Business News
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Even amid the streaming-driven spectacular recovery of the music business, rights management organizations are thriving. Music rights collections reached €10.83 billion ($11.4 billion) in 2022, according to CISAC, the trade organization of collective management societies, a historic high that represents 28% growth over 2021 revenue, partly because the live business is recovering so fast.
“It’s an excellent result,” CISAC director general Gadi Oron told Billboard. “It’s record-breaking in terms of collections, since we exceeded €12 billion” — CISAC member societies racked up €12.1 billion ($12.7 billion) in revenue, counting audiovisual, literary and other collections — “and it’s record-breaking in terms of year-on-year growth.”
This arguably undervalues the rights business, because it only counts money that goes through rights management organizations — both collective management societies and private businesses that license the same rights — and not revenue from direct deals with publishers. In the U.S., the world’s biggest market, for example, it counts public performance royalties but not the mechanical royalties handled by the Mechanical Licensing Collective. Add in that money and, although an apples-to-Apple Music accounting would get complicated, the total is almost certainly more than half of the $26.2 billion global recorded music revenue that IFPI reported for the same year. That’s a lot of money flowing through organizations with unpronounceable initials.
At first glance, it looks like revenue from collections is growing much slower than those from recordings — music rights collections are up 31% since 2018, while recording revenue is up nearly 50%. But that may not paint a full picture. Most of the growth in the recording business is tied to streaming — much of its future growth will come from streaming in the developing world. The same is true of collections, except that digital only became the biggest source of revenue this year, representing 38% of the total. Most other sources of collections revenue are growing slower, except for live, which was whipsawed by the pandemic and will only recover fully this year. And since 2018, digital collections grew by150% while global digital revenue grew by just under 100%.
The current pace of growth is unsustainable, since it includes the once-in-a-century recovery of revenue collected from live performance, which grew 185.7%. But digital collections alone grew 33.5%, and that revenue will make up a larger share of total revenue in the coming years, which implies faster growth overall. In five years, “the one thing I’m certain of is that digital will become more than a third of the pie,” Oron says. It could even be half — presumably without much erosion in live revenue and other sources of income.
As in the recorded music business, the larger amount of that money will come from countries that thus far have had small, or even negligible, music industries. The countries that brought in the most revenue in 2022 aren’t so different from the usual — the U.S. in the lead with €2.6 billion ($2.7 billion, up 30.5%), then France with €1.3 billion ($1.3 billion, up 39.3%), the U.K. with €1 billion ($1 billion, up 24.3%), Germany with €903 million ($951 million, up 17.9%) and Japan with €848 million ($893 million, up 10.1% in local currency). That’s similar to the biggest markets for recorded music, only France does better in collections, comparatively, while Japan fares a bit worse. (Europe still accounts for 51% of collections revenue, with another 27% coming from the U.S. and Canada.) “The countries in the top 10 have always been the biggest collectors,” Oron says.
The balance of power will tilt even more toward some of these markets, however, as the biggest and most important European societies — SACEM in France, PRS for the U.K. and GEMA in Germany — sign more affiliates to collect more digital revenue. Those societies now have the repertoire, and thus the leverage, to negotiate better deals with big platforms that cover much of the globe. Some of the growth in collections is fueled by the fact that “many societies renegotiated,” Oron says, and he predicts that “hubs” will become more popular over the next decade.
At the same time, the fastest growth is coming from developing markets that are almost entirely digital: Vietnam, India, Indonesia and Thailand. Collections in Latin America grew almost 65% in 2022. As in recorded music, these markets never accounted for much revenue of any kind, so their emergence is almost entirely pure growth. And since not all of the countries with fast-growing music businesses have collecting societies that function well, rights organizations could face a stark choice: Reform them or work with them in order to collect a range of royalties; or try to license streaming services that operate in those markets from outside the countries to ensure that the fastest-growing stream of revenue will flow more directly to songwriters and publishers?
One of the questions around the future of collections is artificial intelligence, the industry’s favorite savior or bogeyman, depending on the day, and the CISAC report devotes most of two pages to it, in the form of forewords by Oron and CISAC President Björn Ulvaeus. “There is no question that the way we address it now will have a huge bearing on collections in the future,” writes Oron, who calls the technology an “existential issue” that presents both “threats” and “amazing opportunities.”
Ulvaeus takes the same tone. “Fresh from COVID and the economic squeeze, what we now face is a potentially far more serious, existential challenge — that of Artificial intelligence,” he writes. “I think of it as having the power to extend the human mind and potentially create wonderful art. But it brings dangers too, and without hard rules protecting human creators it could also threaten their livelihoods on a huge scale.”
Both Oron and Ulvaeus say CISAC intends to play a leading role in making sure AI helps, rather than hurts, creators. Collecting societies could be an important part of any such solution, given the amount of material that would need to be licensed. Right now, “you don’t know what you’re licensing and to whom,” Oron says. “The most important issue is transparency.”
If it’s Friday that means another spin around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across the music industry.
Caron Veazey and her nearly four-year-old consultancy firm Something In Common have partnered with global management company Three Six Zero, with Veazey officially joining as partner. The industry veteran brings with her singer-actress Mette Towley (aka METTE), who is fresh off a role as Video Girl Barbie in Greta Gerwig’s Barbie movie and recently released an EP via RCA, METTENARRATIVE. Veazey is co-founder and co-chair of the Black Music Action Coalition and prior to forming Something in Common, spent nearly a decade managing the career of Pharrell Williams during the pinnacle of his “Happy” and “Get Lucky”-fueled fame. During that time she also general-managed Pharrell’s i am OTHER creative collective.
“I believe things happen at the right time, and now could not be a more perfect time to partner with Mark and the team at Three Six Zero,” Veazey said. “I’m so impressed with what they have built, and very excited about the ambition for the future. They are a group of big forward thinkers, and I am truly energized to join the team.”
Robin Nastri joined Sony Music Publishing in the newly created role of senior vp, global business office. SMP devised the position to oversee what it calls “global transformation initiatives” like streamlining global operations and enhancing its technologies in order to boost the publisher’s growth. She reports to chief financial officer Tom Kelly. Nastri joins SMP after an inventive, 25-year tenure at IT company Accenture, where in 2019 she and her team won inventor of the year for creating the company’s market-leading automation platform. “I am deeply grateful to be joining Sony Music Publishing at such an exciting time,” she sai. “My heartfelt thanks go to Jon Platt, Tom Kelly, and the entire SMP team for entrusting me with this incredible opportunity. It is a privilege to work with such a talented and dedicated team, all with a passion for changing the world by supporting the songwriters who inspire it.”
Sara Benz joined Big Machine Records as a project manager, tasked with overseeing release campaigns and driving audience growth for the label’s star-heavy artist roster (Tim McGraw, Carly Pearce and Midland, heard of’em?). Benz most recently served as a senior A&R coordinator at Universal Music following a stint at Small Giant Records + Management. “She has hit the ground running and is making a huge difference with our team and our artists,” said Big Machine Records’ GM, Clay Hunnicutt. “This is truly only the beginning for her.” Benz is based in Nashville and is at sara.benz@bmlg.net.
What about Bob Papke? Well, ASM Global has tapped him as the venue management firm’s first vp of industry relations and client development. Papke, a member of the ASM family for 33 years, will now oversee all entertainment industry relations for the 80-plus venues that the company manages, including one that he’ll continue to helm: the Maxwell C. King Center in his home base of Melbourne, Florida. He was most recently vp of live entertainment for theaters. Prior to ASM, Papke managed several venues in environs such as Jacksonville, Toronto, Miami Beach and Richmond, Virgina. “Bob has put his heart and soul into this division for years and has created a pathway for our continued success,” said Will Beekman, vp of theater operations. “He has also outlined a strategic and detailed plan for a smooth transition of leadership to ensure that our partners and venues are left in great hands. I thank him for his decades of commitment and look forward to him taking the reins and continuing what he started.”
Across the Board: Ticketmaster veteran Don Orris and former Shazam exec Will Mills joined the advisory board of Tickets for Good, a platform giving UK health and charity works access to free or discounted event tickets … HeadCount, a non-profit that enlists politically engaged music artists to help inspire youth participation in elections, appointed CAA Foundation executive Travis Merriweather to its board of directors.
Boutique publicity firm Reybee, Inc promoted Heather Hawke from publicist to senior director of publicity. Since joining Reybee in November of 2018, she has worked with or led press campaigns for artists such as Queen’s Brian May and Roger Taylor, Spice Girls, Eve, Circa Waves and Josie Cotton, among others. The LA-based Hawke is also a veteran journalist and photographer, having founded Decorated Youth Magazine and boasting a portfolio of visual work for clients including Warner Records, Rolling Stone and The FADER. “Ever since she joined my company, I’ve been hard-pressed to find anyone who out-thinks, out-shines or out-hustles Heather,” said president and founder Rey Roldan. “She’s the best in class and provides a tremendous service to our clients across a broad array of creative opportunities. Plus, she gives me a run for the money and challenges me every day to re-think and re-learn some of my old-seated, old school music industry habits. She scares me.”
Create Music Group promoted Mark Hill Jr. to senior vp of A&R and business development. He will oversee the company’s A&R team and continue to sign and develop new acts, as well as manage recording projects for roster artists. Based in Los Angeles, Hill joined CMG in 2016 as an intern and in seven years has helped cement deals with Ice Spice and signed artists like YNW Melly and Lucki, among others. “From the very beginning of his tenure here, Mark has been a powerhouse,” said Create Music Group co-founder and chief business operator, Wayne Hampton. “His passion for music, his keen eye for talent, and his ability to lead our teams, have made him an invaluable member of the A&R team. I look forward to seeing him continue to build his career at Create.” He reports to Hampton and co-founder and CEO Jonathan Strauss.
ICYMI: Live Nation president of Asia Pacific Roger Field resigned this week after more than 13 years with the company. It’s understood that Alex Klos will now step into the permanent role as COO of LN ANZ, alongside his position as CFO … Independent promoter and entertainment company LiveCo promoted Shane Quick to president of touring and strategic expansion … Hipgnosis Songs Fund shareholders voted to bid adieu to board chair Andrew Sutch (he already signaled his departure), while directors Andrew Wilkinson and Paul Burger also resigned this week.
Rogét Chahayed’s TruSauce publishing company recently hired Warner Records veteran Sarah Ferrie as its new head of creative. Ferrie has ten years of music business experience, dating back to an A&R role at Capitol Records before stints at GODMODE and Columbia Records. In late 2018, she joined WMG, where she signed Maude Latour and Sofia Valdes, and worked on major releases including Dua Lipa’s Future Nostalgia. Ferrie is based in Los Angeles.
Nashville-based business management and bookkeeping firm, Luma Business Services, hired Mallori Kirchenschlager as a business manager. Kirchenschlager joined the company earlier in 2023 after an eight-year tenure at business and financial management firm Flood Bumstead McCready & McCarthy. The Belmont University grad got her start at CAA as a music agent assistant and later was director of strategic alliances and events at the International Entertainment Buyers Association. “I am thrilled to have Mallori join the incredible team we have built,” shares Luma’s Founder and President Adrien Good. “Her talents and diverse experience across the industry are a huge asset to our clients and I am excited to work alongside her everyday.”
Milestone Publicity promoted Taran Smith and Lily Collins to account executives, and Campbell Jenkins to associate publicist. Smith has been with the Nashville-based PR agency since April of 2022, and has worked with acts including Leftover Salmon and Robbie Fulks. Collins joined the firm in August of 2022 and has assisted national and tour campaigns for Gin Blossoms, Lonestar and others. Jenkins has spent her short time at Milestone assisting other publicists on various client campaigns.
PRG hired Ariane Coldiron as senior vp of corporate events at the live project management firm. At PRG, Coldiron will be in charge of the business-y events being serviced by the company, which offers audio, lighting, video and other technical production services. She arrives after nearly a decade at trade show specialists Freeman, where as svp she drove the firm’s agency business and managed a portfolio that included Google, SalesForce and HP.
Last Week’s Turntable: WHY&HOW Promotes Three Company Veterans
Led by strong subscription growth and a dominant quarter from Taylor Swift, along with strong sales of releases by Olivia Rodrigo, Morgan Wallen and Seventeen, Universal Music Group (UMG) grew revenue 3.3% (9.9% at constant currency) to 2.75 billion euros ($3 billion at the period’s average exchange rate) in the third quarter, the company announced Thursday (Oct. 26).
UMG will get another boost this quarter from Swift’s release of the re-recorded version of her 2014 album, 1989, on Friday. “She is a phenomena,” said UMG chairman/CEO Lucian Grainge, listing a string of global chart successes of Swift’s previous 2023 album of re-recordings, Speak Now (Taylor’s Version), released in July. “This level of performance can only really be described as truly astonishing.”
UMG’s fourth quarter will also benefit from the new release of an unreleased track by The Beatles, “Now and Then,” on Nov. 2. “Now and Then” was written by John Lennon in the late ‘70s and just recently finished by the band’s remaining members, Paul McCartney and Ringo Starr. “The fact that more than four decades after its original recording, we can use the latest technology to bring this recording everywhere is truly remarkable and something that we’re very proud of,” said Grainge.
Third-quarter adjusted earnings before interest, taxes, depreciation and amortization (EDITDA) increased 5.1%, or 11.3% at constant currency, to 581 million euros ($632 million), and adjusted EBITDA margin improved 0.3 percentage points to 21.1%.
The company’s recorded music segment declined 1.1% to $2.04 billion ($2.2 billion), a 5.2% increase at constant currency (or an 8.9% increase excluding a 71 million euro legal settlement recognized in the prior-year quarter). Subscription revenue grew 6.7% (13% at constant currency), despite not yet receiving a boost from recent price increases at Spotify and YouTube Music. Those benefits are expected to be felt in the fourth quarter, said CFO Boyd Muir, who noted that “each of these services raised prices in certain markets, and on certain plans, not across all subscribers.” YouTube, which Muir said “has a particularly global subscriber base,” raised prices first in the United States and other markets in the following weeks. As a result, “the benefit will initially be more limited.”
Recorded music’s ad-supported streaming revenue grew 5%, the same as the previous quarter. UMG remains “cautious” about ad-supported growth in the coming quarters, said Muir. Results in any quarter come from a mix of fixed and variable deal structures, he explained, meaning UMG’s results aren’t a close reflection of trends in the advertising market. “We do, however, continue to see opportunities for improved deal terms and product innovation driving higher levels of growth in this business over the medium term,” he said.
Downloads and other digital revenue declined 56.9% (53.2% at constant currency) due to the prior-year legal settlement and a broad decline in download sales. Licensing and other revenue declined 11.8% (6.9% at constant currency) due to a strong prior-year quarter that benefitted from artists’ return to touring as the concert business recovered from pandemic-era shutdowns.
Music publishing revenue grew 17.5% (24.6% at constant currency) to 491 million euros ($534 million). Excluding a 53 million euro ($58 million) catch-up payment in the music publishing segment related to the Copyright Royalty Board’s (CRB) Phonorecords III ruling for streaming royalties from 2018 to 2022, publishing revenue improved 4.8% (11.2% at constant currency).
Publishing’s digital revenue grew 25.6% (33.6% at constant currency) on strong streaming and subscription growth and the CRB III catch-up payment. Synch revenue declined 3.5% (and grew 3.8% at constant currency) while mechanical revenue was stable.
Revenue growth “is beyond our expectation and guidance,” said Muir, while noting that “the revenues that are incremental to our expected growth are actually coming from lower-margin areas of our business.” In the third quarter, 75% of UMG’s revenue above analyst’s consensus expectations came from merchandise and physical products. “They are EBITDA-accretive, but margin-dilutive of the business segments we must pursue,” said Muir. UMG still expects a one-point improvement in adjusted EBITDA in calendar year 2023.
Revenue grew 3.3% (9.1% at constant currency) to 2.75 billion euros ($3 billion).
Recorded music revenue declined 1.1% to $2.04 billion ($2.2 billion), a 5.2% increase at constant currency.
Publishing revenue grew 25.6% (33.6% at constant currency), or 4.8% (11.2% at constant currency) excluding a CRB III retroactive royalty adjustment.
Adjusted EBITDA increased 5.1%, or 11.3% at constant currency, to 581 million euros ($632 million).
Adjusted EBITDA margin improved 0.3 percentage points to 21.1%.
Investors in Hipgnosis Songs Fund on Thursday overwhelmingly demanded a new board make structural changes to the troubled music rights company in ways that don’t include selling off part of its 65,000-song catalog, which includes compositions by Neil Young, Shakira and the Red Hot Chili Peppers.
At the company’s annual meeting of shareholders in London, a majority of investors voted no on a resolution “to continue running the fund in its current form”–what’s known as a continuation vote — and they rejected a plan to sell a package of 29 song catalogs to Hipgnosis’ Blackstone-backed sister fund, according to the fund.
The ‘no’ vote signals unequivocal shareholder anger with the company founded by Merck Mercuriadis, and it kicks off a 6-month countdown for the board to come up with a plan “for the reconstruction, reorganisation, or winding-up of the company,” possibly “liquidating all or part of the company’s existing porfolio of investments,” according to the board’s statement.
“While shareholders have not supported our proposed transaction or the continuation vote, it is clear that they share our belief in the inherent quality and potential of these assets,” Sylvia Coleman, senior independent director of Hipgnosis Songs Fund said in an emailed statement. “Directors are now expediting the appointment of a new chair who will drive the strategic review we have already announced, with a clear focus on delivering improved shareholder value.”
Investors voted against the re-election of Hipgnosis Songs Fund board Chair Andrew Sutch at the meeting, speeding up the timetable for his departure. Sutch had already announced he would step down before the company’s next annual general meeting in 2024. On Wednesday, the day before the company’s annual meeting, fund directors Andrew Wilkinson and Paul Burger resigned, and last week, the board embarked on a strategic review into the company’s management team.
“Shareholders have spoken and sent a clear message that the status quo is unacceptable and that a total reset is required,” Tom Treanor, the head of research at Asset Value Investors, which owns a roughly 5% stake in the fund, said in an email. “We look forward to a refreshed board working closely with shareholders to turn the company around.”
Mercuriadis, the former manager of Elton John and Guns N’ Roses, will continue as Hipgnosis Songs Fund’s investment advisor. Mercuriadis founded Hipgnosis in 2017 and took it public on the London Stock Exchange (LSE) in July 2018.
Hipgnosis Songs Fund’s share price rose 1.2% to 75.90 British pence ($0.92) at 11:20 in London.
HarbourView Equity Partners has announced two new acquisitions: a share of Fleetwood Mac‘s recorded royalties owned by Christine McVie‘s estate and a share of Pat Benatar and Neil Giraldo’s publishing and recorded music assets.
Financial terms of the transactions were not disclosed.
McVie, who died in November 2022 at age 79, was the keyboardist and one of the vocalists in Fleetwood Mac as well as one of its primary songwriters. She performed on all of the band’s albums beginning with 1971’s Future Games, including the seven-times platinum Fleetwood Mac in 1975 and the 21-times platinum Rumours in 1977. She’s best known for Fleetwood Mac songs including “Don’t Stop,” “Over My Head,” “Say You Love Me,” “Little Lies,” “Everywhere,” “You Make Loving Fun” and “Songbird.”
“Christine’s remarkable talents played an integral role in shaping Fleetwood Mac’s sound,” said Harbourview founder Sheresse Clarke Soares in a statement. “The band’s timeless music and worldwide influence continues to captivate all generations of listeners today. We are honored to uphold that legacy as we welcome Christine’s lifetime of work with the band into HarbourView. Christine is a decorated and iconic legend in the history of Rock ‘n’ Roll. She is a global treasure. We hold her works with pride.”
Together, Benatar and her lead guitarist and producer Giraldo, whom she married in 1982, crafted all of Benatar’s albums, including two that went multi-platinum (Crimes of Passion and Precious Time), and five that went platinum (In the Heat of the Night, Get Nervous, Tropico, Live from Earth and greatest-hits compilation Best Shots). Their biggest hits include “We Belong,” “Invincible,” “Love is a Battlefield,” “Promises In The Dark,” “We Live For Love,” “Heartbreaker” and “Hell Is For Children.” According to a press release, they’ve sold more than 30 million records worldwide.
Clarke Soares added of the Benatar and Giraldo acquisition, “We are overjoyed to welcome into our repertoire the iconic catalog of Pat and Neil. The works are cross generational, inspirational and a perfect complement to our portfolio. The music spans generations and has seen us through moments of hope and healing. We are grateful to be stewards of this canon of work and look forward to partnering with Pat and Neil.”
McVie’s estate was represented in the transaction by her attorney Mario Gonzalez and her estate executors Paul Glass and Martin Wyatt. Benatar and Giraldo were represented by Gary Gilbert at Manatt, Phelps & Phillips. Harbourview was represented by Fox Rothschild in the McVie acquisition and by Derek Crownover at Loeb & Loeb in the Benatar and Giraldo acquisition.
Harbourview’s portfolio includes more than 24,000 songs across master recordings and publishing income streams. Other recent acquisitions include select publishing assets for “Hot Girl Bummer” star Blackbear, select recorded music and publishing assets for Wiz Khalifa, the artist royalty income stream for Nelly, the publishing catalog of Incubus and the catalog of SoundHouse Acquisitions, which holds some rights to master recordings for artists including Tech N9ne, Trey Songz and George Jones.
Thursday could be a pivotal moment in the history of Hipgnosis Songs Fund, which went public in 2018, raising $260 million, and helped legitimize song catalogs as an investment vehicle. At 10 am, shareholders will gather at United House, a stylish workspace in London’s Notting Hill neighborhood, to vote on the continuation of the publicly listed investment trust – essentially, whether to continue or wind down the fund – and a $440 million catalog sale meant to improve its struggling share price.
All signs point to shareholders rejecting both the continuation and the proposed sale of song catalogs to Hipgnosis’ Blackstone-backed sister fund. A failure of the continuation vote isn’t an immediate death knell for the fund – the board will have six months to present investors with a plan to right the ship – but it will never be the same.
If the continuation vote fails, Merck Mercuriadis, the former Elton John and Guns N’ Roses manager who founded the company and became its often provocative public face, will probably continue as the public fund’s investment advisor. But he will be working with a different board of directors at Hipgnosis Songs Fund after two directors, Andrew Wilkinson and Paul Burger, resigned on Wednesday (Oct. 25) and the board’s chair Andrew Sutch signaled he will leave before the next annual meeting. The resulting changes will likely mean more scrutiny over Mercuriadis’ management of its 65,000-song catalog, which includes compositions by Neil Young, Shakira and the Red Hot Chili Peppers.
Mercuriadis has already conceded some ground by accepting a reduced fee for managing the fund’s portfolio if the catalog sale goes through. But Mercuriadis still has the backing of the current board, plus the confidence of many shareholders. “Despite the fact that there’s lots of commentary around governance, conflicts of interest, value achieved, we see no criticism at all for Hipgnosis [Song Management] to actually do its job of managing the portfolio,” says Shavar Halberstadt, a London-based investment trusts analyst at Winterflood Investment Trusts.
As other shareholders see it, Hipgnosis Songs Fund has committed a string of unforced errors that has undercut investors’ confidence in its leadership. “I think all trust left the building, quite frankly, a while ago,” says Stifel analyst Sachin Saggar. “I have not spoken to an investor at this point — and I’ve spoken to quite a few — where any of them have any sense of confidence, trust in the current board, or the [investment] manager, frankly.”
Last week, Hipgnosis Songs Fund canceled an upcoming dividend payment to keep from breaching a debt covenant. According to the board of directors, the decision came after the independent portfolio valuer, Citrin Cooperman, cut its estimate for a retroactive royalty payment related to the Copyright Royalty Board’s decision to raise publishers’ royalty rates from subscription streaming services for the period 2018 to 2022. It wasn’t the first time: In 2021, Hipgnosis Songs Fund committed what it termed an “inadvertent breach” of a credit facility restriction.
Another blow to shareholders’ trust in the board came in 2022 when Hipgnosis Songs Fund refinanced its revolving credit facility to reduce its interest margin and provide greater financial flexibility. Many other companies refinanced debt in 2020 and 2021 to take advantage of low interest rates in the early days of the pandemic. “They waited too long and then the process took very long,” says Halberstadt.
More recently, Hipgnosis Songs Fund’s steps to address its flagging share price have attracted criticism. In September, the company announced a plan to raise $465 million by selling two catalogs — one with a $440 million deal with Hipgnosis Songs Capital, a joint venture of the public fund’s investment advisor and the investment giant Blackstone. If the sale is approved, the proceeds will fund debt reduction and share buybacks to reduce the 60% gap between the current share price and the company’s per-share net asset value (the valuation of its catalog of music rights). But sources tell Billboard that investors will likely vote no to the deal on Thursday.
With the sale price 17.5% below the catalog’s latest valuation, shareholders questioned whether the Blackstone-backed entity was getting a favorable deal, as well as if the process for soliciting other bids was transparent enough. Hipgnosis Songs Fund’s board said at the time that it created “appropriate governance arrangements and information barriers” to properly conduct a sale between two related parties.
The fund’s board said on Tuesday it received one outside offer after talks with 17 prospective buyers, but that ultimately the external parties said “they could not justify” a higher offer price than the $440 million offered by Hipgnosis Songs Capital.
“The shareholders are very upset with the capital stance, the dividend cut, the strategic review, and the related party transaction, and they are highly likely to vote against continuation on Thursday,” predicts Matthew Hose, a London-based analyst for Jeffries. Analysts at Investec encouraged shareholders to vote against both continuation “in order to reinforce the point that the status quo is not an option,” they wrote in an Oct. 19 note to investors. Alternative Value Investors Limited, which owns a 5% stake in Hipgnosis Songs Fund, also encouraged other shareholders to vote against both continuation and the catalog sale in an Oct. 16 letter.
If the continuation vote fails, the board has six months to create a proposal “for the reconstruction, reorganization or winding-up” of the fund, according to its prospectus. “If shareholders vote against continuation on Thursday, it’s almost like it’s the end of the beginning, not the beginning of the end,” says Hose. AVI spoke to “a majority” of shareholders and found none are in favor of an immediate portfolio sale, wrote AVI head of research Tom Treanor.
Despite their frustration, Hipgnosis Songs Fund’s investors aren’t looking for a nuclear option. Rather, shareholders want new leadership on the board and an orderly process, says Saggar. “Nobody is looking at blowing this up. Nobody is looking to do this in a nonsensical way.” AVI emphasized this point in an attempt to sway undecided shareholders. “Voting against continuation should not be perceived as a negative stance to take,” wrote Treanor.
Even if shareholders eventually push to wind down Hipgnosis Songs Fund, there are questions about what amount the catalog could fetch for shareholders. While Hipgnosis Songs Fund has reported that its portfolio is valued at $2.8 billion, sources tell Billboard that its lenders likely value it closer to $1.8 billion, or what banks estimate they could get for the assets in a distressed sale. Two sources tell Billboard they predict the portfolio’s value to be somewhere between those two numbers.
To appease shareholders ahead of the vote, changes to Hipgnosis Songs Fund’s governance are already underway. The board recently hired an executive search firm to aid in finding Sutch’s replacement on the board, and Wilkinson and Berger’s resignations are effective immediately. The board intends to appoint Cindy Rampersaud, an independent non-executive director, to replace Wilkinson as chair of the audit and risk management committees.
In exchange for voting yes to continue the fund, the board has also offered shareholders the right to vote on continuation again in 2026 and 2028, giving them more opportunities to push for change than the standard five-year window between continuation votes typical of U.K. investment trusts. Also, Hipgnosis Songs Fund says it will terminate the investment advisor’s contract if the share price’s discount to NAV is 10% or more for the month of January 2025. Given the current share price — Hipgnosis Songs Fund shares are current trading at 60% below NAV — that could mean the investment advisor receives a 12-month notice in fewer than 15 months from now.
But getting rid of Mercuriadis would create challenges that shareholders might want to avoid. If Mercuriadis departs and Hipgnosis Songs Management is unable to find a replacement satisfactory to the public company’s lenders within 90 days, Hipgnosis Songs Fund would be in default and lenders may demand repayment of all amounts in the revolving credit facility, according to the company’s prospectus. Also, Hipgnosis Songs Management retains an option to acquire Hipgnosis Songs Fund’s portfolio if its investment advisory contract is canceled. When the board initiated a strategic review last week — another move to appease shareholders ahead of the annual meeting — it asked Hipgnosis Songs Management to remove the clause from its contract but was rebuffed. The option to purchase could be problematic for investors who want to maximize bids on the catalog.
“If you didn’t have that option, you could run an open sales process,” says Hose. “Will that option prevent others from bidding?”
Hipgnosis Songs Fund was initially pitched to investors as a source of reliable returns from classic, successful songs during a streaming-led boom in royalties, the Guernsey-based company monetizes proven song catalog and pays dividends. That catalog is seen as the company’s biggest strength and holds more opportunity as streaming expands globally and music businesses explore new ways to monetize their catalogs. But all signs point to shareholders needing more trust in how Hipgnosis Songs Fund is governed.
“The company has a bright future,” writes AVI’s Treanor. “And that may well be with the current manager on revised terms should a new board decide so following consultations with shareholders. But we do, however, strongly believe that a reset is urgently required.”
SYDNEY, Australia – After seven days, roughly 300 performances (nearly 40% of which were international) and upwards of 600 speakers, the inaugural SXSW Sydney is done and dusted.
The likes of Chance The Rapper, Nicole Kidman and Black Mirror creator Charlie Brooker were among the guest speakers who donned a SXSW Sydney lanyard and brought star power to the show, as Sydney turned it on for the music, tech, film and entertainment extravaganza.
October in Australia is a place and time asking for action. In this music and sports-mad country, the weather is heating up, but there’s a lack of competition for eyeballs, attention and cash. The Bigsound music conference finished more than a month ago, the ARIA Awards is a month away. The AFL and NRL seasons are recently wrapped up, the quadrennial cricket and rugby World Cups are playing out abroad, the NBA season has yet to start.
With its brand splashed in the districts around Darling Harbour, and activations dotted around the city — Australia’s biggest metropolis — SXSW Sydney had the place all to itself.
Billboard was there to soak it up at the International Convention & Exhibition Centre, the Tumbalong Park outdoor events space, and the network of pubs, bars and venues that embraced SXSW for a full week, from Oct. 15-22, completing its first expansion out of Austin, TX.
Check out five highlights from the inaugural SXSW Sydney below.
Songtradr’s missionTiming is everything in music and business. So it made perfect sense for Songtradr founder and CEO Paul Wiltshire to participate in a special interview at SXSW just days after his company completed the acquisition of Bandcamp. “Our mission is to stabilise and grow,” the U.S.-born and Australian raised, California-based executive said of the new asset. “There’ll be no adverse changes to the existing product. The team is amazing, and the Bandcamp community is extraordinary and we want to protect that. We’re very confident about the future and where we’re going to be able to go together.”
Wiltshire also confirmed that a flotation for Songtradr is something his team has “definitely looked at.” He continued, “we don’t have a definite timeline as to whether that will happen. The public markets have gone through pretty significant changes in the last two years in particular. But it’s something we continue to observe and we do love Australia.” The ASX, it’s “a very healthy market.”
Will ABBA Voyage set sail?Thanks to the power of Netflix, the story of Per Sundin and his frontrow seat for the evolution of Spotify is known to millions. The veteran Swedish music industry executive has worked closely with the late Avicii, Tove Lo, Swedish House Mafia, and, of course, ABBA, and is the face of “The Industry” in The Playlist, Netflix’s dramatized account of Spotify and its founder Daniel Ek. After a decades-long career with major music companies, first with Sony Music then Universal, Sundin now serves as CEO of Pophouse Entertainment, the Stockholm-based entertainment company which, among its assets, owns the SHM catalog and a 75% stake in Avicii’s works. Pophouse is the lead investor and production partner for ABBA Voyage, the virtual live concert experience in London.
Sundin, on his first trip Down Under, regaled with tales of the music industry post-millennium SNAFU, working with Björn Ulvaeus (in short, the ABBA star won’t settle for second-best), and he told SXSW Sydney what everyone wanted to hear: that ABBA Voyage could set sail to these parts.
“We have a lot of interest from Singapore and from Australia, from (promoter) Paul (Dainty) and (TEG CEO) Geoff (Jones) and his team. We’ll partner up with them to see if we can find a place, because you need to build an arena. Because in the roof of the building is 600 tons of equipment,” Sundin said during the featured session, Unlocking the Power of Entertainment. “We can’t just go into an existing theater. That’s a challenge for everyone.”
There has been talk about doing another ABBA Voyage in Europe, and, Sundin added, “Las Vegas is really calling for it.”
Chance raps on hip-hop and capitalismWhen Chance The Rapper was announced as a keynote speaker at SXSW Sydney, some delegates were quick to hose down the excitement. The Chicago hip-hop star wasn’t booked to perform on this trip, aside from his on-stage interview with The Brag Media editor-in-chief Poppy Reid. And, for those with a decent memory, he canceled his appearance at the 2019 Splendour In The Grass festival, just one day before he was due to deliver the closing headlining set.
There was no drama, just action, as Chancelor Johnathan Bennett made the journey and delivered a compelling SXSW Sydney Q&A which delved into capitalism, and hip-hop on the genre’s 50th anniversary.
“We all live in a capitalist society and no matter how close you are to your moral center, you’re still working and operating within a system that lives on the backs of the least empowered people. I do a lot of philanthropy work, I do a lot of advocacy, I do a lot of just trying to help people,” he told Reid. “But also just the way that the world is set up right now, I gotta sell merchandise, and even producing T shirts — it’s really hard not to be a capitalist.” To be able to operate “outside of that and to create more cooperative economic systems is something that I’m working towards but I haven’t fully figured out yet.”
Chance also stepped out to enjoy some of the showcase program, throwing his support behind 11-year-old Aussie rapper Inkabee.
GenAI, Web3, Metaverse. Jump in, cautiouslyAI is “not on the horizon. It’s here now and it’s not the Wild West.” APRA AMCOS CEO Dean Ormton told guests at the PRO’s breakfast gathering at SXSW Sydney, during which the organization’s annual results were explored. Computer learning is both “a huge challenge and potential opportunity for music,” Ormston told guests. Those challenges and opportunities are something the PRO and every major content provider and partner is currently trying to figure out.
A separate daytime session on “Activating Music in Web3” brought together Con Raso (Tuned Global), Matty Soudagar (The Metakey) and Becky Yeung (Warner Music Group). “We’re coming into a space where some of these experiments are making some real impact,” explained Soudagar. Four years ago, the popular Roblox game has gone from 20 million users a month to 200 million users a month today, he continued. “It could be half a billion a month in a few years from now. If you zoom out of this metaverse conversation, we realize its primed for exponential growth. The next stage is, how to put together a solution that brings everything together in a frictionless manner for a specific industry. We’re at the stage where we have the technology and we can bring together some strong minds.”
K-pop isn’t slowing downK-pop is roaring, and there’s a lot of fuel left in the tank. Over the course of the week, Spotify House at The Lansdowne Hotel proved a popular hideaway for thousands of SXSW Sydney guests, with its curated lineup of daytime panel discussions, and evening showcases, which included hip-hop star TKay Maidza, punk outfit Teen Jesus and the Jean Teasers, Thai rapper Milli and more.
The House opened its doors on its fourth and final day for a special daytime session on Hallyu (Korean wave), featuring Jungjoo Park, Head of Music at Spotify Korea; Live Nation Australasia’s Wenona Lok; and Virgin Music’s Claire Tate.
Ten years ago when PSY’s “Gangnam Style” blew up, many observers figured Korea’s music scene was a one-hit wonder. Nope. Five years ago, folks were thinking, “this is it guys. It’ll never get bigger,” noted Lok. “This year, Live Nation, we’re bringing the first K-pop act to a stadium in Australia for the first time” with TWICE. “What’s more amazing is, it’s the first girl group of any genre to play a stadium in Australia.” In terms of streaming and ticket sales, there’s no sign of slowing for the Korean music explosion.
To drive home the point, South Korean rappers Lil Cherry and GOLDBUUDA performed at Billboard‘s one off night at The Stage.
Penske Media Corporation, Billboard‘s parent company, is an investor in SXSW.
Thomas Coesfeld says that the next 10 years will be much different for BMG than the last 10.
Navigating the onslaught of generative artificial intelligence (AI), diverging streaming economic models and the slowdown in streaming revenue growth is among the challenges “that are keeping me up at night,” says the new CEO of the world’s fourth-largest music company, who sat down with Billboard for his first U.S. interview since succeeding Hartwig Masuch in July.
At 33, Coesfeld is the fresh young face of one of Europe’s oldest and most powerful media dynasties. His grandfather was Reinhard Mohn, a legendary CEO of BMG’s German parent company, Bertelsmann. Coesfeld’s predecessor also earned a spot in the media conglomerate’s corporate pantheon. Masuch reinvigorated BMG after serving as an adviser for the company’s uncoupling from Sony in 2007, building it into an entity that generated roughly 900 million euros ($947.7 million) annually. It’s now Coesfeld’s job to lead the company beyond the 1 billion euro mark ($1.1 billion) by 2024.
The Berlin-based executive spoke candidly about the challenge he faces being a relative newcomer to the music industry and the acumen he developed while overseeing BMG’s balance sheet since 2021 as the company’s CFO. Coesfeld received a baptism by fire as one of BMG’s chief negotiators for song catalog acquisitions during the market run-up in the early 2020s. From 2021 to 2023, he helped the company land 70 deals, including acquiring the catalogs of rock icons Mötley Crüe and Tina Turner, as well as those of Mick Fleetwood, Paul Simon, The Pointer Sisters, Peter Frampton and The Hollies.
A photo of Coesfeld’s grandfather, former Bertelsmann CEO Mohn, viewing the Manhattan skyline in 1954. Much like him, Coesfeld says he has a “strong fondness” for the United States.
Urban Zintel
Bertelsmann, flush with cash after its failed acquisition bid for Simon & Schuster, has promised to invest between 5 billion and 7 billion euros ($5.3 billion to $7.4 billion) across its companies through 2025 — an infusion that should help Coesfeld outpace BMG’s nearest competitors, Concord and HYBE, which are both on track to close $300 million to $500 million in company acquisitions this year. But competition doesn’t trouble Coesfeld. He is less combative and more collaborative than is typically found in the music industry.
“I’m convinced that the key challenge of the music industry is not fighting each other,” he says. “It’s not about conventional distinctions between segments, like frontline or catalog, or companies, like majors or indies. There are bigger challenges than that. What is needed is a more collaborative approach with business partners to face this more challenging environment.”
You’ve been in the CEO seat for just over 100 days. What is the five-year plan for BMG?
My predecessor was an entrepreneur who brought Bertelsmann back into the music space. He achieved a thing you don’t see that often, particularly in media. We are a very established company on a solid foundation. Now comes a new chapter. The next iteration of BMG will focus on better engaging with our artists, songwriters and business partners. I’m truly convinced we can only be effective if we are not focusing too much on ourselves — not building too much resources internally — but instead focusing on the value creation and service delivery for the artists and songwriters. Naturally, we will continue on our investment strategy.
What does BMG taking digital distribution in-house mean for the company’s future?
First, it allows us to significantly upgrade our services for artists. We get better in our marketing ability to advocate for the songs, campaign management, things like that. Second, we get better and direct access to the data feeds from the platforms. Artists care about that. The third point is it’s massively enhancing our service portfolio. This enables us to offer a bigger variety of deals for artists to allow them to choose what kind of service level they want. And then obviously, every intermediary takes fees. So this allows us to have a more sustainable business model, become more competitive and offer more competitive terms to our artists. And artists get the monies faster.
Another photo of Mohn.
Urban Zintel
How does integrating the frontline business and catalog help you achieve these goals?
What’s key on the recording side is marketing. What is new and increasingly important is understanding the [streaming] channels. You need expertise for each [digital service provider]. Spotify is really different from Apple. We’ve had a direct relationship with YouTube for the last eight months, and the results are phenomenal — not just from a topline perspective, which is the ultimate measure, but also in having access to data, providing improved service on marketing, trending and velocity to artists. If you look through the lens of marketing, frontline and catalog become more integrated because the skill that makes the difference is marketing and understanding the channel. Consumption is way more fragmented. Fans make their own choices. Music taste is the decisive factor.
What do you expect streaming growth to look like in the coming years?
Two trends are relevant: One is that the massive market growth for the future of streaming in Western markets will happen through price increases. The second is the majority of the volume growth will happen in the developing markets. The good news is that the market is still fundamentally growing — not at the same speed as in the past 10 years — but we still have a fundamentally attractive market.
We need to own distribution to fully understand the trends early on and to react faster, to market in more tailored ways. With lower growth, we need to be more precise in how we invest marketing dollars.
How would you describe your leadership style?
There is a German saying: “You always see each other twice in life.” The idea of this saying is you always have opportunities — from a power-play perspective, you’re in a better situation — but the more sustainable approach is to still treat everyone as partners. We are in it for the long run. This is, for me, a paradigm for how to act on a daily basis. I’m very grateful for the partnership we had [with ADA]. We tripled our revenue. We’ve learned a lot, and it was clear from the get-go that at some point in time we would leave. [Warner Music Group CEO] Robert [Kyncl] and I had very frank conversations about it.
The statuette, which was a gift from Coesfeld’s aunt, “represents ambition,” he says.
Urban Zintel
What opportunities do you see in the catalog market?
We have a well-oiled machine. We know how to assess catalog, pitch and discuss with artists and songwriters. Hartwig built a reputation. Artists and songwriters trust us. That’s a big opportunity from a positioning standpoint. Paired with a very committed parent company, which is willing to fund the further growth of this company, we see massive growth, and I remain very optimistic about the market fundamentals. There are a lot of things going on which may cause challenges — streaming economics, generative AI — but I see those as massive opportunities for the industry overall.
How have your previous executive roles at Bertelsmann shaped you, and how will they shape BMG?
This is my first CEO role. Now, I can’t blame the CEO any longer! I’m a firm believer from my own experience that the way you treat people, the way you interact in all types of relationships, is critically important to firm longevity and business success. If you take that and apply it to BMG, it’s even more important because our clients are a diverse set of characters. That’s why they have fans. They are not normal. They are not average. They are different. They are beyond that. Treating people with respect is critically important, and that sets Bertelsmann apart from other companies.
And in my CFO role, I had the privilege of being responsible for a catalog acquisition strategy. That helped me a lot in getting to know so many artists over the last two to three years. That introduced me quite well to this industry. Not having been around for decades in the music business was a challenge and, at times, still is.
A keyring that Coesfeld bought in New York when he was 12 and has carried with him since.
Urban Zintel
What is BMG’s view of the ongoing experiments with artist-centric and user-centric streaming payment models?
We are not the market maker there, which is important to understand our views. Overall, I welcome that we are having this discussion as an industry. What is on the table is a great step in the right direction. We are about to establish mechanisms to fight fraud, money laundering, things like that. Even more importantly, in light of gen AI, it is so easy to create music and to have artificial consumption of music.
How do you see this as a tool to address your concerns around generative AI?
If you don’t have mechanisms that make a distinction between human artistry and white noise, then something is wrong about the system. The streaming economics were designed 12 years ago. They are just not the appropriate models any longer. One thing I’d love to see more pronounced is trust in consumer choices — so a distinction between the superfan who is listening to just one artist and the more infrequent listener who is also paying $11 a month but listening to 50 streams a month.
What are the pitfalls and opportunities of generative AI?
I do see a fundamental threat to the ‘copyright-ability’ of human creativity. If regulators do not hold up, we will have a big issue. What keeps me optimistic is that fans don’t just care about the musical expression. It’s about the personality, the artist — especially for superfans.
Music-licensing company Epidemic Sound has signed Grammy-nominated singer-songwriter Jordin Sparks, the company tells Billboard. Under the deal, Sparks will collaborate with Epidemic’s in-house team — including musicians, producers and A&Rs — to create a collection of “classic Christmas songs” to be released later this year, with Epidemic distributing. The tracks will be made available to Epidemic’s global community of content creators along with being released to all streaming platforms.
“We are thrilled to announce this partnership with Jordin Sparks. Jordin is an extraordinary superstar who has significantly impacted the music industry,” said John Cleary, Epidemic’s director of music recruitment & music U.S., in a statement. “Creators, filmmakers, marketers, and storytellers know the power of music in telling a compelling story, and they seek amazing music to elevate their content. By collaborating with Jordin, Epidemic Sound can continue catering to content creators’ needs while simultaneously amplifying her artistry globally and unveiling her tracks to our global ecosystem of creators and international fanbase.”
Sparks rose to fame after winning season 6 of American Idol and has since released three Billboard Hot 100 top 10 singles including “No Air” with Chris Brown, “Tattoo” and “Battlefield.” According to a press release, she’ has’s sold more than 10 million tracks in the United States alone. In 2014, Sparks won a BMI Pop Award in 2014 for co-writing Ariana Grande and Mac Miller‘s hit single, “The Way.”
“I’m excited for this new partnership with Epidemic Sound,” said Sparks in her own statement. “They have empowered artists to thrive commercially, creatively and to reach new audiences. The freedom they give artists to choose their own path and work on different projects at the same time is unique and inspiring. I’m excited to join a roster of incredible artists and I’m looking forward to working with Epidemic Sound’s team!”
Epidemic Sounds’ remuneration model offers upfront payments, a 50-50 royalty split from streaming revenue and a quarterly soundtrack bonus. The company allows artists to work under non-exclusive agreements.
Bryce Leatherwood, winner of season 22 of NBC’s The Voice, signed with Universal Music Group Nashville in alliance with Republic Records. His label debut, “The Finger,” releases Oct. 27. Leatherwood is also signed with Morris Higham Management, CAA, Sony Music Publishing and O’Neil Hagaman. – Jessica Nicholson
Canadian singer-songwriter ThxSoMch signed with UTA for global representation in all areas. His track “Spit in My Face!” has been certified platinum by the RIAA, broke into the Billboard Hot 100 and hit No. 9 on Billboard‘s Hot Rock & Alternative Songs chart. His most recent singles include “Caroline,” “Hate” and “Crumbled,” while his debut EP, Sleez, was released May 19. ThxSoMch is signed to Elektra Records.
Berlin-based composer-producer Ben Böhmer signed to Ninja Tune, which just released his new single, “One Last Call” featuring Felix Raphael.
Swedish singer-songwriter Winona Oak signed to Nettwerk, which released her new single, “With Or Without You,” on Oct. 20. Oak is signed to The Very Good and PostOak LA for management, with booking by CAA in the United States and Wasserman in Europe.
Nettwerk also signed Toronto-based bedroom pop artist Peach Luffe (born Jong Lee). The classically-trained violinist released his latest single on the label, “Say It Back,” on Oct. 20. He’s managed by Michael MadConald at Lonely Beach and was previously signed to Lonely Beach Club; he’s slated to play next year’s South by Southwest.
Lastly at Nettwerk, the label signed Chicago-based singer-songwriter Wic Whitney. His first release under the label, “Ooolong,” marks the first single from his forthcoming EP, Afternoon Tea, which is slated to drop on Jan. 12. Whitney is managed by Colby Carlson.
Night Tales signed with Empire Dance and will drop a crossover single, “Work It Out” featuring Champion DI, on Friday (Oct. 27). The group is managed by the team at Prime Artists, including leaders Harrison Bamel, Adam Lynn and Zach Ruben, with booking by Hunter Williams and Jenna Adler at CAA. Night Tales was previously signed to Sony Music’s Ultra Records.
Easier Said, a recently-formed dance and rhythmic label founded by A&R exec Dominique Keegan, signed Party Pupils and will release the group’s new song, “Girlfriend” featuring MAX, bbno$ and MILLI. The label is an imprint of Firebird Music and has also released music by artists including Ian Asher, NALA, Roland Clark, Riva Starr and Maya Jane Coles.
Chicago-based indie band Brigitte Calls Me Baby signed to ATO Records, which will release its debut EP, This House Is Made of Corners, on Nov. 3. The group is managed by Phil Costello at Red Light; booking is handled by Jackie Nalpant and Kiely Mosiman at Wasserman in the United States and David Exley at Wasserman in the United Kingdom and European Union.
Global distribution and artist and label services company The Orchard recently expanded its operations in Africa and, as part of that move, signed a global distribution deal with Ghanian duo R2Bees.
Massachusetts-based rapper Millyz partnered with Create Music Group, which put out his new singles, “Passion” and “Soul Bleed” featuring DeeBaby. Millyz is managed by Ceize Gemini, Bryce Raines and Jeremy Karelis, with booking handled by Ashley Ventura at MAC Agency. His previous distributor was Perfect Time Music Group.
Singer-songwriter Fancy Hagood (“Blue Dream Baby” featuring Kacey Musgraves) signed with UTA for global representation in all areas.
New York-based singer-songwriter Odetta Hartman signed to Transgressive Records, which will release her second studio album, Swansongs, on March 22. The first single from the set, “Dr. No,” was released Oct. 17.
Australia-based singer-songwriter Kirin J Callinan signed with [PIAS] via his record label, Worse Records, for the release of his fourth album, If I Could Sing.
Indie rock band Brother Elsey signed to Nashville-based independent label River House Artists. The group’s inaugural releases on the label are the tracks “Passing Through” and “Babylon.” The group, which is currently on a U.S. tour through November, is managed by Jay Emmons and Jerrod Wilkins, with Grace Stern and Jay Williams at WME handling booking.
Singer-songwriter Dan Smalley signed with ONErpm Nashville, which will release a series of singles leading up to his next full-length album, The State of Country Music, next year.
South Korean pianist Yunchan Lim signed with Decca Classics. Last year, the 18-year-old became the youngest-ever winner of the Vin Cliburn International Piano Competition in Texas. He will soon make his debut at Carnegie Hall and is also slated to perform with the Boston Symphony Orchestra, Orchestre de Paris alongside and Royal Philharmonic Orchestra. He’ll release his debut album with Decca in spring 2024. Lim is represented by Nicholas Mathias and Federico M. Benigni at IMG Artists and in Korea by Sam Lee at MOC Production.
Wishy, a new band formed by Indiana songwriters Kevin Krauter and Nina Pitchkites, signed to Winspear, which will release the duo’s debut EP, Paradise, on Dec. 15. The single “Donut” is out now.
Belarusian violinist Yevgeny Kutick signed with Epstein Fox Performances for North American and general management.
Black River Records signed Scotty Hasting to its roster. Hasting’s label debut single, “How Do You Choose,” will release Nov. 3. – Jessica Nicholson
UBS partnered with Billboard to help increase awareness about the financial resources available to all entertainers. In the third of four episodes, Wale Ogunleye sat down with Billboard to share his experience managing personal finances throughout his NFL career and ultimately transitioning to his role at UBS today. Related Images: