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Recorded music revenue in the United States notched record-high revenues of $17.7 billion in 2024, marking a modest 3% increase from 2023 but capping a ninth straight year of upward mobility for the U.S. business, according to the RIAA. Like a broken record, this growth was once again primarily driven by streaming and the enduring popularity of vinyl.
The music industry’s total revenue gain of 3% in 2024 is a decrease from the 7.7% increase seen in 2023.
Streaming continued to dominate the music industry, accounting for 84% of total revenues for the third consecutive year. Streaming revenue grew by 4% to $14.9 billion, with paid subscriptions the leading contributor, rising 5% to $11.7 billion, which alone made up 79% of all streaming revenues and nearly two-thirds of all recorded music revenue.
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For the first time, the number of paid subscriptions surpassed 100 million, increasing by 3% from the previous year’s tally of 97 million.
However, revenue from limited-tier subscriptions — which include services like Amazon Prime, Pandora Plus, fitness streaming services and other paid subs that don’t offer full, on-demand catalogs — declined by 2% to $1 billion. It’s an improvement over 2023, though, when that drop was 4%.
Reversing last year’s gains, ad-supported streaming experienced a slight decline. Revenue from ad-supported on-demand music services like YouTube and Spotify’s free tier dropped by 2% to $1.8 billion. (Last year it was 2% but in the black.) Digital and customized radio services, including SiriusXM, grew modestly by 3% to reach $1.4 billion. SoundExchange distributions, which handle payments for artists and copyright holders, rose by 5% to $1.1 billion, while other ad-supported streaming revenue fell by 4% to $306 million.
Most physical music formats saw a continued resurgence, with total revenues increasing by 5% to $2 billion. Vinyl was the standout performer yet again, growing by 7% to $1.4 billion, marking its 18th consecutive year of growth. Vinyl albums outsold CDs, with 44 million units sold compared to 33 million CDs. A year prior, those numbers were 43.2 million and 37 million, meaning the gap between the physical cousins is growing. Despite these trends, CD revenue still grew by 1% to $541 million compared to $537.1 million.
Digital downloads continued their downward spiral, decreasing by 18% to $336 million, compared to $434.1 million in 2023. This category now represents only 2% of the total music industry revenue, a significant drop from its 2012 peak when it accounted for 43% of the market. Both individual track and album downloads saw double-digit percentage declines.
The overall percentage breakdown between digital and physical revenue—88% to 12%—has remained consistent since 2018, with only minor fluctuations of 1% in either direction over the years. At the wholesale level, total revenue increased by 2.7%, rising to $11.3 billion from last year’s $11 billion, marking the third consecutive year this metric has surpassed the $10 billion mark.
The organization noted that this marks the first year of direct reporting from independent labels, including sync revenue estimates from indie sources.
RIAA chairman & CEO Mitch Glazier highlighted the “historic milestone” of over 100 million paid subs driving two-thirds of revenues, calling it an “extraordinary achievement by an industry that has successfully focused on its creative and commercial core by championing innovative new services, options, and experiences that add real value for fans.”
Glazier added: “Music has never been more dynamic, compelling, and relevant – reaching out beyond our earbuds with conversation-driving cultural touchstones like unforgettable halftime performances, historic television moments or must-see films and biopics. And American fans and superfans’ dedication to the artists they support promises an even brighter future as record labels work to create new opportunities that boost incomes for artists and diverse revenue streams to grow the pie for everyone with a stake in the music economy.”
RIAA’s Year-End Report By the Numbers:
The U.S. recorded music industry reached an all-time high of $17.7 billion in estimated retail value.
Streaming generated $14.9 billion — making up 84% of total industry revenue.
Paid music subscriptions surpassed 100 million for the first time, contributing $11.7 billion, nearly two-thirds of total revenue.
Vinyl sales increased for the 18th straight year, reaching $1.4 billion, the highest level since 1984.
For the third year in a row, vinyl records (44 million units) outsold CDs (33 million units).
Beatport is growing its presence in Mexico as electronic music consumption expands on the digital download platform for DJs.
A representative for the company tells Billboard that download revenue from Mexico on Beatport increased by 25% in 2024, with the percentage of tracks downloaded increasing by 16%.
A number of electronic genres in particular saw large consumptions surges in Mexico on Beatport, with the consumption of Afro-House increasing by 105%, the consumption of psy-trance increasing by 42%, minimal/deep tech going up by 39%, house up by 32%, deep house up by 27%, melodic house and techno up by 26%, tech house up by 21% and dance pop up by 21%.
Meanwhile, Beatport Streaming subscribers in Mexico increased by 28% in 2024.
As such, Beatport is growing its presence in the country, hosting its first ever Beatport Connect summit in Mexico City this Friday, March 21. The event will bring together industry professionals, artists and fans for panel discussions, workshops and DJ sets. The event will also offer Beatport and Beatsource workshops with artists Jessica Audiffred, Zarina/SADGAL and DJ Fucci each participating in sessions focused on trends and insights in music production.
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“Mexico’s music industry is experiencing remarkable growth, with a rapidly evolving electronic music scene and passionate audience,” says The Beatport Group’s Chief Revenue Officer, Helen Sartory. “With Mexico’s digital music segment expected to surpass 26 million users by 2027, the demand for electronic music is stronger than ever. Mexico City, in particular, has earned its reputation as a ‘trigger city,’ shaping international listening habits through its substantial digital consumption. As the country continues to emerge as a major player in the global music landscape, Beatport is proud to invest in this growth.”
Beatport is now also offering subscriptions in local currency and reducing prices of Beatport and Beatsource streaming up to 40%. The Beatport site also now automatically translates into Spanish for users in Mexico, with a “Discover Mexico” page featuring fresh music from the country.
“Mexico has long been a vibrant hub for electronic music, and we’re thrilled to deepen our investment in the region,” says Sofia Ilyas, Chief Community Officer of The Beatport Group. “By launching Beatport Connect: Mexico City and lowering prices for local markets, we’re making it easier for DJs and producers to access the tools they need to create, connect, and perform. As Beatport continues to expand globally, Mexico remains a key market in our mission to provide cutting-edge tools, educational resources, and community-driven events that empower the next generation of DJs and producers.”
David Browne
The music business has earned a reputation for being recession-proof. In bad economic times, people still pay for their music subscription services and want to go to concerts. Some synch opportunities may dry up as advertisers make cutbacks, but overall, the music is a hearty business that doesn’t follow typical economic cycles.
Music business stocks, however, aren’t immune to fluctuations in the market and investors’ worries about the increasingly fragile state of the economy. This week, just three of the 20 companies on the Billboard Global Music Index (BGMI) finished with gains, and five stocks had losses in excess of 10%. Despite a host of strong quarterly earnings results in recent weeks, President Donald Trump’s tariffs on goods from Canada, Mexico, China and Europe have caused markets to panic, taking down music stocks along with the industrial and agricultural companies most likely to be affected.
The S&P 500 entered correction territory on Thursday (March 13) when it closed down 10% from the all-time high. The Russell 2000, an index of small companies, was down 18.4% from its peak. Most stocks improved on Friday (March 14) as markets rallied — despite a decline in the University of Michigan’s consumer confidence index — but the first four days of the week were too much to overcome. The S&P 500 finished the week down 2.3% and the Nasdaq composite closed down 2.4%.
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Markets outside of the U.S. fared better than U.S. markets. The U.K.’s FTSE 100 dropped just 0.5%. South Korea’s KOSPI composite index rose 0.1% and China’s SSE Composite Index improved 1.4%.
Even though 17 of the 20 companies on the BGMI posted losses this week, the index rose 0.5% to 2,460.71 because of Spotify’s 8.1% gain, and the dollar’s nearly 1% increase against the euro offset the weekly declines of 17 other stocks. Spotify is the BGMI’s largest component with a market capitalization of approximately $117 billion — more than twice that of Universal Music Group’s (UMG’s) $50.2 billion. The stock also received rare good news this week as Redburn Atlantic initiated coverage of Spotify with a $545 price target (which implies 5.5% upside from Friday’s closing price) and a neutral rating.
UMG shares fell 8.8% on Friday, a reaction to Pershing Square’s announcement on Thursday that it will sell 50 million shares worth approximately $1.5 billion. Pershing Square CEO Bill Ackman called UMG “one of the best businesses we have ever owned.” JP Morgan analyst Daniel Kerven admitted the news was “a near-term negative for confidence” in UMG but saw Pershing Square’s decision to sell shares as a move to take profits and re-weigh its portfolio (UMG was 27% of Pershing Square’s holdings) rather than a commentary about UMG’s long-term potential or recent operating performance. UMG shares ended the week down 8.2% to 25.46 euros ($27.78) but remained up 6.5% year to date.
Live Nation shares dropped 6.5% to $119.22, marking the stock’s fourth consecutive weekly decline. During the week, Deutsche Bank increased its Live Nation price target to $170 from $150 and maintained its “buy” rating. On Friday, a judge denied Live Nation’s request to dismiss an accusation that the promoter illegally forced artists to use its promotion business if they wanted to perform in its amphitheaters.
Other U.S.-based live entertainment companies also fell sharply. Sphere Entertainment Co. fell 10.1% to $31.55. MSG Entertainment dropped 1.3% to $31.46 despite Wolfe Research upgrading the stock to “outperform” from “peer perform” with a $46 price target. Vivid Seats, a secondary ticketing platform, fell 28.1% to $2.86 after the company announced fourth-quarter earnings.
Radio companies, which tend to suffer when economic uncertainty causes advertisers to pull back spending, had yet another down week. iHeartMedia fell 12.0% to $1.61. Cumulus Media dropped 11.5% to $0.46. And SiriusXM, which announced layoffs this week, fell 10.1% to $22.67. Year to date, iHeartMedia is down 24.4% and Cumulus Media is down 40.3%. SiriusXM, on the other hand, has gained 1.4% in 2025.
K-pop stocks also fell sharply despite South Korea’s market finishing the week with a small gain. HYBE, SM Entertainment, JYP Entertainment and YG Entertainment had an average decline of 7.4% for the week. Collectively, however, the four South Korean companies have had a strong start to 2025 and, after this week, had an average year-to-date gain of 19.3%.
Long-time indie music distributor Sam Wesley Phillips passed away in Jackson, Miss., on Feb. 28 after facing multiple health issues over the last few years. He was 74.
Better known to long-time Billboard readers by his nickname, Skip, Phillips worked his entire life, beginning at age 9, for his family company, Select-O-Hits, the 65-year-old independent music distributor based in Memphis. He was the third son of Lucile and Tom Phillips, who, together with Tom’s brother Sam Phillips — the Sun Records founder — started Select-O-Hits in 1960. Tom eventually bought out Sam’s uncle, the elder Sam Phillips, in the early 1970s.
Sam Wesley Phillips began working at Select-O-Hits first as a janitor/stockboy, then a salesman, followed by a role as studio engineer/producer. Sometime in the 1980s, he and his brother Johnny bought out their father, upon which Sam became the president of the company, which is still going strong as a music distributor today.
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Phillips’ family provided the below remembrance to Billboard.
Sam was born February 20, 1951, in Mobile, Alabama, to Lucile and Tom Phillips…Sam always had that mischievous twinkle in his eyes. Whether it was at school or working at the Record Shop on Chelsea, he found ways to enjoy life his way, but no one worked harder during those sixty-five years than he did.
Sam met his high school sweetheart and love of his life, Debby, at Frayser High School in 1967. Debby and Sam were married in 1969 and were the loving parents to five children, Tiffany (Tommy) Couch of Jackson, MS, Lesle (Matthew) Heinz of Memphis, Ashlee Phillips (Will Brewer) of Memphis, Courtney (Stephen) Smith of Frisco, TX and Wes (Lauren) Phillips of Memphis.
Sam lived his life with humor, kindness, strength, honesty, a passionate love for music and even more passionate love for his family. He was most happy in a home filled with his family laughing and loving loudly; his children and grandchildren were his greatest treasures.
Sam was preceded in death by his wife Debby, his son Wes, his parents and brother Tom. Left to cherish his memory in addition to his daughters are his siblings Johnny (Sandra) Phillips, Melinda Snipes, Irene Barg, Kathy (Harry) Gordon; Jennifer (Brad) Cullison; grandchildren John Thomas (Jordan) and Peyton Couch; Carter (Meghan) and Sam Heinz; Coby and Presley Bennett; Ethan and Aidan Phillips; Addison, Graham and Sadie Smith and Liam and Eden Cullison, his great granddaughter Vivian, loving cousins, nieces, nephews, sister-in-law, brother-in-law and too many friends to count.
We will miss his laugh and his kind, funny, strong spirit every single day but are thankful knowing that he’s now at peace, with no more pain and with his one true love, Debby, and their son, Wes.
The family requests that memorials in his honor be made to Wounded Warrior Project.
After more than 50 years, Saskatchewan’s Regina Folk Festival is saying goodbye.
The festival’s board of directors released a statement announcing the cancellation of a planned 53rd edition for this summer. The board is instead winding down the festival’s operations, explaining that “economic challenges have become insurmountable.”
The longstanding festival had cancelled its 2024 edition in order to take a regrouping year. Last fall, the festival announced a 2025 edition would go ahead. In the months since, however, the board says it has become clear that it’s not financially possible to hold another event.
“Ongoing financial pressures from the pandemic, including stagnant or reduced funding, rising costs, and declining ticket sales, have created obstacles we can no longer overcome,” says the statement.
The festival is the latest Canadian live arts event to shutter, as the industry faces serious challenges in the wake of the COVID-19 lockdowns. Montreal’s Just For Laughs comedy festival filed for creditor protection last year, while the Vancouver Folk Festival announced it was shutting down in 2023, before the community — and an injection of funding — saved it.
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The Canada Live Music Association’s Hear and Now report, which measures the value of Canada’s live music industry, highlighted that globally, live music didn’t live up to projected performances in 2024.
“The live music sector in Canada has suffered greatly over the last five years and we are not immune,” the Regina Folk Festival (RFF) board states. “According to Festivals and Major Events Canada, it now costs 30% to 40% more than it did in 2019 to organize a comparable event.”
Like many folk festivals, the RFF is a non-profit. The festival has programmed some of Canada’s best-loved and most acclaimed artists, like Joel Plaskett, Alan Doyle and The Halluci Nation.
Emerging artists often get their first gigs at local folk festivals, and the folk festival circuit is a crucial space for like-minded artists to prioritize community and share best practices. But their grassroots nature also means those festivals aren’t necessarily able to withstand financial shocks.
“For 55 years, the Regina Folk Festival has been more than just a celebration of live music; it’s been a highly-anticipated weekend of community building where lasting memories were made,” the Board message concludes. “We look forward to discovering all the beautiful new events that will sprout in its absence. We encourage everyone to support the arts however they can.”
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As Festival Sponsorships Dwindle, Toronto’s Beaches Jazz Festival Calls On Brands To Support Canadian Arts
One of Toronto’s biggest summer music events, Beaches Jazz Festival, is calling on brands to support Canadian arts.
The free music festival draws 800,000 people a year, programming plenty of local and international musicians.
But as big brands increasingly drop their sponsorship of music events, Beaches Jazz Festival is issuing a direct appeal to Canadian businesses: amidst a wave of Canadian cultural nationalism, champion homegrown talent.
“This call goes beyond just Beaches Jazz,” festival founder Lido Chilelli tells Billboard Canada. “It’s a larger conversation about ensuring that Canada’s cultural events remain strong and independent.”
Even with government funding, festivals often rely on corporate sponsors to operate at a large scale. As the Globe and Mail reports, TD has recently pulled out of sponsoring some of the country’s biggest jazz festivals, including Toronto Jazz Fest and Calgary’s JazzYYC Summer Festival. In January, Vancouver International Jazz Festival, which also recently lost its title sponsor, put out a concerned call for donations.
Chilelli says that Beaches Jazz Festival typically sees strong interest from sponsors early in the year, but conversations have been slower this time around.
“We want companies to recognize that the Beaches Jazz Festival is more than just music — it’s a cultural event that brings communities together, drives tourism and significantly boosts the local economy,” Chilelli explains. “It’s an investment in community and culture.”
Chilelli points out that in a crowded digital landscape, it should be valuable to sponsor events that still provide in-person connection. Without brand sponsorship, though, festivals like Beaches Jazz aren’t able to program as many artists, leading to reduced opportunity for local arts.
Beaches Jazz Festival returns July 4-27, 2025.
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Artists Boycott East Coast Music Awards Following Departure of CEO
At the end of February, the East Coast Music Association announced the nominees for the 2025 ECMA Awards, but it almost immediately faced controversy.
Many prominent nominees have declared that they are withdrawing their nominations following controversy over the recent replacement of former CEO Blanche Israël.
That list includes acclaimed singer-songwriter Mo Kenney, nominated for rock/alternative release of the year, for “Evening Dreams.”
Explaining the move on Instagram, Kenney stated “I was nominated for an ECMA, but I am withdrawing and I will not be attending the conference. I do not agree with the lack of transparency around the sudden firing of former CEO [Blanche Israël], and what I would call essentially online bullying leading up to the firing. Much love and please do better @ecmaofficial.”
Others declining their nominations and boycotting the ECMAs include Indigenous rapper Wolf Castle, New Brunswick rapper Stephen Hero and Outside Music head Evan Newman.
Along with Classified, Juno and Polaris Prize winner Jeremy Dutcher had earned the most ECMA nominations, but he has withdrawn all eight nominations from the East Coast Music Awards in solidarity with other musicians who are boycotting the event.
“We need more than an award show on the East Coast,” Dutcher told CBC. “I hope this is a message to all other arts organizations that when we take on consultation with communities of artists, the artists might actually start to care about what happens … and they might start to get invested.”
A statement from the East Coast Music Association reads, in part: “We recognize that some have chosen to decline their nominations, and we respect their personal decisions. We also acknowledge the concerns that have been shared and remain committed to listening, learning, and fostering open conversations.”
The ECMAs will take place in St. John, Newfoundland, on May 8.
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Well, wouldn’t you know, it’s another Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. There’s a full slate of news this week, so let’s get started.
Peermusic expanded Elizabeth Rodda‘s role to president of US Latin, Latin America and global society relations. Reporting to CEO Mary Megan Peer, Rodda will now oversee Latin initiatives and new signings in the US and Puerto Rico, as well as her prior remit in South America, Mexico and Central America. The US Latin creative team will report to Rodda, who remains based in Miami. She’ll also represent Peermusic to global collection societies, optimizing revenue growth and rights flow for songwriters. Rodda will manage Peermusic’s offices in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela, and administer territories including Belize, Bolivia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay and Uruguay. She collaborates with local managing directors to sign new talent and oversee digital and synch activities. Recent signings include Vladi Cachai, Foudeqush and NanQ, among others. With over 20 years of experience, Rodda previously served as ASCAP’s senior vp of international affairs before joining Peermusic as president of Latin America and GSR in 2023. Pre-ASCAP, Rodda gained footing in music publishing and licensing at Planet Records and Caribe Sound and Music Publishing, and she also worked as an independent consultant.
CEO Peer praised Rodda’s development of Latin operations, “supporting the creative work and growing the income of peermusic songwriters throughout the region,” adding that “in expanding her role to lead our US Latin initiatives, we are recognizing the close ties between the US Latin and Latin American and increasing the opportunities for our Latin writers globally.”
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Meanwhile…
Round Hill Music hired Jeff Bunder as its global chief financial officer and James King as its chief capital officer. Bunder, based in Nashville, has nearly 40 years of private equity experience, including leadership roles at EY and Lindsay Goldberg. He’ll oversee finance, accounting, tax, valuation and investor relations at RHM. Londoner King joins from Cavendish and has clocked over 25 years of corporate finance and private equity experience. He will focus on expanding RHM’s investor base in the UK and Europe. Round Hill, which sold off its public fund to Concord in 2023, continues to operate its private fund, Round Hill Music Royalty Partners, in which it has limited partners like the Swiss-based private equity fund Partners Group. Round Hill’s portfolio of roughly 200,000 is worth an estimated $900 million and includes rights to songs performed by Whitney Houston, Bruno Mars, Morgan Wallen, Madonna and more, according to the company.
The Apollo appointed Joy Profet as chief growth officer and Tysus Jackson as chief development officer, expanding its executive team amid a historic theater renovation. Profet, formerly a product marketing lead at Amazon Prime Video Advertising, will work to boost global impact, brand influence and revenue partnerships. Jackson, most recently assistant director of advancement at the National Museum of African American History and Culture, will lead philanthropic efforts, including the Apollo Rising 2.0 campaign. Apollo president and CEO Michelle Ebanks praised their expertise, “from Joy’s innovative business approach and growth mindset, to Tysus’ exceptional ability to inspire and mobilize donors around worthy causes.”
Electric Feel, the multi-dimensional music company (not to be confused with the MGMT banger), recently expanded its global presence to Nashville. The company, which encompasses management, publishing, a record label, studios and a ventures wing, celebrated this expansion with a launch event at their new state-of-the-art studio in Music City on Thursday, March 13. Key executives involved in the opening include Austin Rosen, CEO; Danielle Engen, director of facilities and studios; Nick McMullen, chief engineer and technical director; Chandler Nicole Sherrill, senior director of creative; and John Bradley, country A&R.
AEG Presents announced a slew of senior vice president promotions within its global partnership division, following Andrew Klein’s appointment as president of global partnerships. Andrew Bersch has been promoted to svp of finance and administration, where he’ll oversee financial strategy and operations. Holli Branam, Bret Heiman and Alex McArthur have been elevated to svp of sales, leading efforts to drive sponsorship revenue and create brand partnerships across AEG venues and festivals, including Coachella and Stagecoach. Samantha Fernandez was named svp of festival activations, managing over 350 brand partnerships across 15 music festivals annually, while Brianne Grimley is now svp of venue activations, overseeing regional and national strategic partnerships within AEG’s North American network. Finally, Eric Kohler has been upped to svp of global partnerships, leading AEG’s American Express partnership. Klein praised “this group of industry leading individuals,” adding, “they have each been instrumental in helping grow and innovate with our family of global partners and music assets.”
Abas Pauti, co-manager of Shaboozey and Paul Russell, joined Range Music as a full-time manager and vp of artist development earlier this year. After graduating from Mizzou in 2020, Pauti headed out West to Los Angeles where he met one Collins Chibueze (aka Shaboozey), resulting in Shaboozey’s project Cowboys Live Forever, Outlaws Never Die, which blends western, Americana and hip-hop. Shortly after, in 2022, Pauti discovered Cornell grad Paul Russell and a year later partnered with Range Music’s Jared Cotter to co-manage both Russell and Shaboozey. Together, Pauti and Cotter have helped Shaboozey and Russell deliver breakout hits with the former’s record-tying 19-week Billboard Hot 100 No. 1 smash, “A Bar Song (Tipsy),” and the latter’s viral hit “Lil Boo Thang,” which tipped at No. 14 on the big pop chart.
Jim Ryan, Audacy’s senior vp of programming and lead programmer at NEW 102.7 (WNEW-FM) in NYC, will leave the company in April to focus on his consultancy, Jim Ryan Media, full-time. Originally planning to depart in December, he extended his tenure due to Nielsen’s new three-minute qualifier rule. April marks his 15th anniversary at Audacy. Ryan, known for programming stations like WLTW, WNEW, and WCBS-FM, solidified his reputation as a top radio programmer. He will continue working with national radio personality Delilah and other talents. Ryan praised colleagues Susan Larkin and Chris Oliviero for their support and confirmed his successor — whom he helped pick — will be announced soon. He expressed confidence in passing the baton to a respected industry professional. You can reach him at him at Jim@JimRyanMedia.com.
David Fanning launched Off Road Records in partnership with Reservoir Media with expressed goals to empower music creators and develop sustainable careers. Fanning serves as president, with Jamie Graves as svp of marketing and promotion. The Nashville-based label has signed its first artist, singer-songwriter Dylan Davidson, who released his debut single, “Wine Night,” today (March 14). O Double R will distribute and market music through Reservoir’s label platform, Reservoir Recordings, which will also provide additional label services. Reservoir president Rell Lafargue praised Fanning’s ability to identify rising talent — “and drive it straight to the top.” He added, “This investment is also a great opportunity to continue growing Reservoir’s recorded music business together with creators we believe in.”
Universal Music UK made some tweaks to its artist relations team. Led by Shiarra Bell, with Hannah Lamb and Ali Golembo, the team will work closely with artists, managers, UMG labels, and the wider company to offer multifaceted support, including bespoke events, well-being programs and other artist-centric experiences. Shiarra Bell, promoted to director of artist relations, has a diverse background in music management and events, working with artists like Eminem and Lady Gaga. Hannah Lamb, now head of artist relations, has been with the team for 10 years, starting as an intern. Ali Golembo, promoted to artist relations manager, began as a promotions intern at EMI. The team will report to Rebecca Allen, president of the audience and media division at Universal Music UK, who now oversees artist relations. “With Shiarra at the helm, and Hannah and Ali by her side, this future-facing team are set to bring a new level of creativity and support to our artists and label teams,” said Allen.
BOARD SHORTS: Universal Music Group announced that non-executive director Manning Doherty will retire from its board of directors on March 21. The board acknowledged his valuable contributions since joining in 2021. Doherty, managing director at GIC, leads the Infrastructure Group (North America) and has extensive experience in equity research, private equity and special situation investing. Previously, he held senior roles at Mount Kellett Capital and Oaktree Capital Management … AMPOLLO, the newly launched music collaboration platform, announced an advisory board featuring top industry figures, including Andy Saunders, Emily White, Colin Barlow, Karl Nielsen and Charlie Rapino. Chaired by Saunders, the board will support co-founders CEO Yoram Ben-Israel, CMO Mark Alexiou, and Rebekah Pennington in expanding AMPOLLO’s international presence, driving innovation, and developing new revenue streams through fan engagement.
Universal Music Australia announced key leadership changes at BRING, its creative agency specializing in connecting brands with music culture. Brooke Pilton has been promoted to general manager of partnerships, while James “Griff” Griffiths has been elevated to general manager of creative. These appointments aim to strengthen BRING’s role in aligning brands with artists and music culture. CEO Sean Warner praised their “shared vision for the future of the agency.” BRING has executed successful campaigns for brands like Coca-Cola and Vodafone, earning multiple Clio Music awards. The agency will continue to develop creative partnerships, supporting UMA’s artists and promoting Australian music on a global scale.
AWAL appointed Aniket Parpillewar as head of India & South Asia, based in Mumbai. Parpillewar will lead efforts to empower independent artists in the region, offering services like marketing, sync licensing, promotion, distribution and real-time music analytics. He joins from Amazon India and will report to Paul Hitchman, AWAL’s COO, and Vinit Thakkar, managing director of Sony Music Entertainment India. Following its 2023 acquisition of OKListen, AWAL is fast-expanding in India with support from Sony Music Entertainment India, with new signings including Zanai Bhosle, Anumita Nadesan, Dino James and others. CEO Lonny Olinick highlighted AWAL’s global outlook and the significant step in extending their model to artists in India and South Asia, adding that “Aniket brings a wealth of music experience in the Indian market to the AWAL team and has hit the ground running.”
NASHVILLE NOTES: Public relations company Sacks & Co. promoted Catherine Snead to senior director in its Nashville office. The firm also touted the mid-2024 hire of Jessica Vandergriff as an associate. Snead moved to Nashville in 2017 and began working with Sacks & Co.’s roster of artists, while Vandergriff moved to Music City in 2020, working at Post Hill Press, followed by a stint at 117 Entertainment … Black River Publishing elevated Sarah Hudspeth from coordinator to creative manager … Peachtree Entertainment added two executives: Marty Elliott joined as vp of university relations following a run at Ready Room Collective, and Andrew Goldberg took over as vp of strategic partnerships following his work at Danny Wimmer Presents.
Mike Sherwood, a veteran of the majors, launched Sparks Street Entertainment, a new music management and consultancy company. With over 25 years of experience, Sherwood aims to empower artists, managers and labels in the global music market. Sherwood’s career includes key positions at Warner Music Group, where he worked with legendary artists like Green Day, Tom Petty, and Linkin Park, and helped launch stars like Dua Lipa and Zach Bryan. Most recently, he served as executive vp at Universal Music Group’s Capitol Records, supporting successful campaigns for artists such as The Beatles, Katy Perry, Sam Smith and Ice Spice.
Pieter van Bodegraven joined CTM Publishing as a creative consultant in early February. With decades of experience in the Benelux music publishing industry, he’s worked with major artists, composers and producers through roles at BMG/Talpa Music, Cloud 9 Music, and more. Van Bodegraven said he values CTM’s “atmosphere and mindset” in their handling of copyright administration and royalty distribution. Jitze de Raaff, president of CTM Publishing, praised Van Bodegraven’s extensive knowledge, experience and “extraordinary” national and international network.
PRG, a provider of concert production elements, announced key promotions within its corporate events division. Matt Hohmann has been promoted to senior director of production services, recognizing his contributions to process enhancement and operational excellence since starting as a lighting intern. Additionally, Eric Hanson, Justin Juriga, Wendy Coop, James Oyler and Walker Harris have been appointed as new technical directors. Reporting to Ariane Coldiron, PRG’s senior vp of corporate events, the team will work closely with external partners and internal stakeholders to ensure PRG’s solutions align with project needs, enhancing collaboration and efficiency.
Viamedia, the digital and cable advertising company, promoted Justin Johnston to senior vp of finance following the retirement of Sherri Bradshaw. Johnston, who joined Viamedia in 2023 as assistant controller and later became controller, will oversee financial operations. Johnston previously worked at Blackhawk Mining in financial analysis and spent six years at Breeding Henderson & Hord conducting audits. Viamedia recently became the first U.S. ad sales firm to represent over 100 video service providers.
ICYMI:
SiriusXM
SiriusXM thinned its ranks with a new round of layoffs, primarily in the company’s product and technology group. The satellite radio giant did not specify the number of employees affected … OpenPlay hired former Dubset Media exec Bob Barbiere to lead a new service offering … ARIA COO Lynne Small will step down next month … and surprise! the landscape for top music executives remains overwhelmingly white and male, according to a new report by USC. [Keep Reading]
Last Week’s Turntable: SiriusXM Changes Ad Wizards
LONDON — The U.K. jazz scene is in something of a golden period right now. In 2023, scene leaders Ezra Collective became the first jazz act to scoop the coveted Mercury Prize, winning for their album Where I’m Meant To Be. Last autumn, the group headlined the 12,500-capacity Wembley Arena, the biggest-ever jazz headline gig in the U.K. And earlier this month, the group also landed a BRIT Award in the best group category, beating out Coldplay and The Cure, and closed the show with a joyous live performance.
In the last 12 months, there have also been superb LP releases from saxophonist Nubya Garcia and London-based harpist Nala Sinephro, while Emma-Jean Thackray’s “Wanna Die” — released on tastemaker Giles Peterson’s Brownswood label — currently sits on BBC Radio 6 Music’s A-list and London group Oreglo made Billboard U.K.’s artists to watch list in 2025. On the live front, U.K. jazz festivals such as We Out Here in Dorset, East Sussex’s Love Supreme and the London Jazz Festival are pulling bigger crowds.
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But there’s a problem, says new research from Women In Jazz, a community group that celebrates and supports female and non-binary jazz performers in the U.K. The newly released report, based on a survey of 10,000 respondents, says women in the scene are not experiencing the same opportunities as their male counterparts, face barriers within the industry and are shut out of key decision-making roles. Only 16.4% of those surveyed felt that women were “well represented” in the jazz scene, with 55.8% of them saying that they were “very poorly or poorly represented.” That chimes with recent research by The Musicians Union, which says that over half of women in music have faced gender discrimination and that female and non-binary musicians are paid less and have shorter careers.
“There’s a huge amount of work to be done in regards to fair pay, access to opportunities, visibility in the media and more,” Women in Jazz co-founder Lou Paley tells Billboard U.K. “The contributions of women in jazz have always been there, but historically they haven’t necessarily always been recognised, and that’s not just in the U.K., that’s worldwide.”
Women In Jazz was co-founded by Paley and Nina Fine in 2018 to address this issue by hosting live events, jams and workshop sessions to help provide resources for emerging female musicians in the jazz space. And while they say there has been a shift in attitudes in recent years, there is still work to be done. Now, the organization is set to release its first full-length album, a 12-track LP that will showcase some of its members, with a new song being spotlighted every month.
“It was a very organic next step in terms of the Women In Jazz journey,” says Paley. “We’ve done live events, we’ve done mentoring, so there needs to be something that encompasses all of our work and showcases artists at different stages of their journey.”
Rosa Brunello, an artist who features on the compilation, says that being a part of Women In Jazz helped her gain access to Abbey Road Studios for a recording session. With female producer numbers still stubbornly low, the hope is that the opportunity to record in such world-class studios will encourage progress not only for women performers but women producers and engineers as well. The aforementioned research by The Musicians Union indicates that women make up just 29% of DJs, 24% of producers, 15% of live sound engineers and 12% of studio/mastering engineers.
Plumm, another featured artist on the album whose song “The Epic” was released in February, says these backroom roles at record labels, festivals and more will help women be recognised and championed in the same ways their male counterparts are. “I believe that for great talent to succeed, all need to be noticed,” she says. “I think there have always been amazing female artists, and the reason they have emerged more in recent years is because there’s finally more attention towards women.”
Paley, who previously worked at London’s Roundhouse venue as part of its programming team, says that women also need to be in decision-making positions at live events and festivals. Recent research by A2D2 last year indicated that 63% of acts across 10 major UK festivals are male artists or all-male bands, compared to just 21% female solo artists or bands.
“There’s one thing booking artists on a festival lineup, but there has to be more than that. It has to be paired with a deeper understanding or interest in artist development,” Paley says. “Otherwise, it just becomes a kind of tokenistic tick box exercise, which actually can be unhelpful in terms of longevity and might put artists in a position that they’re not potentially ready for.”
The diversity of songs on the record — from Afro-Latin-infused beats to more traditional jazz standards — makes for an enthralling listen. The idea, Paley says, was to set no barriers or expectations for the selected artists, except to fulfill their creative desires — a rarity in today’s results-oriented music industry.
That creative direction was inspired by Paley’s own experiences. She began playing as a teenager in a jazz band, but in addition to being the only woman in the band, she was acutely aware that she was entering a male-dominated scene. She says that this still rings true now, with jam sessions and live performances overwhelmingly dominated by men, making it more difficult for female performers to be recognised equally for their contribution to a session.
“A lot of people felt that there was a lack of collaborative spaces where people can create and network,” Paley adds. An upcoming Women in Jazz jam night in April in Notting Hill, London, will be an early step in bringing artists closer together, while the group also recently held a networking breakfast at the city’s prestigious Royal Albert Hall.
Despite the problems that persist, progress is being made, Paley says. The growing Women in Jazz community is providing resources and support. And in 2024, UK Music reported that the number of female and non-binary musicians is on the rise. However, she adds, everyone in the music ecosystem has a responsibility to help right the gender imbalance that remains.
”Fans, media, radio, press, and platforms all have a role to play in shaping an artist’s career, and the way that artists are framed and covered can have a significant impact on their success,” Paley says. “Everyone in the industry has a responsibility to ensure that all artists are given a fair chance to succeed.”
RCA Records Greater China, a division of Sony Music Entertainment, signed a strategic partnership with Chinese indie label and music collective IRIS Chengdu, founded by Chengdu, China-based producer, DJ and recording artist Andre Grant, a.k.a. HARIKIRI. During his career, HARIKIRI has worked with artists including American rapper Jay Park and Chinese hip-hop group Higher Brothers. Over the next year, five albums will be spawned from the partnership, including new releases from female Chinese rapper Vinida Weng, rapper/singer/songwriter Haysen Cheng and HARIKIRI himself, among others. According to a press release, Chengdu “has been widely regarded as the epicentre of China’s evolving hip hop music scene and touted as the city raising China’s new generation of rappers.”
EMPIRE formed a partnership with automated music marketing and promotion platform un:hurd music that includes an investment in un:hurd to support the development of new tools and will give EMPIRE access to un:hurd’s tools and services. The partnership came amid un:hurd’s ongoing fundraise, which has drawn investors including Willard Ahdritz, Dan Runcie’s Trapital Ventures and Mindset Ventures MusicTech. According to un:hurd CEO/founder Alex Brees, the platform boasts a community of more than 125,000 artists and record labels.
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Bria, a generative AI platform for visual images that claims to be built on 100% licensed data, closed $40 million in Series B funding, bringing its total capital raise to $65 million. The money will be used to scale the company’s visual generative AI platform and widen the application of its patented attribution engine to music, video and text generation. The company says its attribution engine “bridges the generative output and the training dataset, so data owners are programmatically compensated according to their overall influence on each generated output,” according to a press release. In a statement, Bria founder/CEO Dr. Yair Adato added, “Enterprises can use our source code and API platform to integrate visual generative AI inside their products and access previously untouchable premium branded content. By broadening our attribution offering to all types of content, including music, video, and text, we are helping to usher in a truly sustainable creative economy.”
Japanese talent management and production company Asobisystem teamed up with blackx, described as a leader in music investments in Asia, to help expand the J-pop genre globally. According to a press release, the companies “will expand artist portfolios, venturing beyond traditional music to explore innovative IP such as cross-industry collaborations, introducing J-Pop to new global audiences and reinforcing Japan’s leadership in the entertainment sector.” Asobisystem’s roster includes Kyary Pamyu Pamyu, Atarashii Gakko!, Fruits Zipper and Yasutaka Nakata.
Synch platform SourceAudio struck a deal with AI-powered music analysis platform Cyanite to integrate Cyanite’s AI music tagging and search capabilities directly into the SourceAudio licensing ecosystem. Through the deal, SourceAudio’s music libraries and content owners can opt in to access Cyanite’s AI tagging and search system within their existing workflows. Cyanite has also chosen SourceAudio as its delivery platform for new and existing customers, meaning all Cyanite users can now benefit from SourceAudio’s hosting and licensing solution, allowing their audio files to be automatically tagged and optimized for search, discovery, pitching and monetization.
Celebrity Coaches, a luxury transportation services provider for the entertainment industry, acquired BandWagon RV Rentals, which specializes in mid-level tour transportation. Terms of the transaction were not disclosed. The acquisition expands Celebrity’s fleet to more than 120 vehicles.
Nightlife and entertainment company Ministry of Sound signed a deal with DICE that will see it leveraging the latter’s mobile-first ticketing technology. Through the agreement, Ministry of Sound will gain access to DICE’s analytics and marketing tools, allowing for real-time insights into audience behaviors, event performance and sales attribution.
Hedge fund Pershing Square Holdings is parting with 50 million shares of one of its most prized assets, Universal Music Group (UMG). The sale of 50 million shares — approximately 2.7% of UMG’s outstanding shares — on the Euronext Amsterdam exchange, at 26.60 euros ($28.97) to 27.90 euros ($30.28), according to Bloomberg, would gross between […]
Paris-based music company Believe delivered strong results in its first year as a privately held company. Full-year revenue rose 12.3% to 988.8 million euros ($1.05 billion), with 11.5% of organic growth, the company announced Thursday (March 13). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a common measure of profitability, improved 33.5% to 67.1 million euros ($71 million). Revenue had been up 14% at the year’s mid-point.
This year should be equally strong: Believe forecasts organic growth of 13.0% in 2025 despite “limited ad-funded streaming growth” and assuming “no significant subscription price increases” at large music streaming platforms.
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Believe’s major event of the year was a successful bid by a consortium formed by TCV funds, EQT X and CEO Denis Ladegaillerie to take the company private. The consortium owns 96.6% of Believe’s share capital, leaving the company with a small public float. After the deal was completed, Believe’s board of directors added a new director representing EQT X, former Shazam CEO Andrew Fisher. A director representing Ventech, which sold its shares to the consortium, departed the board.
The company was also active in acquiring, partnering on and launching new businesses last year. It debuted two new imprints in Asia in 2024: PlayCode in Japan and Krumulo in Indonesia. It also fully acquired Turkish record label DMC in August; launched EDM label All Night Long in partnership with artist management company Kidding Aside; acquired Indian record label White Hill Music; and formed a partnership with EDM company Global Records, in which Believe acquired a 25% stake in July.
Believe saw strong growth in both its premium solutions and automated solutions divisions. Premium solutions, which mainly consists of the sale and promotion of digital content for artists and labels, had revenue of 942.2 million euros ($997 million), up 12.0% year over year. Automated solutions fared even better, improving 17.0% to 64.6 million euros ($68 million).
Digital sales grew above 10% throughout the year. Non-digital sales, which includes music publisher Sentric Music Group, which Believe acquired in 2023, were strong until September but were hurt in the fourth quarter by accounting changes in publishing in automated solutions, which includes digital distributor TuneCore, and lower concert activity and physical sales in premium solutions.
In Believe’s home country and largest single market, France, revenues grew 10.3% to 162.9 million euros ($172 million). Non-digital sales in France fell in the fourth quarter due to a drop in concert activity. Germany, the company’s second-largest single market, was up just 0.4% to 111.3 million euros ($118 million). Non-digital sales in Germany fell due to Believe’s decision to accelerate its exit from contracts the company called “too heavily reliant on physical sales and merchandising.”
European revenues (excluding France and Germany) rose 23.3% while the Americas grew 18.0% to 151.2 million euros ($160 million), due in part to “significant progress” in the U.S. and the performance of TuneCore. Revenue growth in Asia Pacific and Africa was far softer at 3.5%, to 237 million euros ($251 million), due to weak ad-supported streaming revenues and foreign exchange changes. Paid streaming, while less valuable than ad-supported streaming in Asia Pacific and Africa, “remained solid” but was negatively impacted in India by the shutdown of the streaming platform Wynk.