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Welcome to a teeming edition of Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music. And what a depressing late-week it’s been, with Warner Music making deep cuts across its Atlantic Music Group that sources say will affect between 150-175 people. If you need a palette cleanser, read on for mostly good news but also check out Billboard’s weekly interview series spotlighting a single executive, our helpful calendar of notable events across the biz, and a regularly updated gallery honoring many of the industry figures we’ve lost throughout the year.
Believe appointed industry veteran Henri Jamet to lead its France operations as managing director, reinforcing its leadership team in its all-important home market. With over 20 years of experience, including the last decade at Believe, Henri has played a key role in the company’s artistic wins. He replaces Romain Vivien, who is now president of Europe and global head of music, and will report directly to him. This move aligns with Believe’s focus on A&R and artist development to boost market share across the 50 countries it now operates in. Henri’s career began at Universal Music and NRJ, followed by Wagram, where he became a marketing manager. In 2013, he joined Believe, leading labels such as AllPoints, naïve, and launching Animal63. Under his leadership, AllPoints became a leader in French rap — its artists dominated last year with 47 of the top 200 albums — while naïve emerged as a major pop label. “Henri is as close as possible to the ground, he is respected in the industry, he has a creative vision and knows the company culture,” said Believe founder and CEO Denis Ladegaillerie. “He is the ideal candidate to succeed Romain, one of the Group’s best ambassadors and a great example of career development with us.”
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Maximilian Paproth is coming back to Budde Music, where he worked for a decade earlier in his career, as global president A&R. In that role, Paproth will manage the company’s German operations, as well as its international A&R, starting in January 2025. He will report directly to company owner and CEO Benjamin Budde, who has been building the family-owned publishing company into an increasingly global operation that is active in the agency and concert promotion businesses, as well as its publishing business. Paproth worked at Budde in various roles from 2003 to 2023, then worked for Sony Music Publishing and then Universal Music, where he is currently vp of A&R for central Europe & international marketing Germany. “Max is now supporting our efforts to be the best partners for authors and artists at the perfect time,” Benjamin Budde said in a statement. Budde Music includes the Budde Talent Agency and the management company BuddeMgmt, as well as publishing and some recording operations. –Robert Levine
Downtown Music promoted Gareth Mellor to senior vp of global marketing & communications. Based in the UK, Mellor will lead M&C efforts across Downtown’s four divisions: publishing, distribution, artist & label services and royalties & financial services, which serve over 5,000 clients and 4 million creators in 145 countries. A Downtowner since mid-2021, Mellor was previously vp of global marketing and communications and earlier served as global head of B2B marketing for its distribution tech company FUGA. He has also held senior roles at TuneCore, AWAL and Kobalt. He reports to CEO Pieter van Rijn and chief commercial officer David Driessen, who commended Mellor’s global marketing expertise and contributions to FUGA, expressing confidence in his ability to strengthen Downtown’s brand globally. “With a strong understanding of global marketing, he has continued to deliver exceptional results-driven work at Downtown and I look forward to working alongside him in his new role as he continues to elevate and position Downtown’s brand in the global marketplace,” said the recently promoted Driessen.
Back to Believe, which is also reinforcing its commitment to Mexican music with two leadership appointments. Marco Cataño — who has a 25-year career and has worked at Sony Music and Warner Music — is named head of artist services LATAM, overseeing the Paris-based company’s premium offerings. As head of label & artist solutions México, José Pablo Molina’s division will offer solutions to independent artists and labels through the marketing and content distribution platform. Molina has 10 years of experience, previously working at ROC Nation and OCESA. “Both Marco and José Pablo have an outstanding track record in the music industry,” said Alejandra Olea, Believe America’s managing director. “Their experience allows them to identify areas of opportunity in the market to strengthen and develop Spanish-speaking talent. Their ability to attract and grow artists in a lasting way aligns with Believe’s priorities for Mexico and Latin America.” –Jessica Roiz
Merlin, the digital licensing partner for the indie music sector, welcomed back Kaoruko Hill as the music rights organization’s general manager of Asia-Pacific. Kaoruko’s career spans over a decade, including her most recent role at ByteDance, where she managed global music rights. From 2016 to 2020, she was instrumental in Merlin’s successful entry into the Japanese market, increasing membership and building strong partnerships as head of member relations and operations. She previously worked at Japan’s music copyright collective NexTone Inc., focusing on new media licensing and global partnerships. Merlin’s CEO, Jeremy Sirota, praised Kaoruko’s strategic vision and said her “deep commitment to the music industry make her the ideal leader to drive our efforts in the Asia-Pacific market forward.”
Hipgnosis Song Management named Sara Lord as its new chief creative officer, tasked with managing synch, audience development and leading Hipgnosis’ overall strategy and creative industry collaborations for its portfolio of some 40,000 iconic songs. A veteran of Concord Music, where Lord built an international team and launched the Concord art prize, Lord joined Hipgnosis in 2023 as executive vp of content. Lord will work alongside Katovsky under the new Blackstone ownership. “Sara has an outstanding track record and incredible knowledge of the creative industries,” Hipgnosis CEO Ben Katovsky said in a statement. “Hipgnosis owns many of the world’s most iconic songs and, as we seek to bring them to even wider audiences, building partnerships across these creative industries is a key part of our strategy. Sara is uniquely qualified to build these partnerships, while working closely with our songwriters and artists.” –Elizabeth Dilts Marshall
Sony Music Publishing promoted Antoine Dathanat to managing director of France, starting Oct. 1. He will succeed the SMP’s longtime French MD Nicolas Galibert, who is retiring at the end of the month. As MD of SMP France, Dathanat will be responsible for overseeing creative and business operations across France and supporting SMP songwriters around the globe. He will continue to be based out of Paris and will report directly to Sony Music Publishing president of international Guy Henderson. –Kristin Robinson
PUB FARE: Third Side Music has expanded into the UK and Europe by appointing Stephen Christian as executive vp of creative/A&R: International. Based in London, Christian will report to TSM’s COO, Jeff Waye, and work with LA-based Creative/A&R heads Brontë Jane and Alex Kelman to sign new talent and foster global opportunities for artists like SOFI TUKKER and Sky Ferreira. Christian is the former creative director and head of A&R at Warp Records, where he was instrumental in signing and developing acts like Danny Brown, Mount Kimbie and Kelela … peermusic appointed Samantha Schilling Robinson as vice president of peermusic Neighboring Rights. Schilling Robinson was previously vp of neighbouring rights at Songtradr, Inc. Schilling Robinson will be based in peermusic’s offices in Los Angeles.
Music funding platform beatBread appointed Andrew Maddox as head of finance to support its growth. Maddox previously held finance leadership roles at TikTok, including head of finance and payment services for US Data Security, and he’s the former chief of staff to TikTok’s COO. He also led finance for content, marketing, product, and operations. Prior to TikTok, Maddox worked at Amazon Prime Video, contributing to its expansion into live sports and international markets. beatBread CEO Peter Sinclair praised Maddox’s finance and strategic marketing skills, highlighting their importance as the company uses data science and automation to empower artists, labels, and publishers with flexible funding options. Maddox expressed excitement about joining beatBread, emphasizing “beatBread is at the forefront of enabling artists to pursue their passions without sacrificing control over their careers. The flexibility and choice the company is bringing to music funding is a true game-changer for independent artists and labels. I couldn’t be more excited to join the beatBread team.”
Music licensing platform Soundstripe named Angela Abbott as global head of music partnerships, overseeing strategic relationships for content creators, enterprises, and rights holders. With over a decade of experience in business development and strategic partnerships, Abbott brings expertise from her roles at TIDAL and Pandora, where she secured over $200 million in licensing deals with the big three major labels, among others. Abbott also stays involved with the Recording Academy and Women in Music, where she serves as global co-chair of partnerships & development. “We founded Soundstripe to address a critical gap in the music licensing space for content creators, but our vision extends far beyond that,” said Travis Terrell, Soundstripe’s co-founder and CEO. “With Angela’s proven track record and expertise in negotiating complex licensing deals with the world’s leading music companies, we are excited to accelerate our trajectory and provide top-tier music solutions for both creators and global brands.”
Andrew Leib, after 11 years at Red Light Management, launched Deep Feel Talent Co., a boutique artist management company. The firm’s inaugural roster includes Victoria Canal, Maris Jones, Nu Deco Ensemble, Andy Arthur Smith and Dana Nielsen. Deep Feel said it will emphasize creating long-term relationships with artists and aims to create a supportive community for musicians, content creators and producers. Leib began his career in artist relations at festivals like Lollapalooza and Riot Fest, co-created the immersive concert experience Brassroots District, and co-founded The UnCancelled Music Festival, raising over $100K for artists and venues during the pandemic. He also booked talent for the Miles Davis Estate showcase at SXSW. Leib says Deep Feel reflects his values of “building strong, authentic relationships with my clients and community, and creating space for creative voices to grow.”
Breakaway Music Festival, the annual multi-city event featuring a healthy dose of dance music, hired former Sony vp of corporate development Adam Wright as CFO and managing partner. In his new role, Wright will lead strategic initiatives, corporate development, brand growth and financial operations for Breakaway. The festival also elevated Jarrod Fucci from GM to festival president. This year’s BMF tour has three more dates left: Sept. 27-28 in Charlotte, Oct. 11-12 in Nashville and Oct. 25-26 in San Francisco.
Nettwerk made two significant hires to bolster its UK label team. Katie Graham has been appointed head of catalogue marketing and developments globally, moving from Warner Music Group, where she directed marketing strategies for renowned artists like Phil Collins, Enya, Ed Sheeran and Dua Lipa. She aims to enhance Nettwerk’s extensive catalogue with innovative strategies for both established and emerging talents. Additionally, Ruth Wyatt joins as director of sync for UK and Europe, bringing her experience from Warner Music UK, where she successfully placed artists in various sync opportunities. Her notable achievements include Sam Ryder’s “Christmas To Me.” Both hires were welcomed by Nettwerk co-founder Mark Jowett, who commended their expertise in catalogue development and sync, highlighting their commitment to supporting artists.
Spotify‘s head of podcast business, Sahar Elhabashi, is leaving the company at the end of 2024. Roman Wasenmüller, who currently oversees international podcast operations, will lead the division during the search for Elhabashi’s successor. Elhabashi’s six-year tenure included a strategic shift from exclusive creator deals to broader distribution, enhancing audience reach and ad sales. She joined Spotify in December 2018 as vp of content and took over the podcast division after Dawn Ostroff left in January 2023. Prior to Spotify, Elhabashi held c-suite level roles at Conde Nast and Discovery Communications, while earlier in her career she spent 15 years in senior leadership at MTV Networks.
The Circuit Group, a management collective empowering artists to have greater creative control over their IP, announced its expansion into the UK with the launch of Circuit Management, a joint venture with CTRLFRK. The initiative will be led by TCG chief strategy officer James Sutcliffe, who has been appointed CEO and president of The Circuit Group UK. Sutcliffe, an industry veteran with leadership experience at Ministry of Sound, LIVENow, PIXELYNX, and Monster Energy, will work under global CEO Dean Wilson. “Circuit Management is the culmination of our vision to create an environment where artists can truly succeed,” said Michael Boyce, founder of CTRLFRK and co-president of Circuit Management. “Partnering with Circuit enables us to offer a comprehensive approach to management, focusing on both artistic integrity and commercial success. We’re ready to make a lasting impact on the UK music landscape.”
ATC Group has launched Circa, a music promotions company led by Matt Black, former managing director of Your Army’s U.S. office. Circa, with offices in Los Angeles, New York, and London, will take over operations from Your Army America, offering integrated marketing and promotional campaigns globally. The London office will be led by Charlie Reid, who joins as general manager, following experience leading UK radio campaigns for artists like London Grammar, Jon Batiste, Marlon Hoffstadt and Jade Bird. In the U.S., Black’s team has managed campaigns for labels such as Atlantic, Warner, and RCA, achieving top chart placements for artists like RÜFÜS DU SOL and The Hives. Circa will continue campaigns for high-profile artists including Justice, Disclosure, SOFI TUKKER, and deadmau5. It operates within ATC Group’s Services division, alongside Familiar Music Group, companyX, Simpatico, [namethemachine] and Sandbag. “As a key component of ATC’s full service offering across our network of Group businesses, Circa will enable us to deliver an ever more integrated strategy to assist artists in achieving their creative and commercial goals,” said Adam Driscoll, CEO of ATC Group.
BOARD SHORTS: Marit Berning, Paul Smernicki, Shaurav D’Silva, and Tania Lee have been newly elected to the Music Managers Forum board, with Sandy Dworniak re-elected. Paul Craig and Kwame Kwaten have stepped down as chair and vice-chair, with successors to be announced in early October. The MMF aims to enhance its partnership with Music Minds Matter to provide more mental health support for managers. Additionally, the MMF will host a retreat for advanced managers in January 2025.
RoEx, a startup in intelligent audio production, partnered with UnitedMasters to offer AI-powered mastering services via UnitedMasters’ web platform and iOS app. To support its growth, RoEx appointed Tom Nield as head of partnerships, leveraging his 15-plus years of experience in music and technology, including roles at [PIAS] and startups like LANDR. In his new role, Nield will focus on expanding RoEx’s partnerships with music distribution companies and creator platforms. The partnership aims to enhance audio quality services and provide educational content through UnitedMasters’ Blueprint tool. Additionally, UnitedMasters and RoEx are launching an in-app challenge, awarding 50 artists with free mastering credits worth up to $150 each.
ASM Global elevated Gemma Vaughan to acting general manager of AO Arena in Manchester, effective immediately. Gemma, who joined ASM Global in 2023 as sales and marketing director, brings 14 years of experience in the live entertainment industry, having worked with Live Nation Entertainment, Cuffe & Taylor, and Escape to Freight Island. Throughout her career, she has collaborated with artists like Faithless, Mariah Carey, and Britney Spears, gaining a deep understanding of the industry. Vaughan’s predecessor as GM, Jen Mitchell, has left the company.
ICYMI:
Kevin Liles
The painful cuts this week at Atlantic Music Group have impacted between 150 and 175 people, according to sources, including key execs at Elektra (Chris Brown, Katie Robinson, Adam Abramson) and Atlantic (Michael Kyser, Paul Sinclair, Grace James). Follow developments here … Earlier this week, 300 Entertainment CEO Kevin Liles telegraphed his exit … Warner Music Japan chief Kaz Kobayashi announced his departure … TelevisaUnivision named a new CEO … and Sony Music Nashville chairman and CEO Randy Goodman is retiring.
Last Week’s Turntable: The MLC-Suite Gets an Upgrade
TelevisaUnivision has named Daniel Alegre as its new CEO starting Thursday (Sept. 19). The decision is part of the board of directors’ strategic succession planning. Alegre takes over for Wade Davis, who will become vice chairman of the board of directors and remain on the executive committee.
“On behalf of the board, I’m excited to welcome Daniel to TelevisaUnivision as we embark on the next phase of our strategic journey focused on further integration and optimization,” TelevisaUnivision’s executive chairman, Alfonso de Angoitia, said in a press release. “It’s been a very dynamic media environment, and we are grateful for what Wade has accomplished in the turnaround of Univision and the subsequent transformative merger between Univision and Televisa’s content business to create TelevisaUnivision.”
“The media landscape is undergoing a profound transformation and TelevisaUnivision is strategically poised to seize new opportunities while staying deeply connected to the communities we serve,” Alegre said in a release. “The U.S. and Mexico represent the most valuable and populous Spanish-language markets in the world, a demographic that is becoming more prominent both regionally and globally.”
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Originally from Mexico, the new network leader possesses operational-focused leadership experience within the Hispanic community and across the U.S., Mexico and Latin America. With over three decades working in media, entertainment and technology, Alegre was most recently CEO of Yuga Labs, a web3 company. He previously served as president and COO of Activision Blizzard.
“Building on TelevisaUnivision’s solid foundation, global content pipeline, ongoing investments in cutting-edge technologies, and unmatched reach, we are uniquely positioned to continue serving this vital audience,” Alegre continued. “Wade and the entire TelevisaUnivision team have created a strong multi-platform media business with world-class quality and breadth of entertainment, news and sports programming.”
Davis added, “We could not have picked a better successor than Daniel, who brings an incredible track record of operational and strategic execution. He is the ideal executive to take TelevisaUnivision into its next phase of growth. The Company’s future is bright, and I look forward to supporting Daniel and the TelevisaUnivision team in my role as vice chairman of the board.”
During Davis’ Univision tenure, the company completed a $4.8 billion merger with Group Televisa in 2022, forming TelevisaUnivision as it is known today. The broadcaster has made significant investments in streaming and traditional TV, with its ViX streaming platform approaching profitability. It also runs 35 radio stations across the U.S.
Mellomanic, formerly known as We Are Giant, has closed a $6 million funding round, raising its total capital to $13.8 million. Backed by investors including Sterling Partners and other industry veterans, this funding will support the platform‘s expansion and enhancing its music experience offerings for artists and fans. Known for exclusive listening parties and digital events, Mellomanic provides a community-centric space for artists and superfans to connect. With over 400,000 monthly active users — a 13,000% increase since January — the platform has attracted partnerships with major labels such as Atlantic Records, Def Jam, Sony Music Nashville and Virgin Music Group. Its genre-focused “Collectives” — think “We Are Hip Hop,” “We Are Pop” and “We Are Country” — feature listening parties, live streams, and virtual festivals, with artists like Kameron Marlowe, JXDN, Jordy and Big Sean already participating. Mellomanic allows artists to monetize their work and access unique fan data to make informed career decisions. The platform secures music licenses for live streams, ensuring streams count toward traditional metrics tracked by SoundExchange and PROs.
“We’ve learned so much about music communities and fan behaviors this past year, and wanted our name to reflect that. ‘Mellomanic’ pays homage to the melomaniacs, all types of superfans, embodying the spectrum of emotions that exist within different genres of music and their listeners,” said CEO Andy Apple. “It’s been exciting to watch artists and labels leverage our immersive listening parties to release music in exciting, innovative ways, and it’s been special to see superfan communities engage in these live digital experiences that truly range from mellow to manic. Ultimately our goal is to continue providing impactful spaces for fans and artists to come together and celebrate special moments, empowering them to forge enduring relationships while building sustainable communities.”
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Sony Music Entertainment and Crux Global formed a strategic partnership to elevate Ghana’s music industry by offering support to artists at various stages of their careers. The collaboration provides three tiers of assistance: distribution for independent artists through The Orchard, comprehensive full-service support under Sony Music Africa for select artists, and a catalog music tier aimed at preserving the work of renowned Ghanaian musicians on digital platforms. The partnership will be headquartered in Accra, Ghana, which will serve as the hub for artist development, distribution and catalog management. Sean Watson, managing director of Sony Music Africa, will lead the initiative, supported by Christel Kayibi and Jean-Sebastien Permal.
Sony Music Entertainment Vietnam partnered with Great Entertainment, a leading Vietnamese music label, to acquire distribution and marketing rights for its catalog and frontline releases. This collaboration aims to boost the international presence of Great Entertainment’s top-charting artists, including B Ray, Quân A.P, Masew, Khanh ICM, and Khoi Vu. Several releases are scheduled as part of this partnership: Masew, known for hits like “Thiêu Thân” and “Túy âm,” will release a new album in October 2024. Quân A.P, famous for “Bông hoa đẹp nhất” and “You Are My Crush,” will drop new singles in early 2025, while rapper B Ray will also be releasing music soon. Sony Music Vietnam’s roster features popular local stars like Đức Phúc and Hoàng Thùy Linh. “This partnership marks a significant milestone for Sony Music Entertainment Vietnam as we continue to support and elevate the incredible talent emerging from Vietnam’s vibrant music scene,” said Angela Pong, GM of SMEV.
Universal Music Group and Tuned Global expanded their partnership through a global licensing agreement, granting Tuned Global clients access to UMG’s vast catalog of recorded music. This enables clients to use music from top artists in their projects, with integrated technological and licensing support provided by Tuned Global, a leading B2B music and streaming technology provider. The platform’s technology will also allow users to target specific repertoires, and will enable UMG sound recordings to be licensed and delivered securely, followed by timely and accurate usage reports and royalty payments. Tuned Global already hosts UMG’s repertoire on a cloud-based infrastructure, delivering music to clients and DSPs worldwide, further strengthening UMG’s global presence across various sectors. “This new way of working will help to enable ideas to be enhanced by UMG repertoire all over the world,” said James Healy, UMG’s svp of digital strategy and business development.
Indie label Dirty Hit extended its UK physical distribution partnership with Universal Music UK for another three years. This collaboration, which began in 2010, has helped drive the success of several major artists, including The 1975, Beabadoobee, Wolf Alice, Bleachers, Japanese House and Pale Waves, among others. The partnership has led to numerous UK No. 1s, including Beabadoobee’s debut This Is How Tomorrow Moves and all five of The 1975’s studio album releases. “As an independent label, we are always cautious of comprising our artist integrity,” said . “However, working with Warren [Querns at UMUK] and his incredible team has proven to be a fantastic partnership that has helped deliver impressive results time and time again.”
Audiomack, a major music streaming service with a strong presence across Africa, partnered with royalty tracking platform Mogul. This collaboration enables Audiomack’s 30 million-plus monthly users to track their royalties alongside other revenue streams through Mogul’s platform. The partnership aims to bolster transparency and accuracy in royalty distribution, especially for independent artists. The companies said Mogul has already tracked $100 million in royalties, helping artists recover an additional $150 million, since launching earlier this year. “The Audiomack team shares deeply in our vision of financial transparency and through this integration we look forward to helping artists on their platform build longstanding careers in music,” said Mogul CEO Jeff Ponchick.
Creative content company Toikido formed a global partnership with Magic Star, the kids and family division of Sony’s The Orchard, to distribute its music worldwide. Magic Star will serve as Toikido’s official global music distribution partner, using The Orchard’s vast network to share Toikido’s catalogue, which includes soundtracks, original songs, and dynamic audio content, with international audiences. Magic Star will offer Toikido comprehensive services, such as music engagement strategies, video production, brand partnerships and global marketing campaigns. CEO Darran Garnham sees this partnership as a major milestone, highlighting Toikido’s pride in its creative achievements and excitement for future growth with Magic Star’s support.
Music marketing platform SongTools partnered with Sonicbids, the artist development and booking platform recently acquired by Advance Music Technologies. This pairing gives SongTools customers access to Sonicbids’ enhanced artist services, marking the first of many future collaborations for SongTools, which recently raised $3 million to expand internationally and develop more wrist-centric tools. Sonicbids artists will also benefit from exclusive access to SongTools’ one-click Playlisting and advertising services, which are becoming essential for independent musicians. SongTools CEO Danny Garcia sees this collaboration as furthering their commitment to empowering artists with the marketing resources they need to succeed in the competitive music industry, adding “we can’t wait to see how artists make the most of this new opportunity.”
Salt, a digital rights and royalties solutions provider, has secured a multi-million-pound grant from Innovate UK, part of UK Research and Innovation. This funding will accelerate Salt’s development of AI-powered tools to better support music creators and rightsholders. The grant will help Salt improve operational efficiencies and strengthen its leadership in rights management solutions. In collaboration with Queen Mary University’s Centre for Digital Music, Salt aims to leverage AI and digital music expertise to push the boundaries of innovation in the sector. “With Salt’s pioneering AI work and the added horsepower from this funding, our partnership with Queen Mary University becomes a game changer so badly needed in the labyrinthine system that exists today,” said Dave Stewart, Salt investor and Eurythmics co-founder. “We’re poised to continue redefining the music industry landscape, empowering creators and protecting their rights with unmatched innovation.”
In a bid to further grow its operation and expand its international footprint, Bresh — the brand behind the Fiesta Bresh parties — has partnered with New York based investment firm Carroll Street Capital.
The two companies will launch Bresh Global, an international media and branded live events platform. Carroll Street will provide an infusion of cash as well as strategic access and support to continue growing the Bresh brand, whose global presence has multiplied in the past two years. The terms of the deal were not disclosed.
Bresh’s leadership will remain in place, with Tomás Allande as CEO, Alejandro “Bröder” Saporiti as artistic director, and founder Jaime James involved in all operations.
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Eduardo García Fernández, co-founder and managing partner of Carroll Street Capital will now also be chairman of Bresh global.
Bresh Global will establish its headquarters in Miami, with additional offices in Los Angeles. The company currently has offices in Buenos Aires and Madrid.
“Our mission at Bresh Global is to create human connections through entertainment and collective experiences,” said Jaime James in a press release. “In a world increasingly dominated by digital interactions, live events have the unique power to bring people together and transcend cultures. With this expansion, we aim to bring moments of joy to new audiences on a global scale.”
“We are excited about the opportunity to elevate Bresh to new heights,” added Eduardo García Fernández. “This partnership brings additional resources to Bresh to accelerate its growth and introduce new verticals and formats worldwide.”
Bresh, whose slogan is “The most beautiful party in the world,” is an entertainment company known for parties targeted at Gen Zs around the world and built on the concept of inclusivity rather than exclusivity. Bresh tickets are eminently affordable — in Miami, the cheapest ticket is $25 — and there is no doorman denying entry based on gender or looks. Instead of hiring celebrity DJs for its parties, all Fiesta Bresh DJs are Bresh-trained. Perhaps because of its inclusivity DNA, the parties have become magnets for Latin celebrities, including the likes of Lionel Messi, Emilia and Tini, Rauw Alejandro and Bizarrap, who have all been spotted at Bresh parties.
Bresh, which began hosting parties in Argentina, has expanded its operations to over 20 countries, and now puts together some 500 annual events, including in the U.S. and Spain.
Sources say Bresh and Carroll have been in conversations for the past two years and share the vision that “happiness and connections are essential, regardless of who you are or where you live.”
Universal Music Group opened up about how the company plans to keep growing in amid an evolving streaming landscape on Tuesday at the company’s capital markets day. Held in the storied Abbey Road studios in London, UMG’s c-suite and various executives from Republic, Interscope, Virgin Music Group and more described how they build a world around superstars like Taylor Swift, The Weeknd and Olivia Rodrigo, and how they’ve launched new acts like the Afrobeats star Rema.
The crowd of mostly financial industry analysts and investors also got an overview of the collectibles UMG hopes superfans will open their wallets for, its talks with Spotify about higher-priced premium subscription plans, and it’s new strategy to keep streaming revenues growing by an 8-10% compound average growth rate until fiscal year 2028.
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Streaming 2.0
Despite industry reports that new streaming subscribers are hard to find in developed markets and that streaming growth rates in smaller music markets like Brazil, Italy and Germany are besting major markets like the U.S., UMG Chairman and Chief Executive Officer Lucian Grainge gave an overview of UMG’s new strategy — dubbed Streaming 2.0 — to get more revenue out of streaming.
“The addressable market — in both established markets and fast-growing high potential music markets — is massive,” Grainge said, referring to streaming subscriptions. “We expect more than a billion subscribers by the end of the decade, and we constantly ask ourselves, ‘How long could it take us to get to 2 billion?’”
“While streaming has delivered robust growth to UMG for over a decade, Streaming 2.0 will deliver a new age of innovation, consumer segmentation, geographic expansion and greater value through both subscriber and [average revenue per user] growth,” Grainge said.
The strategy relies in part on increasing the number of streaming subscriptions in developing markets where UMG says subscribers meaningfully contribute to monthly trade average revenue per user. Less than half of people in established markets have streaming subscriptions, with less than 25% of the population in Japan holding subscriptions, UMG chief financial officer Boyd Muir said.
UMG said it also expects a new wave of subscribers in these markets to come from a second cohort of older listeners starting up subscriptions and younger, digitally native music fans getting older and spending more on their streaming subscriptions. They also expect to target audiobook listeners and satellite radio subscribers for music streaming subscriptions.
Super premium streaming subscriptions
UMG’s Streaming 2.0 strategy also relies on innovation in streaming, possibly like the development of high definition streaming plans like the one Spotify‘sDanielEk hinted in June is on the horizon. Ek said that “delux” subscription could cost around $17-$18 per month for a single account.
UMG is in advanced talks to partner with Spotify on the development of that higher-priced subscription plan, Muir said Tuesday. During his presentation, UMG chief digital officer Michael Nash compared it to “another exciting” example of higher priced subscription plans — Tencent Music Entertainment’s super VIP tier, which costs five times as much as the standard tier.
Muir said “a double digit percentage” of TME’s subscriber base signed up for the super VIP plan. UMG’s own research tells it that 23% of current streaming subscribers would pay more for a “better music experience.”
Monetizing superfans
UMG execs spoke admiringly of the good old days when superfans lined up outside stores to spend gobs of money on Michael Jackson and Shania Twain CDs. The reason why? Devotees of artists in prior decades spent more per capita on music, merchandise, concert tickets and collectibles than streaming-era fans.
“Superfans, the most avid 20-30% of all music listeners, once drove over 70% of recorded music spending,” Muir said. “Streaming monetizes them, but not nearly as well in the past. This is an enormous opportunity. We are seeing dramatic growth in revenues that are complimentary to spending.”
He was referring to premium music — vinyl, collectible CDs and cassettes — and merchandise collectibles. UMG has seen its revenues from products sold directly to consumers through some 1,300 odd online stores grow at a 33% compound annual growth rate in recent years.
When something like a $55-Olivia Rodrigo Stanley Cup gets sold, UMG collects as much information as it can, and the purchaser becomes one of the 100 million fans in what Muir referred to as “our owned audience.”
Years after Dave Petrelli worked in the Nashville music business, he experienced a moment in the city’s Shelby Park that eclipsed any expectations he had had for his career.
A former peermusic creative assistant and Nashville Songwriters Association International director of events, Petrelli purposely segued into music education, and one step in the journey included teaching general education to fourth graders. Drawing on his innate skills, he frequently rewrote existing songs to teach students, and when a full solar eclipse occurred in the city in 2017, Petrelli prepared his classes by reworking the Bonnie Tyler/Celine Dion hit “Total Eclipse of the Heart” as “Total Eclipse of the Sun.”
When the big day arrived, Petrelli and his wife, songwriter Victoria Banks (“Come On Over,” “Saints & Angels”), joined thousands in the park to watch the afternoon sky turn dark. Around a dozen kids saw “Mr. Petrelli” and ran to him to sing “Total Eclipse of the Sun.”
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“I didn’t even expect this to be a moment,” he says now, “and it was a moment.”
Petrelli is one of 30 instructors from eight states who will have another personal moment tonight (Sept. 17) when the Country Music Association recognizes them as CMA Music Teachers of Excellence at the Country Music Hall of Fame and Museum. CMA has turned music education into a mission, funneling revenue from the annual CMA Fest into programs that are vital to the development of future generations.
The program is so appreciated that the teacher awards will be attended by as many artists as instructors, including Walker Hayes, Jordan Davis, Riley Green, Terri Clark and Gretchen Wilson.
The teaching jobs may not be as glamorous as the touring gigs those artists pursue, but they’re “way more important,” CMA senior vp of industry relations Tiffany Kerns says. “We have the best gigs in the world, don’t get me wrong. But by far, what they do is way more impressive. And I mean, talk about having deep impact in communities.”
That impact is far-reaching. Music develops collaboration skills, learning to play an instrument builds discipline, and studying music rewires the brain, strengthening the connectivity between different cortexes and providing more paths for thoughts to follow. Schools with music education, according to Kerns, have lower rates of absenteeism. And since music teachers typically spend more one-on-one time with individual students as they learn their instruments, they are often the instructors whom students feel most comfortable with in revealing hunger or mental health issues.
In Petrelli’s case, students likely relate to him in part because he’s one of them in spirit. Growing up in Connecticut, his mother — who taught Spanish — died when he was 10, and he had to take care of himself sooner than his peers.
“I grew up too fast, and because of that, there’s still a lot of kid in me,” he says.
Petrelli leaned toward music early, and after graduating from Boston College, he taught the subject at a private Catholic elementary school for a year. He subsequently earned a songwriting degree at the Berklee College of Music, then moved to Nashville and worked his way into the music community. Once they got married, he and Banks decided at least one of them should have a job with greater security, and he shifted into education.
The “Total Eclipse of the Sun” moment grew out of his approach, which mixes music with other parts of the school’s curriculum. A few years ago, when Lockeland Elementary was operating under the schoolwide theme “Lockeland is out of this world,” he would have classes explore the details in songs with galactic lyrics — such as David Bowie‘s “Space Oddity,” Europe‘s”The Final Countdown” or Elton John‘s “Rocket Man” — to better understand space and enhance the school experience.
“What I have found is that that gets the kids really, really, really interested in what they’re going to learn today,” Petrelli says. “My lesson springboards off that.”
Other courses, such as math or science, have more cut-and-dried material — two plus two will always equal four — and Kerns suggests that those classes feel more “black and white” to students.
“When you walk into that music room, I really believe that Dave’s students immediately feel and see color,” she says. “There is something that is so vibrant about his personality and the way that he teaches, and that’s a gift.”
The CMA doesn’t restrict its Teachers of Excellence awards to instructors who use country music in their classes. Pop, jazz, R&B and mariachi have all been used extensively by various honorees, though Petrelli does, in fact, incorporate country in his work, with songs by Garth Brooks, Dolly Parton, Waylon Jennings and Shania Twain among the material he has used.
“The storytelling aspect is huge,” he says.
While teaching music may not be as glamorous as the careers of the artists that Petrelli’s classes draw from, it still scratches his own artistic itch.
“I teach six classes a day, and it’s six one-hour performances,” he says. “It is a song-and-dance show for one hour, six times in a row. I’ve worked physically demanding jobs, mentally demanding jobs. I have never been as exhausted at the end of a day as when I come home from a particularly hard day of teaching.”
It’s usually a thankless job, though the Teachers of Excellence event extends a bit of appreciation. And the students do provide feedback, whether they know it or not, at moments like the 2017 eclipse. At times like that, Petrelli is reminded that the job really is an opportunity to inspire the next generation, even if it looks a little different than what he originally envisioned.
“I always dreamed of girls screaming my name,” Petrelli says. “I didn’t think they’d be 9 years old and waving in their car, [yelling], ‘Mr. Petrelli!’”
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Warner Music Korea introduced MPLIFY, a new label designed to support Korean artists with global reach, focusing on English-language music to connect with international audiences. Samuel Ku, an executive producer at WMK, has been tasked with leading the label. The first artist signed to MPLIFY is Olivia Marsh, a Korean-Australian singer-songwriter who is set to release her debut single on all major digital platforms in October. Olivia’s sound blends pop and R&B, influenced by a wide range of artists including ABBA, John Denver, Tame Impala, and Vera Blue. A graduate of the University of Melbourne in Interactive Composition, she has worked with K-pop producers and songwriters to refine her craft. “I am delighted to sign with MPLIFY and to work with such a warm, passionate and innovative team,” Marsh said. –Marc Schneider
Big Loud Records and its Canada-based, Dallas Smith-founded imprint Local Hay Records have signed country artist Hailey Benedict. Benedict has also inked a global publishing deal with Big Loud Publishing/Local Hay. This summer, Benedict performed on the main stage at Alberta’s Big Valley Jamboree, and she’s nominated at the Canadian Country Music Awards for breakthrough artist or group of the year. –Jessica Nicholson
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Anniegee Marketing launched its artist management division, Anniegee Management, and inked a co-management deal with MUN Entertainment for Juliana Velasquez’s career development in the U.S., Puerto Rico and the Dominican Republic. Founded by seasoned music industry professional Annie Gonzalez after working as senior director, global marketing at Sony Music Entertainment for over 20 years, Anniegee Marketing and Communications has developed communication strategies in the U.S. for global stars including Shakira, Gloria Estefan, Alejandro Fernández, and many more. Through its new deal with rising Colombian artist Juliana, Anniegee now branches out into artist management, while still offering its marketing and PR consulting services. In her new role, Annie Gonzalez will co-manage Juliana alongside current manager Juancho Muñoz of MUN Entertainment. –Sigal Ratner-Arias
LA-based producer and songwriter Stryv (Hamid Bashir) signed with WME across all areas. Known for his work with artists like Kanye West, Ty Dolla $ign, Jason Derulo, Galantis, and Rita Ora, Stryv recently launched his own artist project. His debut single, “Move,” a collaboration with Adam Port, gained attention after being teased at Keinemusik shows worldwide. Since its official release in June, “Move” has earned over 200 million streams on Spotify, topped the Beatport Top 100 chart, and positioned Stryv as one of the platform’s fastest-growing artists. A follow-up single is set for release later this year. Stryv also forms half of the DJ duo ORSO, alongside Twitch co-founder Justin Kan, further expanding his influence in the electronic music scene. –M.S.
Boutique music publishing company MV2 Entertainment and independent label New Lost City Records have signed singer-songwriter True Youngblood, a Georgia native and Belmont University student, who just released his debut single, “If I Were a Cowboy.” Youngblood joins MV2’s roster of writers, which includes Josh Thompson (“Wasted on You,” “Drowns The Whiskey”), Forrest Finn, Grant Vogel, Johnny McGuire and Blake Henderson. The New Lost City roster includes Youngblood, Henderson and McGuire. –J.N.
Universal Music Group partnered with acclaimed Indian composer and three-time Grammy winner Ricky Kej to launch Vedam Records, a new label dedicating to bringing authentic wellness music from India to a global audience. In his first collaboration with Vedam, Kej has released Break Of Dawn, his latest studio album. “Vedam Records presents an opportunity to compose music that is therapeutic and necessary – now, more than ever,” Kej said. -M.S.
The Record Plant, the storied Los Angeles recording studio where Michael Jackson, Prince, Beyoncé, Lady Gaga and dozens of other music superstars made classic albums for decades, is one step closer to a sale now that veteran producer Rafa Sardina has purchased its assets for $500,000 during a bankruptcy proceeding last week. Sardina, who has won four Grammys and 13 Latin Grammys and has worked with Jackson, Stevie Wonder and Sheryl Crow, among others, takes over ownership of dozens of speakers, sound boards, microphones, cassette decks, CD recorders and other valuable sound equipment that was the heart of the studio for decades.
Founded in 1968, the Record Plant has been the standard for music production due to its high-end equipment and an emphasis on service and luxury that made megastars feel like they were in their own homes. Thanks to perks like a hot tub room, stars such as John Lennon and Fleetwood Mac took over studio rooms in the Plant’s early days; after it moved to its current location on North Sycamore Avenue in Los Angeles, Beyoncé rented every room to make her album Lemonade and Kanye West and Pharrell rode motorized scooters through the hallways.
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Sardina, who interviewed successfully at Record Plant early in his career before deciding to work at a different studio, did not respond to requests for comment about why he made the purchase offer. A lower bid, according to court documents, came from Italian producer Patrizio Moi, who has occupied a Record Plant studio room known as Digi-Plant since 2014. He offered $50,000.
Moi and the studio’s latest owner, Philip Lawrence of Bruno Mars‘ songwriting team, the Smeezingtons, have been battling over possession of the Record Plant for several years. Moi has declared in U.S. district court that Lawrence and his associates first offered him a co-ownership deal, then, in 2020, sold him the entire studio for $1. The two sued each other until last year, when Lawrence’s company, Philmar, declared bankruptcy, forcing the court to sell the Record Plant’s assets in order to pay off his debts. Moi argued to the court that he should take over the equipment and other property, but the judge, Victoria Kaufman, ruled against him.
Moi has said he hopes to take over the studio and run it as if it never closed. That will be harder to do so now that the studio’s high-tech equipment is likely to be removed, but he remains optimistic. Per his earlier agreement with Lawrence, he owns the Record Plant trademark and website domain. It is possible that Moi makes a deal with the land owner, CIM Group, to take over the lease.
“There’s a lot of moving pieces,” Moi says by phone.
However, the bankruptcy court’s trustee, Amy Goldman, disputed the previous arrangements between Lawrence and Moi, because Lawrence “retained possession of the property” and never transferred it to Moi even after their 2020 agreement. The judge agreed with Goldman — effectively denying Moi’s claim to any of the equipment or other property inside the studio. “The property can be sold free and clear,” Kaufman wrote last week.
Sardina’s purchase of the equipment, which includes multiple valuable microphones, including what Moi calls “stuff you cannot find anymore,” has not fully closed. The court’s trustee Goldman must “deliver all relevant and related sale documents to effectuate and close the sale and related transactions,” according to the judge’s ruling.
The $500,000 set to be paid by Sardina’s company, Firefly Music Row, will be used to pay off the debts of Lawrence’s company, Philmar, according to court documents.
Since Lollapalooza ushered in the era of the modern music festival in the early 1990s, one main power source has been driving them all: diesel generators. These mobile devices have been particularly crucial to the festival industry given that many of these events take place in open fields and parking lots that aren’t connected to the power grid.
But generators are also environmentally problematic. At the biggest festivals, they can burn through thousands of gallons of diesel fuel over a weekend, spewing carbon emissions that altogether make them the second biggest carbon emitters in live music, after emissions created by fan travel. They’re also loud, and they kind of stink.
“You can hear them from the stage, you can smell them from the stage,” says Adam Gardner of the band Guster, and who also co-founded the music sustainability nonprofit REVERB. “It’s just unpleasant.”
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But the live events industry, and the festival industry in particular, is amidst what seems to be a sea change in how events are powered. And increasingly, the more viable alternative to the diesel devilry is simple — batteries.
Last month, the Lollapalooza 2024 mainstage was powered entirely by batteries, which kept the lights, sound and other power components on during performances by Chappell Roan, Megan Thee Stallion, SZA, The Killers and more. A rep for Lollapalooza tells Billboard that with this effort, the festival saw a 67% reduction in both fuel use and greenhouse gas emissions over prior years, when batteries had not been used. This equates to the sparing of 26 metric tons of greenhouse gas emissions, or the equivalent to five homes’ electricity use for a year. The use of batteries also saved over 3,000 gallons of fuel. Lollapalooza says this initiative made it the first major U.S. festival to power its mainstage on a hybrid battery system.
“I’ve heard some rumors about competitors being maybe a little jealous that we were the first ones to do it,” says Jake Perry, the director of operations and sustainability at C3 Presents, which produces Lollapalooza.
Lolla’s effort helped demonstrate that what may seem risky is actually a reliable alternative that’s evolving power options for live events. “There’s a lot of fear and apprehension over providing the power that’s turning the show on,” says Perry. “But there were, like, zero issues.”
The battery set up at Lollapalooza 2024
Dusana Risovic
REVERB, a 501c3 nonprofit that’s focused on sustainability in music for 20 years and was co-founded by Gardner and his wife, environmentalist Lauren Sullivan, estimates that each year, U.S. festivals burn the equivalent of 46 million miles driven by gasoline powered vehicles. As battery technology evolves, they’re becoming a more viable solution to the issue, if organizers can be convinced that they’re reliable enough to use.
“If there’s a choice between sustainability and reliability, everyone’s going to choose reliability,” says Greg Landa, CEO of CES Power, the industry’s leading mobile power provider for festivals. “The pop star doesn’t want to be on stage if there’s no audio or lighting.”
But early adopters have demonstrated batteries’ efficacy. In May, Northern California’s two-day Mill Valley Music Festival was powered entirely by batteries. At the 2023 edition of Willie Nelson’s Luck Reunion near Austin, Texas, the REVERB team powered all four stages with batteries, setting up a temporary on-site solar array to charge them. By 2024, the entire event was battery powered, with the only generators on site being inside the tour buses of the artists playing. In total, 350 gallons of diesel fuel were used at Luck in 2022, with that number down by 90% in 2023 and 100% in 2024, tour buses notwithstanding. This year, REVERB also brought battery power to SXSW, using it to power an outdoor stage for public performances by artists including Bootsy Collins.
REVERB and Overdrive Solutions’ solar setup at Luck Reunion 2024
Courtesy of REVERB
These efforts were backed by REVERB’s Music Decarbonization Project, which aims to eliminate carbon emissions created by the music industry. The Project made headlines in 2023 when it brought a temporary solar array to Lollapalooza in Chicago, using it to charge the battery system that powered the mainstage during a headlining set from Billie Eilish, arguably the modern artist most vocal about sustainability. (Eilish helped launch and fund REVERB’s Music Decarbonization Project in 2023.)
Through this initiative with Eilish, “we were able to help Lollapalooza [get] to where they are now, where they were able to take it upon themselves,” says Gardner, “which is exactly the point of the Music Decarbonization Project.”
Lollapalooza’s use of battery power in 2024 came after years of the fest searching for the battery technology to make it happen, with C3 testing batteries from myriad manufacturers over the last few years at events including Austin City Limits and North Carolina’s High Water.
“The technology is evolving very quickly,” says Perry. “This year it finally got to a point where it was big enough and capable enough to put it into an installation this size.” The effort falls into Live Nation’s goal of cutting its emissions by 50% by 2030.
Battery power at a festival functions in essentially the same way as in a hybrid car; think of battery systems as a hybridization of the stage. How long batteries last depend on what’s being powered (i.e. a stage, a lighting source, a food vendor, etc.), how long it’s powered for and the battery’s storage capacity.
Partnered with CES, Lollapalooza 2024 used lithium ion batteries made by industrial equipment manufacturer Atlas Copco. All batteries, regardless of manufacturer, can carry only a certain amount of charge and must have charge added during the event. Each battery is connected to a secondary power source that charges it back up when necessary.
As such, how green batteries actually are varies by the way they’re charged. Batteries can be powered off the grid if utility power is available, or from a generator running off diesel (the most common option) or biodiesel, which has less of a carbon footprint but can be hard to source. Solar panels don’t require any fuel to be burned, although setting up the necessary solar array at an event can be time- and space-intensive.
But even when using diesel backup generators, batteries are more efficient. Landa says that if the company put a 60 kw battery at an event site, it’s unlikely the battery would ever be using that full 60 kw power, with levels more likely to be at 30-45 kw depending on what it’s powering. At that rate, the battery would likely last four to five hours before being charged by the generator, thus using less fuel.
“That’s the hybrid approach we’re talking about,” Landa says.
Batteries also have built-in computers, making them able to report how much power they’re using at any given time. When they need to be charged, they automatically turn on their power sources. When they reach the necessary level of charge, they automatically turn this backup source back off. And because batteries are intelligent, if a failure occurs, they’ll instantly flip on the backup source to avoid power interruptions.
“They’re telling you everything in real time,” says Gardner. “You can literally monitor your power usage on an iPhone as it’s happening.”
According to Landa, the top mobile battery suppliers are currently Caterpillar, Atlas Copco and portable power solutions supplier POWR2. The Vermont-based Nomad offers transportable battery systems designed for rapid deployment and operation at the utility (or grid) level, although Alex Crothers of the Burlington-based music production company Higher Ground incorporated Nomad batteries into the company’s 2024 summer season, along with batteries from Overdrive Solutions. Crothers is currently exploring how to make these batteries into backup power for the venues he co-owns, given that the concert series only happens a few times a month due to the weather. Meanwhile, Overdrive Solutions provides battery power stations and systems and has partnered with AEG on myriad events, assisting with planning and on-site execution.
“A lot of them use the same technology in their guts,” Gardner says of all these products.
As battery technology improves, there could come a time when they can be charged with utility power before being transported to a festival, then run for the duration without being recharged. “That is not where we are today,” says Landa. “But that is the goal.” As batteries become more efficient, they’ll also likely become smaller, which will allow more of them to fit on a shipping truck and reduce costs and carbon emissions related to transport. Some batteries currently being made by Overdrive Solutions are already as small as a rolling suitcase.
The current hybrid battery model is what makes it possible for artists to say that their shows are completely battery powered, even though there are generators on site. “When you hear about Coldplay, they brought just as many generators as they brought batteries,” says Landa. “While Chris Martin was on stage, he may have been without any emissions, but there were diesel generators charging those batteries [after]. I’m not trying to greenwash this.”
At Lollapalooza 2024, generators ran on b14 biodiesel, a blend of diesel and biodiesel, with C3 partnering with CES and sustainability consultancy ZAP Concepts (who worked with Coldplay on their Music of the Spheres Tour, which pledged to reduce the band’s direct carbon emissions from production, freight and band and crew travel by at least 50%) to make the project a reality.
Of course, batteries have many festival applications beyond powering stages. REVERB worked with Coachella and Stagecoach to put up battery-powered light towers that were charged by solar. “Festival organizers loved it,” says Gardner, “because they didn’t have to run out to light towers on the outskirts of the festival in their golf carts and fill up the diesel generators.”
REVERB and Overdrive Solutions’ solar setup at Coachella
Courtesy of REVERB
Perry of C3 says that after the success of 2024, Lollapalooza will likely roll out additional battery usage incrementally, ultimately working to entirely replace the roughly 70 generators on-site annually. This endeavor will become easier as the general supply of batteries increases, as currently, Perry says, “these types of high-capacity batteries are low supply, high demand.”
He adds the price of the Lolla mainstage project was “not cheap,” with the festival partnering with CES, Live Nation’s sustainability program Green Nation and T-Mobile to cover costs. Landa says that while lithium-ion batteries currently cost about five times the price of diesel generators, batteries are rechargeable and built to work for a decade or longer, so buyers can spread the cost out over time.
Landa predicts that, as with electric cars and iPhones, prices will come down as technology evolves, with a trickle-down effect likely to occur. “Think electric vehicles at the top,” he says, “then think industrial applications, then think events and entertainment at the bottom of the funnel. We need the guys ahead of us to drive down cost and increase the supply chain so that it makes sense by the time it gets to the bottom of the funnel.”
As this happens, and as the industry grapples with sustainably — particularly in the face of events being affected by major and extremely freaky weather events — initiatives like REVERB’s work at Luck Reunion and SXSW and what C3 did at Lolla 2024 are meant to build broad trust, showing the industry what this technology is and that it works.
“I think the most positive feedback that I got was that it went unnoticed,” Perry says of Lolla’s batteries. “For me, an operational person, the biggest kudos is to be smooth and unseen.”
Live Nation, Warner Music Group and Spotify helped lead a music stocks rebound this week as global markets recovered from a disastrous prior week.
The Billboard Global Music Index gained 3.2% to 1,800.75 to retake nearly two-thirds of the previous week’s losses. Last week, just three of the index’s 20 stocks were gainers. This week, 11 stocks finished in positive territory while nine lost value. The seven multi-sector companies — recorded music, publishing and agencies — had an average gain of 2.3%. Six streaming companies had an average gain of 2.6%.
Major indexes also posted gains after last week’s downturn. In the United States, the Nasdaq jumped 6.0% to 17,683.98 and the S&P 500 climbed 4.0% to 5,626.02. In the United Kingdom, the FTSE 100 rose 1.1% to 8,273.09. South Korea’s KOSPI composite index improved 1.2% to 2,575.41. China’s Shanghai Composite Index was an exception, dropping 2.2% to 2,704.09, its lowest close since Feb. 5, 2024.
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Concert promoter Live Nation jumped 6.5% to $98.82 on Friday, its best closing price since $101.40 on May 22. CEO Michael Rapino gave investors a convincing narrative about Live Nation’s past, present and future at the Goldman Sachs Communacopia & Technology Conference on Tuesday (Sept. 10). Speaking about the potential for growth outside of the U.S., Rapino talked about taking the model used in Austin, where it built the Moody Center (in partnership with Oak View Group) and is getting “25-plus-percent return on capital.”
While the U.S. is filled with arenas because of basketball’s popularity, soccer-dominant Europe and South America don’t have the same infrastructure, Rapino explained. Growing a presence in those areas means building the venues, which provides better profits than being a venue operator. And it can be done more affordably than the cost of many arenas in the U.S. “We’re not building a billion-dollar Chase Center [the home of the Golden State Warriors basketball team in San Francisco],” Rapino said. “We’re building a $300 million-$400 million music venue, and we can get a great return on capital and expand the market. So that’s our greatest opportunity.”
After SiriusXM merged with Liberty Media’s tracking stock, Liberty SiriusXM, the new stock — also trading under the SIRI ticket — finished closed at $24.51, down 10.2%, after taking into account a 1-for-10 stock split. SiriusXM initiated post-merger trading at $25.25 and rose 2.6% on Tuesday before reaching a high of $29.05 on Wednesday. The company said the merger of SiriusXM and Liberty SiriusXM stocks was done to simplify the capital structure and support the company’s future growth.
In its first press release following the merger with Liberty SiriusXM tracking stock, SiriusXM provided updated free cash flow guidance of $1 billion for 2024, a $200 million drop from the guidance provided on Aug. 1. The $200 million change reflects about $70 million of closing costs and incremental interest and about $130 million related to “historical, year-to-date outflows at Liberty SiriusXM Holdings Inc. prior to the closing of the transaction.” The company left unchanged its guidance for revenue ($8.75 billion) and adjusted earnings before interest, taxes, depreciation and amortization ($2.7 billion).
Spotify gained 4.7% to $338.01, erasing most of its 5.9% loss two weeks prior. On Thursday, Guggenheim increased its estimate for fourth quarter monthly average users and average revenue per user and raised its third quarter gross margin estimate. Analysts spoke with a publishing executive who had positive things to say about Spotify’s audiobook offering and its positive impact on the publishing business. Guggenheim maintained its “buy” rating and $420 price target.
Multi-sector companies performed especially well this week. Warner Music Group gained 5.1% to $29.02 after Tigress Financial cut its price target to $44 from $52 on Thursday but retained a “buy” rating on the stock. Reservoir Media rose 5.3% to $7.72. Universal Music Group improved 2.9% to 23.60 euros ($26.17). Most K-pop stocks rebounded after a rough week. Although HYBE lost 1.0%, YG Entertainment gained 4.9%,SM Entertainment improved 3.2% and JYP Entertainment rose 1.7%.
A trio of streaming companies were among the week’s worst performers. China’s Cloud Music fell 4.7% to 91.95 HKD ($11.79). China’s top music streamer, Tencent Music Entertainment, fell 6.7% to $9.52. Abu Dhabi-based Anghami dropped 7.8% to $0.83.