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Bolstered by both organic growth and additions to its repertoire, Reservoir Media posted strong gains in its latest fiscal quarter and raised its guidance for fiscal year revenue and earnings.
Revenue increased 19% to $42 million in its fiscal third quarter ended Dec. 31, the company announced Wednesday. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a commonly used measure of profitability, climbed 26% to $17.3 million.
During Wednesday’s earnings call, CEO Golnar Khosrowshahi cited the company’s repertoire, its ability to capture demand for its music for the 16% improvement in music publishing revenues and the 20% jump in recorded music revenues. In addition, Khosrowshahi attributed the company’s “commitment to cost containment and closely managed business operations” to the improvement in adjusted EBITDA.
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In the publishing division, price increases at streaming services helped digital revenues grow 20% to $16.7 million while mechanical royalties jumped 143% to $900,000 on the strength of physical sales of existing catalog. Performance and sync revenues improved just 2% and 3%, respectively. In the recorded music division, digital revenue grew 24% to $8.1 million, physical sales rose 18% to $2 million and sync royalties jumped 23% to $1 million. Neighboring rights revenue fell 7% to $900,000. The quarter was helped by an unspecific royalty recovery from a routine audit, said CFO Jim Heindlmeyer.
Reservoir Media has spent over $70 million on catalog acquisitions in the first three quarters of its fiscal year. Those deals include the acquisition of the catalog of South African composer Lebo Morake and the producer royalties of Jack Douglas (Aerosmith, Cheap Trick).
“The pipeline remains robust, and we continue to be excited about the opportunities that are before us, we continue to have that populated with more off market deals, and that’s a strategy that we’ve been able to execute on successfully for many years now,” said Khosrowshahi.
The company also signed a publishing deal with k.d. lang and extended its deal with songwriter Serban Cazan (“Mantra” by Jennie).
After exceeding internal expectations in the quarter, Reservoir Media raised its full-year guidance. The company now expects revenue to be $155 million to $158 million, an increase of $5 million from the previous quarter’s guidance. Adjusted EBITDA to fall within $61.5 million and $64.5 million, a $2.5 million increase.
Shares of Reservoir Media responded by climbing as high as $8.85, up nearly 9%, in early Wednesday trading before settling at $8.30, up 2.1%, by midday.
The Music Business Association has announced the agenda for Music Biz 2025, set for May 12-15 at the Renaissance Atlanta Waverly. This marks the first time the conference will be held in Atlanta, as part of a new rotating host city model, following a decade in Nashville.
The change, announced last March, is inspired by the Music Biz Roadshow series, which has connected industry professionals with local artist communities like Memphis and Chattanooga since 2022.
New events include a First Timers’ Meetup on May 12, allowing newcomers to connect with Music Biz staff and board members, followed by first day-capping party sponsored by Spotify. The State of the Industry breakfast on May 13 will explore global consumption trends and industry outlooks. Multi-panel discussions like Humans of Music and Workflow Workshop will focus on workforce and operational improvements.
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The Music Biz Roadshow returns on May 12, with support from The Mechanical Licensing Collective and Made In Memphis Entertainment, to help artists and their teams optimize revenue streams. Tech-focused pros can attend events such as the Startup Lab on May 12, Startup Round Robin on May 13, and the Music Tech Hackathon on May 15. Additional summits include Let’s Talk Physical, Music Security Summit, Publishing Summit, Music & Money and the Indie Label Summit.
The fourth annual Bizzy Awards dinner, sponsored by Warner Music, will be held on May 14, honoring late Twitch executive Cindy Charles, who died in a tragic traffic accident in October, with the 2025 Presidential Award, and Digital Data Exchange with the 2025 Impact Award. Finalists will be announced in February, with winners recognized at the event.
Music Biz president Portia Sabin expressed excitement for this year’s expanded agenda, highlighting the industry’s strong hand in shaping the program.
“The task of building a comprehensive, four-day program for our Annual Conference becomes harder and harder every year thanks to the innovative and compelling panel ideas contributed by our ever-growing global community — it’s a good problem to have!” said Sabin. “We’re proud of how the agenda for Music Biz 2025 came together, and we can’t wait to welcome both new & returning faces to our event in this year’s new host city.”
President Donald Trump on Monday signed an executive order directing the U.S. to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he’s successful at finding it an American buyer.
Trump signed an order on his first day office to grant TikTok until early April to find an approved partner or buyer, but he’s said he’s looking for the U.S. to take a 50% stake in the massive social media platform. He said Monday in the Oval Office that TikTok, which is owned by China-based ByteDance, was an example of what he could put in a new U.S. sovereign wealth fund.
“We might put that in the sovereign wealth fund, whatever we make or we do a partnership with very wealthy people, a lot of options,” he said of TikTok. “But we could put that as an example in the fund. We have a lot of other things that we could put in the fund.”
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Sovereign wealth funds invest in assets, such as stocks, bonds and real estate. They are typically funded by a country’s budgetary surpluses, which the U.S. currently does not have.
Trump noted many other nations have such investment funds and predicted that the U.S. could eventually top Saudi Arabia’s fund size. “Eventually we’ll catch it,” he promised.
There are over 90 sovereign wealth funds around the world that mange over $8 trillion in assets, according to The International Forum of Sovereign Wealth Funds, a London-based organization made up of roughly 50 of these entities.
In the U.S., more than 20 sovereign wealth funds exist at the state level, according to analysis from the Center for Global Development, a Washington-based nonpartisan think-tank.
The largest ones — based in Alaska, New Mexico and Texas — are financed through revenue that comes from oil, gas and mineral proceeds and used to fund in-state programs, such as education. Though these funds are owned by governments, they tend to operate as standalone institutions with their own investment strategies and staff, the center said.
The president put Treasury Secretary Scott Bessent and Howard Lutnick, Trump’s pick for commerce secretary, in charge of laying the groundwork for creating a the fund, which would likely require congressional approval. The executive order says a plan for the fund — including recommendations for investment strategies and a governance model — has to be submitted to Trump within 90 days.
Former President Joe Biden’s administration had studied the possibility of creating a sovereign wealth fund for national security investments, but the idea did not yield any concrete action before he left office last month.
Bessent said the administration’s goal was to have the fund open within the next 12 months, and Lutnick said another use of the fund could have been for the government to take an profit-earning stake in vaccine manufacturers.
“The extraordinary size and scale of the U.S government and the business it does with companies should create value for American citizens,” Lutnick told reporters.
TikTok was supposed to be banned in the U.S. last month under a federal law that forces ByteDance to divest its stakes or face a ban. The law was passed in April with bipartisan support in Congress and signed by Biden. The two companies and some users quickly took legal action against the statute, which was ultimately upheld by the Supreme Court last month.
After taking office, Trump, who had attempted to ban the popular app during his first term, directed the Justice Department to pause enforcement of the law for 75 days. The reprieve has given the company more time to work out a deal with the administration.
Several investors — including billionaire Frank McCourt and Trump’s former Treasury Secretary Steven Mnuchin — have spoken publicly about their desire to purchase TikTok’s U.S. platform. Trump has said “many people” had also reached out to him privately about it. Last week, he said Microsoft was one of the U.S. companies eyeing the social media platform.
A San Francisco-based artificial intelligence startup called Perplexity AI presented a proposal to ByteDance last month that would allow the U.S. government to own up to 50% of an entity that combines TikTok’s U.S. platform with Perplexity’s business, a person familiar with the matter previously told the Associated Press. If successful, the proposal would allow the U.S. government to have a sizable stake in that entity once it makes an initial public offering of at least $300 billion.
The wait is over. In 2025, Billboard U.K. will be hosting its inaugural Power Players list, also known as the Power 100, for the U.K. and Ireland’s world-beating music industry professionals.
While Billboard’s Power 100 ranks the music industry’s most influential executives globally, this list will celebrate and recognise the executives and members that are at the forefront of the U.K. and Ireland’s music scene, and boosting the region’s hugely talented artists on a global scale
Billboard U.K.’s Power Players list will be published in June 2025, and will be celebrated with an exclusive event at the upcoming inaugural SXSW London.
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Further details will be shared in the coming months.
“The U.K. and Ireland has long been home to some of the most influential figures in global music, shaping the industry and driving artists to new heights,” says Mo Ghoneim, president of Billboard U.K. “We look forward to spotlighting the executives leading this charge with Billboard U.K.’s Power Players, from labels to live, streaming to rights, and beyond.”
The news follows a period of success for British and Irish artists in recent years. In 2024, there were appearances for Hozier, Dua Lipa, Charli XCX, Coldplay and Ed Sheeran on Billboard’s Year-End Top Artists charts. Rising stars, meanwhile, like Lola Young, Aretmas, Myles Smith and more are growing their audiences domestically and internationally.
2025 will also be a bumper year for concert-goers with the U.K. hosting some of the most in-demand tours and live experiences: Oasis will kick off their reunion tour in Wales before heading around the globe, and superstars like Lana Del Rey, Billie Eilish, Olivia Rodrigo, Sabrina Carpenter, Usher and more come into market for huge shows.
There are challenges to be met, too: Grassroots music venues face decimation without urgent action; legislation on artificial intelligence is paramount to the government’s agenda on growth; artists are finding touring a loss-making endeavour; the live and festival landscape continues to evolve and bring new obstacles. These themes will shape the inaugural U.K. Power Players, but the doors are wide open.
The Power Players list will be peer-nominated and selected by the Billboard U.K. team. Nominations open Feb. 4 and will close in two weeks on Feb. 17. Interested parties can fill in the nominations form here. For any queries, please contact power100@uk.billboard.com or tsmith@uk.billboard.com.
Spotify’s share price continues to soar in 2025 following a massive gain in 2024, making the music streaming company’s $109.3 billion market capitalization worth about the same as every standalone, publicly traded music company from which it licenses music combined — with nearly enough left over to include concert promoter Live Nation.
Based on closing prices Monday (Feb. 3), Universal Music Group has a market cap — the value of outstanding shares — of $51.1 billion, amounting to less than half of Spotify’s. The other standalone, publicly traded “multi-sector” music companies covering record labels and music publishers total another $27.8 billion: Warner Music Group ($16.6 billion), HYBE ($6.5 billion), JYP Entertainment ($1.8 billion), Believe ($1.5 billion), SM Entertainment ($1.3 billion), YG Entertainment ($646 million), Reservoir Media ($522 million) and Avex ($421 million). That brings the multi-sector aggregate market cap to $80.4 billion. If you add Live Nation’s $33.6 billion market cap to the multi-sector group, the combined market cap exceeds Spotify by just $4.7 billion.
Additionally, if you add the market cap of Sony Music – which is part of the Sony Corp. conglomerate and doesn’t trade as a standalone company – to UMG and WMG’s, the three major music groups’ aggregate market cap isn’t much more than Spotify’s. Importantly, if Sony Music was independent of Sony Corp, its value would be comparable to that of UMG. In the past four quarters, the two companies have had almost equal revenues on a dollar basis — $11.6 billion for UMG to $11.59 billion for Sony Music. Assuming the companies have similar margins and growth prospects, Sony Music’s market cap could — but would not necessarily — equal UMG’s $51.1 billion. Add WMG, and the three majors have a combined market cap of $118.8 billion — just $9.5 billion more than Spotify’s market cap at the end of trading on Monday.
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This imbalance between Spotify and music companies’ values hasn’t always existed. A move into podcasting and a pandemic-led growth spurt pushed Spotify’s stock above $380 in February 2021. The frothy times didn’t last long, however. Investors who were previously attracted to streaming companies’ high growth rates eventually demanded more financial discipline. When Spotify shares fell to an all-time low of $69.29 on Nov. 4, 2022, its roughly $13.3 billion market cap was less than a third of UMG’s $40.9 billion. But layoffs and price increases turbocharged Spotify’s financial statements and sent its share price into a new stratosphere. In 2023, the company laid off roughly a quarter of its full-time staff and implemented the first of two price increases. In 2024, Spotify’s share price rose 138.1%. Last month, it jumped another 22.6%.
Today, Spotify’s market value puts it in a rarefied air amongst entertainment companies. Netflix — which has 302 million subscribers globally to Spotify’s 252 million, and much higher prices — currently has a market cap of $418.8 billion. Walt Disney, which spans streaming, cable TV networks and theme parks, is worth $206.1 billion. Sony Corp, a huge company that includes games, movies, TV and hardware, has a market cap of $133.7 billion. Telecommunications giant Comcast, owner of NBCUniversal and cable company Xfinity, is worth $126.7 billion. Spotify is worth more than Warner Bros. Discovery ($24.9 billion), sports gambling company DraftKings ($20.2 billion) and video game companies Nintendo ($87.6 billion), Roblox ($46.4 billion) and Electronic Arts ($32.2 billion).
Approximately 900 people joined a town hall meeting hosted by Burning Man Project on Saturday (Feb. 1) with the organization’s CEO Marian Goodell, along with other staffers, making myriad announcements regarding the 2025 event, including information regarding a tiered ticketing system with new prices.
The town hall happened after months of fundraising efforts by Burning Man Project — the nonprofit behind the annual gathering in Nevada’s Black Rock Desert and other Burning Man-related initiatives –after it reported a $10 million deficit due, as Goodell explained to Billboard in November, 2024 tickets not selling as forecasted.
The financial issue was compounded when Burning Man 2024 failed to sell out for the first time in many years. In November, Goodell said all ticket tiers saw decreased sales in 2024 and estimated that attendance was down by roughly 4,000. As such, in the latter part of 2024, Burning Man spent months trying to raise $20 million (with 2024’s $10 million deficit added to $10 million the organization typically raises every year) through a subscription program that encouraged Burners from around the world to make monthly donations to Burning Man Project.
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In the Saturday meeting, Goodell noted that the organization did not meet this fundraising goal, although she did not announce how much money was raised. (Goodell did note that a December campaign to raise $3 million was a success, and elaborated on the organization’s financial picture in a recent blog post.) She added that Burning Man Project “did manage to reduce our internal spending and budget by 9%… and will continue to tightly manage operating expenses and capital expenses across the organization.”
Goodell and the team then unveiled a revamped ticketing program, with new and updated price tiers. Tickets for Burning Man 2025 will start at $550, with prices scaling up from there — $650, $750 and $950m and more.
Tickets will be sold in three separate public sales, with the first happening on Feb. 12. Tickets in this sale (dubbed the “Today Sale”) will be $550, $650, $750, $950, $1,500, and $3,000, plus applicable taxes and fees. Registration for this sale opens on Monday (Feb. 3), with the sale offering a limited number of tickets available at each price. The Burning Man site notes that “$550 and $650 tickets are expected to sell quickly.” The meeting did not address how many tickets will be available at each price point.
Since 2022, Burning Man’s main sale tickets cost $575, an increase from $475 in 2019. (Burning Man didn’t officially happen in 2020 or 2021 due to the pandemic.) Therefore, many 2025 main sale tickets will be sold at a higher price than in previous years. In the meeting, Goodell emphasized that making new tiers (with ticket tiers previously offering no tickets between $550 and $1,500) provides more pricing options than ever before and “helps keep ticket prices affordable”
Beyond this first sale, the annual Steward’s Sale will happen on March 5, with these tickets going to camps, art installations, art cars, and groups supporting organizational initiatives having access to attending the event. The Stewards Sale has its own ticket price allotments reserved unrelated to other ticket sales.
Another ticket sale (dubbed the “Tomorrow Sale”) will happen at to be determined date and include ticket tiers based on ticketing availability following the “Today Sale.” A final sale (the annual “OMG sale”) will happen in July and offer any remaining tickets across all the price points.
Meanwhile, two new programs — the “Renaissance Program” and “Resilience Program” — will debut with the goal of bringing networks and groups to Black Rock City and brings people affected by natural disasters and geographical conflict, respectively. More information regarding these programs will be announced in the coming weeks and months.
Goodell alluded to backlash over the recent fundraising campaign among factions of the global Burning Man community, saying that “with the event selling out every year, we [previously] didn’t need to explain that tickets do not cover the event cost and that philanthropy is needed, but the game has changed, and we should have brought you along better on this journey and we appreciate you sticking with us… We are learning and improving, reducing bureaucracy and red tape, and we hope that you see and feel this in how you engage with us and one another.”
The meeting featured presentations from several members from Burning Man Project, with operations director Charlie Dolman explaining several new processes, including an expedited process to acquire the vehicle passes that allow Burners to drive through the event. Burning Man will also issue new “decommodification guidelines” meant to, as Dolman said, address “cultural issues,” along with a more organized ingress and egress system. (In previous years it’s taken some attendees roughly 12 hours to leave the event.)
“Over the last last few months we’ve gotten a lot of feedback from a lot of people, and I just want to say that we’ve heard you, and honestly even when it’s been uncomfortable we’ve kept our eyes and ears open. We want that feedback,” Dolman said, continuing that “in places we’ve overcomplicated things and we’ve made things too bureaucratic maybe, and that’s no fun. That has all been done with good intention… but also it became not fun, so we needed to course correct.”
Later in the presentation, Goodell also noted a new attempt to push back on costs related to the Bureau of Land Management, with fees from the organization typically coming in at $8 million. “I think we’re going to see some improvements in costs with the BLM,” she disclosed.
In a banner week for music stocks, record labels and music publishers posted gains after Universal Music Group (UMG) signed a new licensing deal with Spotify and Amazon announced further price increases for its music streaming service.
UMG gained 11.2% to 26.94 euros ($27.91) after the company announced it renewed its licensing deal with Spotify for its record labels and music publishing. According to the company, the agreement will allow for “new paid subscription tiers,” such as Spotify’s anticipated high-priced superfan offering, and bundling of music and non-music content. UMG also got a boost from news that Amazon is raising prices on its Amazon Music Unlimited on-demand service in the U.S., U.K. and Canada. After the week’s gain, UMG had recovered nearly all of the 24% decline it suffered after its second-quarter earnings results showed lower-than-expected streaming growth.
Morgan Stanley analysts called it “an important and positive week” for investors in companies that operate in the music streaming space. Warner Music Group (WMG) rose 6.7% to $31.80 as investors likely assumed the company will follow UMG and negotiate a mutually beneficial licensing deal with Spotify later this year. Both Believe and Reservoir Media rose 2%.
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Spotify rose another 7.5% to a new record closing price of $548.55 after multiple analysts raised their price targets and the streaming giant emerged victorious in a U.S. court case over a tactic employed to lower its royalty obligations. The streaming company’s stock reached as high as $560.36 on Friday (Jan. 31), valuing the company’s market capitalization at approximately $111 billion. More analysts hiked their price targets ahead of Spotify’s earnings call on Tuesday (Feb. 4). Deutsche Bank increased its Spotify price target on Monday to $550 from $535, while Citi raised it to $540 from $500.
Music stocks have produced strong gains just one month into the new year. This week, the 20-company Billboard Global Music Index (BGMI) rose 6.4% to a record 2,447.97. Just two of the index’s 20 stocks lost ground while one was unchanged and 17 posted gains. The index’s third-straight weekly gain was the best of the year and the best single-week performance since the BGMI gained 6.8% in the week ended July 21, 2023. Just 31 days into 2025, the index is up 15.2% and is outpacing major indexes such as the Nasdaq composite (up 1.6%), S&P 500 (up 2.7%) and FTSE 100 (up 6.1%).
Aside from Spotify, other streaming companies posted large gains. LiveOne, the week’s greatest gainer, jumped 20.8% to $1.45 after CEO Robert Ellin announced — from President Trump’s The Mar-a-Lago Club — that LiveOne had surpassed 700,000 Tesla users, half of which are free, ad-supported users. Chinese music streaming company Cloud Music also improved, with its stock up 8.4% to 112.20 HKD ($14.40), after the company announced it had reached a “preliminary” agreement with K-pop company SM Entertainment to keep the K-pop company’s catalog at the platform. Paris-based Deezer rose 9.6% to 1.26 euros ($1.31). Abu Dhabi-based Anghami improved 4.2% to $0.75.
SiriusXM rose 9.3% to $24.01 after the company’s fourth-quarter earnings on Thursday (Jan. 30) showed a drop in revenue and subscribers but gross margins and earnings before interest, taxes, depreciation and amortization (EDITDA) that were in line with guidance. For full-year 2025, SiriusXM expects slight declines in both revenue and adjusted EBITDA but an increase in free cash flow to $1.15 billion from $1.02 billion in 2024. Ahead of the company’s earnings, Deutsche Bank lowered its price target to $25 from $28.
Sphere Entertainment Co. shares rose 8.5% to $46.60, with Guggenheim raising the company’s price target to $69 from $64 and maintaining its “buy” rating. Sister company MSG Entertainment, which will announce earnings on Thursday (Feb. 6), rose just 0.1% to $36.34.
iHeartMedia had the week’s largest decline, dropping 8.3% to $2.22, after posting gains in previous weeks. iHeartMedia shares are up 12.1% year to date.
About a year and a half into Gimme Gimme Records’ existence in New York City’s East Village, a leak erupted from an upstairs tenant and landed directly on the only section of CDs. Shop owner and founder Dan Cook says he took the leak – supposedly caused by an upstairs tenant falling asleep while filling the bathtub – “as a sign from God.”
Cook admits that the CD section was quite paltry despite it being the mid-1990s, but he still decided to stick strictly with vinyl going forward.
Plus, he could stick with the tried and tested format since the small space he rented on East 5th Street was incredibly cheap. It was a small storefront, painted forest green with an overhang informing passersby that they both bought and sold records, that Cook shared with “an eccentric dude” who sold items he found on the street and taught piano lessons in the mornings.
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“The building was kind of crummy, honestly,” says Cook of the space he rented out a little over 30 years ago. “We were right next to the 9th Precinct, the police station, so kind of odd vibes for a record store. But for cheap rent, you put up with a lot.”
Despite the eccentric neighbors in the “old East Village,” as Cook puts it, the store was a legitimizing step up from the flea market where he was used to selling his collection. Growing up in Massachusetts, Cook was obsessed with vinyl and would buy records from yard sales and flip them at local record stores for albums he actually wanted. “Then, I moved to New York City and tried doing the same thing, and the stores were not as generous. It was just like, ‘here is 11 cents credit.’” he says, “So, I started saving them up and selling at the Chelsea flea market.”
Dan Cook
Jennifer Black
The store was only open Thursday through Sunday and served as a side business for Cook, who also worked at a bookstore and was the lead vocalist for the Matador Records-signed Lynnfield Pioneers, which formed in 1996 and disbanded by 2000. The band was self-described as “hip-hop-no-wave,” which seems fitting for Cook who calls himself and his store “generalist.”
“That’s something that used to set me apart in New York, being a generalist. I like all types of music. If I go through a box of country records or a box of hip-hop records, I know the good ones,” says Cook. “It broadens my opportunities to bring in stuff.”
The pre-streaming era was ripe with genre purists, but besides some questioning glances, Cook’s love for all kinds of music set him up for success whether it is purchasing new vinyl or sifting through used collections. A genre-agnostic store is more of the norm today and suits the pedestrian traffic of Gimme Gimme’s new location in Highland Park, a retro-leaning neighborhood in Los Angeles.
After 18 years in the New York location (and a rent increase of only $50 from 1994 to 2012), the owner of the East Village location sold the building and Cook decided to move the collection to Highland Park where he and his wife had moved in 2010. For two years, Cook had been assessing vinyl inventory over Skype with friends who were running the shop in New York. But once the building had a new owner, Cook found a 1,200 sq. ft. location on Highland Park’s York Boulevard. The street is full of vintage clothing and furniture shops, small cafes, a 100-year-old bowling alley and plenty of popular restaurants that keep the foot traffic steady in front of the new Gimme Gimme Records.
Gimme Gimme Records
Dan Cook
But the high concentration of vintage lovers also means there’s lots of competition in the area. There are six record stores within a half mile of Gimme Gimme Records, which Cook says both helps and hurts.
“Getting record collections is super competitive,” Cook explains. “I am not just competing with other record stores. There are people with Discogs or eBay and that’s their side hustle.”
On the bright side, having that many record stores in one area makes it a destination for folks visiting. The vinyl enthusiasts and foot traffic are especially valuable since Gimme no longer hosts live shows (they weren’t worth the effort) or sell much outside of its roughly 10,000-15,000 vinyl collection (Cook also collects and sells photography and art books that make up about 2% of Gimme sales).
With about 60% new and 40% used records and a hearty selection of all genres, Gimme is seeing Cook’s generalist tendencies paying off. When the store opened more than 30 years ago, Cook says the clientele was almost exclusively male, but now it’s not uncommon for him to look up from his back counter and see all genders and generations.
“When I first opened the store, it was just sweaty dudes. That’s a cliche, not everyone was, but now its teenagers coming in and grandma/granddaughter duos coming in,” says Cook. “It’s really amazing to see.”
More in this series:
Twist & Shout in Denver, Colo.
Grimey’s in Nashville, Tenn.
Home Rule in Washington, D.C.
Sweat Records in Miami, Fla.
A new report by the Canadian Live Music Association (CLMA) reveals that live music contributes billions to the Canadian economy.
That’s over $10 billion in GDP during 2023 alone to be precise. Hear and Now: Understanding the economic power and potential of Canada’s live music industry is the first-ever economic impact assessment of Canada’s live music industry, identifying the significance of live music in Canada at the same time as it emphasizes major challenges.
The study, which is led by research firm Nordicity and commissioned by the CLMA, notes that these numbers have been achieved largely without a dedicated fiscal policy framework incentivizing live music. “$10.92B in combined impact from live music and tourism spending… without trying.”
Erin Benjamin, CLMA president & CEO, emphasizes that these numbers show the importance of supporting music venues.
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“More live music activity — an increase in live music activity at every rung of the venue ladder — will mean more folks spending their income in that space. It generates the tax revenue, it generates the labour income,” she told Billboard Canada at a press launch for the study at Allied Music Centre in Toronto this week (Jan. 30). “Live music is the vehicle that stimulates that kind of economic activity.”
Though the Canadian live industry is a big part of the country’s economy, it faces serious challenges.
In Canada, venues are closing down. Toronto saw roughly 15% of venues close permanently during 2020-2021 alone. A venue shortage especially impacts emerging artists, who need a venue ladder — a scale of increasingly-large venues they can work up to — as they grow their career. “The critical shortage of small and mid-sized venues restricts access to local live music,” the report states.
Benjamin tells Billboard Canada that on a policy level, she would love to see more support for the sustainability and growth of small venues. “The first few rungs on the venue ladder are the most vulnerable. We want to make sure we’re not losing our incubator spaces and our discovery spaces.” She mentions CLMA’s pilot initiative with FACTOR Canada, the Promoters Program, which supports companies presenting live music in Canada. She hopes to see the program made permanent.
Musicians and industry members are also facing increasingly tough conditions when it comes to making a living. The report estimates that in 2023, the average salary for a full-time employee in the Canadian live music industry was around $31,000 — putting music industry workers below the poverty line.
Read more on the report here.
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Canadian Airplay Charts Find a Home on Billboard Canada
Seven charts are debuting on Billboard Canada.
The Canadian Airplay Charts, all of which track Canadian radio airplay, have found a new exclusive home at Billboard Canada’s charts hub.
They’ll be updated every Thursday and live alongside the Billboard Canadian Hot 100 and Billboard Canadian Albums chart.
The charts cover seven different types of radio airplay, diving into what’s performing well in adult contemporary, country and rock across Canadian radio.
“Billboard Canada is the official home for Canadian music charts,” says Mo Ghoneim, President of Billboard Canada. “Making these airplay rankings available on our platform is part of our commitment to providing deeper insight into what’s shaping radio and music across the country.”
Together, the new charts provide a snapshot of the radio landscape, which provides a new angle on music distinct from the Canadian Hot 100.
While Lady Gaga and Bruno Mars hold the top spot on Canadian Hot 100 with “Die With a Smile,” Myles Smith’s “Stargazing” holds the No. 1 spot on the Canadian All Format Airplay chart at launch.
The radio charts regularly feature Canadian artists, thanks in part to Canadian content regulation. In Billboard Canada‘s breakdown of the 2024 year-end charts, radio’s influence on Canadian pop was clear, uplifting rising Canadian artists like LU KALA, Preston Pablo, Josh Ross, Alexander Stewart and Jamie Fine.
Weekly analysis of the radio charts will now accompany Billboard Canada’s regular chart beat stories tracking the Canadian Albums and Canadian Hot 100 charts.
The seven charts include: All Format Airplay, AC Airplay, CHR Airplay, Hot AC Airplay, Country Airplay, Mainstream Rock Airplay, and Modern Rock Airplay.
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AI-Generated Album Appears On Nova Scotia Musician Ian Janes’ Spotify Profile Without His Permission
Nova Scotia musician Ian Janes is speaking out against music by Ian Janes.
Janes, a Music Nova Scotia Award winner, says an AI-generated album was falsely added to his Spotify profile, under his name.
He tells CTV that he found out when Spotify sent him a notification urging him to promote his new release — but he hadn’t released anything new.
When he went to his Spotify profile, he says, there was indeed a new album, but not one he had recorded.
“It’s AI-generated music that you would listen to when you’re on hold,” he describes to Global. The album was removed from his profile but remains on Spotify under a separate profile, also using the name ‘Ian Janes.’ Janes’ lawyer says that it’s not technically a copyright violation unless the music uses Janes’ likeness or his actual compositions.
The album bears the hallmarks of fraudulent music designed to score streams. It has a title that means nothing but seems poetic, Street Alone, and a large number of tracks (20). Several of the songs are named after popular hits but are not actually covers of those songs, like “Ho Hey,” “Summertime Sadness,” and “Give Your Heart A Break.” The music sounds like it could be made entirely within Ableton or Logic Pro.
Last year, nine Canada-based music streaming sites were taken down for streaming manipulation. IFPI, the worldwide recording industry association, and Music Canada had filed a complaint stating that the sites were selling fake streams to boost play counts.
It’s not clear how the distributor who uploaded Street Alone was able to gain access to Janes’ profile. But Janes’ situation demonstrates a clear risk for independent musicians as these tactics proliferate.
“If a name isn’t proprietary, and titles aren’t proprietary, what’s going to keep an AI music company from using the name of existing musicians and using the names of the songs they’ve released?” Janes says.
Last Week: How Music Companies Are Fighting the ‘Streaming Tax’
Welcome to Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business.
Earlier this week, we released our annual rankings of the music industry’s top executives, however, Thursday brought the shocking news of the passing of one those honorees. Ben Vaughn, president and CEO of Warner Chappell Nashville, died Thursday of undisclosed causes at only 49. “The music community has lost a truly extraordinary executive and human being,” said Troy Tomlinson, chairman and CEO of rival UMPG Nashville.
Read on for this week’s updates.
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Alison Smith, longtime executive vp and chief distribution and publisher relations officer at BMI, announced her retirement after nearly 40 years with the company. Starting in 1985 on a temporary assignment in Nashville, Smith’s career at BMI has evolved through multiple departments, ultimately overseeing all domestic and international royalty distribution and administration services for over 1.3 million affiliated songwriters, composers and music publishers. She’s been based in New York since 1987 and will officially step down at the end of March. In her announcement to colleagues, Smith expressed her deep affection for the PRO and said her decision leaned heavily on wanting to spend more time with family and friends. She pointed out the fact she spent her entire career at BMI “says everything about our company, the people, and our mission to support, guide and protect our songwriters, composers and publishers,” adding, “music has always been my passion and will continue to be, and I know BMI will always be a shining star in this business.” Among her numerous industry accolades, Smith was recognized as one of Billboard’s Women in Music for two consecutive years in 2018 and 2019, and again in 2023.
BMI president and CEO Mike O’Neill commended Smith’s significant contributions to both BMI and the wider music community. He also announced that Smith will serve as a strategic advisor for the next two years, with Shouvik Das, svp of distribution, publisher relations & administration services, assuming her responsibilities and reporting directly to him.
“I have known Alison since I began working at BMI 30 years ago, and she has been a colleague, partner, advisor and friend to me every day that I have been here,” O’Neill said. “Alison is part of the fabric of BMI, and she has helped us become the company we are today. She has touched so many lives in an indelible way, not just internally at BMI but also within the larger music community. She will be missed.”
Meanwhile…
Universal Music Publishing Group welcomed Jamie Kinelski as the publisher’s new senior vice president of A&R, reporting to evp and head of U.S. A&R, Jennifer Knoepfle. Based in New York, Kinelski will focus on signing, developing and mentoring songwriters, artists and producers while helping expand UMPG’s U.S. A&R team. Kinelski previously served as senior vp and head of West Coast creative at Kobalt, where she signed and developed artists like Rogét Chahayed, Cuco, and Father John Misty. She also built key partnerships with Heavy Duty Publishing and 88Rising. Before Kobalt, she was creative director at ASCAP, working with artists such as Big Sean and HAIM. Knoepfle praised Kinelski’s leadership and “fierce” advocacy for songwriters, calling her a “tremendous asset to the dynamic and fresh executive team we are building,” adding, “her vast publishing and leadership experience will be extremely valuable to our company’s continued growth.”
Concord promoted Jonathan Eby to executive vp of information systems and technology. Eby will continue to be based in Concord’s Nashville office, and will oversee the company’s global technology, including infrastructure, development and strategy across all of Concord’s business areas. Eby joined Concord in 2017, and previously served as COO of classical music distributor/label Naxos. –Jessica Nicholson
NASHVILLE NOTES: Former CAA music agent Sabrina Butera launched the artist and influencer management company Collide Talent, offering a full-service platform for artists, influencers and entrepreneurs. The company’s initial roster includes country artist Austin Snell, whom she rep’d at CAA, and DIBS Beauty co-founder Courtney Shields … 615 Leverage + Strategy relaunched as Results Global with its existing partners, chief marketing officer John Zarling and COO Jackie Campbell, remaining atop the organization’s structure. The team, which counts Dolly Parton as its largest client, also includes brands account director Alissa Endres, manager of talent projects and music marketing Dawson Simmons, account coordinator Aden Henke, creative director Frashier Baudry and media planner and strategist Lauren Miskella … Business management firm O’Neil Hagaman added principal Rick Myers. He spent the last three years as Big Machine Label Group svp of finance and IT.
Joseph Morrison and Amy Hart, veterans of Eliot Grainge’s 10K Projects, teamed up with tech entrepreneur Scott Lewis to launch prairy (prairy.xyz), a remote-only label focused on speed in closing deals and servicing artist needs. The prairy team is strategically located across the U.S. and Canada, including Los Angeles, Nashville, New York and Atlanta. Operating without a physical office, prairy uses a San Francisco venture-style model that emphasizes speed, iteration and flexibility. The label has already signed a diverse roster of artists, including Dylan Espeseth, .idk., Ri Wavey, Nicole Amoroso, yurms and has partnerships with TRENCH HOUSE and others. Lewis emphasizes prairy’s commitment to operational agility, saying the “system is broken, and we think there’s a better way. The music industry is accustomed to schedules set by the month – we prefer to get things done in days, not weeks.”
BOARD SHORTS: The MLC appointed four new members to its advisory committees. Jennifer Falco of Hipgnosis Songs Group joins the Dispute Resolution Committee, while Iwona Wyrzykowska of Universal Music Publishing Group, Jessica Richling O’Malley of Warner Chappell Music, and Kristina Johnson of Kobalt Music have been named to the Operations Advisory Committee … NAMM elected eight new board members to three-year terms during its 2025 Show. The newly elected board members are Mayumi Allison, Betty Bennett, Jenna Day, Jeremiah Manriquez, Tim Pratt, Thomas Ripsam, Tom Tedesco and Hans Thomann … The Worldwide Independent Network held aboard meeting on Jan. 23, confirming Zena White and Maria Amato for a third term as chair and treasurer, respectively. New members include Felippe Llerena as director, with Cecilia Crespo and Ian Harrison joining as observers. Tony Kiewel transitioned from observer to director. Outgoing members Alejandro Varela, Sandra Rodrigues and Garry West were thanked for their contributions. A full list of WIN board members is here.
ShopKeeper Management, founded by Marion Kraft in 2009, promoted Crystal Dishmon to co-manager of Miranda Lambert alongside Kraft, while continuing to manage Tenille Townes. Dishmon, with extensive industry experience, including senior roles at AEG and Dale Morris, has been with ShopKeeper since 2010. Additionally, Laura Spinelli has been promoted to day-to-day manager for Lambert and continues as digital marketing manager. Spinelli has led innovative marketing campaigns and brand partnerships during her nearly decade-long tenure at ShopKeeper. Based in Nashville, ShopKeeper represents Lambert, Townes and Pistol Annies. The promotions highlight ShopKeeper’s commitment to mentorship and empowering female leaders in the music industry.
Ross Anderson, a former Warner Music communications executive, has launched Dept. of Connection, a New York-based PR agency focused on helping next-gen artists and brands build lasting cultural connections. The agency’s celestial roster includes Deafheaven and Superheaven, no relation, with more projects t/b/a soon. Anderson previously served as vp of public relations at Elektra Entertainment, leading campaigns for Turnstile, Slipknot, Gojira, Twenty One Pilots and more, until his departure in September of last year. He began his career at Atlantic Records in 2007, working his way up to vp. You can reach Ross here.
Rough Bones, a boutique label based in London, launched a new office in Lagos, Nigeria, to expand into the Afrobeat genre. Leading the office is senior A&R exec Jeffrey Onuoha, operations manager Daisy Ogunlana, digital strategist Eskor Umo, and A&R rep Samuel Mark.
Indie distributor IDOL appointed Camille Floch as international marketing and label services coordinator. Floch, previously a label manager at [PIAS], will work under Constance de Bosredon, promoted to head of international, marketing and label services in 2024. In comments, De Bosredon welcomed Floch and highlighted IDOL’s commitment to labels and artists. IDOL also announced this week that it has partnered with Mexican Summer and Dom Recs for global digital distribution, marketing and audience development.
ALL IN THE FAMILY: Former Billboard-er Andrew Hampp is now managing director of music and consumer partnerships at Variety. Since joining the PMC publication in 2022, he has created partnership opportunities with brands like TikTok, Sony Audio and Cash App. Hampp’s priors in the branding space include founding 1803 LLC, where he consulted for clients across media, advertising and music, and a two-and-a-half year tenure as vp at MAC Presents. In a past life, Hampp was Billboard’s senior correspondent, covering branding, sponsorships and tech during much of the 2010s.
ICYMI:
David Field
Warner Records upped Mike Chester to general manager … Arwen Hunt will lead Various Artists Management‘s new office in Australia … AEG promoted Adam Wilkes to president/CEO of AEG Presents, Europe and Asia-Pacific and elevated Alex Hill to president/CEO of AEG International … Wasserman Music hired five key executives … David Field stepped down as president/CEO of Audacy … Katie Welle is now head of U.S. A&R at SMP … Eve Konstan is out as Spotify‘s general counsel … and the longtime president of the Kennedy Center is passing the torch. [Cont.]
Last Week’s Turntable: WMG Changes Things Up in Hong Kong