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IBIZA, Spain — The annual dance industry conference IMS Ibiza began today (April 23) on its namesake island, with hundreds of people from around the sector gathering for three days of discussions, presentations, panels, music and more looking at the global electronic music scene and industry from all angles.
As is tradition, the Summit began with the presentation of the annual IMS Business Report, which tracks the key trends from the global business over the last 12 months. Marking its 11th edition this year, the report was authored by MIDiA Research’s Mark Mulligan and is available here.
Mulligan also presented the report to a packed room on Wednesday afternoon, giving context to the data and illustrating that while revenues may be lagging in clubs and festivals, electronic music culture is booming both on and offline. These are 11 key findings from the 2025 report.
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1) Streaming Is Way Up in the Global South
The report finds that while streaming revenue growth slowed to 6% in 2024, subscriber growth saw huge gains, with the overall streaming sector seeing a 12% growth in its subscriber base.
Incredibly, nearly four fifths of this growth came from Global South markets, an area the UN Trade and Development organization defines as comprised of Africa, Latin America and the Caribbean, Asia and Oceania. Mulligan noted that Global South statistic is especially crucial given that user growth will eventually give way to global cultural growth “as these users drive the rise of large local music scenes that will increasingly export their sounds to the West.”
The reports also found that Spotify stayed in the lead in terms of DSPs, maintaining its 32% market share and registering more than a quarter of a billion subscribers globally. The report notes that “YouTube Music was the only other global DSP to also enjoy strong growth in 2024, gaining to a 10% market share.
2) Electronic Music Is a Market Leader
The report notes that electronic music has the top or second highest count of Spotify followers in nine of the genre’s top 13 markets, compared to hip-hop, Latin and rock. And while Latin and hip-hop growth may be statistically stronger, the reach of these audiences, especially Latin, varies strongly by region, versus electronic music’s more global growth.
Additionally, the world’s top four electronic music markets — Germany, Australia, the U.S. and U.K. — all gained significant listener counts in 2024, although Mexico, the U.K. and Germany saw the highest growth, respectively. (Incredibly, electronic music was up 60% in Mexico.)
Meanwhile, electronic music consumption is considered endemic in The Netherlands and Australia, where the report found that the number of monthly electronic music listeners on Spotify is higher than the total population. (This is possible because individuals can consume more than one style of electronic music on the platform.)
3) Electronic Music Fans Over-Index For Time & Money Spent
Mulligan repeatedly emphasized the crucial nature and influence of IRL scenes, which dance music excels in cultivating and which many younger people are prioritizing over online existence.
“This idea of scenes is going to become more and more important,” he said, “because superstars are getting smaller and everything is fragmenting. It’s time to look simply beyond the stream counts, beyond the social numbers to measure the cultural impact, even though that’s nearly impossible to do. But that’s probably a good thing. If it’s not measurable, it’s harder for people to go and overtly commercialize it.”
He referred to culture as “the fuel in the engine,” saying that things like revenue, stream counts and social and followings “will come as a result of the culture. So the fact that the cultural indicators are beginning to really light up in 2024 points to a really strong few years coming up.”
4) Revenues in Ibiza Were Up, But Ticket Sales Were Slightly Down
The report notes that the average number of events per venue on the island “is on a steady, albeit modest decline and ticket volumes were down in 2024, with higher average ticket prices thereason that revenues were up once again. “You keep charging people more until they can’t afford it anymore” said Mulligan, “and there will come a point when people say ‘I literally can’t afford any more for this at the moment.’” This is especially true now, he noted, in a period of global economic uncertainty.
5) Afro House Continues to Rise
Mulligan reported that Afro-house “has absolutely rocketed” in the last year, while drum & bass is also in a “real era of resurgence.” A survey of the digital sample library Loopcloud indicates a large rise in samples of African music genres, suggesting the genre will continue growing.
6) Hard World = Hard Music
The Loopcloud survey also found a rise in harder electronic genres like hardcore and hard dance, while “softer” genres like ambient and chill out are going down and losing share. This is, Mulligan posted, is “because culture reflects the world around us. It’s a crappy world out there at the moment. There’s wars and famine and inequality, and I think that’s beginning to really come through in the music that people are making and the music that people are listening to.”
7) There’s Been a 45% Growth of Electronic Music Hashtags on TikTok
Amapiano and trance saw especially big growth on the platform. “Again,” Mulligan said, “there are all of these cultural indicators that are growing more strongly than the revenue indicators are.”
8) SoundCloud Also Remains a Strong Cultural Indicator
The platform saw 100% growth in uploads of UKG (UK garage) with jungle uploads also up 45%.”These tend to the genres that tend to be owned by Gen Z and even Gen Alpha,” said Mulligan. “SoundCloud has so many of these bootleg remakes … of course [the people who make them] can never get the rights cleared and put them onto Spotify, but a lot of this culture is happening online on places like SoundCloud.”
9) Music Catalog Investors Have a Growing Interest in Dance
“Mainly what happens is old white males invest in old white males, so you still see the Bob Dylans [of the world getting invested in], but we are beginning to see more and more of other genres,” Mulligan said of investor acquisitions of artist catalogs. The report states that the share of catalog deals for electronic artists doubled between 2020 and 2024, with recent notable examples including Kevin Saunderson, Tiga and deadmau5.
10) Dance Music’s Gender Divide Persists
In terms of the number of people producing music and playing events, Mulligan reported that “this is still a heavily male world,” although there’s also been a slight increase in the representation of female artists. This determination is based on a survey of data from AlphaTheta, where the registered userbase, the report says “points to the steady rise of female DJs, many of whom will be inspired by the growing share of top DJs that are now female.”
“We are beginning to see change,” Mulligan added in his presentation. “It’s not dramatic, but it’s good and steady progress.”
11) The Global Electronic Music Industry Was Valued at $12.9 Billion in 2024
This number includes live, merchandising, sponsorships, recorded music, publishing, music hardware and software, clubs, festivals and more. The number represents a 6% growth over 2024, which Mulligan noted “might not sound huge, but remember live music revenues — festivals and clubs — which is a really big part of the revenue mix, is beginning to slow, so that sort of drags down the overall numbers. But most importantly, the culture is absolutely booming. With 0.6 billion new social followers of electronic music followers in 2024 they’re the foundation for what’s set to be a really vibrant few years.”
Nicole George-Middleton has been promoted to executive vice president and head of creative membership at ASCAP, the organization announced Wednesday (April 23). In her elevated role, George-Middleton will oversee songwriter, lyricist, and composer relations, reporting directly to ASCAP CEO Elizabeth Matthews and joining the organization’s senior leadership team. She will also continue to serve as […]
Etsy has agreed to sell Reverb, an online marketplace for musical instruments and equipment, to Creator Partners, an investment firm founded by a former SoundCloud CEO, and Fender-owner Servco, the companies said on Tuesday.
Terms of the deal were not disclosed. Bought by Etsy in 2019 for $275 million, Reverb is used by fans to purchase collectibles like the recording console used to track the Beatles’ Abbey Road and Travis Barker’s drums, as well as regular guitars, pedals, keyboards and other music-related products.
The deal, which is expected to close in the coming weeks, will see U.S.-based music gear selling site return to its roots as an independently operated company backed by Creator Partners and Servco.
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Creator Partners is the investment company of former SoundCloud CEO Kerry Trainor, and it stakes in BMI, Colors+Studios, Mogul, as well as SoundCloud. Servco is the majority owner of guitar company Fender, which Creator Partners is also invested in. Reverb previously raised $25 million from a group of investors led by Summit Partners.
The deal for Reverb comes at a time when the threat of global tariffs has sparked fears of rising prices for music product imports, merchandise and other goods. In a blog post announcing the new ownership, Reverb CEO David Mandelbrot said the company plans to roll out a new option for sellers “that allows you to get paid faster and drop off your gear locally, without needing to create a listing or ship.” Reverb has other plans to expand its offerings of music-making software and to improve search, ship and help services on the website.
“Over the past five years, we’ve learned a lot from Etsy as we’ve expanded our community,” Mandelbrot wrote in the blog post. “As we look ahead, with a focus on growing the entire industry by helping more people buy and sell used music gear, we’re excited to align ourselves with two new partners who share our passion and focus.”
According to Mandlebrot, buyers and sellers using the website should not notice any disruption as the companies work toward closing this deal in the coming weeks, and Creator and Servco sought to assure Reverb users that Fender will not get preferential treatment on Reverb. Reverb’s partnership with Fender will stay the same, including Fender’s certified pre-owned program, which is one of 20 such offerings available on Reverb, the companies said.
Creator Partners’ Trainor said they are keen to invest in Reverb and its goal of growing “the entire industry through seamless secondhand commerce.”
Mark Fukunaga, executive chair of Servco, said his company has been invested in musical instruments and education for over 90 years. “We remain committed to being good stewards of leading musical instrument companies, like Reverb, and supporting players everywhere in pursuing their passion to create music.”
Chris Janson has returned to his former label home of Warner Music via a partnership with the country singer-songwriter’s Harpeth 60 Records imprint. Clay Hunnicutt leads Harpeth 60 Records’ radio promotion staff, with team members including Ray Vaughn and Lauren Bartlett. Janson previously released his first three albums through Warner, earning hits including “Buy Me a Boat” and “Good Vibes.” — Jessica Nicholson
Emerging singer-songwriter Esaú Ortiz signed with Sony Music Latin. The música mexicana artist from Monterrey, Nuevo León, Mexico, first gained traction on social media with songs like “Triple Lavada,” which was featured on playlists such as Apple Music’s Hits 2025 and Spotify’s Éxitos México. His first official project under Sony Music Latin is said to feature “an explosive remix and heavyweight collaborations,” according to a press release. “I know I have the best team to take my music to the next level and to the ears of everyone,” Ortiz said in a statement. ” I believe we will do great things together, which makes me very happy.” — Griselda Flores
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Big Wild, a project of producer, singer, songwriter and engineer Jackson Stell, signed a label deal with Giant Music and a management deal with Ceremony Music Group. His first release under Giant was the single “You Belong Here,” which dropped April 11.
Jasmine Amy Rogers, the singer and actor who plays Betty Boop in Boop! The Musical on Broadway, signed a record deal with Nashville-based label Melody Place for the release of new original music at the end of 2025. According to a press release, the music will be “somewhere in the mainstream pop/urban world.” Rogers is also featured on the Boop! The Musical cast album set for release later this spring.
Metalcore band Wind Walkers signed with Fearless Records, which released the group’s new single and video “The End Aesthetic.” Wind Walkers just kicked off its Shapeshifter Tour on April 16 in Little Rock, Ark.
Indie-rock/dream-pop band Yumi Zouma signed with Nettwerk, which released its new single, “Bashville on the Sugar,” on Friday (April 18). Yumi Zouma is managed by Phil Jones at Tuesday’s Artists Management and booked by Alisa Preisler at Ground Control, Beckie Sugden at CAA and Sam Wald at WME. The band was previously signed with Polyvinyl Record Co.
Nettwerk also signed Los Angeles-based singer-songwriter BEL and will release her forthcoming single, “Fresh Start,” on Friday (April 25). BEL is managed by Justin Little and Chad Heimann at Brilliant Corners.
TAMLA Records and Capitol Christian Music Group (Capitol CMG) signed Peech. to their artist roster. In 2024, Peech. broke through with the single “Snowfall” and the mixtape L.I.V.E. On Friday (April 18), he released his latest single, “Don’t Miss Your Moment.” — Jessica Nicholson
Riser House Records signed indie-pop group The Wldlfe and will release the band’s new single, “Make Me Cry,” on Friday (April 25). The band is composed of Jansen Hogan, Carson Hogan, and Jack Crane.
Scotland-born, Texas-raised country singer Callum Kerr signed with ONErpm and Huff Co. Kerr also works as a model and actor. His new single, “Cold Beer Cold,” is out now.
Sony Classical signed Berlin-based pianist Alexander Malofeev, who will release his debut album for the label in the fall. Malofeev first rose to prominence in 2014 at the age of 13, when he won the International Tchaikovsky Competition for Young Musicians. He has since performed with leading orchestras including the Philadelphia Orchestra, the Boston Symphony Orchestra, the Orchestra of the National Academy of Santa Cecilia, the Lucerne Festival Orchestra and Orchestra Filarmonica della Scala.
Asher White signed to Joyful Noise, which released her latest single, “Kratom Headache Girls Night,” on Tuesday (April 15). White’s most recent album, Home Constellation Study, was released on Ba Da Bing! in 2024.
Oakland-based punk band The Lucky Eejits signed with Southern California indie label HEY!FEVER Records. The group recently won a spot at this year’s San Francisco Punk in the Park Festival on May 3. Lucky Eejits is set to release new music by the end of this year.
In conjunction with today’s global celebration of Earth Day, Merlin and IMPALA have announced the launch of a new fund intended to accelerate the independent music community’s push towards sustainability.
The initiative is named the Weidenmüller Sustainability Fund in honor of late !K7 founder Horst Weidenmüller, who co-founded Merlin and was a board member for both the digital music licensing partner for indies and IMPALA, the European organization that represents 6,000 independent music companies spread across 30 countries.
Before he passed away in February at age 60, Weidenmüller was central to the creation of the sustainability program IMPALA launched in 2021. This included the 2022 launch of a carbon calculator to assist labels in measuring and reducing their environmental impact through practices like tracking the climate impact of their office energy and water use, their commuting, their business travel and their manufacturing and distribution efforts.
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The new fund will provide resources to further develop and enhance this carbon calculator and make it more globally available, support IMPALA in offering advice and training to independent labels and distributors that use the tool and support the work of the IMPALA task force Weidenmüller created in 2020.
IMPALA has an established history of furthering sustainability. Its 2021 Climate Charter created sustainability frameworks in the indie sector, and in 2024 the company released the results of a study looking at the economic benefits of taking sustainability action. This new joint initiative reinforces a commitment by Merlin in equipping rightsholders with tool to address emerging industry challenges.
“Horst was not only a fierce advocate for independent music, but also for our planet,” Merlin CEO Jeremy Sirota says in a statement. “He believed in driving real and sustaining change—through leadership, innovation, and action. We all have a role to play in the preservation of our planet and a more sustainable future. Merlin is proud to launch the Weidenmüller Sustainability Fund and to help meet our commitment through the incredible work of IMPALA.”
“Horst was a true visionary,” continues IMPALA executive chair Helen Smith. “He believed in the power of collective initiatives as well as the business case or individual action. This fund honors Horst’s profound impact across the whole industry.”
Earlier this month Create Music Group announced its acquisition of !K7, the indie electronic label Weidenmüller founded in 1985. Upon the announcement, !K7 CEO Tom Nieuweboer says the partnership will allow the label “to scale our vision while staying true to our core values of independent artistry, innovation, and quality.”
Of the new fund, Nieuweboer adds that “Horst was my companion, mentor, and friend for decades. His passion for music always went hand in hand with a deep sense of responsibility for our planet which was becoming part of the DNA of !K7. Horst was a true role model – for me personally, and for many across the music industry. The launch of the Weidenmüller Sustainability Fund is not only a tribute to his commitment but also a call to the industry to follow in his footsteps. This fund ensures that his vision will not only be remembered but actively carried forward with real impact.”
Australia’s iconic Bluesfest has officially confirmed its return in 2026 following one of its strongest years post-COVID, bolstered in part by emergency support from the New South Wales Government’s Contemporary Music Festival Viability Fund.
Held over the Easter long weekend, Bluesfest 2025 drew more than 109,000 attendees across five days, its highest attendance since 2019, and the third-biggest turnout in the festival’s 35-year history. The milestone comes just months after festival director Peter Noble hinted that the event might be the final edition, citing ongoing economic strain across the live events sector.
Among this year’s lineup were The Pierce Brothers, the reformation of The Beards, Kim Churchill, Nahko, Fools, Eric Stang, RY X, Sweet Talk, 19-Twenty, Roshani, WILSN, and Clarence Bekker.
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“We’re the top-selling festival in the country, and we’ve worked hard to get here,” Bluesfest Director Peter Noble said.
That sentiment shifted in part due to the NSW Government’s $2.25 million lifeline distributed across five festivals. Bluesfest, along with Listen Out, Field Day, Lost Paradise, and Yours and Owls, each received up to $500,000 in funding through the initiative, designed to help festivals navigate rising costs related to insurance, freight, currency exchange, and shifting ticket-buying habits.
“The post-COVID era has been a financial nightmare for music festivals in NSW,” said Minister for Music and the Night-time Economy John Graham. “The government needed to step in to save the furniture, and the feedback is that this fund has helped some of these festivals survive.”
“From Bluesfest where I’ve been this weekend, through to Listen Out and Lost Paradise – people of all ages love the outdoor music festival experience and the artists they discover. We can’t afford to lose that cultural experience because the festivals can’t afford to pay their rising bills.
“The festival circuit a vital part of the live music industry which employs almost 15,000 people. It’s too important to lose, that’s why we’re backing festivals with emergency funding and reforms that bring down their costs.”
Head of Sound NSW Emily Collins added, “The funding is providing critical support to iconic festivals and helping ease the burden of a rapidly changing landscape. We’re proud to be supporting great festivals to continue delivering world-class music experiences for the people of NSW.”
The second round of funding from the Contemporary Music Festival Viability Fund opens May 1, ahead of the 2025–2026 summer season. Eligible festivals can apply on an as-needs basis.
Music stocks bounced back — and performed better than major U.S. indexes— for a second week after President Trump’s tariff policy sent markets into a tailspin.
The 20-company Billboard Global Music Index (BGMI) rose 3.6% to 2,446.90, its second consecutive gain after falling 8.2% the week ended April 4. Fourteen of the 20 stocks were winners and five had gains exceeding 5%. The largest companies were among the week’s winners, which had an outsized impact on the index’s value, while the four worst performers are the index’s least valuable companies.
The BGMI outperformed the Nasdaq and S&P 500, which lost 2.6% and 1.5%, respectively, but fell short of the FTSE 100’s 3.9% improvement. South Korea’s KOSPI composite index gained 2.1% and China’s SSE Composite Index rose 1.2%.
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Streaming companies, which analysts believe are well-suited to survive the impacts of the U.S. tariff policy, were among the week’s best performers. Cloud Music was the week’s biggest gainer, rising 10.5% to 156.40 HKD ($20.15). Deezer was the third-best performer with a 6.7% gain.
Spotify, the most valuable music company, rose 5.6% to $574.25. UBS lowered its Spotify price target on Tuesday to $680 from $690 but maintained its buy rating. Tencent Music Entertainment improved just 0.4%, giving it a 10.2% gain in 2025.
Multi-sector companies, particularly those from South Korea, also performed well. YG Entertainment rose 10.0% to 66,800 KRW ($47.10). SM Entertainment rose 9.3% to 116,300 KRW ($81.99) and JYP Entertainment improved 6.2% to 63,300 KRW ($44.63). HYBE rose 2.0% to 230,500 KRW ($162.51).
Universal Music Group rose 3.2% to 23.96 euros ($27.25), turning a deficit into a year-to-date gain of 0.2%. Warner Music Group rose 0.3%, bringing its loss in 2025 to 6.1%.
Live entertainment companies had mixed results. German promoter CTS Eventim gained 4.2% to 97.20 euros ($110.54) and MSG Entertainment rose 1.2% to $30.69. Live Nation fell 1.8% to $127.22. Sphere Entertainment Co. dropped 6.3% to $25.38. The company, which owns the Sphere venue in Las Vegas, has fallen 40.2% year to date.
Radio companies continued their decline. iHeartMedia dropped 14.8%, bringing its year-to-date loss to 54%. Cumulus Media’s 19.4% fall took its year-to-date deficit to 67.5%.
Tariffs continued to be a dominant theme in the financial world this week. Apple and other tech companies that import phones, computers and chips from China and other Asian countries gained a reprieve from the most burdensome tariffs. The announcement, which came on April 11, sent Apple’s stock up 2% on Monday (April 14) and pushed its market capitalization back past $3 trillion. On Thursday, the Trump administration announced new fees on Chinese-made ships entering U.S. ports. Some of those fees were quickly walked back, however, by exempting ships that travel between U.S. ports of call, and from domestic ports to Caribbean islands or U.S. territories.
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This Tuesday (April 15), hundreds of people from across the music industry gathered in Hollywood for the second annual Music Sustainability Summit.
Organized by the Music Sustainability Alliance (MSA), the event again brought together thought-leaders and innovators from the live music, labels, waste management, merch, food, design and production sectors. Panels and breakout sessions — curated around the event’s “progress through collaboration” theme — focused on the challenges and, more crucially, the many solutions that currently exist and can be implemented at scale as the industry takes on the ongoing climate crisis that’s affecting touring, events, the supply chain and the health and wellness of artists, teams, fans and the Earth itself.
“Sustainability is good for the planet and it’s good for business, and it’s being led by the people in this room,” MSA CEO/co-founder Amy Morrison said at the start of the day, “but we’re not done. There’s still more to learn, more to share and more to do. And let’s be honest, this work is only getting more important as some political forces pull back from climate commitments and even try to undermine environmental progress. It’s falling on industries like ours to step up and lead.”
The day began with a stirring performance from singer and environmental activist Antonique Smith and a rousing conversation with activist Reverend Lennox Yearwood Jr., who emphasized the importance of artists and not just engaging in performative activism, but truly engaging with the people who are feeling the very real effects of the climate crisis. “You have to be amongst the people,” Yearwood Jr. told the rapt crowd. “Not only will it make you a better artist, but you will transform yourself by being with the people and feeling the crisis. It will allow you to create art that is divine, that is otherworldly. You will begin to create something that isn’t just pain and depression, but something that could actually change and save this world.
The day of conversations went on to provide huge insights on the many ways the music industry can transition to greater sustainability and do its part in humanity’s greatest challenge, via panel topics that included live music emissions in the U.S. and U.K., why paying attention to menus at venues at events is important, the evolving clean energy sector, strategies that are being used in film, sports and live theater, sustainability in contracts and more.
Here are five things we learned from the conference.
The Music Industry Could Be Greener Through More Strategic Planning
Investors seeking shelter from the chaos unleashed by President Trump’s often incoherent tariff policy can find safety in companies without direct exposure to tariffs or the teetering advertising market. And music, especially digital music, will be able to weather the storm, say many analysts — with one major exception.
To understand what people are thinking about tariffs’ impact on the business world, look no further than stock prices. The performance of various music-related stocks reveals how investors are betting that economic uncertainty will affect various companies.
Many stocks — especially those of companies traded on U.S. exchanges — have taken a hit as investors fled for safer alternatives. The Nasdaq and S&P 500, U.S. indexes, are down 6.2% and 6.7%, respectively, since April 1, the day before President Trump announced his tariff plans. Elsewhere in the world, indexes have generally performed better. South Korea’s KOSPI is down just 2.0%. Japan’s Nikkei 225 is off 3.5%. The U.K.’s FTSE 100 is down 4.2%. Germany’s DAX has lost 5.9%.
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Within music, companies that get most of their revenue from streaming are faring relatively well. Since April 1, Spotify and Deezer have each gained 4.0%, two of the better showings for music stocks. Cloud Music improved 3.9%. Tencent Music Entertainment, on the other hand, has fallen 15.1%, although its share price remains up 8.1% year to date.
Record labels and publishers have also been holding up well, in relative terms, particularly outside the U.S. Since April 1, shares of Universal Music Group (UMG) — which is headquartered in the U.S. but trades in Amsterdam — and Warner Music Group (WMG) are down 8.0% and 7.1%, respectively. Reservoir Media lost 3.0%. K-pop companies — much like South Korean companies in general — have fared well. Since April 1, SM Entertainment has gained 7.9%, YG Entertainment is up 1.1% and JYP Entertainment has gained 0.7%. HYBE fell 3.4%.
UMG and WMG’s post-tariff declines are slightly greater than the drops in the Nasdaq and S&P 500 of 6.7% and 6.2%, respectively. But both UMG and WMG had strong starts to 2025, and their year-to-date losses of 4.5% and 6.1% are far better than the S&P 500’s 10.2% drop and the Nasdaq’s 15.7% year-to-date decline.
Some live music companies’ stocks have been resilient, too. Live Nation shares are down 3.7% since April 1, while German concert promoter CTS Eventim is up 3.2%. Sphere Entertainment Co., owner of the Sphere venue in Las Vegas, is an exception. Sphere Entertainment shares have plummeted 23.1% since President Trump’s tariff announcement, a far more significant drop than the stocks of other companies — Caesars Entertainment, Wynn Resorts, MGM Resorts — that rely on consumers’ willingness to part with their money in Las Vegas.
For many U.S. media stocks, the direct impact of tariffs is “relatively muted,” wrote Citi analysts in an April 7 report, as many of the companies rely on discretionary spending, not ad revenue. Apple and other tech companies, for example, got an exemption from the 145% tariffs on Chinese imports but must still pay the blanket 20% tariff. Companies that get much of their revenues from subscriptions — Netflix, Spotify, UMG and WMG — will be less impacted.
Music streaming, most notably subscription services, is considered by equity analysts to be safe from whatever tariff-induced economic chaos awaits the global market. “Digital goods are unaffected by tariffs,” wrote TD Cowen analysts in an April 14 investor report. Subscription services, they argued, provide enough bang for the buck, and customers have such an emotional attachment to music that subscribers are unlikely to leave in “meaningful” numbers if the economy goes south.
Streaming and subscription growth slowed in 2024, but many analysts expect improvements to come from a regular drumbeat of price increases, renewed licensing deals and super-premium tiers. That said, analysts believe that Spotify’s latest licensing deals with UMG and WMG, and upcoming deals with other rights holders, better reward labels and publishers for price increases. As a result, TD Cowen slightly lowered its estimates for Spotify’s revenue, gross profit margin and operating income in 2025. Likewise, in an April 4 note to investors, Guggenheim analysts lowered their estimate for Spotify’s gross margin in the second half of 2025.
Companies reliant on advertising revenue will also take an indirect hit. Citi estimates that $4 trillion of imports could generate $700 billion in tariffs and reduce personal consumer and ad spending by 1.9%. Tariffs have ripple effects, too. Because household net worth and personal spending are highly correlated, says Citi, the recent declines in stock prices could reduce personal and advertising spending by 3.0%.
Consumer spending is at the heart of the concert business, but analysts agree that fans’ affection for their favorite artists protects live music from economic downturns. As a result, Live Nation has “less risk than the average business that depends on discretionary spending,” according to TD Cowen analysts.
Advertising-related businesses aren’t so lucky, though. As tariffs raise prices and household wealth declines, personal spending also declines, and, in turn, brands pull back on their advertising spending. Investors’ expectations for advertising-dependent businesses were apparent before April but have become clearer since President Trump’s April 2 tariff announcement. iHeartMedia, which closed on Thursday (April 17) below $1.00 per share for the first time since June 4, 2024, has dropped 35.3% since April 1 and fallen 50.3% year to date. Cumulus Media has fared even worse, dropping 47.5% since April 1 and 62.7% year to date. Townsquare Media has fallen 12.8% in the tariff era and 23.8% year to date.
J.P. Morgan analysts believe iHeartMedia’s full-year guidance of $770 million is “somewhat optimistic” given economic uncertainties and ongoing pressures in the radio business. It forecasts full-year EBITDA of $725 million — nearly 6% lower than iHeartMedia’s guidance. If things wind up going more the way J.P. Morgan predicts than iHeart, it would be a big blow to the company and an unfortunate bellwether for the already struggling radio business. While other music industry sectors look to ride out the tariffs at least in the shorter term, the economic uncertainty introduced by the Trump administration may only hasten radio’s ongoing decline.
As Billboard has noted numerous times in recent weeks, investors are attracted to music assets because they are counter-cyclical, meaning they don’t follow the typical ups and downs of the economy. Consumers will, by and large, stick with their music subscription services and continue going to concerts. But by introducing the tariffs, the Trump regime exposed one of radio’s greatest weaknesses as a business: a greater exposure, due to its reliance on advertising, to the state of the wider economy.
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Canadian musicians and music organizations are speaking out ahead of the federal election on April 28.
Indie folk artist The Weather Station took to Instagram on April 15 to make an impassioned plea to Canadians not to check out of this election. She had just returned from a tour in the U.S., supporting her new album Humanhood, and told followers that now is the time to prevent Canada from following in America’s footsteps.
“I cannot articulate the level of relief I felt this time crossing the border back into Canada,” she says. “I think we have no lived understanding of how bad things could get.”
The Weather Station, whose name is Tamara Lindeman, has previously spoken out about the U.S. administration, citing authoritarianism, threats to free speech and the right to protest, and dismantling of public services serving climate, education, health care and social security.
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In her new video, she highlights the people fighting for those issues and to build community amidst the crisis south of the border.
“Loved the shows, loved all the people we met, but it’s so incredibly painful to see what people are going through,” she says. “People feel exhausted, they feel afraid and at risk, they feel powerless…a lot of people increasingly feel kind of silenced, which is really scary.”
Speaking to Billboard Canada about why she felt compelled to share the video, Lindeman adds that when it comes to this election, the stakes couldn’t be higher. “For an avalanche of reasons — from Trump’s threats of annexation, to how misinformation and MAGA-style politics are moving across the border, to the immensity of the climate crisis, to the affordability crisis across this country,” she elaborates.
She also points out Conservative leader Pierre Poilievre‘s desire to defund the CBC as particularly concerning for musicians, given how the public broadcaster supports Canadian music through radio airplay and events.
Her post received positive comments from fellow Canadian musicians like Jill Barber and Bells Larsen. Larsen, a folk singer-songwriter, last week shared that he cannot tour in the U.S. due to changes in Visa application policy that target trans musicians, requiring legal ID to match sex assigned at birth.
Canadian music organizations have also been emphasizing the importance of this election across party affiliations, against the backdrop of American politics.
Allistair Elliott, AFM vice president from Canada, sent out a message today to American Federation of Musicians members in Canada titled “Make Your Vote Count.”
“The upcoming election is critical for Canadians — no matter your political leanings, your vote matters,” Elliott writes. “Look south of the border to understand what can happen. In the last U.S. election, 32% of votes went to Republicans and 31% to Democrats. That means 68% of U.S. voters did not vote for the current president. True democracy is achieved when everyone votes. Plan, do your research, and most importantly, vote. It really matters, can, and will make a difference.”
The message stops short of endorsing particular parties or candidates, but highlights policy areas that affect musicians and arts workers, such as generative artificial intelligence, diversity equity and inclusion, trade tariffs, and strengthening public health care.
The Canadian Live Music Association published a note last week from President Erin Benjamin, emphasizing the importance of the live music industry in Canada to both the country’s economy and its cultural identity.
Benjamin called on supporters to send a letter to federal election candidates of all parties, calling on them to leverage Canadian music for the future.
The Canadian federal election is Monday, April 28. –Rosie Long Decter
Hamilton Indie Label Sonic Unyon Launches SUM Artist Management, Headed By Wayne Pett
Hamilton-based independent label and music company Sonic Unyon Records has unveiled its latest initiative, SUM Artist Management. It’s a new arm of the company dedicated to representing and developing artists, identifying and opening opportunities to them.
Taking the helm as both director of artist management at SUM Artist Management and label operations for Sonic Unyon Records is Wayne Petti, a well-known figure on the Canadian music scene as frontman for highly-regarded roots-rockers Cuff the Duke. At SUM, Petti will work in league with Sonic Unyon owner/CEO Tim Potocic, representing a musically diverse and notable roster of clients.
That includes roots-rock singer-songwriter Terra Lightfoot, Polaris Prize-winning auteur Owen Pallett, Hamilton shoegaze combo Basement Revolver, American feminist performance artist and electro-rocker JD Samson (Le Tigre), retro cover band Born in the Eighties, multi-instrumentalist and composer Michael Peter Olsen, and three bands at the forefront of an Indigenous wave in Canadian rock, Zoon, OMBIIGIZI and Status/Non-Status.
“We’re about constant evolution,” says Potocic. “As a label, we’ve signed newcomers and longtime favourites as well as bigger bands like Danko Jones and Big Wreck. All of that is super exciting and some of the best music we’ve ever released. At the same time, this is not an industry that rewards sitting still. It’s a challenging time and a tough landscape, but opportunities still abound. We’ve always believed in the value of our artists, and artists more generally, so artist management is the natural outgrowth of that.”
In an interview with Billboard Canada, Petti notes that, “I’ve been involved in artist management for close to 10 years now. I have a unique perspective on the music business having both experienced what it’s like to be a recording artist and everything that goes along with that, plus experiencing working with artists and helping to guide them through their own careers. I’m very much an ‘artist first’ type of manager. I don’t chase things just for the money. I want the artists I work for to feel supported. I want them to focus on being creative and unique artists and I’m just there to help facilitate their vision and goals artistically.”
“Our main goal at SUM is to work with unique artists regardless of whether they are Canadian, American or from somewhere else around the world,” he continues. “I think we’re off to a great start.”
Petti previously made a major mark in artist management during eight years with Hamilton-based Straight & Narrow Management, which handles major international stars The National, as well as Broken Social Scene, Hannah Georgas, Kevin Drew and Georgia Harmer.
The creation of SUM Artist Management aligns with Sonic Unyon’s expansion into industry sectors beyond the traditional duties of a record label. Sonic Unyon Distribution was founded in 1998 to distribute Sonic Unyon and other labels in Canada, going on to build a roster that included dozens of domestic imprints and the exclusive representation of over 200 international independent labels in Canada. –Kerry Doole