Business News
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HYBE shares rocketed up 14.9% this week after the K-pop company reached No. 1 on the Billboard Hot 100 with “Like Crazy” by Jimin, a member of the group BTS. Investors could also rejoice that Jimin’s album, FACE, debuted at No. 2 on the Billboard 200. HYBE shares spiked 7.5% on Thursday (April 5) following Jimin’s U.S. chart success and rose another 5.9% on Friday, closing at 217,000 won ($164.85).
“Like Crazy” is an encouraging success for HYBE’s Big Hit Music imprint and the first track by a BTS member’s solo project to top the Hot 100. In fact, Jimin is the first South Korean solo artist with a No. 1 hit on the chart in the U.S. That’s good news for a company that will be without its biggest act for the foreseeable future and which needs to create additional chart successes outside of its home market. News of BTS’s hiatus sent HYBE’s share price down TK% from June TK to TK. Since then, HYBE has reached No. 51 with JIN’s “The Astronaut” and No. 30 with Jimin’s “Set Me Free, Pt. 2.” It has had more success outside of BTS members’ solo projects. Tomorrow X Together’s The Name Chapter: Temptation (EP) reached No. 1 on the Billboard 200 while Seventeen reached No. 4 on the chart with 4th Album Repackage: Sector 17.
HYBE’s share price is up 25.1% year to date.
HYBE was the only stock in the Billboard Global Music Index to see a double-digit increase this week and one of just eight companies to finish in positive territory. Overall, the 20-company index declined 3.1% to 1,224.34 this week. (Year to date, the Billboard Global Music Index is up 4.8%.) On Wall Street, the S&P 500 declined 0.1% to 4,105.02 while the Nasdaq composite dropped 1.1% to 12,087.96.
The index’s most valuable company, Universal Music Group, declined 8.2% to 21.40 euros ($23.53) and is down 5% year to date. Spotify, the second-largest contributor to the index, declined just 0.9% to $132.48 and is up 61% year to date.
TJ Landig was promoted to senior vp of marketing at Warner Records. Based in Los Angeles, he reports to executive vp of marketing & artist development Dionnee Harper. Among other duties, Landig manages the labels’ partnership with 88rising. He can be reached at tj.landig@warnerrecords.com.
Pete Nash joined Primary Talent International as a partner, effective immediately. Nash is the eighth partner to join the company since it regained its independence from CAA in March via a management-led buyout. Nash joined ICM in 2020 and worked closely with the Primary Talent team until CAA’s acquisition of ICM in June 2022. Nash brings clients Kings of Leon, Pet Shop Boys, Regina Spektor, Steve Winwood and Travis to the agency.
Roberto Neri joined Believe as CEO of Believe Publishing following the company’s acquisition of Sentric Music Group in March. Along with Sentric founder/CEO Chris Meehan, Neri will “build a service for songwriters and publishers, in a way that is both innovative and complementary with Believe’s core recorded music offering,” according to Neri’s post on LinkedIn announcing his hire. He was most recently CEO at Utopia Music Services, Sentric’s former parent company.
Elsewhere at Believe, the company’s U.K. office announced several promotions. They include Malena Wolfer, upped from head of artist services to director of artist services; Ben Rimmer, elevated from label & artist solutions director, Believe UK to regional director label & artist solutions, Believe UK & Northern Europe; and Panos Polimatidis, promoted from head of artist relations to head of label & artist solutions. Wolfer will focus on high-profile signings and partnerships and explore joint venture opportunities, Rimmer will help grow Believe’s operations in Benelux and Scandinavia, and Polimatidis will be responsible for business development across both the label and artist distribution divisions while also overseeing the client relationship management team. Wolfer and Rimmer will report to Believe UK managing director Alex Kennedy while Polimatidis will report to Rimmer.
Leslie Rosales joined Rostrum Records as head of marketing. In the role, she will develop and lead marketing plans for the independent label — creating marketing opportunities across all digital service providers, securing brand partnerships and partnering with creative teams to develop content that supports artist and label goals. Rosales, who will report to Rostrum Records president Erika Montes, joins Rostrum from High Standardz, where she will continue as a consultant for the label’s emerging artists, including Coco Jones and Lady London. She can be reached at leslie@rostrumrecords.com.
Sofia Ilyas was named chief community officer at The Beatport Group, where she will oversee the company’s diversity, inclusion and social action efforts. She will also lead corporate communications, spearhead the strategy for emerging growth markets and manage Beatport’s partnerships with DJ and product community organizations globally. She most recently served as a director at headphone company Nura. Ilyas will be based out of Beatport’s London office and can be reached at sofia.ilyas@beatport.com.
Mark Collen has departed his role as executive vp of international operations at Sony Music to launch a new consultancy firm called Night Manager Entertainment. The new firm will offer strategic leadership and international marketing consulting to clients across the music industry. Collen can be reached at mark@nightmanager-entertainment.com.
The Country Music Association (CMA) promoted four employees: Tiffany Kerns to senior vp of industry relations & philanthropy, Catharine McNelly to vp of communications, Ben Balch to senior director of accounting & financial planning, and Michael Farris to senior director of business strategy & insights. Among other duties, Kerns will continue overseeing the direction and management of CMA membership including operations, programming, events and the organization’s newly launched membership structure; McNelly will take on a greater strategic role with communications and talent relations efforts across all of CMA’s events, programs and initiatives; Balch will continue to oversee reporting and financial standing for both CMA and the CMA Foundation; and Farris will lead the ticketing, data architecture and insights teams and serve as the lead ticketing strategist for all CMA events. Kerns can be reached at tkerns@cmaworld.com, McNelly can be reached at cmcnelly@cmaworld.com, Balch can be reached at bbalch@cmaworld.com and Farris can be reached at mfarris@cmaworld.com.
Anna Pittman was hired as vp of artist development at Warner Music Nashville. Pittman previously served as an artist development and marketing consultant for Warner Music Group and, prior to that, worked at Q Prime Artist Management for over 14 years.
FreshTracks Music UK, a new MCPS Production Music publisher, launched with John Clifford — former global head of BMG Production Music and managing director U.K. at Universal Music Publishing — serving as managing director. In the role, Clifford will be responsible for building the Martin Nedved-founded company’s U.K. team and label partners while continuing to run his consultancy business, True Road Music. Along with its own repertoire, FreshTracks Music UK will sub-publish select production music from international labels, expanding the wider FreshTracks Music network that currently operates in 10 European countries. Clifford can be reached at john.clifford@freshtracksmusic.co.uk.
Oak View Group (OVG) promoted Drew Gershenson to vp of content for Greater Palm Springs’ Acrisure Arena and vp of OVG’s Southwest division. Gershenson joined OVG in December 2021 and previously served as director of booking for Acrisure Arena. He will report to John Page, senior vp of Acrisure Arena, the Coachella Valley Firebirds and OVG360 Facilities. In his new role, Gershenson will continue to lead the day-to-day programming for the Acrisure Arena and support other OVG-managed properties including Snapdragon Stadium in San Diego, Mullett Arena in Tempe and Tahoe Blue Arena, which is scheduled to open this summer in South Lake Tahoe.
Mike Reynolds and Norman Jacob launched MNJR, a new full-service artist and label management group based in Nashville where they will both serve as managing partners. The firm launches with a roster that includes The Mavericks and the solo career of the group’s frontman, Raul Malo, as well as their label imprint Mono Mundo Recordings; alt-country group 49 Winchester; and emerging artist McKinley James. The MNJR team at launch also includes Rudy Newman, who will serve as operations manager. Reynolds can be reached at mreynolds@mnjr.co, Jacob can be reached at norman@mnjr.co and Newman can be reached at rudy@mnjr.co.
Marni Greenberg joined Sofar Sounds as vp of communications. She was most recently head of music communications at YouTube, where she worked for six years.
Amy Van-Baaren was promoted to the newly-created role of chief impact and culture officer at Resident Advisor; her previous title was head of community. In her new role, Van-Baaren will continue overseeing the company’s philanthropic initiatives while overseeing the internal company culture, community partnerships and Resident Advisor’s non-profit jobs board, Doors Open. She can be reached at avb@ra.co.
Josh Miely was promoted to vp of content design and development at the National Association of Broadcasters (NAB), effective April 27. In his new role, Miely will lead the design, development and delivery of content programming for NAB Show events, while also supporting content and program development efforts for virtual events on NAB Amplify, as well as regional and community-based events for the organization. He’ll report to NAB executive vp/managing director, global connections and events Chris Brown. Miely was previously director of member experience, industry affairs.
Leading livestreaming firm Bulldog DM hired Gilad Gershoni as its new chief strategy officer. Prior to joining Bulldog DM, Gershoni served as Twitter’s live video specialist and as senior live streaming producer at MLB Advanced Media. Gershoni will work closely with Bulldog DM’s founder/CEO John Petrocelli, COO Simon Rust Lamb and chief technology officer Peter Kahn to deliver cutting-edge solutions that meet the needs of Bulldog DM’s clients. He can be reached at gilad@bulldogdm.com.
Megan Kleinschmidt was hired as director of regional promotion at Monument Records. She joins the company from Universal Music Group, where she worked on the Capitol Nashville promotion team. In her new role, she will be responsible for the West Coast, where she’ll represent the full Monument roster.
Southern California music festival Desert Daze launched the record label Desert Daze Sound in partnership with Partisan Records, which will distribute releases on the imprint; Desert Daze’s Phil Pirrone will lead the label’s curation. The first release on the label will be Zango, the first album in nearly 40 years from “Zamrock” legends (and Desert Daze veterans) WITCH, which is set for release on June 2. The label will additionally put out a vinyl compilation series titled LIVE @ Desert Daze!
Financing and investment company Cutting Edge Media Music acquired the full music catalog of United Kingdom-based media company First Score Music. The acquisition gives Cutting Edge complete master and publishing rights to over 75 film scores, including original music rights to films from Andy Serkis and Jonathan Cavendish‘s Imaginarium Productions. This includes Imaginarium’s upcoming animated version of George Orwell’s Animal Farm as well as its Taika Waititi-directed film Next Goal Wins with a score by Michael Giacchino. The catalog also includes scores by composers such as Carter Burwell, Christophe Beck, Hildur Guðnadóttir, David Newman and Rachel Portman for films including Sicario: Day of the Soldado, Three Billboards Outside Ebbing Missouri, Midway and Greenland.
Atlantic Records formed a joint venture with TAG Music, a new record label founded by artist-turned-executive Gabe Saporta (Cobra Starship, Midtown). The first releases under the deal include the singles “Nosebleed” from Los Angeles-based singer Sophie Powers (released March 31) and “Red Is My Favorite Color” from emo alt-rock artist Jules Is Dead in April.
China-based streaming service NetEase Cloud Music renewed its deal with independent Asian “Mandopop” label Rock Records to distribute both its back catalog and upcoming releases in China. Under the agreement, NetEase and Rock Records will continue collaborating to promote Rock Records artists and content; the new deal also “extends the strategic cooperation towards more in-depth initiatives on copyright cooperation between the two parties,” according to a press release, including the rights to sublicense Rock Records music for various uses including third-party applications, website background music and smart devices. Founded in 1980, Rock Records is home to popular artists including Tayu Lo, Jonathan Lee and Wakin Chau.
Symphonic announced a partnership with Boston-based music technology company Formless that will see Symphonic integrate Formless’ SHARE Protocol for blockchain technology. The protocol will roll out to a select group of Symphonic clients who express an interest in Web3. Artists using the technology will be able to control access terms to their music, including streaming price, and receive payments instantly while splitting royalties with collaborators and fans.
PayPal and Live Nation unveiled a multi-year partnership naming PayPal as the “preferred payments partner” of Ticketmaster, according to a press release. Under the deal, fans will be able to pay with PayPal, PayPal Pay Later products and Venmo across the Ticketmaster platform. PayPal Braintree will also become Ticketmaster’s primary global payment processor, speeding up the checkout process while giving fans access to event add-ons like merchandise and parking for purchase. The partnership also entails an “expanded global marketing program to drive broad engagement and fan loyalty through experiences and offers,” including by rewarding a limited number of fans who use PayPal and Venmo to pay for festivals like Bonnaroo, BottleRock and Lollapalooza with ticket discounts and “Cashless credits” to those events.
Despite a challenging economy and the lingering effect of the pandemic on the concert business, the German collecting society GEMA took in 1.178 billion euros ($1.25 billion) in revenue in 2022, a 13% increase over 2021. This year, for the first time, the organization’s distributions will exceed a billion euros.
“This is a record result,” said GEMA CEO Harald Heker in a statement. “The resurgence of events and music performances means a relief for our members after three hard years.”
Some of this increase reflects the continued growth of streaming, but some of it is due to the recovery from the pandemic.
GEMA collections from public music performances, its biggest category of revenue, grew to 357.5 million euros ($381.6 million), up 43.7% over 2021 (but still below the 407.4 million euro high of 2019). Online, the organization’s third biggest category, grew to 301.3 million euros ($321.6 million), up 26.5% over 2021. (Radio and television collections, the second biggest category of revenue, dropped 3.9% to 325.1 million euros [$347 million].) The amounts of money GEMA collects from levies on computers and items with blank memory, as well as from physical goods, both declined – by 27.7% and 9.2%, respectively.
GEMA is one of the first international collecting societies to announce its 2022 results, but its counterparts are expected to report good years as well, for some of the same reasons. Last month, ASCAP reported a 14% increase in collections over 2021, to $1.52 billion. (Collecting societies report their results differently, so exact comparisons can be difficult.) While organizations struggled to maintain revenue during the pandemic, the comeback of the concert business – and public life in general – should now boost all of them.
GEMA’s good news comes at an interesting time for the organization. As the 2014 EU directive on collecting societies continues to push them into competition with one another online, GEMA has emerged as one of the bigger and more successful organizations. In addition to its own operations, GEMA operates the online licensing and collecting hub ICE with STIM (Sweden) and PRS for Music (UK). Heker has led GEMA since 2007 and is expected to retire by the end of the year, and there is talk that GEMA will name its next CEO by summer.
Like many collecting societies and organizations of publishers and songwriters, GEMA believes that music-streaming is unfair to their side of the business, and rewards labels and artists disproportionately.
“The trend towards streaming must not lead to authors’ rights being undermined,” Heker said in the same statement. “GEMA’s most important task is and remains to stand up for fair remuneration in all areas and thus at the same time to secure conditions for a lively and diverse musical and cultural landscape.”
Lizzo and Amazon Studios have reached an extension on the singer’s first-look deal after the scorching success of her Emmy Award-winning show Watch Out for the Big Grrrls. Produced by Lizzo’s production company, Lizzo Bangers, and Amazon Studios, Watch Out for the Big Grrls notched three Emmys in categories including directing and picture editing and became the first streaming series to win the outstanding competition program category.
“Lizzo is one of the most exciting, creative, joyful artists in the industry, and the impact of her Emmy award-winning series Lizzo’s Watch Out for the Big Grrrls exceeded our every expectation,” said Vernon Sanders, head of television, Amazon and MGM Studios. “We are excited to continue our relationship with Lizzo and can’t wait for our global Prime Video audience to experience what’s next.”
“I’m thrilled to continue this partnership with the Amazon team after an incredible experience on season one of Watch Out for the Big Grrrls,” said Lizzo. “I’ve witnessed lives change through this show, and I’m grateful for the opportunity to continue making space for even more Big Grrrls around the world to shine and break down barriers across this industry.”
After a successful first season, Lizzo is now searching for women who can sing and dance onstage. Those interested in applying can sign up here for casting. Along with nabbing Emmys, Watch Out for the Big Grrrls also received a fistful of wins at the Critics Choice Real TV Awards, Costume Designers Guild Awards, Hollywood Critics Association Television Awards, NAACP Image Awards and Producers Guild Awards.
WWE and the company that runs Ultimate Fighting Championship will combine to create a $21.4 billion sports entertainment company.
A new publicly traded company will house the UFC and World Wrestling Entertainment brands, with Endeavor Group Holdings Inc. taking a 51% controlling interest in the new company. Existing WWE shareholders will hold a 49% stake.
The companies put the enterprise value of UFC at $12.1 billion and WWE’s value at $9.3 billion.
The new business, which does not yet have a name, will be lead by Endeavor CEO Ari Emanuel. Vince McMahon, executive chairman at WWE, will serve in the same role at the new company. Dana White will continue as president of UFC and Nick Khan will be president at WWE.
“Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity,” McMahon said in a prepared statement Monday.
He also provided some idea of where the focus of the new company will be, saying that it will look to maximize the value of combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster their brands.
Ties already exists talent wise between WWE and UFC, with stars such as Brock Lesnar and Ronda Rousey crossing over between the two businesses.
The deal between Endeavor and WWE catapults WWE into a new era, after functioning as a family-run business for decades. McMahon purchased Capitol Wrestling from his father in 1982, and took the regional wrestling business to a national audience with the likes of wrestling stars such as Andre the Giant, Hulk Hogan and Dwayne “The Rock” Johnson. The company, which changed its name to World Wrestling Federation and later World Wrestling Entertainment, hosted its first WrestleMania in 1985.
McMahon, in an interview with CNBC, addressed the notion that there was doubt among some WWE fans and industry experts that he would ever make a deal for the business. “It’s the right time to do the right thing. And it’s the next evolution of WWE,” he said.
The announcement of the WWE sale arrives after McMahon, the founder and majority shareholder of WWE, returned to the company in January and said that it could be up for sale.
Rumors swirled about who would possibly be interested in buying WWE, with Endeavor, Disney, Fox, Comcast, Amazon and Saudi Arabia’s Public Investment Fund all in the mix.
McMahon acknowledged to CNBC that there were several suitors for WWE, but that combining with Endeavor is the right move.
“It makes all the sense in the world for all these synergies that we have to extract all of the value that we can out of the marketplace,” he explained.
Media industry analysts viewed WWE as an attractive target given its global reach and loyal fanbase, which includes everyone from minors to seniors and a wide range of incomes.
The company held its marquee event, WrestleMania, over the weekend. Last year, WWE booked revenue of $1.3 billion.
The company is also a social media powerhouse. It surpassed 16 billion social video views in the final quarter of last year. It has nearly 94 million YouTube subscribers and has more than 20 million followers on TikTok. Its female wrestlers comprise five out of the top 15 most followed female athletes in the world, across Facebook, Twitter & Instagram, led by Ronda Rousey with 36.1 million followers.
WWE had more than 7.5 billion digital and social media views in January and February of this year, up 15% from the same time frame a year ago.
The new company plans to trade on the New York Stock Exchange under the “TKO” ticker symbol. Its board will have 11 members, with six being appointed by Endeavor and five being appointed by WWE.
“We like the assets of UFC and also WWE in a world where linear TV is losing market share to streaming, thus live sport content is in high demand,” wrote Jeffries analyst Randal Konik said in a note to clients.
The transaction, which was approved by the boards of Endeavor and WWE, is targeted to close in the second half of the year. It still needs regulatory approval.
Shares of World Wrestling Entertainment Inc., based in Stamford, Connecticut, are up 33% this year, but fell 5% at the opening bell Monday. Shares of Endeavor, based in Beverly Hills, California, slipped less than 1%.
Billboard‘s Global Music Index rose 4.2% this week to 1,263.70, its high level in six weeks, as 14 of the 20 stocks in the index were in positive territory. The index’s most valuable companies were among the gainers: Universal Music Group was up 2.1%, Spotify improved 4.1%, and Live Nation climbed 6.1%.
With additional help from Warner Music Group (+5.9%) and Tencent Music Entertainment (+8.1%), the Billboard Global Music Index outperformed the major indexes. The S&P 500 rose 3.5% to 4,109.31 and the Nasdaq composite improved 3.4% to 12,221.91. In the U.K., the FTSE 100 rose 3.1%.
In the first quarter, the Billboard Global Music Index was up 8.2% overall.
Radio company Audacy was the greatest gainer of the week, improving 18.2% to $0.13. In a proxy statement filed March 24, Audacy said it will propose a reverse stock split at the company’s May 24 shareholder meeting. The New York Stock Exchange will initiate a delisting process for stocks that close below $1.00 for 30 consecutive trading days; Audacy’s share price has not exceeded $1.00 since July 5, 2022. A reverse stock split will reduce the number of outstanding shares. Since the value of the company is unaffected by the event, the reverse split will increase the share price.
Elsewhere, Madison Square Garden Entertainment (MSGE) improved 9.6% to $59.07. On Thursday (March 30), MSGE revealed its final plan to separate its live entertainment company from the rest of its businesses. On April 20, the current parent company will be renamed Sphere Entertainment Co. and be comprised of the state-of-the-art Sphere venue, MSG Networks and Tao Group Hospitality. That will leave a pure-play live entertainment company, MSG Entertainment, which includes such venues as Madison Square Garden and Radio City Music Hall.
Competing interests drove SM Entertainment shares higher in February and early March, but the stock has fallen 36.9% in the last three weeks after dropping another 13.1% this week. The K-pop company’s share price started the year at 76,700 won ($58.71) and surged to 114,700 won ($87.79) on Feb. 10 after HYBE acquired a 14.8% stake from SM’s founder, Lee Soo-man. By March 10, when HYBE and Kakao Entertainment were locked in a battle to become SM’s largest shareholder and lead the company’s expansion following its break from Lee, SM shares hit 147,800 ($113.13). Once Kakao Corp. and Kakao Entertainment’s tender offer expired on March 26, the share price plummeted. Still, SM Entertainment shares are up 21.5% year to date.
SEOUL — South Korea’s SM Entertainment appointed Jang Cheol-hyuk as the company’s new CEO on Friday (March 31), as the K-pop giant vowed to turn over a new leaf by bringing on a fresh leader and board of directors. Jang succeeds outgoing CEO Lee Sung-soo.
“I feel a great responsibility to assume the position as a CEO when SM is about to take a big leap forward,” said Jang in a statement. “We will establish a sound [and] transparent governance structure and faithfully implement the SM 3.0 strategy so that SM can become a fan-and shareholder-centered global entertainment leader.”
The landmark corporate shakeup is part of SM’s bid to improve corporate governance as well as its production system, which in recent years lagged behind rivals and invited investor scrutiny. Friday’s appointments also put an end to the weeks-long drama that gripped the K-pop world, pitting industry giants HYBE, home to boyband BTS, and South Korean tech giant Kakao against each other.
A certified accountant and professional manager, Jang joined SM in early 2022 as CFO and has been involved in creating the blueprint for SM’s future. Dubbed SM 3.0, the plan is to diversify the company’s artist portfolio and delegate more creative control away from the single-pipeline structure helmed by SM founder Lee Soo-man.
For years, Lee hasn’t had an official role at SM — which developed K-pop groups EXO, NCT and Girls’ Generation — but he had nearly unchecked powers as its largest shareholder. He was being paid millions of dollars a year in production fees, a setup that ended late last year following a shareholder revolt.
At Friday’s meeting, Kim Kyung Wook, a former SM CEO and now shareholder, pressed the agency to recoup the production fees, but outgoing CEO Lee Sung-soo — who is Lee Soo-man’s nephew — said the company was not ready to consider that step.
Cracks began to show at SM in February after management, without Lee Soo-man’s approval, signed a partnership deal with Kakao. The founder retaliated by selling most of his shares to HYBE and laying the groundwork for a possible merger between the two largest K-pop agencies.
Friday’s shareholder meeting had been hyped as a spirited battle between HYBE and Kakao before HYBE abruptly threw in the towel last week and ceded some of its SM shares to its rival.
Together with subsidiary Kakao Entertainment, Kakao has now secured nearly 40% of shares in SM, becoming the company’s largest stakeholder. Jang Yoon-Joong, executive vp/global strategy officer at Kakao Entertainment, as well as Align Partners CEO Lee Changhwan — who led the shareholder revolt — have now joined the board as non-executive directors.
Three SM executives, including incoming CEO Jang, were also appointed to the board, while five outside directors were also approved: Kim Kyu-Shik, chairman of the Korean Corporate Governance Forum; Kim Tae-him, attorney at Pyeong San Law Firm; Moon Jungbien, professor at Korea University Business School; Lee Seung-min, partner at Peter & Kim; and Sung M. Cho, CEO of music analytics company Chartmetric.
Before BTS conquered the world, Lee Soo-man was the most famous face of K-pop in Korea for reasons both good and bad. He has been lauded as a visionary but criticized for his harsh treatment of trainees and artists. While he treated stalwart artists like family, keeping them on the roster even after their career peaks, he also was accused of excessive control over the acts’ professional and personal lives. He has also been convicted of embezzlement, though he later received a presidential pardon for his contribution to K-pop.
Lee Soo-man still holds over 3% of SM’s shares but hasn’t disclosed his future plans regarding the company. A representative sent to Friday’s meeting on his behalf stayed silent at the gathering.
“Today marks an end of an era at SM, a company I founded in my name,” said Lee, in a statement emailed to reporters shortly before the shareholder meeting. While not commenting directly on the proceedings, he said he was staying outside the country and is “deeply immersed in the world of global music.”
Downtown Music continues to reconfigure its business with the appointment of Emily Stephenson as its new president of publishing and Jedd Katrancha as chief commercial officer. Along with the new leaders, global president of Downtown Music Services, Mike Smith, has stepped down “to pursue several personal projects and to focus on his ongoing charitable work,” according to a press release. News of the leadership shuffle arrives just over a week after the company’s CEO, Andrew Bergman, wrote a letter to Downtown staff announcing a second round of layoffs, citing the “reorganization” of the company. Stephenson, who most recently served as the division’s vp of business operations, will now oversee all publishing efforts at Downtown Music, including client acquisition and business development, A&R, rights management and client services for the group’s publishing companies: Downtown Music Publishing, Songtrust and Sheer. She will be joined in these efforts by Jedd Katrancha, who was promoted to chief commercial officer of publishing. Katrancha will oversee business development, A&R and synch for Downtown’s publishing companies. – Kristin Robinson
ASCAP announced the 12 writer and 12 publisher members elected to serve on its board of directors for a two-year term beginning Saturday (April 1). In addition to ASCAP president/chairman of the board Paul Williams, writer members re-elected in the at-large field include composer/songwriter Jon Batiste; composer Richard Bellis; composer Bruce Broughton; songwriter/producer Desmond Child; composer Sharon Farber; writer vice chair composer Dan Foliart; songwriter/composer Michelle Lewis; composer/producer Marcus Miller; songwriter Jimmy Webb; and composer Doug Wood. Composer Alex Shapiro was re-elected in the symphonic and concert field. Meanwhile, the newly elected publisher director is Jon Singer (Spirit Music), while the publisher directors re-elected in the at-large field are Peter Brodsky (Sony Music Publishing); Bob Bruderman (Kobalt); Marti Cuevas (Mayimba Music); Keith Hauprich (BMG US); Dean Kay (Lichelle Music Company); Evan Lamberg (Universal Music Publishing Group); Leeds Levy (Leeds Music); Carianne Marshall (Warner Chappell Music); Mary Megan Peer (peermusic); and publisher vice chair Irwin Z. Robinson (Cromwell Music). James M. Kendrick of European American Music was re-elected in the symphonic and concert field.
Katie Soo was named chief business officer at live event ticketing platform DICE; she joins from educational subscription platform KiwiCo, where she served as chief marketing officer and remains as an advisor. In her role, Soo will oversee DICE’s consumer marketing, business-to-business marketing, fan experience, brand and creative, new growth initiatives and social and communications teams.
[PIAS] appointed Tom Keil as global head of dance and electronic/executive vp of A&R. Based in London, Keil joins the company from Ultra Music in Europe, where he served as general manager/vp of A&R. He can be reached at tom.keil@pias.com.
Business-to-business music and streaming solutions provider Tuned Global announced the hire and promotion of six team members to “supercharge” its business in Europe, according to a press release. Jonas Norberg, founder of DJ artificial intelligence company Pacemaker, was named the company’s head of AI and brings two members of his Pacemaker team with him: co-founder/chief technology officer Daniel Wallner and product development director Victor Garcia. Also hired were Daniel Kirby (as presales technical consultant) and Mateus Moura (as customer success manager), who will both work with Tuned Global’s senior vp/head of EMEA Rick Gleave to provide customers with technical support and insights. Lastly, Virginie Chelles was promoted to vp/head of marketing & communications; now located in France, she will work to boost the company’s growth in the territory.
Sounds and samples marketplace Splice hired Kevin Stewart as senior vp of engineering and David Ericksen as senior vp of product. Both will report to Splice CEO Kakul Srivastava. Stewart joins from Harvest and Ericksen joins from Adobe.
Good Company Entertainment — the firm that manages Jake Owen and Daves Highway and also boasts the independent label GCE Records — added Anna Schaeffer, Amy Jackson, Parker Fowler and Liz Sledge to the team. Schaeffer joins as manager of art direction and social media strategies, Jackson (formerly at UMG) joins as manager of marketing & consumer strategies, Fowler (formerly at Triple Tigers) joins as associate manager and Sledge joins as executive director of the Jake Owen Foundation. Schaeffer can be reached at anna@goodcompanyent.com, Jackson can be reached at amy@goodcompanyent.com, Fowler can be reached at parker@goodcompanyent.com and Sledge can be reached at liz@jakeowenfoundation.org.
Charlotte Bwana was promoted to vp of marketing and brand strategy at Audiomack, where she will lead the execution of brand strategies and oversee promotional initiatives across Africa. She can be reached at charlotte@audiomack.com.
The Alliance for Women Film Composers elected new leadership and a new board, with Heather McIntosh and Allyson Newman elected co-presidents of the organization. They succeed Catherine Joy, who has served as president since 2021. Elsewhere, Esin Aydingoz was elected secretary and Thomas Mikusz was elected treasurer. The remainder of the board is comprised of Joy, Alexandra Petkovski, Chanda Dancy, Connor Cook, Daisy Coole, Ghiya Rushidat, Jenna Fentimen, Laura Karpman, Lili Haydn, Lolita Ritmanis, Mandy Hoffman, Nami Melumad, Starr Parodi and Stephanie Economou. The executive director is Raashi Kulkarni. The alliance also created the position of vp of outreach and inclusion and appointed Sharon Farber to fill the role.
Entertainment business management firm FBMM promoted Regina A. Bassett, Fred Ford, Jeff Jones and Emily Walker to associate business managers.
Shore Fire Media promoted four across the public relations agency’s New York-based teams. Ailie Orzak and Victorie Selce have each been elevated to account executive positions, while Mary Claire “MC” Miskell and Rachel Jacobs were upped to junior account executives.
This article was written in partnership with Allison Parker.
Ryan Kavanaugh’s Proxima entertainment company has acquired a “significant strategic stake” in movie-streaming platform ROW8 and formed a joint venture, Proxima 8. Combining the individual strengths of the two separate brands, Proxima 8 aims to revolutionize the way audiences experience cinema and disrupt the current theatrical window models – like PVOD, SVOD, and PPV – and change how movies are distributed and made available to consumers.
The partnership aims to cater to the preferences of today’s younger audiences, tapping into the vast potential that lies within influencer communities as well as digital platforms. Through the acquisition, Proxima Media will be able to leverage the technology that ROW8 offers, further expanding its distribution capabilities, which includes its ability to geolocate by proximity to specific theaters. Additionally, this partnership will allow Proxima to reduce marketing costs while maximizing revenues on highly commercial genre-specific films. By focusing on distributing Proxima’s youth-focused genres –including horror, thriller, action, love stories, and American comedies – and utilizing its social media and influencer connections, Proxima 8 aims to create a platform that caters to today’s generation.
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With involvement in Proxima as well as the 450 million user-rich social media app Triller, Ryan Kavanaugh has had an impressive career in the entertainment industry, marked by a series of achievements and a track-record of staying ahead of the curve. From bringing comic book universes to the big screen to penning market-defining deals for subscription video on demand platforms, Kavanaugh has proven again and again to embrace new innovations and trends in technology as well as change with market shifts. In a 2014 keynote address at a leading industry conference, Kavanaugh stated, “if the studios don’t change soon, the customers will change it for them as they now have the ability to get (content) where they want it, when they want it, and how they want to pay for it.”
Currently, ROW8 is one of the larger independent digital Premium Video On Demand (PVOD) movie platforms, offering its customers access to a vast library of high-quality movies available to stream instantly on their favorite devices. With agreements in place with many of the biggest studio production houses as well as a recent merger with Rad – a blockchain-based streaming platform – ROW8 has quickly become a key player in the industry. The acquisition of ROW8 by Proxima, according to Kavanaugh, “allows [Proxima] to give the influencer stars of our films a way [and] a destination to send their fans and followers to where they can really participate in [their] journey, not just watch the movie. It will be the first time there will be a two-way connection from fan to movie and movie to fan; it’s not just a platform, but a destination.”
Through his connections with Triller, which Kavanaugh held a controlling stake in from 2019 to 2022, the film financier has unique connections to some of the platform’s top influencers. With Proxima 8, Kavanaugh and ROW8 have shown that they are willing to take risks and embrace change, positioning themselves at the forefront of a dynamic market shift. As video distribution markets further develop and mature, the burgeoning platform will definitely be an industry player to watch in the coming years. Keep checking Billboard for the latest on all things Proxima 8.