of the caterpillar, but it can’t imagine sprouting wings and evolving into this beautiful creature that flies up to the heavens.”
Pophouse would not comment on the terms of the deal, which are presumably more complicated than a straightforward purchase of publishing rights. At this point, the band may be better known for its concerts than its songs. But the deal includes those, plus recording royalties. Pophouse also has a good relationship with UMG, which owns the band’s recordings, since Sundin was previously managing director of Universal Music Sweden and president of Universal Music Nordics. The band’s trademarks belonged to Simmons and Stanley, including the makeup designs for their characters: The Demon (Simmons), the Starchild (Stanley), the Spaceman (originally Ace Frehley, more recently Tommy Thayer) and the Catman (originally Peter Criss, more recently Eric Singer).
Jesús López, chairman/CEO of Universal Music Latin America and Iberian Peninsula, has received a special honor from the King and Queen of Spain. On Wednesday (April 3), the music executive received the Gold Medal for Merit in the Fine Arts — an award that recognizes individuals and entities who have “excelled” in the field of […]
Endeavor, the sports and entertainment giant that owns agencies WME and IMG, announced on Tuesday it will be acquired by private equity firm Silver Lake in a deal that values the company at $13 billion. The move arrives three years into Endeavor’s tenure as a publicly traded company and just six months since WME’s chief rival, CAA, came under new ownership.
Silver Lake is Endeavor’s largest shareholder, having made its initial investment in WME in 2012 and purchasing IMG two years later, and plans on acquiring 100% of the remaining shares by offering stockholders $27.50 per share in cash, representing a 55% premium to the unaffected share price of $17.72 per share. Endeavor noted that was the price of shares on Oct. 25, 2023, a day before the company disclosed a review of strategic alternatives that included going private.
The company, which went public in 2021 following pandemic-era delays, currently trades as EDR on the New York Stock Exchange, closing at $25.81 on Tuesday (April 2).
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In addition to WME and IMG, Endeavor’s portfolio includes live event hospitality firm On Location, marketing agency 160over90 and sports betting data firm OpenBet. Endeavor is also the majority owner of TKO Group Holdings, formed last year to merge its martial arts league UFC with World Wrestling Entertainment. TKO is not part of the Silver Lake acquisition, however, and will continue trading on the NYSE as “TKO” and “will continue to benefit from its connectivity to Endeavor’s expertise, relationships, and significant capabilities,” the company clarified.
Led by co-CEOs Egon Durban and Greg Mondre, Silver Lake’s $102 billion in combined assets includes a portfolio of companies like Oak View Group, Fanatics, TEG, Waymo, Stripe, Plaid, SoFi and Madison Square Garden Sports, among others.
Endeavor said the transaction is fully financed through equity from Silver Lake and additional capital from partnering investors, including Mubadala Investment Company, DFO Management, Lexington Partners, and funds managed by Goldman Sachs Asset Management. Members of Endeavor’s leadership team, including chief executive Ari Emanuel, executive chairman Patrick Whitesell and president and COO Mark Shapiro, will also roll over their equity, and new debt financing was secured by Goldman Sachs, JP Morgan, Bank of America and other institutions.
“Since 2012, Endeavor’s strategic partnership with Silver Lake and Egon Durban have been central to our evolution into the global sports and entertainment leader we are today,” said Emanuel. “We believe this transaction will maximize value for all of Endeavor’s public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company.”
Stephen Evans, managing director of Silver Lake and a director of Endeavor, said: “The team at Silver Lake is proud of our longstanding partnership with Endeavor, marked by more than $3.5 billion of direct investment across six distinct transactions over 12 years. We are excited about what we can achieve together in this next phase, spearheaded by Endeavor’s visionary expertise across talent representation and content and ownership of truly special, marquee assets in sports.”
Lewis Capaldi signed with U.K.-based music licensing company PPL for international neighboring rights royalty collections. The company will collect royalties for the use of Capaldi’s music on radio, TV and in public spaces globally. Capaldi is managed by Ryan Walter at Interlude Artists.
Lil Mosey (“Blueberry Faygo”) and his label, Love U Forever, signed a global distribution partnership with Cinq Music ahead of his currently untitled EP to be released this spring. The first single from the EP, “Life Goes On,” debuted on March 22.
“Wine into Whiskey” singer Tucker Wetmore inked a deal with WME for global booking representation. Wetmore, who moved to Nashville in 2020, signed a publishing deal in 2023 with Rakiyah Marshall‘s Back Blocks Music. He follows “Wine into Whiskey” with his new release, “Wind Up Missin’ You.” – Jessica Nicholson
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Mexican singer-songwriter Beto Vega signed with Downtown Artist & Label Services. In addition to global distribution and marketing, Vega (“Me Dicen Nini” with Markitos Toys) will also take advantage of the company’s catalog management and full-service campaigns for future releases, including his upcoming track, “Los Brothers” with Edgardo Nuñez. Vega is booked by Luis Del Villar at Gerencia 360.
Pop/R&B singer-songwriter CIL signed with The Familie for management. The 21-year-old Fort Collins, Colo., native was recently signed to Warner Records by the label’s CEO, Aaron Bay-Schuck.
Turkish-Italian DJ, producer and multi-instrumentalist Carlita signed with Ninja Tune via its imprint Counter Records, which released her latest single, “Time.” She is booked and managed by Alberto Bragado.
Ukrainian band Okean Elzy signed with Warner Music, which will release the group’s first entirely-English album globally, including in the United States, where Elektra will handle distribution. The band is preparing for a series of charity gigs for its Help for Ukraine Tour, with shows slated in Ukraine and other European countries including Belgium, the United Kingdom, Germany and Poland. The group is represented by manager Joel Mark at 9122 Management and Brian Cohen and Joe Friel at WME for booking.
Shaznay Lewis, formerly a member of U.K. group All Saints, partnered with Absolute Label Services for the release of her first solo album in 20 years. Titled Pages, the album is set for release on May 17. Lewis is represented by Wayne Russell at Massive Management and Solomon Parker at Wasserman for booking.
Hip-hop/R&B artist (and actual gas station owner) WRKINSILENCE signed a distribution and licensing deal with 10K Projects, which will release his debut EP later this year. He is managed by Lauren Fukawa.
Alt pop-rock artist Zoe Ko signed to Big Loud Rock, an imprint of Big Loud Records, in partnership with producer and songwriter management company, publisher, record label and A&R consulting company Double Down 11. She is managed by Ava Solomon at NXTWAVE.
Melbourne, Australia-based vocalist, lyricist and producer Vetta Borne signed with [PIAS] Australia, which put out her latest track, “40-40.”
Americana singer-songwriter Cassandra Lewis signed to Elektra/Low Country Sound, which will release her forthcoming major label debut album, Lost in a Dream, later this year. She’s managed by Mark Cunningham at Red Light.
Country singer Kanaan Brock signed to 10th Street Entertainment for management. His debut single, “Sinner and Saint,” is out now.
M Music & Entertainment Group and Freddie Records signed up-and-coming norteño artist Nathan Acosta. The record deal comes ahead of his upcoming debut single, titled “Solo” and penned by Jesse Turner (of Grupo Siggno), which is set for release on April 19. Born in San Antonio, Tex., Acosta is a singer-songwriter and accordion player who was most recently on tour with Grupo Siggno and Jennifer Peña across the United States and Mexico. “This is an absolute dream come true for me,” Acosta said in a statement. “Ever since I was a kid, I’ve dreamed of being able to record and play music in front of big crowds.” – Griselda Flores
Members of the American Federation of Musicians voted to ratify the union’s agreement with the Alliance of Motion Picture and Television Producers. The agreement, which covers basic theatrical motion picture and basic television motion picture contracts, gives musicians streaming residuals for the first time, as well as protections against artificial intelligence, according to AFM. In addition to […]
YG Entertainment, home to K-pop groups BLACKPINK and BABYMONSTER, has named Yang Min-seok, the young brother of former CEO and company founder Yang Hyun-sun, as sole CEO. The company announced the appointment following its annual shareholder meeting on Friday (March 29). Yang had previously shared co-CEO duties with Hwang Bo-kyung, who was named CEO in […]
Since the 1970s, D’Addario has manufactured strings for guitars, orchestral instruments and more with an eye on the future — but back then, no one at the Farmingdale, N.Y.-based company could have expected that future to involve smelting metal strings.
After decades of prioritizing music education for children through its D’Addario Foundation, particularly in underserved communities, the company launched Playback in 2015, which prioritizes sustainability. The program repurposes used guitar and orchestral strings in partnership with recycling company TerraCycle. Metal strings are smelted into new alloys, while nylon strings are recycled for industrial plastic applications — keeping both out of landfills, where over 1.5 million pounds of strings accumulate every year, according to Playback. To participate, individuals can place strings into bins at one of the nearly 1,200 collection locations across the country, including hundreds of Guitar Centers and independent retailers, or mail them on their own, so long as shipments exceed 5 pounds, to minimize waste. (D’Addario provides prepaid UPS shipping labels for such donators.)
To date, almost 13 million strings have been recycled through Playback. Acts such as U2, My Morning Jacket and Young the Giant have drawn attention to the initiative, with the lattermost donating a percentage of every ticket sold from its 2023 summer tour to the D’Addario Foundation. Additionally, the company has partnered with competitors, and its site provides links to international string recycling organizations in France and Slovakia, too. “We want to do what’s good for the whole industry,” says Brian Vance, D’Addario vp of fretted strings and accessories.
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In 2022, D’Addario instituted World String Change Day to heighten interest in the program. The idea encourages consumers to try new strings and other accessories, often through deals. It will return for its third year on June 6. “At that moment you’re taking your strings off, it goes right into the Playback bin,” chief marketing officer Jonathan Turitz says. The D’Addario Foundation has also led drives for those looking to donate used instruments, many of which end up in the hands of in-need students. The practice of repairing used instruments for kids was highlighted in the recent Academy Award-winning documentary The Last Repair Shop. “That film is exactly the story of what we’re doing,” Turitz says, “whether it’s the people in the shop or the kids.”
Playback aims to expand globally in the coming years, though logistical issues and costs stand in the way. “The recycling laws, methodologies and practices in Europe are much different than they are in the U.S.,” Vance says, although later this year, D’Addario hopes to conduct testing on scaling the program abroad. And despite the rising costs that come with the program’s success, D’Addario’s ultimate mission remains at the forefront. “We’re facing an existential crisis,” Turitz says. “It’s vital that we put the planet above profit.”
This story originally appeared in the March 30, 2024, issue of Billboard.
