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LONDON — Hit albums by Taylor Swift, The Weeknd and Sabrina Carpenter helped music sales in the United Kingdom reach a record high in 2024, exceeding the peak of the CD era in both revenue and volume for the first time, according to year-end figures from the Digital Entertainment and Retail Association (ERA).
Overall music spending in the U.K. grew to £ 2.4 billion ($3 billion) last year, a rise of 7.4% on 2023 and comfortably surpassing the previous high of £2.2 billion ($2.7 billion at today’s currency rates) back in 2001 when Dido, Robbie Williams and David Gray were topping the British album charts.
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Driving the growth was a 7.8% year-on-year rise in paid-for streaming revenues, which climbed to just over £2 billion ($2.5 billion). Vinyl sales were up 10.5% to £196 million ($245 million), while CD sales were more-or-less flat with 2023 — when revenues increased for the first time in two decades — at £126 million ($157 million). Download sales fell 3.2% to £41 million ($51 million).
The biggest selling album in the U.K. last year was Taylor’s all-conquering The Tortured Poets Department with just under 784,000 equivalent sales, including almost 112,000 vinyl purchases, which also made it 2024’s biggest-selling vinyl album.
Behind Swift in the year-end U.K. album charts was The Weeknd’s The Highlights, followed by Carpenter’s sixth studio set Short N’ Sweet. Noah Kahan’s “Stick Season” was the year’s number one single, topping the British charts for seven weeks and selling 1.9 million equivalent units, the London-based organization reported Wednesday (Jan. 8).
Streaming now makes up 88.8% of music sales in the United Kingdom, a marginal 1.1% rise on 2023’s figure and more than double streaming’s share of the U.K. market six years ago, according to labels trade body BPI, which published its preliminary year-end listening figures last week.
BPI reports that just under 200 billion music tracks were streamed in the U.K. last year, up 11% on 2023’s total, with the equivalent of 201 million albums consumed across streaming, CD and vinyl sales, a year-on-year rise of 9.7%. Streaming alone generated the equivalent of 178 million album sales in 2024, says ERA.
ERA and BPI both use Official Charts Company sales data as the basis for their reporting, although the two organizations take different approaches to measuring the vitality of the recorded music business. ERA’s figures are based on retail spending in the U.K. alongside information provided by streaming services and label trade income, whereas BPI’s analysis measures music consumption levels. Both trade groups will publish their full annual reports later in the year.
The historic low point for the U.K. music industry came in 2013 when rampant piracy and a fast-eroding physical market saw sales fall to just over £1 billion (£1.2 billion in today’s currency). Since then, sales have more than doubled.
“2024 was a banner year for music, with streaming and vinyl taking the sector to all-time-high records in both value and volume,” said ERA CEO Kim Bayley in a statement. She called last year’s retail sales figures “the stunning culmination of music’s comeback” and triumphantly declared: “We can now say definitively – music is back.”
According to ERA, combined physical sales totaled £330 million ($412 million) in the U.K. in 2024, up 6.2% on the previous 12 months, with CD and vinyl sales accounting for nearly 14% of music revenues. The benefits of such a “mixed physical-digital ecology” is key to the music’s industry’s revival, said Bayley.
“We continue to believe that digital and physical channels are complementary and vital for the health of the entertainment market overall,” she said.
Overall, revenues across the U.K. entertainment market – comprising of music, video and games retail sales – were up 2.3% on 2023’s total to a record high of £12 billion ($14.9 billion), marking the 12th consecutive year of growth and an eighth successive all-time-high.
Of the three sectors, the growth of recorded music sales outpaced both video (comprising of video-on-demand subscription services such as Netflix, Amazon Prime Video, and DVD sales) and games, but music remains the smallest of the three entertainment industries in revenue terms.
Video was the largest sector with revenues growing 6.9% year-on-year to £5 billion. Games sales totaled £4.6 billion, down 4.4% on 2023 but still nearly twice as large as the recorded music business.
ERA has been reporting on the U.K. entertainment industries since 1999 when music, video and games sales totaled £4.1 billion ($5.1 billion).
The numbers are in on the first edition of ComplexCon Las Vegas, the festival dedicated to convergence culture that debuted in its new home in November 2024. Sixty thousand attendees visited the shoppable exhibition featuring music, fashion, art, food, innovation and sports collaborations. Over two days, sales totaled more than $20 million, marking record numbers for the event, which began in 2016 in Long Beach, Calif.
By all accounts, Las Vegas and ComplexCon are a perfect match. The 300-plus brands have an entire cityscape to activate collaborations, exclusive drops and live performances.
By day, the hypebeasts dropped their paychecks on Takashi Murakami Ohana Hatake Full-Boom Slides, the Pac Sun x Yohji Yamamoto Wildside capsule, King Ice Pokémon-embellished jewels and Travis Scott’s Nike Zoom Field Jaxx. They snapped pics with Dan Life’s MVMT x Call of Duty: Black Ops 6 limited-edition timepiece and the ESPN SportsCenter Top 10 Chain. Cannabis brand STIIIZY popped up with a replica weed cultivation experience, and Gin & Juice by Dre and Snoop poured out their new distilled gin, Still G.I.N.
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Outside the exhibition, Gunna performed at Drai’s wearing Adidas Originals Adizero Aruku sneakers; Juice WRLD’s team held a final album listening party and celebration for the late rapper’s Fortnite Battle Royale, Chapter 2 Remix appearance at Zouk nightclub; and Jordan Brand created the Cactus Jack Outpost, an immersive experience that brought Scott’s utopian vision to life and showcased his journey in creating the CJ1 T-Rexx shoe.
Neil Wright, senior vp of experiential events at ComplexCon, attributes the success of the first Vegas outing to the expanded music component, including CactusCon, with the participation of Scott as artistic director.
“Music — even though it’s always been a pillar of ComplexCon, it has never been more prominent, with Travis having his influence over the entire show,” Wright says. “[In the past], we’ve had Pharrell, from a cultural perspective, help with the curatorial aspects, but the look, feel, and identity of each year, we’ve always tapped a fine artist. Having Travis put his arms and his creative vision around it with his team was a major co-sign to get the music industry involved.”
Scott unveiled over 35 exclusive collaborations and installations with influential designers, artists, and brands in the CactusCon bazaar. In the Cactus Colosseum by Nike, he pushed soccer, sneakers, and community, celebrating the Nike Zoom Field Jaxx launch with the Secreto Maximus Tournament, a high-stakes private soccer match at the Cactus Colosseum featuring top athletes and showcasing a trophy case of his Nike collaborations. He closed the two-day festival with a performance on ComplexCon’s Main Stage, bringing out WWE’s “Triple H” as a surprise appearance to present him with the WWE Hardcore Championship belt. Amplifying his presence to a new demographic, he announced a Jan. 6 appearance on the first RAW on Netflix.
Scott will use this “takeover” formula when he plays Coachella in April with a Cactus Jack desert domination, sharing his universe with the festival audience in the desert.
Another major boon for ComplexCon Las Vegas was Nike’s investment in music collaborations and product innovation. In addition to Scott, the sneaker giant partnered with Lil Yachty and the Concrete Boys on the Nike Us Force 1. Nike also debuted the Air Max 1000, a new 3D-printed silhouette manufactured with Zellerfeld that reimagines the Air Max 1.
“From a strictly square footage perspective, this was Nike’s biggest impact on ComplexCon. They’ve done so many things over the years that were cool at the moment but aged even better. In 2017, there was a fireside chat with Kendrick Lamar and Kobe Bryant, and they also brought Virgil Abloh to debut his collection that year.”
Dc2trill, Draft Day, Lil Yachty, and Camo! attend ComplexCon 2024 on November 17, 2024 in Las Vegas, Nevada.
Sara Jaye/Getty Images for Complex
It wasn’t that long ago—back in 2016—that Wright remembers when ComplexCon was just a concept deck that he and founders Aaron Levant and Marc Ecko were pitching Nike.
“It’s a trade show. No, it’s not a trade show. It’s a music festival. No, it’s not a music festival,” he recalls. “It was difficult to convey what we were trying to build in year one.”
Year eight signified the complete vision, activated. The exhibition featured Capitol, Interscope and Def Jam booths peddling ephemera such as Ice Spice Chia Pets, vintage Tupac T-shirts and vinyl records. A Rick Owens-designed Cactus Jack recording studio was also on display.
“You don’t want the same type of artist merch that you can get anywhere. Rather than partnering on a sneaker drop, many of our brands collaborate with recording artists such as Ed Hardy and Ken Carson, as well as Siobhan Bell and B.B. Simon,” Wright says. “Music collaborations have become just as important.”
L.A.-based high-tech footwear brand FCTRY LAb debuted at ComplexCon with their viral Duck Boots in black and yellow created in collaboration with rapper NLE Choppa.
FCTRY LAb co-founder and creative director Omar Bailey, the former Head of the Yeezy-Adidas Innovation Lab, started the company two years ago (funded by a diverse group of venture capital firms, professional athletes and angel investors).
Bailey aims to help rappers, actors, athletes, influencers or public figures design, develop and manufacture their own footwear outside the frame of major brands like Nike or Adidas. “There is a huge opportunity for artists who may not be on the big brands’ radar, who have, who have the reach, the ability and the desire to want to launch their own shoes,” he says. “We also want to create radical and interesting concepts and designs in a space that’s been quite boring for the last 10 years.”
DJ EFN, Dr. Dre, and Snoop Dogg speak onstage during ComplexCon 2024 on November 16, 2024 in Las Vegas, Nevada.
Bryan Steffy/Getty Images for Complex
According to FCTRY LAb, the formula works. The Yellow Boot was a significant unpaid, organic social media moment for the sneaker industry, accumulating 308 million views and 17 million+ instances of direct consumer engagement.
From the disruptors to the mainstream, brands such as WWE, which collaborated with Loiter; Tide, which sponsored ThriftCon; and Chips Ahoy, which partnered with Big Sean, all flocked to participate. At that convergence, things get even more interesting for Wright, with ComplexCon acting like an internal agency to help them fit in. “We work very closely with a lot of the bigger, non endemic partners to make sure that when they do show up, they’re showing up in a credible and an authentic way,” he says. “They put effort into actually speaking the language of our audience.”
Collaborating with WWE was a dream for fashion house Loiter, created by Isaac Metekingi. With a design ethos rooted in hip-hop and electronic music subcultures, Loiter, the in-house brand for Culture Kings, was inspired by the grunge-inspired graphics of WWE superstars, including Duane “The Rock” Johnson, The Undertaker, “Stone Cold” Steve Austin and “The Big Red Monster” Kane. Its booth featured the “Raw is War” entrance for photo ops.
“They were a little bit skeptical when we presented the idea—they had all their modern wrestlers. And I was like, I’m gonna go way back, and after a while, they saw the vision,” Metekingi says. “For a relatively unknown brand, we had an unbelievable presence.”
ComplexCon aims to have an even bigger year in 2025, with artist Daniel Arsham serving as the global artistic director. The event will travel to Hong Kong from March 21-23, 2025 and return to Las Vegas on Oct. 25-26, 2025.
As Discogs marches towards its 25th anniversary later this year, the music discovery platform has announced new milestones in collection trends among its physical music-loving users.
According to fresh figures released Tuesday (Jan. 7), Discogs members cataloged over 105.7 million pieces of music in 2024 — an average of 2 million vinyl albums, CDs, tapes, 8-tracks and any other catalogable format you can think of per week.
Since its inception, more than 830 million items have been cataloged, with average collections — which are predominantly vinyl — hovering around 195 items per user, the company said. Collectors made sure to log a lot of copies of Taylor Swift’s The Tortured Poets Department, the year’s most collected album at more than 130,000, followed by releases from Charli XCX and Billie Eilish. The most collected artist of all time continues to be four lads from Liverpool and the most collected master is Pink Floyd’s The Dark Side of the Moon. The most collected individual release is the original 180-gram version of Daft Punk’s Random Access Memories, from 2013. (Incidentally, the label that released RAM — Columbia — is the most collected imprint out there.)
Jeffrey Smith, Discogs’ vice president of marketing, emphasized the significance of reaching 105.7 million records cataloged in a single year, noting that each record represents a “deliberate choice” by a real person to “hold, own, and listen to music with intention.”
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“Discogs continues to exist because people care deeply about music as something tangible and meaningful,” Smith added. “This collection milestone reflects a global community driven deeply by passion, connection, and an unwavering commitment to the music that shapes their lives.”
Discogs’ other function, as a viable place to buy and sell those physical music collections, is also hoping to hit a milestone this year. In early 2024, the company told Billboard that it wants to boost its online database to 25 million marketplace listings by its 25th anniversary in November 2025.
Here are some stats on Discogs’ collections:
Average collection size: 195 items
Average collection value: $317
Most collected album ever: The Dark Side of the Moon, Pink Floyd
Most collected albums of 2024:The Tortured Poets Department, Taylor Swift (130,000-plus)Brat, Charli XCX (40,000-plus)Hit Me Hard And Soft, Billie Eilish (40,000-plus)Short N’ Sweet, Sabrina Carpenter (30,000)Songs Of A Lost World, The Cure (27,000)
Most collected record ever: Original 180-gram vinyl of Daft Punk’s Random Access Memories
Record label with the most items in collection: Columbia
Most collected formats:1. Vinyl2. CDs4. Cassettes
It’s the end of an era in Canada as Justin Trudeau announces he will step down as Prime Minister.
The Liberal Party leader has held the country’s top political office since 2015. He will stay on while the Liberals hold a leadership race, with the winner becoming the next Prime Minister until an election is called.
Justin Trudeau faced calls from inside his party to step down, with his popularity plummeting amidst a year where incumbent leaders have lost elections globally.
“This country deserves a real choice in the next election, and it has become clear to me that if I’m having to fight internal battles, I cannot be the best option in that election,” Trudeau said.
The resignation announcement comes as a major piece of arts legislation, the Online Streaming Act, is being implemented. Trudeau’s government oversaw the passing of the Streaming Act, introduced as Bill C-11, which served as the first major update of Canada’s Broadcasting Act and sought to modernize Canadian arts policy for the digital age.
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A federal election is expected soon, with Conservative Party leader — and recent Jordan Peterson podcast guest — Pierre Poilievre ahead in the polls. Poilievre came out last fall against the Streaming Act’s requirements that major foreign streamers contribute 5% of Canadian revenues to support Canadian content, likening it to a tax.
“Spotify prices are going up thanks to Trudeau,” he posted, alongside a graphic of Trudeau DJing. The regulation does not explicitly mandate streaming services to raise their prices.
It’s unclear what a change in government could mean for implementing legislation like the Online Streaming Act, though Poilievre has promised a generally cuts-heavy approach to public funding.
Last year, Trudeau also announced a $32 million increase in funding to the Canada Music Fund, which supports granting bodies FACTOR and Musicaction, and $31 million in funding for festivals and arts performances. The announcements were welcomed by several industry associations.
In recent years, Trudeau has made headlines for appearing at a handful of concerts in Toronto. After tweeting at Taylor Swift to come to Canada when she first announced the Eras Tour, he later attended with his family at Rogers Centre. When Punjabi star Diljit Dosanjh played the same venue, Trudeau came backstage to congratulate him, recognizing the unique Canadian attendance record. Last year, Canadian songwriter and poet Mustafa penned an open letter to the Prime Minister to protect and speak for the people of Palestine.
While the future of Canadian politics is up in the air, writer John Semley joked on BlueSky that this may have been Trudeau’s savviest political decision: resigning before Kendrick Lamar plays “Not Like Us” at the Superbowl.
This story was originally published by Billboard Canada.
Wasserman Music has announced the hiring of Kevin Shivers, James Rubin and Cristina Baxter — all from rival agency WME. Shivers and Rubin will join Wasserman’s executive leadership team, marking the global talent firm’s largest expansion since opening its doors in 2021.
Shivers and Rubin will both hold the title of executive vice president and managing executive, while Baxter is joining as senior vp. The appointments are effective immediately, the company said.
Over a 16-year run, Los Angeles-based Shivers advanced from WME’s mail room to become a partner in the agency’s music department, where he helped lead the hip-hop division and managed global A&R. He has represented artists like Tyler, The Creator, Snoop Dogg, Kid Cudi, Solange and Lil Baby, and is known for his mentorship of rising industry leaders and for advocating diverse representation. He is also the most recent recipient of Billboard‘s peer-voted R&B/Hip-Hop Power Players Choice Award, honoring the executive who has made the greatest impact across hip-hop and R&B over the past year.
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New York City-based Rubin is coming off nine years at WME, where as senior partner and co-head of the hip-hop/R&B team he represented artists including Wiz Khalifa and Travis Scott. Prior to joining WME, he headed up the International Division for Urban Touring and specialized in international markets at The Agency Group in London. Over the years, Billboard has recognized him in its list of impressive young execs, its annual tally of top R&B/hip-hop power players and, most recently, as one of the key leaders in the global recorded-music business.
Baxter, based in Los Angeles, joined WME in 2011 as an assistant and rose to partner and co-director of the pop and rock teams. Over the years, she has represented artists like André 3000, Carly Rae Jepsen, Sofi Tukker, Kygo and others. Like Rubin, she has been recognized with awards such as Billboard‘s 40 Under 40.
All three execs expressed excitement about joining Wasserman Music — “an agency for the future,” said Shivers — citing its innovative and artist-focused approach. They all aim to contribute to the agency’s mission of empowering artists and driving growth opportunities in the industry.
“Kevin, James, and Cristina are highly respected leaders in the industry who exemplify the values on which our company is built,” said Casey Wasserman, chairman and CEO of Wasserman. “We’re thrilled to have them join Team Wass during this exciting period of growth for our global music division.”
Wasserman Music president Lee Anderson added, “It’s gratifying to now refer to some of our toughest competition as our newest teammates and partners.”
Austin’s Waterloo Records, a cornerstone of the city’s music scene since 1982, is entering a new chapter.
After over four decades as the heartbeat of Austin’s music culture, owner John Kunz has announced that he is passing the torch to new owners—Caren Kelleher, Founder & CEO of Gold Rush Vinyl, and Austin entrepreneur Trey Watson.
Along with the change in ownership, Waterloo Records will also be relocating to a new, larger space at 1105 North Lamar this spring.
Waterloo Records has long been a cultural hub for Austinites and visitors alike, hosting in-store performances by artists like Norah Jones, Willie Nelson, and Nirvana and playing a pivotal role in co-founding Record Store Day in 2008.
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“My decades-long hope, dream and endeavor, has been for Waterloo Records & Video to live on forever, continuing to promote Austin’s vibrant music culture and community,” said John Kunz.
“Now with this transition, all of my boxes are checked: a new larger home, just five blocks away; Caren and Trey buy in as my new, talented, local music industry partners; all of my team are retained and they will gain the opportunity for store ownership; all of the Waterloo Records hallmarks and traditions continue on, including innovation; and now as a minority partner and not sole proprietor, I get to work less, and play more. So thank you Austin!”
“John, Trey and I recognized this as a once-in-a-lifetime opportunity to guard and grow an iconic music business and to get to do so in a town we all love,” said Caren Kelleher. “John was one of the first people to welcome me to Austin when I moved here to start Gold Rush Vinyl and his friendship has been so important over the years. It means so much to me that he and his wife Kathy Marcus trust me to be part of the next chapter of Waterloo.”
Trey Watson, a longtime Austin entrepreneur with a background in music and media, said the store’s legacy is part of the city’s fabric.
“Since 1982, Waterloo Records has been a large part of the fabric of that soul as a small business and as a place where people gather as a community to celebrate music. I’m honored and grateful that John Kunz has entrusted our team with guiding Waterloo into the future. We have great things planned for all to experience.”
The move to 1105 North Lamar marks a significant upgrade for Waterloo, expanding its current 6,400 sq. ft. space by 50% to allow for larger events, enhanced in-store performances, and improved parking options.
The location, previously occupied by Louis Shanks Furniture and later a Whole Foods regional office, provides modern amenities while maintaining the store’s proximity to downtown Austin and nearby music venues. This expansion underscores the commitment to keeping Waterloo a key destination for music fans and artists alike.
The transition comes at a pivotal moment for Austin, a city known for its deep musical roots but also experiencing rapid growth as a global tech hub. “Austin has a soul about it that attracted me to move here over 25 years ago and continues to draw people here today,” said Watson.
Two legends are celebrating diamond anniversaries together this year: Princess Cruises (aka “The Love Boat”) and The Temptations. And fans are welcome to join in the festivities when Princess sets sail on its 14-day 60th Anniversary Mexican Riviera Voyage on Dec. 6, 2025. Also on board for a special performance will be The Temptations, who […]
When it came to music stocks in 2024, there was Spotify, and then there was everything else.
The Swedish music streaming company not only had the top-performing music stock of the year, but its share price’s gain nearly tripled the next best company. Despite ending the year on a four-week losing streak during a downturn that eroded an otherwise spectacular year for many markets and indexes, Spotify’s share price jumped 138.1% to $447.38 in 2024.
Layoffs and price increases in 2023 did wonders for Spotify’s financial statements. Headcount was reduced by about 25%, eliminating the bloat gained during a pandemic-era hiring spree that mirrored a boom in subscriber gains. At the same time, Spotify broke with its long-standing tradition of leaving prices untouched by hiking fees in the U.S. and many other major markets — followed by a second price hike in 2024 in the U.S. and U.K. After more than a decade of adding features and expanding editorial programming, the streaming giant believed it could finally raise prices without its customers fleeing to competitors (many of whom raised their prices before Spotify). It was right.
The one-two punch quickly produced results. Perpetually unable to turn a profit, Spotify went from an average quarterly operating loss of 112 million euros ($121 million) in 2023 to an average quarterly operating profit of 296 million euros ($322 million) in the first three quarters of 2024. Gross margin (revenue less cost of sales) shot up, too, from 24.1% in the second quarter of 2023 (the last period before the first price increase) to 31.1% in the third quarter of 2024. Subscribers didn’t just stick around, they grew in numbers, from 220 million before the first price increases to 252 million on Sept. 30, 2024.
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Investors have rewarded Spotify for becoming a more efficient business without sacrificing the product quality necessary in a competitive market. An investment in Spotify on Nov. 4, 2022, when the share price reached an all-time low of $69.29, would have returned 446% by the end of 2024. For a brief time in early December, Spotify’s market capitalization surpassed $100 billion.
The 20-company Billboard Global Music Index gained 38.5% in 2024, easily besting the tech-heavy Nasdaq Composite (up 28.6%), the S&P 500 (up 23.3%), the Shanghai Composite Index (up 12.7%) and the FTSE 100 (up 5.7%). Because the index is unweighted, Spotify, the index’s largest company by market value, was responsible for much of that improvement. Without Spotify’s gain, the index would have risen just 2.5%.
Streaming and live music accounted for eight of the 10 music stocks that posted gains in 2024, reflecting these companies’ ability to capture the financial benefits of consumers’ willingness to spend more on music. Despite Spotify’s enormous improvement, live music was the best segment with an average gain of 24.8%. Live Nation was the index’s second-best performer with a 38.3% gain, besting German promoter CTS Eventim (up 30.4%), Sphere Entertainment Co. (up 18.6%) and MSG Entertainment (up 11.8%). These companies have benefitted from music fans’ ability to withstand consistently higher prices. Last year, the average ticket price for the top 100 tours was $132.30, up from $119.64 in 2023, according to Billboard Boxscore.
Music streaming stocks posted an average gain of 23.0%. Chinese music streaming companies Cloud Music and Tencent Music Entertainment gained 27.2% and 26.0%, respectively, and U.S.-based LiveOne gained 5.0%. Abu Dhabi-based Anghami and French streamer Deezer were exceptions to music streaming’s banner year. Anghami fell 21.2% while Deezer slipped 37.1%.
Record labels and music publishers — here classified as multi-sector companies — continued to expand their revenue in 2024 but didn’t have the momentum of live and streaming companies. Universal Music Group (UMG) fell 4.2% even though its sales through the third quarter reached 8.4 billion euros ($9.1 billion), up 6.3% from the prior-year period. Warner Music Group (WMG) dropped 13.4% after its revenue for the fiscal year ended Sept. 30 rose 6% to $6.4 billion. Both companies’ recorded music streaming revenue grew nicely, too — 7.3% for UMG and 6.9% for WMG — but investors rewarded streaming companies, not record labels, for subscriber and pricing gains.
K-pop companies were down across the board in 2024. HYBE, SM Entertainment, YG Entertainment and JYP Entertainment lost an average of 19.0% last year after gaining an average of 30.0% the prior year. Some of the decrease can likely be attributed to sharp profit declines and uneven revenue growth in recent quarters, though it can also be attributed to the rough year for South Korean stocks in general. The KOSPI composite index dropped 9.6% and was already in poor shape when South Korean Prime Minister Yoon Suk Yeol declared martial law on Dec. 3.
French music company Believe is an outlier in the multi-sector category, though most of its 37.1% gain can be attributed to the deal in June that took the company private at a 21% premium. Another notable outlier is Reservoir Media, which gained 26.9% without the benefit of a transaction to boost the share price. Instead, Reservoir shares were helped by activist investor Irenic Capital Management LP, which took an 8.1% stake in September and called on the “undervalued” company to “undertake a full review of all alternatives” to maximize shareholder value. From the date of Irenic Capital’s regulatory filing to the end of the year, Reservoir Media shares rose 17.8% while other multi-sector stocks either barely improved or lost value.
Radio companies have not been darlings of Wall Street in recent years, and 2024 was no exception. For all the optimism espoused by broadcast and satellite radio companies, they continue to struggle in an increasingly streaming-based world. The worst-performing music stock of the year was Cumulus Media, which fell 87.4% to $0.67. Through September, Cumulus’ revenue was down 2.4% and its net loss more than doubled. SiriusXM fell 58.3%, with much of that decline coming after the company announced plans to focus on in-car satellite listening after its streaming app, launched in late 2023, failed to catch on with consumers. iHeartMedia dropped 25.8% but ended the year on a high note after exchanging much of its long-term debt to extend maturity dates.
The majority ownership stake in Global Music Rights (GMR) is now in new hands after a deal that valued the boutique performance rights organization at $3.3 billion closed just before Christmas, sources tell Billboard. According to those sources, Hellman & Friedman, a San Francisco-based private equity firm, bought out Texas Pacific Group’s stake in GMR, as well as a slice of the minority equity stake held by the Azoff Company.
In the wake of the deal, sources say that Hellman & Friedman now owns nearly 90% of GMR, which was founded by Irving Azoff and Randy Grimmett in 2013. Moving forward, the Azoff Company and Grimmett — who also serves as CEO — will retain control of GMR’s operations, which is considered an essential ingredient to GMR’s continued success, given the affiliation with Azoff and his portfolio of companies that employ powerful industry executives.
Hellman & Friedman has not previously invested in music assets, but it was drawn to the stability and reliability inherent to the business of collecting music royalties. Those traits have made performance rights organizations ripe targets for private equity funds interested in investing in music. BMI was acquired by New Mountain Capital in early 2024, and SESAC is said to be fielding acquisition offers from interested parties.
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When Billboard first reported on the GMR deal in September, a source familiar with the matter said that the switch in majority ownership would not change anything “for the writers or the GMR management team. GMR’s goal will remain the same: to transform the industry and bring more value to songwriters and their publishers.”
GMR is one of four U.S. performance rights organizations, with the others being ASCAP, BMI and SESAC. While ASCAP and BMI operate under U.S. Department of Justice consent decrees and must accept any songwriter who applies as a member, SESAC and GMR are invitation-only societies. SESAC pioneered that strategy, although in the last five years, it has been quietly pruning its membership from 35,000 members in 2019 to 15,000 currently.
GMR is even more exclusive, with a membership roster that numbers between 150 and 200 songwriters or songwriter estates, all of whom are considered to have star status as a writer or artist. That roster includes the likes of Bad Bunny, Billie Eilish, Billy Idol, Bob Seger, Bob Scaggs, Bruce Springsteen, Bruno Mars, Bryan Adams, Drake, Eddie Vedder, George Harrison, George Michael, Glenn Frey, Gwen Stefani, Harry Styles, Ira Gershwin, James Hetfield, John Lennon, Jon Bon Jovi, Lizzo, Nicki Minaj, Pete Townshend, Philip Lawrence, Post Malone, Prince, Ryan Tedder, Shane McAnally, Shawn Mendes, Slash, Smokey Robinson, Stephen Stills, Steve Miller, The Weeknd, Travis Scott and YoungBoy Never Broke Again, among others.
Even with a limited roster, GMR has grown into a powerhouse in the U.S., with estimated revenue of about $400 million to $450 million, sources say, with some suggesting that its net publisher share (NPS) — what the company retains after royalties are paid out — approaching 50% of the revenue estimate. Given that, if GMR had $200 million in NPS, that $3.3 billion valuation translates into a 16.5 times multiple.
Building a company from scratch into one that can command a $3.3 billion valuation in 10 years is a big accomplishment, several people say. Moreover, that valuation appears to have ignited a process that could see SESAC come up for sale, which Billboard reported last week (Dec. 24). As one music asset investor told Billboard, many private equity firms looked at GMR and were “all shocked by the final valuation … Those firms have a real appetite for music because music assets are doing well.”
Hellman & Friedman specializes in traditional buyouts in the technology and financial services sectors. Among media and entertainment companies, it previously invested in the German media company Axel Springer and Getty Images, although it has since sold its stakes in both companies.
Representatives for GMR, the Azoff Company and Hellman & Friedman did not respond immediately to requests for comment.
Dr. Sasha J. Carr, a clinical psychologist who focused on family care for all ages, died in Norwalk, Conn., on Saturday (Dec. 28). She was 55. A cause of death has not been reported.
Dr. Carr was the daughter of Barbara Carr, longtime co-manager of Bruce Springsteen, and the stepdaughter of music critic and author Dave Marsh.
She was predeceased by her sister Kristen Ann Carr, who died in 1993 at age 21 of sarcoma, a rare form of cancer. The Kristen Ann Carr Fund, supported by major artists and executives, was established in her sister’s memory to advance sarcoma research and support families affected by cancer.
Dr. Carr was born in London, lived in New York City through her high school years and had been a longtime resident of Norwalk. In 2022, she relocated to Burlington, Vt. She attended The Chapin School in New York, received her undergraduate degree in 1992 from Brown University and was awarded a Ph.D. in clinical psychology in 2006 from Rutgers University.
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While her parents have been prominent in the music industry, Dr. Carr’s career followed a different path.
In Norwalk, she built a consulting practice, Off to Dreamland, and was a sought-after family sleep expert, dedicated to helping babies, children and families get the rest they need.
She was also a faculty member of the Family Sleep Institute. She published an illustrated children’s book, Putting Bungee to Bed, which empowered children to develop good sleep habits. Her passion for travel and adventure inspired her to help families in yet another way, by acting as a travel agent for kids-oriented vacations.
Dr. Carr’s career was focused on family care for all ages, and she was one of the first to address the unique and challenging role of caregivers with her book The Caregiver’s Essential Handbook: More than 1,200 Tips to Help You Care for and Comfort the Seniors in Your Life (McGraw-Hill, 2003).
Dr. Carr was a devoted mother to her beloved son Weston Kristoff Carr, 13. She is survived by Weston; her mother Barbara Carr and stepfather Dave Marsh of Norwalk; her father Patrick Carr of Florida ; and many loving aunts, uncles and cousins. Sasha was predeceased by her sister, Kristen Ann.
For those who wish to make a contribution in Dr. Carr’s memory, her family has requested donations be made to the Kristen Ann Carr Fund, for which Dr. Carr was a founding Board of Trustees member, or a charity of their choice.