State Champ Radio Business News
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The European Commission has formally issued a statement of objections in its ongoing investigation into Universal Music Group’s proposed $775 million acquisition of Downtown Music Holdings. This move, announced late Sunday, signals serious preliminary concerns from the EC, requiring UMG to respond.
The European Commission’s probe, officially launched in July, centers on whether UMG’s acquisition would grant it access to “commercially sensitive data” from rival labels through Downtown’s artist and label (A&L) services, which manage distribution, royalty accounting, and rights management.
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As the Commission explained in its new announcement, it is concerned that UMG “may have the ability and incentive to gain access to commercially sensitive data that is stored and processed by Downtown’s Curve, and that such an information advantage would hamper rival labels’ ability and incentive to compete with UMG.”
A statement of objections is a formal notice from the European Commission outlining its concerns in an investigation, giving the company a chance to respond, review the case file, and request an oral hearing, without determining the final outcome.
Downtown operates several platforms widely used by independent labels and artists, including the distribution services FUGA and CD Baby, the royalty accounting platform Curve, and the publishing administration provider Songtrust.
The investigation faced delays in September when the EC paused proceedings after UMG and Virgin failed to provide requested information on time. It resumed on Oct. 17, with a provisional deadline for a final decision set for Feb. 6, 2026.
UMG has maintained that the transaction will benefit artists, labels and the independent music sector in Europe. A company spokesperson told Bloomberg on Monday that UMG is cooperating constructively with regulators and remains confident the deal will go through. The company did not immediately respond to Billboard’s request for comment.
Music groups, including the European independent labels trade body IMPALA, have strongly supported the European Commission’s investigation, warning that UMG’s proposed acquisition could undermine market diversity and fair competition. They argue the deal should be blocked to safeguard smaller labels and indie artists.
In October, industry leaders from Beggars Group, WIM, AIM, Exceleration, Cooking Vinyl and dozens of other labels and organizations launched a campaign called “100 Voices”, emphasizing that the merger “poses a serious threat to competition, diversity, and fair access across the music industry.”
Last week, responding to reports of the Commission’s forthcoming objections, IMPALA issued a statement stressing the global significance of the case: “Competition and diversity in the music market in Europe, and worldwide, depend on the outcome of this decision.”
The EC’s concerns underscore wider questions about data access and growing market concentration in the music sector, positioning this review as a key test of competition policy in an increasingly data-driven music economy.
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Spotify’s stock price has fallen more than $200 below its all-time high of $785.00 set on June 27 after falling 8.2% to $583.62 in the week ended Friday (Nov. 21). The Swedish streaming giant’s share price dropped more than 7% in the two days after it announced the purchase of WhoSampled, an online song samples database, to power a new song credits feature, SongDNA.
Investors’ reaction to a relatively small acquisition appears to be part of a larger theme in recent weeks. While Spotify is one of the better-performing music stocks of 2025, it has struggled since the company announced on Sept. 30 that CEO Daniel Ek will step down and assume the role of executive chairman. Ek attempted to assuage investors who might be wary of his departure, saying in an open letter that “very little will change” when Spotify is led by co-CEOs Alex Norström and Gustav Söderström, two longtime Spotify executives. Ek added that he will operate with a European-style approach to the executive chairman position that is “more hands-on than the traditional U.S. model.”
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But investors aren’t showing much faith in the post-Ek era. Since the announcement, Spotify shares have fallen 19.9%, erasing $29.7 billion of market value.
Driven by Spotify’s 8.2% decline — the worst for all music companies this week — the Billboard Global Music Index (BGMI) fell 4.8% to 2,571.67. Eight of the index’s companies had gains while 11 finished the week with losses. The BGMI has not posted a gain in 10 weeks and now stands 17.5% below the all-time high of 3,117.20 set during the week of June 30.
Markets were down around the world this week. In the U.S., the Nasdaq fell 2.7% to 22,273.08 and the S&P 500 dropped 1.9% to 6,602.99. The U.K.’s FTSE 100 sank 1.6% to 9,539.71. South Korea’s KOSPI composite index and China’s Shanghai Composite Index each dropped 3.9%.
Warner Music Group (WMG) finished the week up 1.1% to $30.69. After releasing earnings on Thursday morning (Nov. 20), WMG shares dropped 2.7% on Thursday but gained 3.4% gain on Friday. Investors may not have received their desired message from WMG management, but analysts were upbeat about the numbers and management’s outlook. CFRA bumped WMG shares up to a “hold” rating from the “sell” rating it issued in July. Guggenheim kept its “buy” rating and $37 price target while noting that WMG’s “capital efficient” joint venture with Bain is likely to provide growth to both revenue and earnings. J.P. Morgan, which maintained its “overweight” rating and $40 price target, was “encouraged” by WMG management’s comments on margin expansion and market share gain.
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CTS Eventim shares rose 7.2% to 84.65 euros ($97.52). The German concert promoter and ticketing company released third-quarter earnings on Thursday that showed revenue rose 4%. The week’s gain brought CTS Eventim’s year-to-date gain to 0.8%.
Netease Cloud Music fell 7.1% to 189.40 HKD ($24.33) after its third-quarter earnings, released on Thursday, revealed a 2% decline in revenue. Cloud Music remains one of the year’s best-performing music stocks, however, with a 2025 gain of 68.8%.
Live Nation shares fell 3.9% to $130.55. Deutsche Bank lowered its price target to $160 from $173, which suggests 22.6% of upside based on Friday’s closing price, and maintained its “buy” rating.
The week’s greatest gainer was Cumulus Media, which rose 29% to $0.11. Such large swings are common for Cumulus, which has lost 85.7% of its value in 2025 and experiences sizable moves when it rises or falls a mere penny. With a market capitalization of just $2 million, the radio broadcaster has little effect on the BGMI.
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The next generation of music industry visionaries, entrepreneurs and changemakers showed up in droves for the first-ever edition of Billboard Canada 40 Under 40.
Yesterday (Nov. 20) at W Toronto marked the first time Billboard‘s influential celebration came to Canada, recognizing the executives and innovators shaping the global music business. The night was in partnership with YouTube, W Toronto and Hendrick’s.
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“There’s really a lot of optimism here,” shared Richard Trapunski, National Editor at Billboard Canada. “There’s so much talent coming out of Canada that’s really shaping what’s happening in the music industry worldwide. It’s great to get a chance to celebrate those people and those voices who are pushing that conversation.”
Elizabeth Crisante, Billboard Canada’s Chief Commercial Officer, noted that many driven and successful achievers don’t get a chance to celebrate their wins.
“The interesting thing about highly ambitious people is they have laser-like focus on the goals in front of them,” she said. “Often, they may not take the time to step back and look at how far they’ve come, how much they’ve grown and how much impact they’ve had in the community — and that’s why tonight is so special.”
La Mar Taylor accepted the first-ever Billboard Canada 40 Under 40 Visionary Award, presented by YouTube. The globally successful 35-year-old is a co-founder of the culture-defining XO Records and is The Weeknd‘s longtime creative director. His work with The Weeknd, including his record-breaking After Hours Til Dawn Tour, cemented him as one of the most influential creative directors in music today.
Taylor is also building the next generation of Canadian talent through HXOUSE, the Toronto creative incubator he co-founded to provide mentorship, studio space and networking opportunities for emerging artists, designers and musicians.
In his acceptance speech, Taylor made sure to celebrate his hometown, thanking XO, The Weeknd and the HXOUSE community. He expressed enthusiasm about 40 Under 40 becoming an annual event, praising the strength of the music community in Canada that deserves recognition, while also calling for a stronger creative ecosystem in Canada.
“It’s up to us to pave the way and really bring Canada to where it needs to be. Let’s be on the journey together. Let’s kill it.”
The majority of the inaugural honourees came to celebrate, including SOCAN executive director and TMU assistant professor Dr. Charlie Wall-Andrews, MRG Live’s senior talent buyer, Samantha O’Connor, senior manager of label partnerships at Universal Music Canada, Angela De Medeiros, Sony Music Canada marketing manager, Vanessa Adams, Live Nation Canada’s director of Latin music, Ricky Taco, senior music manager at SiriusXM Canada, Siobhan Woodrow, 604 Records’ head of streaming, Julia Amodeo, Yonis, co-founder of Active Cause and many more.
Read more from the celebration here and find the full Billboard Canada 40 Under 40 list here.
Warner Music Canada Appoints New Co-GMs Julia Hummel & Madelaine Napoleone
Warner Music Canada has named Julia Hummel and Madelaine Napoleone as its new co-general managers, the company announced today.
The Toronto-based executives — both Billboard Canada Women in Music 2025 honourees, and with Hummel also recognized on Billboard Canada’s 40 Under 40 list — will jointly lead the company’s strategy across one of the world’s top music markets.
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Hummel and Napoleone will report to Eric Wong, president of East West Records and head of global A&R for recorded music at Warner Music Group.
Before their promotions, Napoleone was VP of marketing and Hummel served as VP of digital strategy and business development. Both joined Warner Music Canada in 2022.
The leadership shift arrives as Warner Music Group continues implementing a global plan to streamline operations and increase investment in music. It also follows the recent departure of Kristen Burke, who previously served as president of Warner Music Canada.
“Madelaine and I are excited to shape the next phase of Warner Music Canada’s growth,” Hummel said in an exclusive statement to Billboard Canada. “We’re committed to strengthening the bridge between our global artists and Canadian fans, and to ensuring that Canadian voices are heard on the world stage.”
“Julia and I are proud to help Canadian artists leverage Warner Music’s global network while building more opportunities for international talent here in Canada,” Napoleone added. “Our passion for music and dedication to supporting artists remain at the core of our work.”
Wong said he has “the utmost confidence” in their leadership, citing their combined expertise in marketing and digital strategy as key to advancing the company’s Canadian business.
The company also confirmed that Andy West, who served as EVP and general manager for the past three years, has exited the company.
Read more here.
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The release of CTS Eventim’s third-quarter results on Thursday (Nov. 20) marked the last earnings report from a major music company until early 2026 (a few smaller companies tend to announce much later), meaning it’s time for Billboard’s awards-style recap running down the best and worst of the bunch.
Music companies generally had a good quarter. Live Nation set yet another record for third-quarter revenue. Spotify delivered the double-digit revenue growth people have come to expect. K-pop companies delivered strong revenue growth, although earnings usually didn’t keep pace.
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In a rare occurrence, a handful of music streaming companies actually posted revenue declines. China’s Netease Cloud Music was down 2%, Deezer was off by 1% and LiveOne, hobbled by changes at Tesla, fell 42%.
Aside from the financial numbers, AI gave companies a great deal to talk about. Universal Music Group and Warner Music Group took the force-multiplier approach by announcing major AI licensing deals a day before they released earnings. Each company went into their conference calls with analysts in the immediate wake of a positive development on a hot-button topic: Recently signed agreements with AI music generator Udio, which will turn into a rights holder-friendly walled garden when it re-launches in early 2026.
For more details, check out Billboard‘s recap of all music companies’ earnings results released through Nov. 21.
Without further ado, here are the highlights from the latest round of earnings results.
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Greatest Progress on a Business Model: Sphere Entertainment Co.
It’s not difficult to find a critic of Sphere, the massive, spherical venue in Las Vegas with huge production costs and a mountain of debt, as sustained profits are a long-term project and aren’t likely to appear until Sphere franchises open in Abu Dhabi and other markets. Still, Sphere Entertainment Co. — which also includes MSG Networks — made progress in the third quarter. Sphere landed a hit with its AI-assisted update of The Wizard of Oz, which has sold over 1 million tickets to date at an average price analysts put at well over $100. Showings of Oz and other movies rose to 220 from 207 in the prior-year quarter, and a winning residency from Backstreet Boys helped the Sphere division turn a negative adjusted operating income (AOI) into $36 million of positive AOI.
Best Revenue Growth Rate, All Companies: YG Entertainment
Third quarter revenue jumped 107% to $128 million for the company behind such K-pop groups as BLACKPINK and BABYMONSTER, beating out fellow K-pop company JYP Entertainment, which topped the list last quarter with a 126% year-over-year growth rate. Because K-pop companies focus their resources on relatively small rosters, their financial results tend to have greater volatility than Western companies with far more artists under their roofs. Revenue rises and falls based on the success of a handful of new albums and tours.
Best Revenue Growth Rate, Digital Service Providers: Tencent Music Entertainment
Online music revenue jumped 27.2% to $979 million as the number of paying users rose 5.6% to 125.7 million. Tencent Music didn’t break out the number of subscribers to its high-priced Super VIP tier — it’s been at 15 million for a few quarters — but the quarter’s 10.2% increase in average revenue per user suggests that Super VIP made a positive impact.
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Best Stock Price Bump: SiriusXM
SiriusXM shares jumped 10% the day the company released earnings — not because of the results, but because the company raised its full-year guidance for revenue, adjusted EBITDA and free cash flow by $25 million. The satellite radio company, which also owns streaming brand Pandora, is trying to manage declining subscribers and a soft advertising market by cutting costs. The plan mostly worked in the third quarter as SiriusXM’s adjusted EBITDA fell just 2.5% to $676 million, and revenue fell 1%. Net cash from operating activities jumped to $430 million from $309 million in the prior-year period.
Worst Stock Price Drop: StubHub
The secondary ticketing company went public on Sept. 17 and released its first earnings report on Nov. 13. Revenue was up 11% year over year — it would have risen 24% if not for Taylor Swift ticket sales in 2024 — but the company didn’t issue guidance for the fourth quarter. Investors reacted as if StubHub was hiding bad news, and the share price dropped as much as 31% the following morning and finished the day down 21%. Right on cue, news broke on Monday (Nov. 17) that the U.K. government plans to ban the resale of tickets at a profit, causing StubHub’s stock to drop an additional 30.7% over the next four days.
Best Attempt at Earnings Call Levity: Spotify
Spotify co-founder and CEO Daniel Ek is stepping down as CEO and will be replaced by co-CEOs Gustav Söderström and Alex Norström, who are currently co-presidents. As Ek explained when the company released third-quarter results, the Nov. 4 earnings call would mark his final such appearance before he transitioned to the position of executive chairman. At the end of his introductory remarks, Ek then turned the call over to Norström. “Thanks, Daniel,” Norström said. “No pressure.”
Worst Quarter: Vivid Seats
The secondary ticketing company’s revenue plummeted 27% to $137 million and adjusted EBITDA fell to $4.9 million from $34.1 million in the prior-year quarter. The news sent the Chicago-based company’s share price down 11.3% in a single day. But Vivid Seats is taking steps to improve: It replaced CEO Stan Chia with Lawrence Fey, who was previously CFO; doubled its annualized cost-savings target to $60 million; and “simplified” its corporate structure “to maximize our operating efficiency,” the company stated in a press release. On a positive note, the news about the U.K. government’s intention to limit ticket resales to face value doesn’t hurt Vivid Seats, which has international aspirations but gets virtually all its revenue from North America.
Also: UMG’s hospitality venture partners with the UN to drive music tourism, “It Feels So Good” singer Sonique signs a catalog agreement with Armada and more.
11/21/2025
CTS Eventim, Europe’s largest concert promoter and ticketing company, has appointed William Willms as chief financial officer, effective Jan. 1, 2026. Willms succeeds Holger Hohrein, who will depart at year-end. A seasoned executive with a doctorate in law, Willms brings over 20 years of global leadership experience, most recently as CFO at Lufthansa Technik AG, […]
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Music financing platform beatBread named former CD Baby and Downtown Music executive Tracy Maddux interim CEO following the death of beatBread co-founder and CEO, Peter Sinclair, the company announced on Wednesday (Nov. 19).
“Under Maddux’s interim leadership, beatBread will focus on maintaining its strong growth trajectory, advancing platform innovation, expanding partnerships, and ensuring operational excellence,” according to a beatBread press release. “He will also play an active role in the company’s search for a permanent CEO, ensuring a seamless transition and long-term continuity.”
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Maddux was Downtown Music’s chief commercial officer from 2020 to 2023, when he was in charge of the distribution, monetization and promotion of Downtown’s umbrella companies CD Baby, FUGA, AdRev, Curve Royalty Systems and DashGo. Prior to that, he served as CEO of CD Baby from 2010 to 2020, via Downtown’s acquisition of the company from AVL Digital. More recently, Maddux invested in and took a seat on the board of rights management platform OpenPlay. He will serve as a long-term advisor to beatBread’s board, the company said.
Sinclair, the company’s late CEO, was a former McKinsey and Green Dot industry veteran and longtime senior vp of consumer and e-commerce at Universal Music Group (UMG). He died earlier this year at the age of 50 after a brief illness.
“Peter Sinclair built beatBread on the belief that independent artists deserve access to the same financial tools as major-label acts, without sacrificing ownership or control,” said Maddux in a statement. “Having known Peter and admired his approach since beatBread’s founding, I’m deeply honored to help carry that vision forward. The company has built an exceptional foundation … and I see enormous potential.”
Earlier this year, beatBread announced it had raised $124 million from equity investors, including banking giant Citigroup and venture investors Deciens Capital and Mucker Capital, as well as loans from financiers Advantage Capital and GMO. In October, the company launched its $100 million Global Independence Fund to support indie labels and distributors, partly in response to UMG’s move to acquire Maddux’s former company, Downtown Music. That deal, which is pending regulatory approval by the European Commission, has faced opposition from several leading independent music organizations, including IMPALA, Beggars Group, IMPF, A2IM and Secretly Group.
Ishan Sachdev, general partner at beatBread’s longtime investor, Deciens, said Maddux’s experience presents “a rare combination” of industry expertise and operational discipline that beatBread needs “right now as labels continue to strive to maintain their independence in an environment that’s been impacted by Downtown’s sale to Universal.”
“Tracy shares Peter’s exceptional commitment to empowering independence, and he’ll work with beatBread’s remarkable team, to advance the company’s growth while maintaining its artist-first mission,” Sachdev said in a statement.
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SXSW London has confirmed its first wave of speakers for its 2026 conference, featuring figures from the worlds of business, technology and culture.
The festival will be returning to the capital from June 1 to 6, following the debut of its U.K. iteration in 2025. Among the first names announced include entrepreneur Jamie Laing, who has pivoted from a successful reality television career (Made In Chelsea) to spearheading confectionary business Candy Kittens and podcast studio Jampot Productions in recent years.
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There will also be talks from Ben Cohen, co-founder of Ben & Jerry’s, as well as Thomas Cwik of NASA Jet Propulsion Laboratory. Footballer Lotte Wubben-Moy – who plays for Arsenal in the Women’s Super League and the English national team – will be discussing the intersection of sports and culture, while Hovhannes Avoyan, founder and CEO of photo-editing app Picsart, has been enlisted to chat about the development of his globally successful platform.
Other additions to the conference line-up include names from different corners of the evolving AI landscape, such as Ioannis Antonoglou (co-founder and CTO, Reflection AI), Joleen Liang, (CEO, Squirrel AI North America), and Josh Payne (CEO, Nscale), among others. Further details can be found at the official SXSW London website.
The list of speakers has been partly derived from an online submissions process, which allows potential candidates to directly pitch discussion proposals. From there, a community voting system, known as PanelPicker, opened up to the public, so that fans could help select a portion of SXSW’s conference programming.
According to the SXSW London website, public votes account for 30% of the decision-making process. The remaining percentage is determined by SXSW London staff (30%) and a board of industry experts (40%), to ensure a balanced programme. Further conference line-up announcements are expected to arrive in the coming months.
SXSW arrived in London for the first time this summer, following the continued success of its Austin and Sydney counterparts. The inaugural edition took place in Shoreditch, saw appearances from King Charles and London Mayor Sadiq Khan, and welcomed over 20,500 international delegates.
The event also played host to Billboard presents THE STAGE at SXSW London, which featured a performance by global superstar Tems at east London’s iconic Troxy venue. It followed the publication of Billboard’s annual Global Power Players list and its first U.K. Power Players list, whose honorees were recognized at an exclusive gathering.
The sheer number of artist signings announced on a weekly basis makes it difficult to keep up, no matter how closely you pay attention to the industry news cycle. That’s why every other Tuesday, Billboard compiles the latest signings to labels, distributors, agencies, management companies and more, in an effort to provide a snapshot of the latest moves in the artist space, from household names to indie stars to emerging acts.
First up this week, UTA signed singer-songwriter, actress and model FKA twigs for global representation in all areas. Twigs most recently released the album Eusexua Afterglow, a follow-up to her acclaimed album Eusexua from earlier this year that just nabbed a Grammy nod for best dance/electronic album. She’s slated to perform at Coachella next April.
Renowned Mexican singer Lucero is embarking on a new chapter in her career with Seitrack Records, the record label division of Ocesa Seitrack. On Oct. 29, the star, who has more than 45 years of experience in TV, film and music, signed an agreement with Octavio Padilla, the company’s director. Ranchera music will be the focus of this new phase of her career, with an upcoming album produced by Aureo Baqueiro. — Tere Aguilera
Miami company Fundamentals, led by Horacio Rodríguez, signed Ecuadorian rising star Jombriel and his longtime collaborator and producer Jøtta. Hailing from Esmeraldas, Jombriel was featured in Billboard‘s On the Radar Latin earlier this year. In March, the 22-year-old earned his first No. 1 on the Billboard Argentina Hot 100 with the Ryan Castro-assisted remix of his viral hit “Parte & Choke,” also featuring Alex Krack and Jøtta. Jombriel’s breakthrough single, “Vitamina” with DFZM and Jøtta, has garnered more than 325 million Spotify streams, according to Fundamentals, and is included on his debut 2025 album, Jombriel de la Suerte. Jøtta, a rising creative force in the Latin music world, is the producer behind these chart-topping hits, which blend dancehall, reggaeton and tropical sounds. — Isabela Raygoza
Check out more recent artist signings below.
Mad Tsai (Rebellion Records)
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Primary Wave Music announced on Tuesday (Nov. 18) that it has acquired a stake in both the publishing copyrights and master recordings of jazz icon Dave Brubeck through a major partnership with Derry Music Company. The partnership also grants Primary Wave a share in licensing Brubeck’s name, image and likeness, with the company collaborating closely with the Brubeck family on future creative decisions.
According to the company, it will leverage its marketing and publishing infrastructure to amplify Brubeck’s legacy through branding initiatives, digital campaigns, synch placements and film and television projects. Financial terms were not disclosed.
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“The Brubeck family enjoys a rare position in the musical world as we have inherited an exceptional legacy,” the family said in a statement. “Our father, Dave Brubeck, was a world figure known for his talent, originality, international diplomacy, and decency. We are thrilled about our new partnership with Primary Wave, whose innovative team will enable us to further extend the appreciation of our parents’ musical and humanitarian heritage.”
Brubeck’s cerebral style transformed West Coast jazz in ways that remain unparalleled. Forming the Dave Brubeck Quartet with alto saxophonist Paul Desmond in 1951, the World War II Army veteran helped usher cool jazz into the mainstream with groundbreaking college tours and albums like Jazz at Oberlin and the on-the-nose Jazz Goes to College.
By the end of the decade, the iconic quartet featured Desmond, drummer Joe Morello and bassist Eugene Wright — the lineup behind Brubeck’s 1959 landmark album Time Out. The record, which opens with “Blue Rondo à la Turk” and includes the iconic “Take Five,” shattered conventions with its daring time signatures and became the first jazz album to sell over a million copies. (It went double platinum in 2011, according to the RIAA.)
Today, Time Out stands alongside albums like Miles Davis’ Kind of Blue and John Coltrane’s A Love Supreme as one of jazz’s defining works.
This quartet, which recorded for Columbia, also produced such classic albums as 1961’s Time Further Out and 1963’s The Dave Brubeck Quartet at Carnegie Hall. His later work included collaborations with baritone saxman Gerry Mulligan and various projects with his children Darius (electric piano), Chris (bass), Matt (cello) and Dan (drums).
Beyond his musical innovations, Brubeck was a staunch advocate for racial integration, famously canceling performances at venues that refused to welcome Wright, who was Black. His six-decade career earned him the Kennedy Center Honors, the National Medal of Arts, eight Grammy nominations and a Grammy Lifetime Achievement Award before his passing in 2012 at the age of 92.
“I’ve worked on dozens of acquisitions for Primary Wave in the 15 years I’ve been with the team, but this one is personal,” said Primary Wave’s John Luneau. “Dave Brubeck and his classic Quartet were my first musical idols – three years before the Beatles! – and remain so still. It’s the honor of my career to help bring about this brilliant marriage of Dave’s musical genius with Primary Wave’s skill at preserving and expanding the legacies of iconic artists.”
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Primary Wave noted it will continue to pursue iconic jazz catalogs, having recently struck deals with Pat Metheny, the late Chuck Mangione, and previously partnered with the Count Basie estate.
The deal comes on the heels of Reservoir Media’s acquisition of Miles Davis’ publishing catalog, signaling a renewed industry focus on preserving jazz’s greatest legacies.
