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Harvey Mason Jr. quietly re-upped with the Recording Academy in September for another four years as CEO. Mason first assumed the role of permanent CEO on May 13, 2021, after having served on an interim basis for the previous 16 months. His three-year contract with the academy ran through July 31 of this year.
There was no announcement in September about Mason’s decision to stay in his job. “It was kind of right in the middle of a lot of things that were going on with us at the academy,” he explained in an interview with Billboard about the academy’s new member class. “We’re doing a lot of things that we’re excited about that I felt probably deserved more attention than [my contract extension]. I just want to keep my head down and do the work.”
Under Mason, the academy has undergone dramatic changes since it officially terminated former president/CEO Deborah Dugan on March 2, 2020, after she had been placed on administrative leave six weeks earlier. Dugan, who served only five months in the job, took over from longtime president/CEO Neil Portnow.
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Mason said he’ll continue to have the freedom to do outside music projects. “Luckily, I’m allowed to continue to be very creative — run my business, make music, be in the studio. So, it actually gives us a different perspective. I think it’s a good thing for the CEO of the Grammys and the Recording Academy to be in the studio working.”
As late as Feb. 27, when Billboard interviewed Mason about the success of Bob Marley: One Love, on which he was credited as executive music producer, he said wasn’t sure if the was going to stay at the academy. “I don’t think either side has made a commitment yet or firm decision as to what’s going to take place after July,” he remarked at the time.
Before he became CEO, Mason received five Grammy nominations — three of them for his work in film and TV, on the soundtracks to Dreamgirls, Pitch Perfect 2 and Jesus Christ Superstar Live in Concert.
But he has taken himself out of Grammy contention as long as he is CEO. “I’ve committed to not putting my name on the ballot because I wouldn’t want my job at the Academy to influence how somebody viewed a project or voted for a project,” he said in February.
But other people who work on those projects can submit their own names. “I don’t want to punish people that do great work. So, others can submit, I won’t submit and I will not be getting a nomination or win while I’m in this role.”
On another topic, Mason said the academy has made no decision about what to do about the Salute to Industry Icons Award that Sean “Diddy” Combs received in January 2020, in light of his current legal woes.
Federal prosecutors on Sept. 17 unsealed a criminal indictment against Combs over sweeping allegations of sexual abuse, accusing him of running a racketeering conspiracy that included sex trafficking, forced labor, kidnapping, arson and bribery.
Mason said that if Combs is convicted, “We’d have to take a look at that, as it was an honorary award. So, it’s a little bit different than a Grammy. I don’t think we would be in the business of retracting people’s Grammys, but I don’t think I’ll speculate on an honorary award and how we would handle that until I see what happens going forward.”
Now that Pink Floyd has finally managed to sell its recorded music assets, merchandising and name, image and likeness, the songwriting members of the group have another big payday still outstanding — its music publishing assets.
Sony has bought some of Pink Floyd’s music assets for about $400 million, sources confirm of the news that first appeared in the Financial Times. But sources also confirm that the band’s music publishing assets were not a part of the deal.
Nevertheless, the Pink Floyd sale was a long time coming, as the group started shopping its recorded music assets about two years ago. For a while, the assets were pulled off the block due to some infighting between group members, according to published reports.
As sources said at the time, the assets were shopped to all the big players — the other majors, BMG, Concord, Primary Wave and other private equity-backed music buyers — but Sony always had the inside hand on the deal given that it serves as the group’s distributor. This deal marks the third big music asset deal Sony has made in the last 12 months, having previously bought 50% of Michael Jackson’s music assets in a deal that valued them at $1.205 million; and Queen’s music assets for about $1.2 billion.
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Combined, that means Sony — and any financial partners that were, or may have been, involved in the deals — has spent about $2.2 billion buying music assets in the last 12 months. In July, Apollo Global Management announced that it was the lead in pulling together $700 million in commitments to provide a “capital solution” to Sony Music Group. Back in 2021, Sony partnered with another financial partner, Eldridge Industries, when buying Bruce Springsteen’s master recordings.
Sony declined to comment. Apollo and Eldridge didn’t respond to e-mails seeking comment.
Pink Floyd’s filings in Companies House — the U.K. equivalent of the SEC database — show that for the year ended June 30, 2023, the band’s revenue totaled, as first reported by Music Business Worldwide, 40.4 million pounds (which at the 2023 average of 1.244 per pound totals $50.3 million, according to exchange-rates.org). This total combines revenue from master recording, merchandising and possibly other licensing opportunities; and also combines the two Pink Floyd corporations that appear to have been set up to oversee those assets: the original band after Syd Barrett’s departure and the group that carried on after Roger Waters’ departure.
Just looking at Pink Floyd’s recorded masters catalog over the last three years in the U.S., the band has generated an annual average of 1.135 million album consumption units from the sale of 497,000 LP, CD and digital download albums and 160,000 track downloads and almost 675 million on-demand streams. While Luminate doesn’t track global album sales, Pink Floyd’s on-demand global streams averaged 2.37 billion over the last three years. Consequently, if the group owns all of its publishing, Billboard estimates that the band’s recorded masters bring in about $11 million in publishing royalties annually. If the band sells and can achieve a 20-times multiple — the going rate for superstar songwriters — it could bring in another $200 million-plus for the band’s songwriters. In general, music publishing asset trade at a higher multiple than recorded music assets, although the latter is catching up on that front.
An e-mail to the manager of one of the band members didn’t receive a reply by press time.
Sony’s acquisition of Pink Floyd’s name, image and likeness is good for merchandising. But if any opportunities arise for film, TV or a theatrical production — and there likely will be considering that since 1991 the band’s fanbase has consumed nearly 51 million album consumption units in the U.S. alone — Sony would need, as its executives well know, licenses from the Pink Floyd publishers and/or administrators, which in the U.S., according to SongView and depending on the song, consist of TRO Essex Music Group, BMG and Concord.
For the second time in three years, Universal Music Group (UMG) chairman/CEO Lucian Grainge tops Billboard’s annual list of the highest compensated music executives.
In the first year of a five-year employment contract, the London-born, Los Angeles-based Grainge earned $150.3 million, nearly six times the $25.6 million paid to second-place finisher James Dolan, executive chairman/CEO of both Sphere Entertainment Co. and Madison Square Garden Entertainment. (The fiscal years of the latter two companies ended June 30, 2023.) Live Nation president/CEO Michael Rapino, last year’s No. 1, was third at $23.4 million.
Most other executives appeared on the prior two compensation rankings. Warner Music Group CEO Robert Kyncl and WMG’s outgoing CEO of recorded music, Max Lousada, were fifth and sixth, respectively (for the fiscal year ended Sept. 30, 2023). Spotify co-president/chief product and technology officer Gustav Söderström and co-president/chief business officer Alex Norström were seventh and 10th, respectively. IHeartMedia chairman/CEO Bob Pittman and president/COO/CFO Rich Bressler were eighth and ninth, respectively.
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The top 10 list has one new name in 2023: John Hopmans, executive vp in charge of mergers and acquisitions and strategic finance at Live Nation, at No. 4. The only vice president on the list, Hopmans had a relatively low salary of $982,000 but earned $23.4 million, mostly from restricted stock units and performance stock valued at $21.4 million.
The second-longest-serving CEO on the list behind Rapino, Grainge dramatically boosted his 2023 earnings with stock options, performance stock units and restricted stock units valued at $120 million. These grants included a $100 million “one-time transition award,” according to the company’s 2023 annual report, to move Grainge from all-cash compensation in his previous contract to “a combination of cash and equity” under the stock incentive plan UMG adopted in 2022.
Due to the size of the transition award, Grainge’s $7.5 million base salary accounted for just 5% of his 2023 compensation, a relatively small figure but not the lowest of the group. Söderström’s $300,000 base salary amounted to just 2% of his $14.7 million compensation. (The remainder was a stock option award.) Lousada’s $5 million base salary made up 29% of his total compensation and was the highest percentage on the list.
On average, the 10 executives received 10% of their compensation from base salaries, which is on the low side of averages in the corporate world. “By and large,” says Aalap Shah, managing director at Pearl Meyer, a compensation consultancy, “base salary constitutes about 10% to 20%” of average executive compensation.
Instead of receiving a large, guaranteed salary, top executives at public companies are increasingly paid based on their performances on metrics such as revenue growth, adjusted EBITDA growth and share price gains. “Shareholders typically prefer that at least half of a CEO’s equity awards be based upon performance criteria,” says Stephanie Hollinger, vp at ISS-Corporate, a Rockville, Md.-based provider of data and analytics to corporations. That percentage is expected to increase over time, Hollinger adds, as “pay is becoming more equity-based, and those equity awards are increasingly tied to performance-based conditions.”
In 2023, performance-based pay accounted for 53% of the average compensation for CEOs of companies in the Russel 3000, an index of the 3,000 largest public companies in the United States, according to ISS-Corporate. For CEOs of media and entertainment companies in the Russel 3000, performance-based pay was 42% of average compensation in 2023, “likely due to a higher relative proportion of other compensation elements, such as time-based equity compensation,” says Hollinger.
For most executives, performance-based pay comes in the form of company stock. Grainge’s five-year employment contract, which took effect April 1, 2023, reduced his base salary by 72% and added stock-based compensation that accounts for 57% of his target pay package. By putting Grainge’s earnings and shareholders’ interests in better alignment, UMG followed the practices of other public companies. “The view is that there should be more accountability and more performance orientation to executive compensation,” says Shah.
Receiving stock as compensation can pay off handsomely but also carries risk. The value of Grainge’s options, which vest in equal installments over four years, will depend on UMG’s share price at the conclusion of his employment contract on May 1, 2028. One-third of the options are exercisable if UMG’s share price exceeds 26.50 euros. Another third is exercisable at 30.00 euros. The final third requires a share price of 38.00 euros. The value of the grants took a short-term hit on July 25 when UMG’s share price dropped 24% to 21.70 euros following UMG’s second-quarter earnings report. But with nearly four years left on Grainge’s employment contract, there’s ample time for the share price to hit the thresholds.
With so much executive pay coming from stock, Billboard created a new separate list for top cash earners. Here, the value of noncash earnings such as stock options and unvested stock grants are excluded in favor of money that went into executives’ bank accounts in 2023.
Three executives who made the top cash earners list do not appear on the overall compensation ranking: At No. 5 is SiriusXM CEO Jennifer Witz, with $7 million; No. 6 is Live Nation president/CFO Joe Berchtold, with $6.4 million; and No. 7 is German concert promoter CTS Eventim CEO Klaus Peter-Schulenberg, with $5.7 million.
Billboard’s list of top-paid music executives is made from publicly available information culled from annual reports and proxy filings for calendar year 2023 or, in some cases, the most recent fiscal year. Public companies reveal compensation for a small number of named executive officers. So, in the case of multi-sector companies like UMG and UMG, the earnings of label heads are not made public. Because publicly traded conglomerates do not share details of subsidiaries’ executive compensation, the list does not include executives such companies as Sony Music Entertainment and BMG. Executives at privately held companies are excluded due to a lack of publicly available information.
Range Media Partners signed Rita Ora and will represent the multi-hyphenate in all areas, including music, film/TV and endorsements. According to a press release, Ora has racked up more than 10 billion streams globally and scored four U.K. No. 1 singles. In the U.S., she reached No. 3 on the Billboard Hot 100 with a featured spot on Iggy Azalea’s 2014 hit “Black Widow.” Her most recent single is “Ask & You Shall Receive.” She also recently began her second season as a panelist on The Masked Singer and co-starred in the Disney+ original movie Descendants: Rise of Red. Ora is currently working on new music which is set for release early next year. She continues to be represented by CAA for film/TV, Wasserman for touring and Peter Paterno and Joe Carlone at KHPS Law.
BLACKPINK member Rosé signed a global deal with Atlantic Records, in management partnership with THEBLACKLABEL. As announced Tuesday (Oct. 1), Rosé will release her debut solo album, rosie, on Dec. 6. The singer first rose to worldwide fame as a member of the best-selling K-pop girl group. In 2021, her solo single “On the Ground” debuted at No. 1 on the Billboard Global 200 and Billboard Global Excl. U.S. charts.
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Sony Music Latin signed emerging regional Mexican artist Oscar Ortiz, who has already penned songs for major acts in the genre, including his brothers Gerardo Ortiz and Kevin Ortiz. “At only 22 years old, Oscar has repeatedly demonstrated his extraordinary talent as a performer and composer, which positions him as one of the most promising voices in contemporary Mexican Music,” Alex Gallardo, president of Sony Music Latin, said in a statement. Earlier this year, Ortiz scored his first No. 1 on any Billboard chart thanks to “First Love,” his collaboration with Edgardo Nuñez, which landed atop the Regional Mexican Airplay ranking. “Reaching this point in my career was a very long process, but it was totally worth it,” Oscar added about his deal with Sony Music Latin. – Griselda Flores
Electronic artist Boris Brejcha signed with WME for global representation outside North America. In April, Brejcha released his ninth studio album, Level One, and in September dropped the single “Save My Soul” with Diplo. In 2015, he founded the music label Fckng Serious, which boasts Ann Clue, Deniz Bul, Frieder & Jakob, Julian Wasserman and Moritz Hofbauer on its roster. In 2022, he started a second label, Yellow Kitchen, that has put out music from artists including Prevision, shot by stanley, Visual Impact, concious, and Fifty Five.
Frontiers Label Group launched a new rock and alternative imprint called FLG and signed British rock band Skunk Anansie to its roster. Formed in 1994, the band scored two top 10 albums in the U.K. — 1995’s Paranoid & Sunburnt and 1996’s Stoosh, according to a press release. After releasing its third album, 1998’s Post Orgasmic Chill, the band went on hiatus in 2001 before reuniting in 2008 and releasing several more albums. Skunk Anansie has sold more than 5 million records globally, the release adds.
Nashville rock/blues artist Liam St. John signed with Group Projects, in partnership with Red Light, for management and with WME for booking. Group Projects partners Cooper Anstett and Anthony Manker will oversee St. John’s career for the firm, while Carrie Creasey will serve as his agent at WME. St. John released the EP Believer this summer.
BMG and Lucky Kid Syndrome partnered to sign emerging Shanghai-based singer, DJ, producer and songwriter Chace to a global record deal. The artist, who was the first Chinese DJ to perform at Tomorrowland, according to a press release, is slated to release a new single next month. “With the strong support from Chace’s established base in China, we are poised to successfully introduce Chace not only to the US but to audiences worldwide,” said BMG’s Dan Gill, executive vp of recorded music, Los Angeles, in a statement.
Country/rock singer-songwriter Kasey Tyndal signed with MNRK Music and released “Not As I’ve Done,” the first single off her upcoming self-titled album expected to drop early next year. She’s scheduled to open for Ian Munsick and Ella Langley at several U.S. shows through November. “Bringing Kasey to MNRK is one of the highest points of my 17 years here,” said MNRK senior vp of rock Scott Givens in a statement. “She is a world class talent who masterfully pushes the boundaries of country and rock. All of us at MNRK are excited to put the full weight of the company behind her as she moves into the next stage of her career.” Tyndal is managed by Lindsey Ray at The Steadfast Company.
Sub Pop signed Seattle-based rock band Deep Sea Diver, led by guitarist and vocalist Jessica Dobson. The group’s latest release, “Billboard Heart,” is the first song to be released off its upcoming album due early next year. It will be the band’s first album since 2020’s Impossible Weight. Deep Sea Diver notably supported Pearl Jam on several dates in 2023 and 2024.
Mom+Pop Music signed indie rock band The Kilans and released its new single “Colonel.” The group, which hails from Salt Lake City, is composed of Jack Ongman, Jacob Shultz, Cooper Brezoff and David Wiseman. The Kilans previously released the singles “Curly” and “Why is it Light Out?” and will be announcing tour dates soon.
Madison Bailey, known for her starring role on the Netflix series Outer Banks, signed with Republic Records and released her debut single, “The Grey.” Bailey is slated to release more new music soon.
Leslie Fram, CMT’s highly respected senior vp of music strategy and talent, is among the staffers who have left the Nashville-based country music and lifestyle programming network as part of the broad staff cuts taking place at Paramount Global.
Fram, Billboard‘s 2021 Country Power Players executive of the year, oversaw all musical integration within the brand, including original programming, CMT.com and music video airplay across all CMT platforms. Her last day was Monday (Sept. 30).
In a letter released exclusively to Billboard, Fram looks back with understandable pride at the multiple milestones she and her team, many of whom have also departed the company, achieved over her 13 years at the company, including the CMT Music Awards debuting on CBS, resurrecting franchises such as CMT Giants and Storytellers, and creating or continuing specials like CMT Campfire Sessions and its signature CMT Crossroads.
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Fram, who was an ardent supporter of all country artists — but especially burgeoning acts and women — was an outspoken advocate for diversity and inclusion and continuously strove to create ways to highlight women artists and artists of color on CMT in a genre dominated by white male acts.
“Among my proudest achievements has been our decade+ support of women with CMT’s ‘Next Women of Country,’ a program that has helped promote and elevate over 100 female artists on all platforms, and our efforts to move the format forward in areas of inclusion and diversity,” she writes.
“Over the years, the team worked tirelessly to grow these types of opportunities when in 2015, we created an all-female ‘Next Women of Country’ tour to give these artists a stage to play on – introducing newcomers like Kelsea Ballerini and supporting headlining acts like Martina McBride, Sara Evans & Jennifer Nettles.”
Fram, who will host the Save the Music event in Nashville on Oct. 15, ends the missive on a positive note: “Cheering on those who remain and those who have left — only great things ahead. With the ever-changing media landscape let’s remember to take care of each other!”
Read the full letter below:
To My Dear CMT Family, Friends, Colleagues,
Thirteen years ago this month, I had the extraordinary opportunity to become SVP/Music & Talent at CMT and work with my longtime friend and mentor Brian Philips (President of CMT at the time). The transition from rock radio to country music television turned out to be a pivotal moment in my career, allowing me and the brand’s resident experts to build CMT’s next great chapter. We went on to create an even bigger music brand, continuing to amplify the format’s superstars and legends while giving voice to the next generation.
Over the years, we’ve accomplished so many milestones as a team. From celebrating the ‘CMT Music Awards’ debut on CBS, bringing back historic franchises like ‘CMT Giants’ where we honored such legends as Kenny Rogers, Vince Gill and Alabama, and resurrecting the iconic ‘Storytellers’ format to creating new music programming and specials like ‘CMT Campfire Sessions,’ ‘CMT Summer Camp’ and ‘CMT Smashing Glass’ honoring Tanya Tucker & Patti LaBelle, these are once-in-a-lifetime experiences I will always treasure!
And it wouldn’t be CMT without a deep bow to the award-winning series, ‘CMT Crossroads.’ My first experience with the franchise was with Vince Gill & Sting at NYC’s Hammerstein Ballroom, and I immediately was overwhelmed by the musical magnitude of these shows. We went on to bring together such extraordinary pairings as Stevie Nicks & Lady A, Katy Perry & Kacey Musgraves, Alicia Keys & Maren Morris, Halsey & Kelsea Ballerini, Shawn Mendes & Zac Brown, Nickelback & Hardy, and so many more. I am eternally grateful for the expertise and genius of my colleagues, Executive Producers Margaret Comeaux and John Hamlin, without whom ‘Crossroads’ and so much more, would not be possible.
Among my proudest achievements has been our decade+ support of women with CMT’s ‘Next Women of Country,’ a program that has helped promote and elevate over 100 female artists on all platforms, and our efforts to move the format forward in areas of inclusion and diversity.
Over the years, the team worked tirelessly to grow these types of opportunities when in 2015, we created an all-female ‘Next Women of Country’ tour to give these artists a stage to play on – introducing newcomers like Kelsea Ballerini and supporting headlining acts like Martina McBride, Sara Evans & Jennifer Nettles.
All along, we would constantly ask ourselves, ‘how can we do even better?’
We soon founded an initiative called CMT ‘Equal Play’ – 50/50, male/female parity across all CMT video hours. With this momentum, we strongly encouraged the industry to play, sign and support more women and to make equally bold moves to help cement a format-wide commitment to women and equality. This concept ultimately grew to become the ‘CMT Equal Play Award,’ in recognition of artists who advocate for diverse and underrepresented voices in the industry, bestowed upon such luminaries as Jennifer Nettles, Linda Martell and Shania Twain.
We also partnered with Cameo Carlson, President & CEO at mtheory to create CMT ‘Equal Access’ to better support artists from underrepresented communities. I’m proud to say that this effort closely mirrors the visionary leadership of Marva Smalls, EVP of Public Affairs/Global Inclusion at Paramount, our partners in ‘Equal Access.’ This program has allowed us to work with both artists and management professionals, helping us diversify the talent pipeline in country music.
Looking back over my career at CMT, I have so much gratitude for amazing leaders like Van Toffler, Bob Bakish & Bruce Gillmer to name a few. Thank you for your vision and support.
To my incredible team, Donna Duncan, Stacey Cato, Jordan Walker, Katrina Cooper, Jordan Hatton, Abbi Roth, Bryana Cielo and my brilliant counterpart, Margaret Comeaux, John Hamlin, Heather Graffagnino, Jackie Barba, Jim Craig, Cynthia Mangrum, Jodi Carmichael, Melissa Goldberg, Ali Marszalkowski, Quinn Brown, Cody Alan, Shanna Strassberg, Andy Luther (and the IT Team) and so many more, we will always be a family and team. Your friendship and support have been my guiding light. I will cherish all our collective challenges and wins.
To my Paramount and MTV colleagues past and present, it’s been my complete honor to work and learn from you.
To the OG CMT’ers – the late great Chet Flippo, Suzanne Norman, Martin Clayton, Anthony Barton, Lisa Chader, Lucia Folk, Cindy McLean Finke, Jim Raley, Jackie Jones, Lewis Bogach, John-Miller Monzon, Shane Caldwell, Tessa Jordan, Jennifer Danielson, Jen Hoogerhyde (Morrison), Alina Thompson and so many more – in the words of Dolly ‘I will always love you!’
And finally, to this magical Nashville community and its brilliant artists, you have given and shared so much. I will always be grateful for your friendship and support, and I know that you will continue to collaborate with this undeniable brand for years to come.
Cheering on those who remain and those who have left-only great things ahead. With the ever-changing media landscape let’s remember to take care of each other! Thank you from the bottom of my heart.
Leslie Fram
lesliefram@me.com
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In 2008, Lolo Reskin found out Iggy Pop was a fan of her record store.
It was roughly three years since Sweat Records in Miami had opened its doors and the news of Iggy Pop’s appreciation came via a segment on CNN. The Stooges legend was showing the news channel around his favorite places in his hometown and took a moment to pose in front of Sweat’s mural, which, over the years, has included Prince, Grace Jones, David Bowie, Dolly Parton and Iggy himself.
At the time, Reskin tells Billboard, “We were like, ‘Oh my god. He knows we exist.’”
Sweat Records
Zacharie Mantha-Ware
Iggy’s appreciation for the shop meant a lot to Reskin, who has lived and breathed music her whole life. Her grandmother, Joan Field, was a violin soloist who recorded and toured through the 1930s and ’40s. Her father went to Juilliard and was a working musician his whole life. The rest of her family helped ingrain her love of music through the local roller rink, where they would go all the time to soak up DJ sets throughout her childhood and tween years.
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The ability to play music well skipped a generation though, Reskin admits. “I was a decent guitarist in high school,” she says. “But does the world need another decent guitarist?”
Instead, she was the kid making all the mixtapes for her friends and alphabetizing all the CDs at Best Buy. Eventually she began working at a Virgin Megastore, which she loved. But it lacked a local touch.
“There would be something that was a huge hit locally that we wouldn’t have because our buyers were in L.A.,” Reskin says. Miami’s love for electronic music and trance was not being addressed, along with a need for imported singles and acts like Better Off Alone. “I had to go up to the buyer’s office and be like, ‘Can you get all this stuff?’ As cool and comprehensive as that store was, it wasn’t by locals for locals.”
Lolo Reskin of Sweat Records
So, in 2005, Reskin opened the first iteration of Sweat Records along with a good friend. (Her friend’s ownership in the business was short-lived; she went on to pursue a successful career as a lawyer.) And mere months after opening, the store was destroyed by Hurricane Wilma in late 2005.
“That was fun. I was 23 and stoned, trying to navigate moving my business,” Reskin recalls. “Thankfully, the old owner of [local music venue] Churchill’s Pub had this little warehouse in the back and they let us move all our stuff there.” The landlord at the original location, “in true Miami fashion, d-cked us over. They said they were going to get contractors and fix our building and then weeks went by and it became clear that they were just going to take the insurance check and leave us hanging.”
Sweat opened a temporary location for about a year before the space next to Churchill’s Pub in Little Haiti became available and they have inhabited the 1,200 sq. ft. store ever since. Sweat Records bills itself as the largest selection of new and reissued titles in Miami with several thousand titles on hand. The majority of their sales stem from physical music (about 85%) with the remainder coming in from merch, gear and accessories. Sweat also hosts in-store performances, which Reskin points out have always been all-ages to help foster that love of music in young Miami residents. They also host and promote shows, club nights and partner events around South Florida and are at somewhere around 1,000 events over the years.
The store specializes in “global sounds” with a wide range of Latin, Asian and African genres and they carry a lot of imports and all the essentials in jazz, soul, hip-hop, electronic music, rock/pop and soundtracks. “Miami is such a huge international city and tourist hub that we get visitors daily from different continents,” says Reskin. “A lot of vinyl is really hard to find and/or expensive in other countries, so we get a lot of people excited to visit and stock up who’ve already scoped our website.”
Sweat Records
Zacharie Mantha-Ware
While Sweat is heading towards its 20th anniversary next year — they are creating a special book to commemorate the milestone — there have been hiccups along the way. But they’ve managed to survive with a little help from their friends.
Shortly after they learned of Iggy Pop’s love of the store, the record store’s air conditioning broke (“Sweat Records to the max,” Lolo jokes) and they reached out to the punk rocker. He was gracious enough to allow them to put the image of him from their mural on T-shirts for a fundraiser and he’s been a friend ever since.
In 2012, when Iggy was named the Record Store Day ambassador, he made his official appearance at Sweat Records, which got the store featured in magazines. When he received a presidential medal of service for the arts from the consulate of France, the Sweat Records crew (who call him tío, which is Spanish for uncle) was invited to the ceremony. He filmed his commentary for the 25th anniversary of the John Waters film Crybaby at the store. He has filmed music videos there and one of their former employees, Alejandra Campos, is now one of his touring guitarists.
When Iggy made a documentary about recording the Josh Homme-produced Post Pop Depression album, the official screening was held at Sweat Records. Reskin interviewed Iggy on stage at Sweat prior to the screening and says she’s never studied for anything harder in her life. But as a Miami native, she spent a lot of the conversation discussing their shared love of the city.
Sweat Records
Zacharie Mantha-Ware
“He moved to Miami in the ‘90s so he saw it when it was a totally different place and told all these crazy stories about whipping a sports car across the causeways and going out to the old fish camp on Key Biscayne to drink beer,” says Reskin. “He’s so f—king cool. He’s the best.”
Over the years the store has found additional friends in Betty Wright, Clarence Reid and Jimmy Buffett and Reskin appreciates the community that has helped Sweat overcome “hurricanes, recessions, pandemics and selling records in the 21st century.
“I always loved the classic trope of indie record stores,” says Reskin. “Most of the ones I’d gone to in high school closed by the time I was in college. So, it really was just like, ‘I want Miami to have this.’”
More in this series:Twist & Shout in Denver, Colo.Grimey’s in Nashville, Tenn.Home Rule in Washington, D.C.
Abso Lutely Productions, the company behind the Eric and Tim Awesome Show, Good Job!, Moonbase 8, The Eric Andre Show and numerous stand-up comedy specials, unveiled its Abso Lutely Records label on Sept. 30, with the release of stand-up comic and musician Tim Platt’s debut album Teeth Like Beak. The label intends to capitalize on the current popularity of stand-up comedy specials through audio recordings that will be released on vinyl (among other formats), and producer and Abso Lutely partner Dave Kneebone says, give comic artists more creative control and the opportunity to own their work.
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“Abso Lutely Productions has always thrived on giving the ultimate creative control directly to the artists and helping to shepherd their vision to their audience. Trust the idea – it’s at the core of what we do,” Kneebone says. “We created Abso Lutely Records so that we can help push performances and performers that we love, but who might not quickly find an audience on their own.
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Although the label won’t limit its releases to musical comedy, Kneebone says Platt — who has written songs for Sesame Street and The Tonight Show Starring Jimmy Fallon — is the ideal choice for Abso Lutely’s first album, in part, because vinyl will be a key component of its business plan. Teeth Like Beak, which was recorded at Brooklyn’s Union Hall in February, is a mix of songs, character work, one-liners and confessional stories.
Abso Lutely has produced projects for Netflix, Comedy Central, Cartoon Network, HBO, and Showtime, and worked with such break-out talents as Andre, Nathan Fielder and Hannah Einbinder, as well as comedy veterans Scott Aukerman, Bob Odenkirk, David Cross and Andy Daly. It’s more recent stand-up special productions include Einbinder’s Everything Must Go, John Early’s Now More Than Ever and Brent Weinbach’s Popular Culture. In 2023, Abso Lutely — — which was formed in 2007 to produce the surreal sketch comedy show, Adult Swim‘s Tim and Eric Awesome Show, Great Job! — partnered with the comic improv institution, the Upright Citizens Brigade, which minted such contemporary comics and actors as Amy Poehler, Aubrey Plaza, Donald Glover, Kate McKinnon and Nick Kroll.
Kneebone spoke to Billboard about his love of comedy albums and vinyl, Abso Lutely’s business strategy, which includes giving comics more control of their work, and the growing role of social media in breaking talent, among other subjects.
I’ve got to ask you — is Kneebone your actual surname?
It is. It’s an old Cornish name — English miners from way back.
I cursed it all the time growing up. What a dumbass name. But as you age and you grow into it, especially in this business, it doesn’t hurt to have a somewhat distinct name attached to you.
Why start a record label at this period in time?
It’s something that we — particularly Tim Heidecker, who is a musician and a comedian — have been talking about for a long time. But it was never our core competency. We didn’t know how to run a label. As time went on and we started spending more time shooting standup specials — it’s a big moment right now for standup specials — we were like, why not us? Hannah Einbinder, who just did her special for Max, was keen on getting a record made of the special. I was like, that’s a great idea. I went home that night and thought, there’s no reason that we can’t give that outlet to these folks that we’re working with.
I grew up listening to comedy records: Bob Newhart and Steve Martin and Bill Cosby and Bob and Doug McKenzie’s Great White North record. It’s a great experience and a great gift to give yourself. It’s theater of the mind. I’d rather sit home with a beer and listen to it on a record than be in a club sometimes. We were like, why not do this and give a chance to the folks who are not Hannah Einbinder and John Mulaney and Nikki Glaser? Our stock and trade at Abso Lutely Productions is finding off-the-radar comedic voices. Here’s a way to help amplify that. And it doesn’t cost as much as making a television series.
Will you be digital only?
No. Digital is so easy that obviously it’s digital first. But part of the love that I have for comedy records is the record — the artwork, the liner notes, the physical. I love going through record stores, and I think the renaissance vinyl records are having is fantastic. We want to be a part of that, and we have more options than ever because of buddies of ours who have custom vinyl pressing houses. Why not make something beautiful to begin with? Something great to listen to and also great to hold in your hands.
Listening to a great comedy album is the equivalent of hearing a great album or song. Every time you hear it after that, you’re able to say, “I was at this place, doing this, feeling this when I heard it.”
It’s a core memory. You create the picture of the bit in your mind, whether it’s Bill Cosby or Bob Newhart or Steve Martin. I have very vivid memories of the way my eight-year-old brain conceived of this joke. I still see it. You don’t get that from watching [stand-up] specials. The only restriction is — I love silent, physical comedy, but that doesn’t translate well.
You’re not going to do a Billy the Mime album.
Actually, that would be a great joke. I’d love to do that. Here’s the world’s greatest mime.
In choosing Tim Platt, who does a lot of musical comedy, for the first album, is that going to be a theme of your label?
Not necessarily, although I’m drawn to that. When Tim Platt and I started talking about us releasing his record it was a natural fit for that reason because he’s so talented musically as well.There’s something about Tim Platt that is evocative of Steve Martin early on. Martin jumped so seamlessly and deftly between bizarre, high-concept joke structures and then playing an alluring melody that turned into a joke. Tim does such a nice job of navigating between those two things that it felt like yeah, this wants to be a record. But we’re not going to be exclusive to musical comedy.
Given that an absurdist threat runs through the comedy of your partners and Tim Platt, will your label offer a lot of that?
That’s my taste and Tim Heidecker’s and Eric Wareheim’s taste — something that’s surprising and weird and fresh. That’s always been the guiding light for our company. Let’s find something we haven’t heard before. Somebody saying something in a way we haven’t seen before.
Comedy that you must hear and cannot be explained.
Without question. That’s usually, to me, the hallmark of something that’s special and good.
What terms are you negotiating with the comics who release albums on Abso Lutely? Do they keep their masters?
This is still a work in progress, but our guiding principle is — and one of the things that spurred us to do this — is that the artists should own their work. We’re not doing this as a charity. We’ll split it with them, but so many of the deals that get made these days are, hey young guy, I know you’ve been touring this hour that you’ve been working on for five years. Come here to this giant mega streamer service and here’s your little sum of money. You can brag about it and send the links to people, but there’s no long tail of revenue. It’s good advertising, but the work that you crafted for so long, kiss it goodbye. It’s heartbreak.
I was surprised to hear how little a Netflix plays for name comics to shoot specials for them.
Obviously, this is universal. The economics aren’t what they used to be. And it gets to a point where, especially if you’re younger or not a mainstream comic, where the upside is not that far up anymore. So, why not go craft the record with the artwork that you want, with the sound that you want, with the material that you want and get it out to an audience and directly participate from dollar one in the benefit of this thing?
We’re doing the same thing with shooting specials here. We’ve done it under a partnership with [Upright Citizens Brigade]. We’re like, “We can make good specials without them costing a million dollars. And the focus is artist-first. Let’s do it for a lower budget and share the control and ownership directly with the artist in a more substantive and genuine way. We’ll make a record of it. We’ll get it on SiriusXM, we’ll create merch.” Being able to provide multiple streams of revenue to these comics is something that we can do now. This technology didn’t exist for us 20 years ago, but this is something that we can do now and we can do it damn near as good as anyone else.
Who’s going to distribute your records?
We’ve talked to a few people. Right now, we’re doing it ourselves, but when we’re up on our feet a little bit more we’ll extend the conversation and try to find a partner.
Social media has become an important tool for comics to grow fan bases. What is more important today – touring as a standup comedian or social media?
I think they have to go hand-in-hand now. You have to learn to use them together. But I also know comedians who choose to ignore social media because they don’t want to burn good material. Everybody is going to see it, and then they come to the club with preconceived notions, and you have to do that bit again. It’s a double-edged sword.
Can you reveal any future releases?
We have a couple more. I can’t give you any details because we haven’t closed the paperwork, but they’re great, weird comedians who I love and who are familiar in the comedy world. Those and at least one more this year or early next year. Then next year I would like to do a full slate — our anticipation is that we would like to do half a dozen at least a year.
Will there be a video component to the Tim Platt record?
Not from Abso Lutely. He filmed the show that as part of the recording at Union Hall that we are releasing, but this is only a record release for us. That said, many of the upcoming projects we have there will be a dual component, where we will make a special and we will do the record version of that special as a tandem piece for that project.
What are the biggest challenges or headwinds that the comedy business is facing in the coming five years?
In the current media landscape — film, television and records — there is not so much of that middle level of tastemaker on the buyer side that there used to be. People with enough rope to hang themselves creatively to say, “I’m willing to try this. This might not be for me but there’s something in it. Let’s make a pilot.” Or, “I’m not sure what this is but let’s check it out. Let’s do a season of this show because that’s how it finds its legs.” That process is going extinct in a lot of ways — and it’s the biggest challenge that I face, as someone whose job it is to try to get an idea, a comedy bit or a joke or a piece of talent in front of a buyer.
It’s so interesting because there are more and more streaming platforms that need content. Is it just a fear of risk?
Yeah, to a large extent it is risk aversion, because the competition is so fierce. You don’t want to be out there taking funky swings at crazy little projects while your competitor over here is making huge big-name projects — big bankable IP. If you fail in your endeavor, then lights out. Which is unfortunate, because with comedy, the best s–t is made when people are like, “I don’t know what this is but let’s try it.”
That’s what Mike Lazzo — who we owe so much of our professional success to — was great at: taking risks. He was the head of Adult Swim, and a lot of that [programming] was born from, “Well, let’s give it a shot. Let’s build a boat as we’re sailing it.” It sounds like bad business advice, but it’s good for comedy.
Two Chinese music streaming companies, Cloud Music and Tencent Music Entertainment, led all music stocks in a second consecutive record-setting week.
Cloud Music surged 31.5% to 121.50 HKD ($15.63) and Tencent Music Entertainment jumped 24.6% to $12.27, benefitted from a surge in Chinese stocks this week. Cloud Music set a new 52-week high of 123.40 HKD ($15.88) on Friday and brought its year-to-date gain to 35.4%. Before the current upswing, Tencent Music had lost more than half its value since hitting its 52-week high of $15.77 on May 16. Now, Tencent Music’s year-to-date gain stands at 36.2%.
Chinese stocks had their best week since 2008 as investors reacted to the country’s stimulus plan announced Tuesday. Among the components of the plan is a provision to allow banks to lend to companies to repurchase their shares and allowing major shareholders to buy larger stakes in companies. As a result, the Shanghai Composite Index, which measures all stocks traded on the Shanghai exchange, shot up 12.8% this week.
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Led by China’s two largest music streaming companies, the Billboard Global Music Index, a float-adjusted index of 20 music business stocks, rose 4.4% to a record 1,956.63 in the week ended Sept. 27. The BGMI has gained 12.2% in the last three weeks and reached a new record high for the second consecutive week. The index had 14 stocks in positive territory and just six of the 20 stocks in the red.
Music stocks easily outperformed most major indexes. In the United States, the Nasdaq composite gained 1.0% to 18,119.59 and the S&P 500 rose 0.6% to 5,738.17. In the United Kingdom, the FTSE 100 was up 1.1% to 8,320.76. South Korea’s KOSPI composite index rose 2.2% to 2,649.78.
K-pop stocks also had an outstanding week. The four leading South Korean music companies, which have all shed significant value in 2024, posted an average gain of 14.4%. YG Entertainment rose 18.3%, SM Entertainment jumped 16.9%, JYP Entertainment improved 14.2% and HYBE climbed 8.1%.
Spotify, the BMGI’s most valuable component, rose 1.1% to $369.13. During the week, Spotify shares rose as high as $389.96—a new all-time high—but fell $20 by the end of Friday. Universal Music Group, the BGMI’s second-most valuable component, gained 4.9% to 23.86 euros ($26.66). On Friday, Kepler Cheuvreux upgraded UMG to “hold” from “reduce” and lowered its price target to 23.50 euros ($26.25) from 27.00 euros ($30.16).
SiriusXM was one of the week’s few losers, dropping 2.2% to $24.39. Morgan Stanley on Tuesday told investors that SiriusXM faces the risk of “further multiple compression” due to a limited outlook for subscriber and revenue growth. In other words, if SiriusXM was valued at, say, 15 times earnings before interest, taxes, depreciation and amortization (EBITDA), its growth prospects might merit a lower multiple.
Music streaming company LiveOne had the week’s biggest decline of 23.2%. Radio broadcaster Cumulus Media fell 8.6% and French music streamer Deezer dropped 8.0%.
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