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Will Hipgnosis Songs Fund, a trailblazer in making music an alternative asset class in the financial world, fight to see another day? The sale of catalogs for $465 million, announced Thursday, is meant to help Hipgnosis Song Fund’s sagging share price and bring it closer to the company’s per-share net asset value (NAV). But it also intends to give investors a reason to vote for a five-year continuation in the annual meeting that’s likely to be held in October.
Given its need to shore up investor support, the catalog sale didn’t come as a surprise. Board chair Andrew Sutch said at a July 13 investor presentation that the board was pursuing options to boost shareholder value, and Hipgnosis has said that many of its largest shareholders favor share buybacks and partial debt repayment to help the struggling share price. This transaction provides the capital for those measures: Hipgnosis intends to use $180 million for share buybacks and $250 million to pay down the revolving credit facility.
Whether the deal ultimately succeeds depends on investors’ belief they are getting a good deal on the sale — the majority of which is to a sister company, the Blackstone-backed Hipgnosis Songs Capital (a joint venture with the royalty fund’s investment advisory, Hipgnosis Song Management, led by Merck Mecuriadis). Hipgnosis Songs Fund has long traded at a steep discount to its per-share NAV. That could partly be explained by higher interest rates that make the royalty fund, launched when interest rates were lower, a relatively less attractive investment to safer bonds. A larger factor could be investors’ lack of faith in NAV. Hipgnosis, which has argued the share price does not accurately reflect the value of its catalog, is now giving the market a transaction to help prove its point.
In the days following the announcement, some analysts have shown concern about the deal’s terms, transparency and related-party buyer. Investec analysts criticized the deal for valuing the assets “as being little more than the IPO price” in an investor note on Friday (Sept. 15) and stated, “there is substantial value leakage to related parties that again sadly raises significant corporate governance concerns.”
Numis predicts that Hipgnosis investors’ views will be “mixed, particularly given the Round Hill offer,” analysts wrote in a Sept. 14 investor note. In that deal, announced Sept. 8, Round Hill Music Royalty Fund — a royalty fund listed on the London Stock Exchange like Hipgnosis Songs Fund — received a buyout offer from U.S. music company Concord. Unlike the Hipgnsosis deal, Concord bid for the entire publicly traded company — at a price 11.5% below Round Hill’s net asset value. It’s a more straightforward transaction than Hipgnosis’ proposed partial catalog sale.
Numis believes that Hipgnosis’ share price’s discount to NAV “may persist for some time,” which could mean the board and the investment advisor, Hipgnosis Songs Management, “will continue to come under pressure.”
Analysts at Stifel, who have long been critical of Hipgnosis and Round Hill’s music royalty funds’ valuation methodologies, focused on the value Hipgnosis Songs Fund was extracting from Hipgnosis Songs Capital. The $465 million transaction consists of two parts. The first disposal worth $440 million, which accounts for 95% of the purchase price, is 17.5% below the fair value and 26% above the catalogs’ acquisition price.
Little is known about the smaller, second disposal that amounts to a $25 million slice of a catalog acquired from Kobalt Music in 2020 for $323 million. Hipgnosis Songs Capital is not the buyer of the second disposal.
Adding to the deal’s complexity, Hipgnosis Songs Fund is on the hook for bonuses and other payments under the original acquisition agreements; the company believes that will amount to $5.5 million, and it will be capped at $30 million. In addition, Hipgnosis Songs Capital is due royalties on the acquired catalog earned going back to Jan. 1 — about $15.3 million through Sept. 14.
“The complex nature of the deal suggests that it is hard to say the NAV has been validated,” wrote Stifel analyst Sachin Saggar.
If the share price is any gauge of investors’ initial reaction to the deal, opinions aren’t good. Shares of Hipgnosis Songs Fund dropped 6.5% on Thursday and another 7% on Friday. The 13% two-day decline eliminated nearly all of the 15.7% bump the share price received on Sept. 8 following news of Concord’s bid for Round Hill.
If investors are considering what Hipgnosis Songs Fund has left after the sale, they will find many jewels remaining in its catalog, including Neal Schon of Journey, Christine McVie and Lindsey Buckingham of Fleetwood Mac, Red Hot Chili Peppers, Tom DeLonge of Blink-182, Neil Young, Blondie, Steve Winwood, Rodney Jerkins, Chrissie Hyde of the Pretenders, RZA, Teddy Geiger and The Chainsmokers. Five of those names — Journey, Red Hot Chili Peppers, Blink-182, Fleetwood Mac and The Chainsmokers — rank in the year-to-date top 500 recording artists ranked by global on-demand audio streams, according to Luminate. Two of them, Red Hot Chili Peppers and Fleetwood Mac, are in the top 100. It’s also keeping Walter Afanasieff, co-writer of Mariah Carey’s “All I Want for Christmas Is You,” which is a No. 1 song in the United States, United Kingdom and Canada every November and December.
Hipgnosis is giving up some quality, though: The 29 catalogs in the first portfolio include 21 of 473 songs in Spotify’s Billions Club, five of Rolling Stone’s 500 Greatest Songs, and five of YouTube’s 30 most-viewed music videos. They include some older music by Barry Manilow and Rick James as well as newer artists like Poo Bear, RedOne, Martin Bresso and Colombian star Shakira, who ranks No. 55 in global audio on-demand streams. But, on average, these are younger songs with less proven royalty histories than the average song in Hipgnosis Songs Fund’s portfolio. In general, younger songs are less valuable than older, more established songs. Shareholders will vote on the sale at the annual general meeting.
The second disposal represents “non-core” assets worth $25 million that represent a small portion of the 33,000 songs acquired from Kobalt Music for $323 million in 2020. That deal also included the 18,000-song publishing catalog of Canadian music company Nettwerk. Hipgnosis Songs Fund said at the time it paid Kobalt an 18.3 times net publisher share multiple for the catalogs.
Hipgnosis believes the two disposals achieve multiple aims. The $465 million price tag is “the smallest possible that would provide the required capital” for share buybacks and debt repayment, the company stated in a press release. Also, the catalogs the company chose to sell leave intact “the fundamental investment case for Hipgnosis Songs Fund….by protecting the strength of the remaining portfolio.” Come October, we’ll see what investors are thinking.
Peggy Gou has expanded her WME representation and is now globally represented by the agency. Based in Berlin, Gou’s 2023 tour schedule has included EDC Mexico, Sónar Barcelona, KappaFuturFestival, Lollapalooza Stockholm, Electric Castle, Creamfields North and ARC Music Festival. Upcoming plays include Australia’s Beyond The Valley and Wildlands festivals. She’s also played events including Primavera, […]
23 PR (or Twnty Three) expands its presence in the United States with the appointment of James Rainis as head of U.S. public relations, Billboard can exclusively reveal.
The independent comms and artist management firm recruits Rainis from Shore Fire Media, where he worked on campaigns for the likes of Bruce Springsteen, Bon Iver, Ghostface Killah, Oneohtrix Point Never, and PJ Morton, over a nine-year stint.
Founded in 2014 by Melody Forghani, 23 PR is based in Sydney, Australia and represents a diverse roster of talent, including RAYE, Little Simz, Obongjayar, KAYTRAMINÉ, Caroline Polachek, Skepta, and Joji.
In 2019, Amanda Perlstein, formerly of Stones Throw, Partisan, Shore Fire, and Big Hassle, launched 23 PR U.S. With Perlstein at the helm, the American arm secured relationships with Logic1000, CLIP, Baird, Luna Li, Haviah Mighty, and others, and works in tandem with HQ to offer tailored U.S.-only, Australia-only, and, when required, joint campaigns.
“Melody and Amanda have built a formidable press operation both in Australia and the U.S. while always honoring the vision and goals of the musicians they represent,” comments Rainis in a statement. “I’m thrilled to join the team and to expand 23’s U.S. operations, all while working with a diverse roster of artists on the bleeding edge of music today.”
Adds Perlstein: “Melody and I are thrilled to welcome James to our U.S. team. We can’t wait to see where he takes the company next with his keen eye for spotting talent early, extensive knowledge of music, and a commitment to developing an inclusive company culture.”
Since the U.S. division opened for business, the indie firm has brought acts like Kucka, Maple Glider, altopalo, Sunset Rollercoaster, MAY-A to the “global stage,” reps say.
A statement from the company reads, “Our love of music is at the center of every campaign through the promotion and protection of artists and their stories.”
The board of directors of Hipgnosis Songs Fund said on Thursday that the music royalty fund founded by Merck Mercuriadis plans to sell two portions of its song catalog in a bid to increase its stock price and pay down debt.
The proposed sales include one package of assets that consists of 29 catalogs worth roughy $440 million, which the Blackstone-backed entity, Hipgnosis Songs Capital, has agreed to acquire. The second package of assets, worth $25 million, includes songs Hipgnosis Songs Fund acquired in 2020 from Kobalt, and is being shopped to external buyers.
The board introduced the proposed sales, which have a combined value of $465 million, alongside a proposal to buy back up to $180 million of its own stock, to pay down $250 million of its revolving debt and to introduce new, lower advisory fees to be paid to Hipgnosis Song Management Limited. The board says it believes the package of proposals, which must be approved by shareholders, will serve as a “catalyst for a re-rating of the company’s share price … (which) over the last 18 months … has not reflected the fundamental value of the company.”
This follows news last week of Concord’s $469 million bid for rival Round Hill Music Royalty Fund, a move that gave Round Hill and Hipgnosis’ stock prices a much-needed boost. Round Hill’s stock price spiked 65% after the acquisition announcement to $1.13.
“Given the substantial share price discount to fundamental value in recent months, share buy backs enable (Hipgnosis Songs Fund Ltd) to invest further into the remaining portfolio at a material discount to its fundamental asset value,” according to the statement. “These disposals are of the smallest magnitude possible that would provide the required capital to execute on this strategy, whilst ensuring that the ongoing investment case for Hipgnosis Songs Fund remains intact by protecting the strength of the remaining portfolio.”
The board says that the proposed sale worth $440 million that would go to Hipgnosis Songs Capital, a fund run by Mercuriadis’ Hipgnosis Song Management and Blackstone, reflects a multiple of 18.3x historical Net Publisher Share and is “designed to protect the strength of the remaining portfolio” because it will leave the London Stock Exchange-listed Hipgnosis Song Fund with a “concentration of culturally important and successful songs.”
Those songs, it says, represent 81% of the existing portfolio by fair value, including ownership in seven of the Fund’s 10 largest catalogs, and are mostly older vintages, such as 47 of Rolling Stone’s 500 Greatest Songs of All Time (down from the Fund’s current ownership stake in 52 of those songs.
The board says the sales price represents a 51% premium, compared to the asset’s valuation based on the company’s 30-day average market capitalization up to Sept. 13, 2023. It also represents a discount of 17.5% to the fair value of the package of assets compared to the valuation disclosed in the company’s most recent annual report, out March 31.
By comparison, Concord’s cash bid of $1.15 per share for Round Hill’s Music Royalty Fund represented a 67% premium to the share price and a 11.5% discount per-share net asset value ascribed to Round Hill by Citron Cooperman, a leading valuation expert.
With regards to the second proposed sale of rounghly $25 million-worth of songs, the board said it had long anticipated it would need to sell some of what it acquired from Kobalt’s Fund One.
“They were considered non-core as the company does not have perpetual ownership rights or the songs require ongoing accounting and reporting obligations that take up significant bandwidth which can be better focused on active song management,” the board said in the statement.
Billboard reported that a package of non-core assets was being shopped in July.
Hipgnosis Songs Fund will hold meetings for shareholders to vote on the proposals as well as the company’s first continuation vote on or before Oct. 25, according to the statement. If approved, the $440 million asset sale to the Blackstone-backed Hipgnosis fund will result in the the publicly listed Hipgnosis fund paying $6.7 million in corporation tax.
Bob Boilen is leaving NPR.
On Wednesday (Sept. 13), Boilen announced his departure from the media organization after a 35-year tenure. Boilen is the co-creator of NPR’s Tiny Desk Concerts, the creator and host of All Songs Considered and has directed All Things Considered for the last 18 years.
On social media, Boilen wrote, “After 35 years, I am leaving NPR. I’ve had the thrill of creating Tiny Desk Concerts, All Songs Considered, directing All Things Considered for 18 years and so much more. I love the people I’ve worked with, but it’s time to find new challenges. thank you for listening/watching.”
Boilen’s last day on the job is Oct. 2.
An internal memo obtained by Billboard also announced Boilen’s departure to staff.
“For over 35 years Bob has been a fixture here, whether as a long-time producer and director on All Things Considered or as a digital pioneer with NPR Music, Bob’s impact has achieved what few can; he has, through his work, changed NPR and changed the world around us,” reads the memo, written by NPR vp of visuals & music strategy Keith Jenkins and outgoing senior vp of programming and audience development Anya Grundmann.
In the memo, Jenkins and Grundmann add that the Tiny Desk series, which Boilen co-created in 2008, “has set the music industry agenda for the last 15 years” and succeeded in “bringing new audiences to NPR.”
The memo includes a note from Boilen, who states, “I leave at a time when new creative folks will hopefully envision exciting new futures for NPR Music.”
In addition to his work at NPR, Boilen is an accomplished musician and writer. His debut book, Your Song Changed My Life, was published in 2016.
The news of Boilen’s exit follows two other high-level departures at the public radio broadcaster as of late. In August, Grundmann — who worked with Boilen on Tiny Desk in her role overseeing music, podcasts, entertainment and talk shows at the broadcaster — also announced that she’s leaving the public radio giant at the end of the year following nearly 30 years at the organization.
That was followed earlier this month by an announcement from NPR president/CEO John Lansing that he’ll retire at the end of the year following a four-year tenure. Lansing’s time at NPR involved navigating the COVID-19 pandemic and a recent budget crunch. He’ll remain in place until NPR’s board of directors identifies his replacement.
Read the full staff memo on Boilen’s departure below.
All;Today, we’re sharing the news that one of our longest tenured colleagues, Bob Boilen, is retiring from NPR. For over 35 years Bob has been a fixture here, whether as a long-time producer and director on All Things Considered or as a digital pioneer with NPR Music. Bob’s impact has achieved what few can; he has, through his work, changed NPR and changed the world around us.Bob’s work on the broadcast side of NPR was extensive, and he later was instrumental in pushing NPR into the digital world at a critical moment of change in media. All Songs Considered, which began as a multimedia online show in 2000 and became one of NPR’s first podcasts in 2005, was a foundational element of NPR Music which Bob helped create in 2007. Bob has continued to produce the podcast weekly, and it’s also heard on more than a hundred NPR Member stations.While web video was still in its infancy, Bob created Project Song which placed a musician in a Big Brother type environment at NPR for 24 hours, allowing us to observe the song writing process, unfiltered. While its run was short, its impact was great; Project Song’s influence can be found in podcasts like Song Exploder. Project Song also has the honor of earning NPR its first Emmy in 2012.Finally, there is little left to say that hasn’t already been shared about the Tiny Desk series, which Bob co-founded in 2008. The series has set the music industry agenda for the last 15 years, and it continues to break new ground with its concerts and the Tiny Desk Contest; bringing new audiences to NPR. It is very difficult indeed to go anywhere in the world — whether it’s a battlefield in Ukraine, an embassy in Washington, a farm in the Midwest or a restaurant in Asia — where people haven’t heard about and watched Tiny Desk Concerts. This is the very definition of a global phenomenon.Bob is leaving NPR with a legacy of creativity and innovation. Knowing of his love for photography and the Eastern Shore, we hope his days continue to be filled with beautiful birds and sunsets — that is, when he can tear himself away from continuing to discover new music in clubs across America. We wish you all the best.Keith and AnyaA few words from Bob:I’m retiring from NPR after 35 incredible years. It’s time to find new challenges in life, and I’m excited about some of the possibilities. I leave at a time when new creative folks will hopefully envision exciting new futures for NPR Music. My last day is October 2.I lived the dream when I came to NPR’s All Things Considered without a day of journalism or radio in my background. I was a musician and a video producer in 1988, but the folks at NPR saw something in me and gave me opportunities to take chances and grow. Within a year, I was directing All Things Considered. I did that for 18 years. I produced hundreds of music stories, brought in music writers, and edited and produced their reviews.In 1999, I imagined a music show for the internet, and in 2000 All Songs Considered was born. Back then, it was a multimedia show with music. In the summer of 2005 All Songs Considered became what I believe was the first original content podcast for NPR.With the launch of NPR music in 2007, NPR covered music festivals, including Newport Folk, and, of course, SXSW, where Stephen Thompson’s comment to Laura Gibson became the spark that started the Tiny Desk series. The staff includes such great talent and now the videos look and sound better than ever.All the while, I got to be in an office with some truly amazing, talented, and fun people. Most of all I just want to thank all of you for making magic happen.
Concord’s $469 million bid for Round Hill Music Royalty Fund, announced on Friday, did more than give Round Hill’s shareholders a tidy premium over the previous day’s closing price. The offer, which must be approved by 75% of Round Hill shareholders at the company’s Oct. 18 general meeting, also provides a vote of confidence in music asset valuations and the ability of the marketplace to seek out value.
Andy Moats, director of music, sports and entertainment at Pinnacle Financial Partners, says Concord’s offer is “a win-win for all parties.” Round Hill, which had been trading at a steep discount to its catalog’s value, was offered a premium over the share price prior to the announcement. Concord gets to pay fair-market value for a catalog of 150,000 songs by the likes of Bruno Mars, The Supremes and Louis Armstrong.
The deal comes as Round Hill’s share price struggled to meet expectations and falls short of it the value ascribed by multiple independent experts. Concord bid $1.15 per share, 11.5% below the per-share net asset value (NAV) ascribed to Round Hill by Citron Cooperman, a leading valuation expert. Round Hill’s shares had been trading at a 47% discount to NAV the prior day and had fallen 11.5% year to date.
But the fact that Concord’s bid is slightly below Round Hill’s NAV shouldn’t be viewed as a negative, says Larry Miller, clinical professor and director of music business program at New York University. “When you see a liquidity event like this at even close to NAV, I think that is a sign of a strong business fundamentals, notwithstanding how some class of investors — in particular investors in alternative assets — might view the value of the catalog to NAV.”
Moats agrees that Concord’s bid should be seen as a positive despite falling short of Round Hill’s recent NAV. “It was consistent with what we’ve seen in the past” in terms of where deals transact, he says. Not all deals close precisely on valuations, Moats says. Some prices are above valuations and some fall below. The Round Hill price is “within range of what I’ve seen over the last five years where something trades relative to its valuation,” he says.
Other people see additional positives in Concord’s bid for Round Hill’s music royalty fund — which still leaves Round Hill with a substantial publishing and recorded music business. To some, the acquisition reflects a functioning market in which Round Hill’s music assets are moving to Concord’s more efficient cost structure.
Roy Salter, senior managing partner at Virtu Global Advisors, says the deal shows the market is working as intended. “Among the major messages symbolized by the Concord transaction is the continuing advancement of music royalty capital market efficiencies, wherein an increasing number of pension and profit-sharing funds, insurance companies, sovereign funds and similar capital market constituents are steadily entering the market in search of predictable, non-correlated investment returns, and business operations which support music royalty administration continue to be enhanced such as enables optimal market-efficiencies,” he says.
For others, Concord’s bid is an important vote of confidence for firms’ NAV models. “The key takeaway from this Round Hill deal is that it affirms the valuation methodologies that have been used for large music portfolios,” says Michael Poster, an attorney with Michelman & Robinson. “For all the negativity that has come out of a handful of analysts around some of these valuation methodologies, at the end of the day, the market tells the story.”
NAV, a measure of an investment fund’s assets minus debts and liabilities, has been a sticking point for Round Hill and the other publicly traded music royalty fund, Hipgnosis Songs Fund, in recent years. Citron Cooperman, FTI Consulting and other valuation experts employ valuation models that calculate music catalogs’ values by estimating their cash flows over a lengthy period of time. A company’s NAV can improve if the valuation expert believes the catalog merits a lower discount rate, for example, or because favorable industry trends suggest previous revenue forecasts are too conservative.
Some equity analysts have raised questions about not just the valuations but the music industry’s tendency to constantly update NAV. Most funds in other sectors hold their new acquired assets at cost “until there are verifiable reasons” — such as a market transaction — “to suggest a change is warranted,” Stiefel analysts wrote in a Jan. 7, 2021, note to Hipgnosis investors.
Over the last roughly two years, a gap between independent valuation expert’s NAV and Round Hill’s trading price had widened dramatically. The discount to NAV stood at 5% on Dec. 31, 2021, when Round Hill’s NAV was $1.12 per share, and peaked at 51.6% on April 3, 2023, when Round Hill fell to $0.615 per share.
To give the market more faith in its NAV, Round Hill commissioned a second valuation report, by FTI Consulting, that put its NAV within 3% of Citron Cooperman’s estimate. This additional valuation supported Round Hill’s view that its portfolio was being “significantly undervalued” by investors, Round Hill CEO Josh Gruss said at the time.
The move appears to have helped some: Round Hill’s share price rose 19.7% over the following month (Hipgnosis shares, not part of Round Hill’s efforts to change investors’ impressions, fell 4% over that period). But whether investors remained concerned with NAV methodologies or motivated by rising interest rates and other macroeconomic factors, Round Hill’s share price remained well below NAV until last week.
Concord’s bid also provided a boost to Hipgnosis Songs Fund shares that have also been trading at a deep discount to NAV. The day before Concord’s bid was announced, Hipgnsosis shares closed at 0.798 pounds ($1.00), a 58.3% discount to the company’s NAV on March 31 of $1.92. Whether investors regained faith in the NAV or expect Hipgnosis to negotiate a similar asset sale, its shares jumped 15.7% to 0.923 pounds ($1.15) the day of the announcement, peaked at 0.962 pounds ($1.20) on Tuesday and closed at 0.93 pounds ($1.16) on Wednesday.
Had Concord’s bid come in significantly less than NAV, there could have been ripple effects that touched everybody from banks to investors. In such a scenario, people would re-think the value of catalogs and their interest in investing in music assets.
But that didn’t happen. Concord and Round Hill, both widely considered to be smart players in the music asset market, agreed to a price tag close to the often-criticized NAV. If the market was looking for a signal about how to value Round Hill, it received a credible confirmation.
“There’s a lot of stability and consistency in this space,” says Moats, “and this transaction provides that.”
CAA has signed Alesso, the agency tells Billboard. Alesso was previously represented by UTA, who will continue to represent him in the European Union, with CAA repping him in all other territories. The Swedish producer has been a marquee name in the global dance/electronic scene since breaking out amidst the EDM boom of the early […]
The Country Music Association has announced the nominees for the 2023 CMA International Awards. The awards, which encompass six categories – two for artists and four for industry players – honor those who have impacted the growth of country music in the international marketplace.
Luke Combs, Kip Moore and Morgan Wallen are vying for the International Artist Achievement Award, which recognizes outstanding achievement by a U.S.-based artist who has demonstrated the most significant creative growth, development and promotion of the country music industry outside of the U.S. during the eligibility period.
“As we continue to see country music grow globally, it is thanks in large part to those who have supported our mission and spearheaded events, initiatives and programming to reach new territories around the world,” Sarah Trahern, CMA CEO said in a statement. “The dedication from each of these nominees has made them a vital part of the success of our genre internationally, and we cannot wait to celebrate them in the coming months.”
This year’s nominees hail from Australia, Canada, Germany, New Zealand, Scotland, South Africa, Sweden, the U.K. and the U.S.
Nominees are voted on by international members of CMA along with a select panel of U.S.-based professionals who have knowledge in the international country music industry. Voting is open now through Thursday, Sept. 28. Winners will be announced later this year.
Here’s a complete list of nominees:
International Artist Achievement Award
This award recognizes outstanding achievement by a U.S.-based artist who has demonstrated the most significant creative growth, development and promotion of the country music industry outside of the U.S. during the eligibility period.
Luke Combs
Kip Moore
Morgan Wallen
Jeff Walker Global Country Artist Award
This award recognizes outstanding achievements by a country music artist signed outside of the U.S. The artist must have furthered the popularity of country music as well as brought attention to the country music format in their foreign-based territory.
Casey Barnes (Australia)
Kaylee Bell (New Zealand)
Tebey (Canada)
Jo Walker Meador International Award
This award recognizes outstanding achievement by an individual in advocating and supporting country music’s marketing development in territories outside the U.S.
Jon Cauwood (U.K. – music consultant)
Sina Hall (Germany – Semmel Concerts)
Natalie Waller (Australia – ABC Music)
Rob Potts International Live Music Advancement Award
This award recognizes outstanding achievements by an individual who has made important contributions to the live music industry by extending performance opportunities and building live audiences for country music outside of the U.S.
Susan Heymann (Australia – Frontier Touring)
Anna-Sophie Mertens (U.K. – Live Nation)
Ron Sakamoto (Canada – Gold and Gold Productions, LTD.)
Neil Warnock, MBE (U.K. – United Talent Agency)
Wesley Rose International Media Achievement Award
This award recognizes outstanding achievements in the media as they relate to country music outside of the U.S.
Jill Johnson (Sweden – ‘Jills Veranda’ SVT)
Ross Jones (U.K. – Holler)
Richard Murdoch (Scotland – BBC Radio)
Dayna Bourgoin (Canada – Pure Country Radio, iHeart Radio)
International Country Broadcaster Award
This award recognizes outstanding achievement by a radio broadcaster or syndicated radio reporter outside the U.S. who has made important contributions for the development of country music in his/her country.
Stefanie Jüneman (Germany – FM Maximum Roc)
Joakim Richardson (Sweden – Go Country)
Ricky Ross (U.K. – BBC Radio Scotland)
Justin Thomson (Australia – KIX Country)
Wimpie van der Sandt (South Africa – Bok Radio)
Diddy is gearing up to release his first album in 13 years, The Love Album: Off the Grid, on Sept. 15.
While the music and business mogul is in album mode, his multiple interests continue to be overseen by a seasoned group of executives, including his management team at SALXCO. Read on to learn about the executives working behind-the-scenes at Combs Global, REVOLT TV & Media and more.
Nathalie Moar – Longtime Advisor and Communications Lead
Moar is a. global communication strategist who manages Diddy’s narrative and brand image across his multi-brand empire, as well as all of his various activations.
Che Pope – Head of Love Records
Pope’s experience in the music industry spans 25 years in both the creative and executive arenas of the music business. The Grammy-winning producer has collaborated with artists such as Aretha Franklin, Whitney Houston, Carlos Santana, Destiny’s Child, Ms. Lauryn Hill, Dr. Dre, The Weeknd, Diddy and Kanye West.
Frankie Santella – Vice President of Music Management & Strategic Partnerships
Santella was first hired by Diddy as part of Bad Boy Management in New York City, where he was involved in cultural events such as Diddy’s 50th birthday celebration, 2013 attendance at Burning Man and collaborations with such companies as Nike, Ciroc, WWE and Live Nation. In 2020, Santella moved to Los Angeles to work at Combs Global.
Kristina Khorram – Chief of Staff to Sean “Diddy” Combs
Khorram works side by side daily with Diddy and spearheads many of his projects and events.
Deon Graham – Chief Brand Officer
Graham oversees brand presence, strategic marketing, growth and development for Diddy’s portfolio of companies.
Tarik A. Brooks – President
The seasoned executive, with over 22 years of experience, oversees all business operations and investments owned by Diddy.
Detavio Samuels – CEO of REVOLT TV & Media
Samuels leads all business efforts with a bicoastal team of young executives and creators, working to build the world’s largest Black-owned media company.
Jay Lundy – Senior VP of Investing & New Ventures
In his role, Lundy leads new ventures, investment diligence and business development strategy.
Dr. Steve Perry – Founder & Head of Capital Preparatory
Perry is an educator, bestselling author, and founder and head of schools at Capital Preparatory Schools. Since 2006, he has sent 100% of their predominantly low-income, minority and first-generation high school graduates to four-year colleges.
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WATCH: Diddy Talks About His New Album ‘The Love Album,’ New Record Label & More
Urgent action is needed to protect the United Kingdom’s longstanding success as one of the world’s biggest exporters of music, warns a new report from umbrella trade organization UK Music.
In particular, robust copyright laws must be put in place to ensure that creators and rights holders are shielded from the potential impact of artificial intelligence (AI), says the trade body’s “Manifesto for Music,” published Tuesday (Sept. 12), which calls for increased government support to grow the sector.
In 2021, U.K. music exports totaled £2.5 billion ($3.1 billion) — up 10% on the previous year, but still lower than 2019’s pre-pandemic figures — according to data from UK Music. Those export totals are made up of record sales, publishing revenue, overseas touring by British acts and tourism spending by international tourists attending live shows in the United Kingdom.
When it comes to recorded music, hit albums by Harry Styles, Glass Animals and Ed Sheeran helped British music exports climb to a record high of £709 million ($910 million) last year, maintaining the country’s long-held position as the second largest exporter of music globally after the United States, according to labels trade body BPI.
Overall, the United Kingdom is the world’s third biggest recorded music market, as per IFPI rankings, behind the United States and Japan.
However, the growth of streaming in emerging territories such as Latin America, the Middle East and South Korea has eaten into the United Kingdom’s share of the global music market, which has fallen from a peak of 17% in 2015 to 12% in 2022. To arrest that decline, UK Music has published a five-point plan to boost exports, protect venues and studios, and promote diversity.
Among the trade group’s recommendations is the enforcement of strong copyright protections against generative AI systems, including clear labeling and a requirement for AI developers to keep and disclose records of any music works used for training purposes.
UK Music is additionally asking policymakers to introduce specific personality and image rights into the British legal framework — and ensure that AI-generated music is clearly distinguishable from human-created works.
Last month, a U.K. Parliament committee issued its own report on regulating the use of AI technology in the music and creative industries. One of the committee’s key recommendations was for the British government to commit to abandoning plans for a proposed (and since shelved) new text and data mining (TDM) exception that would allow AI companies to freely use copyright-protected works for commercial purposes.
“It’s critical that we ensure AI enables and supports human artistry and creativity, and does not damage it,” said UK Music interim chief executive Tom Kiehl, echoing the committee’s request to rule out any new TDM exceptions.
“Strong copyright and intellectual property protections must be at the center of any approach when it comes to AI,” said Kiehl.
Other recommendations in UK Music’s manifesto include the introduction of a new tax credit — similar to what’s in place in other European markets and some U.S. states — encouraging new music production in the country.
The trade group, which recently saw chief executive Jamie Njoku-Goodwin exit the London-based organization to work for Prime Minister Rishi Sunak, is also calling for increased investment in music education and for the government to secure a post-Brexit cultural touring agreement with the European Union that would reduce costs for U.K. acts touring Europe.
“Without action, the U.K. risks being overtaken by countries who are more proactive and ambitious in promoting their music sectors,” said Kiehl.
The United Kingdom’s moves to police the rapidly evolving AI sector come as other countries and jurisdictions, including the United States, China and the European Union, explore their own paths toward regulating the nascent technology.