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Shares of SM Entertainment gained 15.3% this week, making the K-pop company the greatest gainer among the 21 music stocks in the Billboard Global Music Index. Although the company wasn’t the subject of any significant news items that typically affect share prices — earnings, investments or partnerships — its shares nonetheless rose to 117,600 KRW ($92.07), bringing the year-to-date gain to 53.3%.
It’s not just SM Entertainment, though. K-pop is booming in 2023. Shares of the index’s other South Korean music company, HYBE, gained 6.1% this week and have gained 71.5% in 2023. Outside the index, JYP Entertainment and YG Entertainment have gained 100.6% and 88.4%, respectively, year to date.
With 16 of its 21 stocks in positive territory this week, the Billboard Global Music Index improved 5% to 1,334.28, its best one-week performance since November. The biggest contributors to the index’s value posted strong single-digit gains. Spotify improved 6.3% to $159.99, Universal Music Group gained 3.8% to 20.16 euros ($22.11) and Warner Music Group jumped 9.3% to $27.16. Meanwhile, Live Nation gained 7.2% to $90.18 and on Thursday (June 15) closed above $90 for the first time since Sept. 15.
Two other stocks had double-digit gains this week. Streaming company LiveOne added 13.3% to $1.53, bringing its year-to-date gain to 137.6%, while Sphere Entertainment Co. climbed 10.9% to $29.29. Since Sphere separated from MSG Entertainment’s concert promotion business on April 20, its shares have gone up more than 14%. On Sept. 29, U2 will launch the MSG Sphere at the Venetian with a residency that extends through Dec. 16.
While stocks were generally up this week, music stocks fared better than the major indexes. The S&P 500 gained 2.6% to 4,409.59, its best week since March. The Nasdaq composite improved 3.2% to 13,689.57, also marking its best week since March. Outside the United States, South Korea’s Kospi index dropped 0.6% to 2,625.79, while the FTSE 100 in the U.K. gained 1.1% to 7,642.72.
German promoter and ticketing company CTS Eventim had the week’s largest decline at 18.2%, making it the only music stock on the index with a double-digit loss. As Billboard reported on Wednesday, the German company’s share price fell precipitously in the two days following a critical segment on the German public television show ZDF Magazin Royale.
Michael Jordan is finalizing a deal to sell the majority share of the Charlotte Hornets, the franchise announced Friday, leaving the 30-team NBA without any Black majority ownership.
Jordan is selling to a group led by Gabe Plotkin and Rick Schnall, the Hornets said. Plotkin has been a minority stakeholder in the Hornets since 2019. Schnall has been a minority owner of the Atlanta Hawks since 2015 and is in the process of selling his investment in that team.
It’s not clear how long the process of selling will take to be finalized by the NBA’s Board of Governors. Jordan plans to keep a minority stake in the Hornets, the team he bought in 2010 for about $275 million.
Jordan’s decision to sell ends his unsuccessful 13-year run overseeing the organization.
“In the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time,” NBA Commissioner Adam Silver said earlier this month at the NBA Finals. “Values have gone up a lot since he bought that team, so that is his decision.”
In that same news conference at the finals, Silver said the Board of Governors are focused on diversity in ownership groups.
“I would love to have better representation in terms of principal governors,” Silver said. “It’s a marketplace. It’s something that if we were expanding that the league would be in a position to focus directly on that, but in individual team transactions, the market takes us where we are.”
The sale price was not immediately announced; ESPN, citing sources, said the franchise was being valued at $3 billion. The most recent sale of an NBA team came when Mat Ishbia bought the Phoenix Suns, a deal that when struck in December valued that franchise at $4 billion.
Jordan declined comment on the sale through his spokesperson, Estee Portnoy.
For as great as Jordan was on the court — national champion at North Carolina, two-time Olympic gold medalist, six-time NBA champion and in the never-ending conversation for best player ever — the Hornets never reached a championship level during his time as the owner.
Charlotte went 423-600 in his 13 seasons in charge, the 26th-best record over that span. It never won a playoff series in that time and hasn’t even been to the postseason in the last seven seasons.
Other members of the new potential Hornets ownership group — pending the approval — are recording artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.
Along with the Hornets, HSE ownership includes the NBA G League’s Greensboro Swarm and NBA 2K League’s Hornets Venom GT, as well as managing and operating the Spectrum Center, each of which is included as part of the sale.
When Jordan, who grew up in Wilmington, North Carolina, purchased majority ownership in the team, it created a great amount of buzz.
But the Hornets’ struggles and inability to turn things around bothered Jordan. The first inclination that he was looking to get out of the NBA ownership business came in 2020, when he sold a minority stake to Plotkin and Sundheim.
The Hornets are coming off an injury-plagued 27-55 season and hold the No. 2 pick in the NBA draft. Victor Wembanyana is expected to go first overall on Thursday night, leaving Charlotte with the choice of either G League star guard Scoot Henderson or Alabama’s Brandon Miller.
Charlotte’s biggest star is LaMelo Ball, and the team still has some decent foundational parts to build around including Terry Rozier, Gordon Hayward, P.J. Washington and Mark Williams, the team’s starting center who played well last year as a rookie.
Jordan was often criticized as an owner for not spending enough in free agency to make the Hornets competitive.
He took over a team in 2010 that had won 44 games the year before but had been swept by the Orlando Magic in the first round.
It went downhill from there.
Charlotte — still the Bobcats at the time — was 34-48 in its first year under Jordan and then an NBA-worst 7-59 the following year. But despite the abysmal record, Charlotte failed to land the No. 1 pick in the NBA draft lottery and Anthony Davis.
Charlotte got back to the playoffs in 2013-14 but was swept by the Miami Heat. Two years later, the Hornets won 48 games but lost again to the Heat in the first round, this time in seven games.
In the seven years since, Jordan’s Hornets have had only one winning season and have twice exited early in the play-in tournament as the 10 seed.
Charlotte has not won a playoff series since the 2001-02 season and has never won an NBA championship
Jason Ellis joined independent dance music label Armada Music as global senior A&R director. Ellis will also serve as an acquisition consultant for BEAT Music Fund, the company’s recently launched dance music investment arm. Based in London, Ellis will be responsible for sourcing and developing up-and-coming talent while consulting on future BEAT acquisitions. He joins […]
Billboard is introducing a peer-voted award to run alongside its annual R&B/Hip-Hop Power Players list of the genres’ most influential executives. This new R&B/Hip-Hop Power Players’ Choice Award will honor the executive in the genres whose peers believe has had the greatest impact across the music business over the past year, from recording and publishing […]
BMG acquired the recording catalog of British band (and Rock & Roll Hall of Famers) The Hollies. The deal includes over 20 studio, compilation, live and tribute album titles and rarities that are wholly owned by the group, including Evolution and Butterfly (1967), Hollies Sing Dylan and Hollies Sing Hollies (1969), Confessions of the Mind (1970); Distant Light (1971), Romany (1972), Out on the Road (1973); Hollies (1974), Another Night (1975), Write On and Russian Roulette (1976), Hollies Live Hits (1977), A Crazy Steal (1978), Five Three One – Double Seven O Four (1979), Buddy Holly (1980), and Then, Now, Always (2009). The agreement encompasses eight of The Hollies’ most-streamed tracks, including “Carrie Anne,” “King Midas In Reverse,” “Jennifer Eccles,” “On A Carousel,” “He Ain’t Heavy, He’s My Brother,” “Long Cool Woman (in a Black Dress)” and “The Air That I Breathe,” as well as the group’s cover versions of “4th of July, Asbury Park (Sandy)” (Bruce Springsteen), “Boulder to Birmingham” (Emmylou Harris) and “Say It Ain’t So, Jo” (Head).
Soundtrack Your Brand, a global music streaming service for businesses, announced a $15 million pre-growth round led by Matt Pincus‘ MUSIC in partnership with Liontree, JS Capital Management and Schusterman Family Investments. The round also included funding from music investors Dundee Partners and was supported by all major existing Soundtrack Your Brand investors including Balderton Capital, Fuel Venture Capital, Industrifonden, Telia and DIG. The investment will allow Soundtrack Your Brand to “double down” on its go-to-market strategy, according to a press release. Along with MUSIC’s investment, Pincus will join Soundtrack Your Brand’s board. In 2024, the company plans to raise an additional growth round.
ADA Worldwide partnered with Rostrum Records to distribute the indie label’s entire catalog and new releases. Recent Rostrum releases include Fat Nick’s “Songs on the Radio” and DC The Don’s “Funeral” as well as new music from Alé Araya and Brevin Kim. Forthcoming releases include music from Fat Nick, Lou Phelps and My Favorite Color.
Yoto, an audio platform for kids that’s behind screen-free portable audio players the Yoto Player and Yoto Mini, signed a deal with Warner Music Group that will make music from some of WMG’s artists available on the players. The partnership kicks off in June with music from Super Simple Songs, a popular YouTube channel boasting original children’s songs and traditional nursery rhymes that’s been distributed by WMG’s arts music division since 2020. Next year, Yoto will create “cards” featuring music from a curated group of WMG’s pop, rock and soul artists.
Believe signed a marketing and distribution deal with Global Records Germany, the new Berlin branch of independent label Global Records. The first release under the agreement is “Party Songs” by Gamuel Sori & INNA, which dropped June 9.
Would you rather own the rights to Bruce Springsteen’s song catalog or the musical scores to hit Nickelodeon TV shows such as iCarly, Victorious and Henry Danger?
While those tween comedies may not be household names, fans stream them worldwide, and unlike Springsteen’s masters and publishing rights — which Sony bought for $500 million in 2021 — the rights to their scores sold for tens of millions, presenting, for some, an appealing and approachable investment.The Nickelodeon shows’ music is an example of the kinds of deals being done by a new crop of music investment funds that are focused on acquiring the one type of music they know best, often for a much lower price than the deals making headlines.
Funds like Armada Music’s BEAT (focused on dance), Jamar Chess’ Wahoo Music Fund One (Latin), Singapore’s blackx (the Asian music market) and Multimedia Music (film and TV music) have all launched in roughly the last 18 months with similar aims: to exploit their specialized genre knowledge and industry connections to buy rights to songs in one category and earn a return.
The principals of these funds, which have raised between $100 million (BEAT, blackx) and $200 million (Multimedia) from banks and investment firms, say the primary difference between them and funds like Primary Wave and Hipgnosis, which have institutional and private equity backing, is that their success hinges on a lower cost of entry and therefore present less risk.
“It’s a niche within a niche,” says Phil Hope, founder/CEO of Multimedia Music, which recently bought the music income and copyrights to scores from the Nickelodeon shows. “People see that there’s a well-priced opportunity in what we’re doing. Is it as obvious or as sexy as buying a big artist’s catalog? It needs a bit of explaining.”
Each fund faces its own challenges, but in an investment class, where the slowing of streaming growth and high interest rates are prompting greater investor scrutiny, these funds present the next natural step, says Bob Valentine, president of Concord. “We are now at the evolution stage of the investment thesis,” says Valentine, who will become Concord’s CEO in July. “There is still supersize growth in some of these genres — like Latin, dance, EDM. Investment managers are thinking, ‘The cost of capital is going up. Let’s find the genres that are going to outpace that index trend. Then, if the cost of capital goes up, we still outpace it.’ ”
Founded in late 2021 by Hope and James Gibb, Multimedia Music has acquired the rights to dozens of film and TV scores, including James Newton Howard’s catalog (Pretty Woman, Fantastic Beasts and the Hunger Games films), the STX music library catalog (Bad Moms, The Foreigner) and in-demand composers like Tyler Bates (the Guardians of the Galaxy and John Wick franchises, Deadpool 2).Multimedia has raised $200 million in debt and investment from Metropolitan Partners, Pinnacle Financial Partners and others to buy the rights to film and TV music that is reliably played — whether streamed, broadcast or licensed by filmmakers.
“Initially, investors were excited but didn’t understand it. They kept saying, ‘I don’t know who’s going to be streaming film and TV music on Spotify,’ ” Gibb says. “What we’re looking at are the TV shows and films that have longevity so that every time they get played anywhere in the world, we get streaming royalties paid back to us.”
Chess, whose Latin music-focused Wahoo Music Fund One launched in 2022, says he also spends time educating prospective investors. “You’re buying into cultural artifacts and less into a net publisher’s share of now. That’s why it’s a good deal,” says Chess, whose grandfather, Leonard Chess, co-founded Chicago’s legendary Chess Records.
Last year, Wahoo acquired a 50% stake in the publishing and recording catalog of Oro Solido, a classic merengue group, for an undisclosed amount. Chess says he is in talks to acquire two more catalogs that are also considered classics in the Latin genre — a status that makes them marketable for new recordings and sampling by current Latin artists.
But despite the surging popularity of Latin American music — recorded-music revenue grew by nearly 26% in Latin America last year, according to IFPI — Chess says investor interest is still lagging.“We are not competing against a Sony buying [Bad Bunny’s label] Rimas,” says Chess, who is also president of Spirit Music Latino. “There is a wealth of opportunity across the [Latin American] territories, and sometimes lining up investors can be a challenge.”
BEAT Music Fund was launched in April by independent dance music label Armada Music. Its first acquisitions were rights belonging to artists it has ties to, like Detroit techno forefather Kevin Saunderson’s KMS Records and Russian DJ ARTY. BEAT enters the investment space at a time when the global dance music industry grew by 34% to $11.3 billion in revenue in 2022. Its fan base is also growing 10 times faster than hip-hop on TikTok, according to a new report from MIDiA Research.
“Our plan is to invest $100 million in its first two years and increase the investment to at least $500 million in coming years,” says Nadine van Bodegraven, COO for the fund. “Our goal is to announce at least one new deal every month this year.”
Senior figures from Believe, Warner Music, Google/YouTube, AEG and Primary Wave are among the first wave of speakers confirmed for All That Matters 2023, set for this September in Singapore.
Among those VIPs are Denis Ladegaillerie, founder and CEO of Believe; Paul Smith, managing director, YouTube Music, APAC; Marshall Nu, COO, Asia, Anschutz Entertainment Group; and Arica Ng, president, Asia Pacific, Warner Chappell Music.
This year’s ATM celebrates its “coming of age” 18th edition. Artificial intelligence (AI) “will be a burning issue that will weave itself through a lot of our conversations,” reads a statement from organizers Branded, the full-service live media specialist.
More than 2,000 guests turn up in a regular year for the event, which creates an umbrella conference featuring complementary tracks of music, sports, gaming, marketing, digital, Web3, and arts, all under one roof.
Widely considered the most important music conference in Asia, All That Matters will once again be held at the Singapore Hilton Orchard from Sept. 11-13.
Confirmed speakers in the first round include reps from FIFA Women’s World Cup 2023, Napster, The Raine Group, Microsoft, NODWIN Gaming, VSPO, Coca-Cola, Activision Blizzard, Mastercard, Animoca Brands, SoundCloud, Asia Sports Tech, World Federation of Advertisers, Enjinstarter and more.
The 2022 edition featured guest speakers Universal Music Group Lucian Grainge; Spotify’s global head of editorial Sulinna Ong; TikTok’s global head of music Ole Obermann; and Adam Wilkes, president, AEG Presents Asia Pacific, among others.
Earlier this year, the Singapore subsidiary of Nodwin acquired a 51% stake in Branded, bringing the confab and showcase event into the Nodwin Gaming family.
Click here for more on All That Matters.
The Billboard Global Music Index improved 1.8% to 1,270.57 in the week ending June 9, marking gains in successive weeks and four out of the last six weeks. iHeartMedia was the index leader for the second straight week. Shares of the radio company were up 13.5% to $3.54 a week after rising 30.5%. Thirteen of […]
This month the music industry is flocking to New York. Though it has always been one of the industry’s biggest capitals, the New York City mayor’s office of media and entertainment has coined June New York Music Month, complete with its own hashtag (#NYMusicMonth), in celebration for its history of musical excellence. Longtime events like Songwriters Hall of Fame, which will honor talents like Snoop Dogg and Liz Rose, will continue this year as always, but the city has also added more events like Anti Social Camp, a 100-session songwriting camp designed to “reinvigorate” the New York scene, to draw in more musicians and music executives than ever.
No week this June is more bustling than June 12-16, which, depending on who you ask, goes by a variety of nicknames. Dubbed “Publishers’ Week,” “Songwriters’ Week,” or “Indie Week,” the week will be a particular high point of celebration and schmoozing in the city that never sleeps.
See below for a list of events around the city:
United Jewish Appeal (UJA) Music Visionary of the Year Celebration (June 7)
This annual luncheon, held in Ziegfeld Ballroom, is one of the first events to kick off a packed musical month for New York City. A fundraiser for UJA’s efforts — supporting Holocaust survivors, combating poverty and providing care for those with mental and physical health needs — its Music Visionary of the Year luncheon is a celebration of the music business and some of its most astute leaders. This year’s event will be emceed by Grammy-winning artist Jon Batiste and will honor Amazon’s vice president of audio, Twitch and games, Steve Boom.
NYMM Conference (June 7)
Presented by the Mayor’s Office of Media and Entertainment and the NYU Steinhardt Music Business Program, this year’s annual NYMM Conference (at the Intrepid Sea, Air & Space Museum) will feature speed talks, panels and other chats with more than 40 of New York’s music industry experts. Panels throughout the day are set to include a Web3-focused chat with Living Colour guitarist Vernon Reid, a panel celebrating 50 years of hip-hop with Apple Music’s Ebro Darden, and a state-of-the-industry panel featuring A2IM’s Richard James Burges and the RIAA’s Mitch Glazier, among others.
She Is The Music Camp (June 9-11)
She Is The Music, one of the music industry’s leading gender inclusivity efforts, is hosting a songwriting camp in New York City to connect and empower young women and non-binary songwriters and producers and create a safe space for them to connect. Curated by Archana Gopal and Cassidy Murphy and sponsored by Guayaki Yerba Mate, the camp will take place at Kensaltown East Studios all weekend long. Some of the participants include Hayes Warner, Sam Short, Simone, Olivia Reid, and more.
Anti Social Camp (June 12-17)
Founded during the height of the pandemic, Anti Social Camp goes far beyond that of a traditional songwriting camp. Featuring 100 sessions, 150 partnered artists, and a slew of major brands and music businesses already signed on, Anti Social Camp is a week-long songwriting extravaganza stretching out over the entire city. Most of the events are private to the songwriters and artists already participating, but its opening ceremony and industry showcase, both on June 12, are available for the public to enjoy.
American Association of Independent Music (A2IM) Indie Week (June 13-15)
A2IM Indie Week is back again this year with a three days of programming, featuring panels held some of the most dominate independent businesses in music and a number of networking opportunities. Held at the InterContinental in Times Square, panel topics include the best methods for artist royalty collection, the changing state of A&R, the rise of regional Mexican music, and more. The conference kicks off on June 12 with an opening night party, presented by ADA.
Association of Independent Music Publishers (AIMP) Global Summit (June 13)
Since 2017, the Association of Independent Music Publishers gathers in New York for a day-long event, specially designed to act as a touch-base for the indie publishing sector in particular. This year, the well-attended event, which is held at the 3 West Club, will feature panels and keynote addresses from some of the industry’s aforemost leaders.
TJ Martell Honors Gala (June 13)
The TJ Martell New York Honors Gala brings the music industry together in its fight to find treatment and a cure for cancer. The foundation was established in 1975 by music industry executive, Tony Martell, as a promise to his son T.J., who later lost his battle with leukemia, that he would raise $1 million for child’s cancer research. Since then, the foundation has raised over $250 million. This year’s event will honor Warner Records’ Tom Corson, Def Jam’s Archie Davis, and Grammy-winning songwriter/producer Shane McAnally, and feature Omar Apollo, Kristin Chenoweth, Josh Groban and more.
National Music Publishers’ Association (NMPA) Annual Meeting (June 14)
Known as a critical touch-base for the music publishing industry and as a stage for major announcements from the NMPA’s CEO and President, David Israelite, the NMPA Annual Meeting attracts publishing executives from around the world. In the past, the event has been the stage for the trade organization to announce major legal actions, including the NMPA’s copyright infringement suit against Roblox, announced in 2021. The event also honors top songwriters, with this year’s key awards going to Brandi Carlile and Ashley Gorley. Warner Music Group CEO, Robert Kyncl, will also stop by for a keynote conversation.
Libera Awards (June 15)
The Libera Awards are held each year at the end of A2IM’s Indie Week, designed to honor the achievements of independent musicians. This year, Wet Leg leads the tally with six nominations followed by Sudan Archives, Allison Russell, Fontaines D.C., and Soul Glo with three each. This year’s award show will take place at the historic Town Hall in New York.
Songwriters’ Hall of Fame (June 15)
A star studded event honoring music’s greatest songwriters of all time, the Songwriters Hall of Fame is a can’t-miss event. Now in its 52nd year, the awards dinner will induct Glen Ballard, Snoop Dogg, Gloria Estefan, Jeff Lynne, Teddy Riley and Liz Rose into the Hall of Fame. Tim Rice will receive the Johnny Mercer Award, the organization’s highest honor. The event will also honor Post Malone with its Hal David Starlight Award, an honor created for younger songwriters who have impacted the industry already.
Universal Music Group plans to raise 750 million euros ($801 million) from the sale of 4.000% senior unsecured notes due 2031, the company announced on Tuesday (June 6). The notes will be issued from UMG’s Euro Medium Term Note program and listed on Euronext Amsterdam. The proceeds will be used to refinance existing debt and […]