Business News
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Before hitting the stage to receive the Sir George Martin Award at MBW’s Music Business UK Awards in London on Tuesday night (Nov. 5), outgoing Warner Music Group CEO of recorded music Max Lousada was introduced by someone who truly needs no introduction: longtime Atlantic Records superstar Ed Sheeran, who characterized Lousada as part of […]
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Lekeisha Irion is the new head of A&R at Warner Chappell Music Benelux — a nifty portmanteau for Belgium, the Netherlands and Luxembourg. Based in Amsterdam, Irion will report to Niels Walboomers, president of records and publishing in the three-nation region. Since joining as A&R Manager last year following a stint as an office manager for Sony Music Publishing, Irion has influenced Dutch pop and hip-hop, working with artists like Roxy Dekker, who has slapped four No. 1s in the Netherlands this year, Dutch singer-rapper Antoon. Known for her collaborative work with Warner Music Benelux’s recorded music team, Irion has helped secure both publishing and recording deals for several artists. Walboomers and Shani Gonzales, WCM’s Head of International A&R, praised Irion’s early success and strong instincts for new talent. “She understands how genres and scenes are evolving in different markets and spots the opportunities for her writers to jump into collabs,” Gonzales said.
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Sony Music Publishing elevated Racheal Conte to vice president of sample clearance, legal and business affairs. In her new role, Conte will lead the U.S. sample clearance team, modernize operations and develop strategies to expand sampling opportunities for SMP’s songwriters and catalog. She’ll also collaborate with global offices to streamline sample clearances for U.S.-based works, reporting directly to Peter Brodsky, evp of business and legal affairs and general counsel, from New York. Conte joined SMP in 2006 and has held various roles, most recently assistant director of sample clearance. “Racheal’s contributions have been key to the success of SMP’s songwriters and catalogs, and it has been rewarding to see her growth as a leader throughout her time at the company,” said Brodsky.
RADIO, RADIO: iHeartMedia laid off dozens — hundreds, according to reports — of staffers from radio stations around the country. Among the impacted in the sweeping cuts are regional presidents Matt Scarano (Chicago), Clyde Bass (Texas/Arkansas), Alan Chartrand (Boston) and Michael Burger (Raleigh), among others … Back at the home office, iHeart elevated Jordan Fasbender from general counsel to chief legal officer, with the former 21st Century Fox exec retaining her other titles of evp and corporate secretary … Audacy hired senior vp of research and insights Ray Borelli, who arrives after working as Warner Bros. Discovery vp of ad sales research.
Emily Crews, former vp of brands and synchronisation at Warner Music Australia, joined Level Two Music as head of partnerships. She brings extensive experience in synch licensing and artist-brand collaborations from her time at Warner and, prior to that, Universal Music. The Sydneysider said she’s excited about Level Two’s dynamic and thoughtful approach to music supervision, while managing director Jen Taunton praised Crews’ ability to “navigate through often complex and layered deals, always managing to find the ‘sweet spot.’”
Nashville-based Reliant Talent Agency has announced a round of promotions and hires, with former Paradigm music executive Keith Richards joining RTA’s festival department. Reliant has also promoted Ron Kaplan and Garry Buck to executive vp roles, while Kailey Edgerton, Cole Speed and Robert Baugh have been promoted from coordinators to agents. Additionally, the agency has relocated its headquarters to a new office space at 1610 West End Ave. in Nashville. –Jessica Nicholson
NASHVILLE NOTES: Kelli Wasilauski resigned as The Oriel Co. director of Nashville operations, ending her year-long tenure on Oct. 28 … Keller Turner Andrews & Ghanem expanded with three new attorneys. J. Rush Hicks joins as Of Counsel, adding decades of experience and previous leadership at Belmont’s Mike Curb College of Entertainment & Music Business. New associates Cheshire Rigler and Alyssa Johnson also bring experience from other Nashville entertainment law firms.
Los Angeles marketing agency Game Over Media named Gavrielle Chavez as chief operating officer. Chavez will oversee operations across Game Over Studios, Game Over Agency, Game Over Records, and the new GameTune platform. Her role emphasizes expanding reach within next-gen communities and enhancing fan engagement at the company, where recent projects include campaigns for Big Sean, Childish Gambino, Imagine Dragons and Tyla. Chavez previously worked at Scopely, where she led product marketing for the popular game Monopoly Go!, and before that was a creator strategic at TikTok, where she launched TikTok Shop and fostered partnerships between gaming brands and creators. Founder Anthony Pisano said Chavez’s experience at Scopely and TikTok align with Game Over Media’s vision, adding “Gavi’s expertise will also be invaluable as we scale GameTune, our new cutting-edge AI platform that empowers record labels, brands, and gaming publishers to reach their audiences through strategic, data-driven marketing.”
Kuke Music Holding Limited, a NYSE-listed classical music service based in China, announced that its president, Li Sun, resigned in July. The company, which provides classical content to educational resources and boasts a library of about 3 million audio and video tracks, clarified that Sun’s departure was amicable, with no disputes over operational or policy issues. Following her resignation, CEO and chairman He Yu has overseen the company.
ICYMI:
Azu Olvera
Deezer appointed Pedro Kurtz as director of operations for the Americas … Former SiriusXM exec Azucena “Azu” Olvera is now general manager of WK Records … Alana Dolgin joined Atlantic Music Group as the label’s first president of digital marketing … Spinnin’ Records president Roger de Graaf is retiring from the Dutch label he co-founded … and Cara Hutchison was named head of The Lede Company‘s new music division, while Jess Anderson also joins her team. [KEEP READING]
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Sony Music revenue grew 10% year-on-year to 448.2 billion yen ($2.9 billion) last quarter, as hit records by SZA, David Gilmour and Travis Scott, coupled with higher sales from live shows and merchandise, helped boost growth in both recorded music and music publishing.
For its fiscal second quarter ended Sept. 30, Sony Music — comprising Sony Music Entertainment, Sony Music Entertainment Japan and Sony Music Publishing — reported quarterly operating income of 90 billion yen ($589 million), a 12% rise on the same period a year ago.
Adjusted operating income before depreciation and amortization (OIBDA) climbed 15% year-on-year, totaling just under 112 billion yen ($733 million), Sony Music’s parent company, Sony Group Corp., reported Friday (Nov. 8).
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The company said growth in revenue from streaming subscriptions, live events and merchandise from recorded music, as well as the impact of foreign exchange rates were among the key drivers of its positive quarterly financial results. They bring Sony Music’s half-year earnings up to 890.2 billion yen ($5.8 billion), up 16% year-on-year, with a half-year operating income of 176 billion yen ($1.1 billion).
Breaking down Sony Music’s quarterly earnings, recorded music revenue increased 14% year-on-year to 290 billion yen ($1.9 billion), with subscription and ad-supported streaming up 9% to 189 billion yen ($1.2 billion), accounting for around 65% of the firm’s recorded music earnings.
Physical revenue jumped 22% year-on-year to 25 billion yen ($164 million), while Sony’s “other” category — which includes revenue from merchandise, live performances and licensing revenue from synch, public performance and broadcast — was up 33% to 68 billion yen ($446 million).
SZA’s blockbuster album SOS, which has broken numerous chart records since it was first released in December 2022, including overtaking Aretha Franklin’s Aretha Now as the longest-running chart topper of the Top R&B/Hip-Hop Albums tally, was Sony Music’s top seller of the quarter.
In second place was Gilmour’s first studio album in nine years, Luck and Strange, which debuted at No. 10 on the Billboard 200 earlier this year. Other top sellers for Sony Music in the three month period included Scott’s UTOPIA, Future & Metro Boomin’s WE DON’T TRUST YOU, Beyoncé’s COWBOY CARTER, Harry Styles’ Harry’s House and Luke Combs’ This One’s for You. The one title in the top 10 from outside this decade was Michael Jackson’s Thriller, the 1982 classic co-produced by Quincy Jones, who passed away on Sunday (Nov. 3).
On the music publishing side, Sony Music reported revenue of 92 billion yen ($604 million), up 11% year-on-year. The company said the strong performance of its publishing arm was led by strong gains in streaming income, which rose 9% to just under 53 billion yen ($347 million). Publishing’s “other” category grew by around 13% year-on-year to 38.6 billion yen ($253 million). The company disclosed that as of March 31, its publishing division either owned or administered approximately 6.24 million songs.
Visual media and platform sales, which includes revenue from animation titles, game applications and service offerings for music and visual products, fell slightly to 62 billion yen ($407 million), down 1% on the same period last year.
Sony Music said its forecast for full-year revenue was unchanged from the previous quarter with projected sales of 1.74 trillion yen (approximately $11.4 billion) and projected operating income of 330 billion yen ($2.2 billion).
Sony Music’s fiscal second quarter highlights:
▪Revenue of 448 billion yen ($2.9 billion), up 10% year-on-year▪Adjusted operating income of 112 billion yen ($733 million), up 15%▪Recorded music revenue increased 14% year-on-year to 290 billion yen ($1.9 billion)▪Music publishing revenue of 92 billion yen ($604 million), up 11%▪Visual media and platform revenue of 62 billion yen ($407 million), down 1%
Is the music business, traditionally an arbiter of cool, out of touch with U.S. consumers? It’s a tough question to ask — and a tough time to ask it. But if you compare the results of the presidential election with the politics of artists and executives, it’s hard not to.
The dominant mood among people I know is shock at the scale of Donald Trump’s victory — most expected a race so close that ballot-counting would continue all week — and an unsettling feeling that the U.S. is not the country we thought it was. What happened and why will be discussed for years. There’s also a more immediate question: Why didn’t more people see this coming?
Part of the reason is that this still seems so weird — I’m old enough to remember when talking about a professional golfer’s private parts would have been disqualifying in politics, let alone the Republican party. But part of it is that, unintentionally, many people in the media business now live in a bit of a bubble. I’m one of them: I live in Berlin and spend most of my time in the U.S. in or near New York, and I read The New York Times and The New Yorker. When it comes to music, none of my favorite artists supported Trump, and one, Bruce Springsteen, actively campaigned against him. Some of the biggest musicians in the world also supported Kamala Harris — Taylor Swift, Beyoncé, Ariana Grande, Sabrina Carpenter — as did most music executives. Many of them must share my surprise.
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Are they — are we — too detached from the mainstream?
A significant number of Trump supporters are right-wing racists — certainly enough to make one worry. But it’s hard to make the case that Trump supporters are extremists if they account for more than half the vote. By definition, they’re mainstream. Worryingly, the Democrats don’t seem to know how to talk to them in a way that addresses their concerns. Calling them deplorables didn’t work, and making the case that Trump would be a disaster for democracy didn’t, either. (Democracy means that people vote for their leaders — it doesn’t mean that they vote for the leaders you want.) The Democrats focus more on what people can do for their country at a time voters seem more interested in what their country can do for them. Ideas are important, but many people seem more focused on the affordability of groceries.
For whatever reason, it’s now clear that there are more Trump voters than many people, including musicians and music executives, thought. They are also younger and more diverse than people realized. Many of them must listen to pop music. But is the music business listening to them? The idea that it’s controversial just to endorse Trump, without echoing any of his uglier rhetoric, means turning one’s back on more than half of American voters. That’s not how mass marketing works.
The challenge Trump presents to American democracy is far more important than selling music, of course. And I suspect I will get a few emails about how crazy it is to suggest that anyone market music to people who think immigrants are eating cats. But reaching different kinds of people with different kinds of art is what the music business does.
It’s also what politics is supposed to do. Both the music business and politics need to do better at reaching large, diverse audiences. That often means connecting with existing fans, but it has to also mean reaching out to new ones. Often, people simply won’t buy what they’re being sold, whether it’s a new album or a new candidate. But it’s important to have those conversations — both for those of us who want to help elect a new president in four years and those of us who want to argue that this one is going to do a great job.
More and more, politics seems stuck in a loop, in which ideas are marketed to, and cheered, by those who have already decided on them. In music, that’s known as a superfan strategy, and it’s very important. But building one requires reaching new people to turn into fans, or supporters, in the first place.
Live Nation, which is facing a lawsuit brought by the Department of Justice (DOJ) under President Joe Biden, saw its share price jump on Wednesday (Nov. 6) following Donald Trump’s victory in the U.S. presidential election a day earlier.
Live Nation shares gained 7.1% to $125.99 and rose as high as $127.64, just shy of its all-time high of $127.75 set on Nov. 5, 2021. Investors could see Trump’s re-entrance into the White House as a good sign for Live Nation’s efforts to thwart efforts by the DOJ to break up the company.
In a lawsuit filed in May, the DOJ alleged Live Nation abused its market power to hurt competition through exclusive ticketing contracts and threats and retaliations against venues that choose competing ticketing companies, among other actions the DOJ claims are illegal and violate the consent decree that placed competition-enhancing restrictions on the 2010 merger of Live Nation and Ticketmaster.
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“The change in administration typically brings a change in the climate around anti-trust efforts and could impact a case such as Live Nation,” says Bill Morrison, a partner at Haynes and Boone. “It depends on the who are in those key spots, and then what the priorities are of those offices. We’ve seen big pivots in the past.”
Faced with the prospect of fewer regulations and an administration perceived to be pro-market, U.S. indexes posted big gains on Wednesday. The Dow Jones Industrial Average gained 3.6% to a record high. Similarly, the Nasdaq composite rose 3.0% and the S&P 500 improved 2.5% as both reached all-time highs. The NYSE composite gained 1.9% but fell short of its all-time high.
Stocks associated with Trump also fared well, including Tesla, whose CEO, Elon Musk, campaigned heavily for Trump. The company’s shares rose 14.8% while its competitors Rivian and Lucid Group fell 8.3% and 5.3%, respectively. Trump Media & Technology Group Corp., owner of the Truth Social app used by Trump, rose 5.9%.
Bitcoin rose 9.4% to an all-time high of $76,012 on Wednesday. Trump has signaled a laissez-faire approach to cryptocurrency and said he would quickly fire Securities and Exchange Commission chair Gary Gensler, a critic who has punished numerous crypto companies and favors tighter regulations. Trump himself is involved with a new cryptocurrency through World Liberty Financial, a decentralized finance startup that sells a token called WLFI.
In other music stocks news, music streamer LiveOne jumped 28.5% a day ahead of the company’s earnings release for the quarter ended Sept. 30 while iHeartMedia shares fell 12.6% following news that the radio broadcaster cut dozens of jobs at stations across the country this week.
South Korean K-pop giant HYBE said its net profit basically evaporated in the third quarter and total revenue slipped 2% after after the company earned less from concerts and saw reduced music sales, according to results published on Tuesday (Nov. 5).
HYBE’s net profit for the third quarter was 1.444 billion won ($1.05 million), a figure 98.6% lower than the third quarter of 2023 when the company reported of 99,690 billion won ($72.3 million). Total revenue for the third quarter of 527.9 billion won ($382.6 million).
HYBE’s biggest release of the quarter was the debut album, SIS, from KATSEYE, a six-member girl group formed over the summer as part of The Debut: Dream Academy, which spent two weeks on the Billboard 200, the company said.
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HYBE’s direct revenue — which comes from its recorded music business, concerts, and things where artists are directly involved — fell by 15.5% to 323 billion won ($234 million). Revenue from its recorded music division declined by nearly 19% to 214.5 billion won ($155.5 million), while concert revenue fell nearly 15% to 74 billion won ($53.6 million). Revenue from ads and appearances rose by nearly 10% to 34.5 billion won ($25 million).
HYBE’s business lines that operate independently of their artists — like merchandising and sync licensing — performed much better, with revenue from artist-indirect involvement business lines rising by 32% to nearly 205 billion won ($148.5 million). Revenue from merchandise and licensing song rights rose by nearly 16% to 99 billion won ($71.9 million), contents revenue rose 64% to almost 80 billion won ($58 million) and fan club revenue rose by more than 23% to 26 billion won ($18.8 million).
The company’s operating profit margin saw significant improvement — up 4% — from the first quarter this year to 10.3% for the third quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of HYBE’s profit from its operations, fell by 16.4% to 81 billion won ($58.7 million).
HYBE has had an eventful few months. In July, the company appointed Jason Jaesang Lee as its new CEO and announced its “HYBE 2.0” growth strategy, which reorganizes the company, pushes a global expansion and focuses on tech-driven initiatives.
The company has also been embroiled in a dispute with Min Hee-jin, ex-CEO of the company’s label subsidiary ADOR — home to chart-topping girl group NewJeans — regarding HYBE’s claim that Min tried to take control of ADOR and NewJeans.
Ten-time ASCAP songwriter of the year Ashley Gorley is donating royalties from the Billboard Country Airplay chart-topping hit “I Am Not Okay,” written by Gorley with co-writers Taylor Phillips and Casey Brown, and recorded by Jelly Roll, to help aid mental health initiatives for those in the songwriting community.
Gorley, who is also known for writing No. 1 hits including the Morgan Wallen/Post Malone 16-week Hot 100 chart-topping “I Had Some Help” and other hits recorded by Carrie Underwood, Chris Stapleton, Kelsea Ballerini and more, is commemorating the success of “I Am Not Okay” by supporting the launch of a program by The Onsite Foundation, aimed at helping the creative community. The Creatives Support Network will provide free mentorship, education, resources and mental wellness support specifically created to help members of the songwriting community.
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“A song about struggling to get out of bed in the morning is No. 1 and that really speaks to where we are in the world,” Gorley said in a statement. “It was important for us to take this moment to say ‘you’re not the only one,’ and to support a creative network with programming that is tailored to songwriters at any stage of their journey.”
Songwriter-focused intensives are a key part of the program, including two-day immersive, individual or group coaching and therapy sessions designed for creatives. The program also includes mentorship, social impact initiatives and online curriculum and conversation resources complimentary to the creative community, thanks to Gorley giving 80 grants for 80 individuals, in addition to program infrastructure support.
“This song in particular, along with the Jelly Roll Era, is creating a movement and timely conversation regarding the need to equip creatives with necessary tools to optimize their personal and professional pursuits,” Onsite’s Miles Adcox said in a statement. “I’ve been at the intersection of Music and Mental Wellness for the better part of my career and have experienced firsthand the challenges and opportunities facing today’s creatives. Music is medicine, and the comfort, relief, support, and overall impact it provides globally to humanity is immeasurable. Our storytellers are a national treasure we should pour into and protect at all costs. We’re grateful to Ashley, Jelly Roll, and the Tape Room writers for starting this conversation in the songwriting community and for lending their expertise and resources.”
The Jelly Roll hit “I Am Not Okay” offers an honest portrayal of the struggles many face with mental health issues. The song is from Jelly Roll’s recent Billboard 200-topping album Beautifully Broken.
Among Gorley’s recent accolades are ACM songwriter and song of the year for the Cole Swindell hit “She Had Me at Heads Carolina,” and ASCAP’s country song of the year with Wallen’s “You Proof.” Gorley was also honored as NSAI’s Songwriter of the Decade for 2010-2019.
In 2011, Gorley, a Belmont University graduate, also formed his own publishing company, Tape Room Music, with a roster that includes his “I Am Not Okay” co-writers Brown and Phillips.
The Recording Academy has let its members know, via email, of some changes, one of which will likely be unwelcome news to many: It will no longer provide complimentary tickets to its official Grammy afterparty to all current year nominees. This year’s Grammy Celebration, the afterparty’s official name, will be hosted by the Grammy Museum […]
Greg Phillinganes, a keyboardist from Detroit, was in Stevie Wonder‘s Wonderlove band in the early ’70s when prolific producer and composer Quincy Jones invited him to play on a session with jazzman Billy Eckstine. The collaboration led to a nearly 50-year relationship, in which Phillinganes appeared on “Q”-produced classics such as Michael Jackson‘s Off the Wall and Thriller, plus albums by Patti Austin, George Benson, James Ingram and Jones himself. By phone from New York, where he is working with Pink Floyd‘s David Gilmour on his Luck and Strange tour, Phillinganes remembers Jones, his friend and mentor, who died Sunday at 91.
The first time I met him, I was still in high school. I was 18, living in Detroit. Quincy was in town for a signing of his new album You’ve Got It Bad Girl [in 1973]. I left school early and I went downtown to Hudson’s [department store] to meet him. I bought an album and stood in line. I remember shaking hands with him, we talked for a couple minutes and I told him I was a musician. I remember him asking me what I play, and I said keyboards, and he asked me if I had a Fender Rhodes. I told him, “No, but I get to use one in the band I play in.” He was supportive and wonderful and encouraging.
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It led to another meeting, which happened after I joined Stevie’s band. He had me come down to A&M Studios to play on a little ditty that he was producing on Herb Alpert. The name of the song was “The Best Thing,” which was a single for this little artist named Billy Eckstine [the great jazz singer]. Not too long after that, I ended up on most everything [Jones] did. The thing about Quincy is, if he invites you in, it’s assumed you are worthy of being there.
He has a gentle way. If he’s sweating, he never lets you see it. He’s always able to bring out not only the best in you, but qualities in you that you didn’t even know you had. It’s only after the fact that you realize you’re a better musician than before you went in.
That was a wonderful surprise, to be called to participate in Michael Jackson’s first solo record [Off the Wall]. [Jones] asked me to arrange the song “I Can’t Help It” that was written by Stevie. We got the demo, we’re in the studio, we heard it. It was an up-tempo Latin feeling. Quincy gave me the responsibility of handling it. I thought, “Great, I’m going to do the same kind of thing Stevie did, and really amp it up and make it jazzy.” I did a demo. I had Sheila E. playing on it and Michael sang on it. I played it for Quincy and he said, “No.” Quincy said, “No, we have to slow it down and make it sexy.” Quincy was trying to establish Michael as an adult. When I understood that assignment, I jumped all over it and put a beautiful Rhodes on it and sexy synth bass and these gorgeous lush synths and overdubs. That is the version that’s on the record.
I had a nickname that was not from Quincy. It originated from junior high school in Detroit. This guy started doling out nicknames to people, and I happened to be there. He got to me and said, “We’re going to call you Mouse.” From that day on, everybody called me that. When I got older, it got less cute to me. “Hang on, I’m an adult, and I’m already small in stature, I don’t need to be reminded of it.” I grew in popularity quite heavily in Detroit, and I was playing in bands around town, everybody knew me by that name and it just stuck. I moved to L.A. in June ’75 and I felt this sense of freedom: “I’m starting a new life and nobody knows who I am — and more importantly, no one knows me by that dreaded nickname.” But guess what? There was a buddy of mine, another musician who also played keyboards, who started working with Quincy before I did. He told Quincy about me, but he told him that name. So the second time I met Quincy, the first thing he said to me was, “How you doin’, Mouse?” I went, “AAAAIEEEE! AAAAAGGGGHH!” Not just him. He would introduce me to friends of his, like Arthur Ashe, Colin Powell — he would say the nickname. It’s like, really, Quincy? Really?
When he developed the talk show Vibe [in 1997], he called me in his office and said, “I want you to be the musical director of this show.” I said, “This is incredible, I’ve always wanted to have a band on a TV talk show.” He paused and said, “There’s this one thing. I want you to use that name.” I said, “Aw, come on, man, you’ve got to give me a break on that. People are going to spot me in the mall and go, “Hey, that’s Mouse.” He looked at me and said, “That’s the idea.” Well, you couldn’t fight that. It got to the point where I accepted it from him, because his tone of voice, the way he called me that, it was just so endearing.
The last time I saw him was June 17. It took months of planning. I’d been desperately trying to contact him and it was so tough because the family were really keeping things tightly monitored, and understandably so. It was finally arranged and we talked and reminisced. He said things like, “Life is amazing, isn’t it, Mouse?” He was sitting in a chair and I stood behind him and he held my hand and kissed it. Just so beautiful and intimate, and I will never forget it.
It goes back to the directive that his mentor [French composition and orchestration teacher] Nadia Boulanger told him, and he has since told me, and I have since told every kid I meet: “You are never more of a musician than you are a human being.” Quincy was one rare, loving, passionate, soulful, funny and generous human being.
— As told to Steve Knopper
Billboard’s peer-voted Power 100 Players’ Choice Award is back for 2025 and asking music industry members from all sectors to honor the executive they believe had the most impact across the music industry in the past year. Voting is open to all Billboard Pro members, both existing and new, with one vote per member per […]