Business News
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Time to drop the needle on the latest Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music.
Read on for mostly good news and also check out Billboard‘s annual list of music’s highest compensated executives, plus our weekly interview series spotlighting a single executive, our helpful calendar of notable events, and have you ever wanted to look at tchotchkes inside the office of an executive while reading their in-depth answers to the most important questions facing the biz? From the Desk Of is probably your jam.
Sphere Entertainment announced the departure of David Byrnes, the company’s executive vice president, chief financial officer and treasurer. Byrnes will remain in his role during a transition period while the company searches for a new CFO. The NYC-based media executive has been Sphere’s finance lead since January of this year and held that same position at MSG Entertainment before that. During his tenure at Sphere and MSG, he has played a key role in major transactions including the spin-off of MSG Entertainment, the sale of a majority interest in Tao Group Hospitality, and two stock offerings. Byrnes joined MSG following a nearly 14-year run in senior roles at CBS (and later ViacomCBS), rising to executive vp of corporate finance and then exiting prior to the company’s name change to Paramount Global in early 2022. Byrnes has not announced his next move.
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Sphere Entertainment, which opened its spectacle-invoking Las Vegas venue in September 2023 with U2’s residency, has since hosted live-wired artists including Phish, Dead & Company and current residents Eagles (they play tonight and tomorrow), and multimedia shows like Darren Aronofsky’s Postcard from Earth. During its fiscal year ending June 30, Sphere reported $273.4 million in revenue and full-year revenue of $1.03 billion, nearly double the prior year’s $573.8 million.
Meanwhile…
BMG appointed Melanie McAllister as its global chief human resources officer (CHRO), effective Nov. 1. Reporting to CEO Thomas Coesfeld, she will join the executive board and oversee key HR functions across 20 offices, including hiring, performance, development, DE&I and aligning HR strategies with overarching business goals. McAllister brings extensive experience from her previous roles as Chief People Officer at EasyPark Group and Megaport, and nearly a decade as Chief HR Officer at Arvato. She has also held senior HR positions at Oracle and other global tech firms and holds a Master’s in Strategic HR from Liverpool JM University and serves on the board of ENABLE Trust. Coesfeld expressed enthusiasm for McAllister’s role in shaping BMG’s future, adding “Her expertise, vision, and proven track record of combining innovative thinking with people excellence will have a transformative impact on our company.”
Johnny Pinchard was promoted to head of A&R at Believe UK, advancing from his role as senior A&R Manager. Reporting to Malena Wolfer and Panos Polymatidis, he’ll continue working from the London office. Since joining Believe from RCA Records in 2021, Pinchard has signed notable artists like Sea Girls, who reached No. 4 on the UK Albums Chart, and rapper Blanco, who has earned over 140 million streams in less than a year. He also signed Grammy-nominated electronic artist HAYLA, who won Vocalist of the Year at the 2024 EDMA’s. Pinchard is committed to developing new talent, including Sainte, Leon Vynehall, Grace Davies, and Sevdaliza. Believe UK Managing Director Alex Kennedy praised Pinchard as being “absolutely vital in identifying, signing and developing a wide range of artists that have formed the cornerstone of our success and that fit the Believe ethos perfectly.”
Jessica Vaughn
Raedio appointed Jessica Vaughn as vp of creative synch sales, a new role at the audio company. Vaughn will lead efforts to expand Raedio’s music library and sync services, aiming to deliver “Audio Everywhere.” Her responsibilities also include developing growth strategies for Raedio’s one-stop music library and collaborating with industry partners to secure music placements across film, television, advertising and gaming. Outside of her day job, Vaughn is a veteran singer-songwriter who gained attention in the late aughts as Charlotte Sometimes, releasing her debut album on Geffen and appearing on the sophomore season of The Voice. She now performs and records under the name LACES. In 2023, Vaughn penned a guest column for Billboard advocating for more creatives joining executive ranks across the industry.
Canvas Music onboarded former Spotify UK & Ireland managing director Tom Connaughton as partner and senior advisor of the independent boutique distributor. Connaughton joins to support Canvas Music’s mission of offering artist-centered, indie label-like distribution services. Canvas was launched in 2020 by Richard Lyne, who said the company’s goal is to “provide a great service with a great product but with more focus and less volume.” Connaughton expressed excitement about joining and highlighted the potential of Canvas to bride the gap between artists, tech and audiences in a “fair, artist-centered way.” Connaughton hit the exits at Spotify in late 2023 after five years in leadership roles at the streaming giant. Prior to Spotify, he served in various roles at Vevo.
Ineffable Records appointed Sage Ressler as head of synch, effective immediately. Ressler previously worked at Spirit Music Group, where she negotiated licensing deals and secured placements across a plethora of media formats. At Ineffable, she will work with marquee artists across the reggae, indie and Caribbean music spaces, including Sean Paul, Sublime, Govana, Protoje and Bob Marley: One Love star Hector “Roots” Lewis. Ressler will lead the label’s first formal synchronization department, which will focus on securing high-profile placements for the label’s catalog across film, TV, advertising, gaming and more. “The opportunity to help shape and lead the synch department feels like a natural next step for both myself and the company,” said Ressler. “Synch has become a uniquely powerful tool for storytelling, and it’s opening doors for artists in ways we’ve never seen before.” –Kyle Denis
NASHVILLE NOTES: Opry Entertainment Group promoted Jordan Pettit to vp of artist relations and Jenn Tressler to director of artist and industry relations. Pettit, who joined OEG in 2018 and has been instrumental in initiatives like Opry NextStage, will now lead OEG’s artist relations team, developing programs to strengthen artist and fan connections. Tressler has built strong industry relationships since joining OEG in 2020 and will continue to focus on creative artist engagement strategies, especially for the Grand Ole Opry … Rachel Derosia has been promoted to senior vp of comedy at Outback Presents. She’ll work with co-CEO Brian Dorfman and co-svp Joel Bachkoff to expand the division. The Rochester, NY native started her professional career in music, working at Sony Music before shifting to comedy at Zanies Comedy Club, later joining Outback Presents as a coordinator. She has managed and produced numerous tours, helping comedians transition from club to theater-level performances … Chandler Thurston joined Position Music’s A&R team as the first hire for their new Nashville office. Previously, he was senior creative director at Anthem Entertainment, managing talents like Jamie Paulin and Meghan Patrick, and overseeing hits such as Florida Georgia Line’s “Talk You Out of It.” Before Anthem, Thurston worked at Major Bob Music, where he helped sign and develop writers like Alysa Vanderheym. He’ll be based at Position Music’s Nashville office, set to open in Q3 of 2025.
Jaime Kelsall joined Paladin Artists, effective immediately, reuniting with former colleagues from APA and The Agency Group. Based in Los Angeles, Kelsall brings over 20 years of experience, having represented clients like Dionne Warwick, Fitz and the Tantrums, ZZ Ward, and Michelle Branch. She began her career as an intern at the House of Blues in New Orleans, later working at Absolute Artists Agency in San Francisco, where she met Paladin partner Bruce Solar. Kelsall then joined The Agency Group in Los Angeles before spending over 20 years at APA. “We are all thrilled have the talented Jaime Kelsall join our team at Paladin,” said Solar. “We are excited to have her continue her journey with us that started so long ago and bringing her expertise and professionalism to our company.”
ALL IN THE FAMILY: Fairchild Media Group, a division of Billboard parent Penske Media Corporation, promoted Jim Fallon to chief content officer for WWD and FMG. Fallon, with 45 years of industry experience, will oversee editorial and content creation for FMG’s brands, including WWD, Beauty Inc, Sourcing Journal, and Footwear News. Reporting to CEO Amanda Smith, Fallon will focus on enhancing brand positioning, expanding audiences, fostering collaboration, and developing new editorial products. Fallon previously served as editorial director of Fairchild Fashion Media and held leadership roles at Fairchild Publications, including editor of WWD.
ICYMI:
Eric Wong
Warner Music said Eric Wong will shift from chief marketing officer to the role of global head of A&R, recorded music. He’ll also assume the presidency of East West Records. As part of that transition, WMG’s evp of global marketing Jessica Keeley-Carter has been promoted to chief marketing officer, recorded music … Chris Moncada is promoted to COO at MNRK Music Group … and former C3 Presents promoter Sophie Lobl was named vp of Rolling Stone Live. [KEEP READING]
Last Week’s Turntable: Sweet Relief Makes It Official With Executive Director
As Bad Boy Records founder Sean “Diddy” Combs sits in a Brooklyn prison awaiting trial on federal sex trafficking and racketeering charges and prepares to fend off multiple civil lawsuits alleging sexual assault, those in the music industry are asking how much of his wealth could be at stake.
Sources tell Billboard that the hip-hop mogul has sold many of the assets that earned him hundreds of millions of dollars. And Forbes estimated that Combs’ net worth — once fueled by ventures in music, fashion, liquor and cable TV — has fallen from approximately $740 million in 2019 to $400 million as of this past June.
Federal prosecutors and attorneys for the alleged victims likely will go after the money Combs earned from his businesses and other assets, and his own legal defense potentially could cost him hundreds of thousands of dollars as well. That said, prosecutors will need to prove that the businesses were in some way connected to the alleged crimes, to which Combs has pled not guilty. Lawyers representing individuals suing Combs in civil court do not need to meet that barrier of proof. It is unclear when a jury trial will take place for the federal charges, and the many civil lawsuits he faces are at various stages of adjudication.
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Combs’ attorneys, representatives and federal prosecutors did not respond to requests for comment.
Here is a breakdown of Combs’ current financial picture viewed through his music, real estate and cable TV assets:
Bad Boy Records
While Combs began diversifying his investments long ago, his core music industry holdings have dissipated. He once owned his masters and publishing rights through Bad Boy Records. Currently, he may still own his publishing rights and albums recorded from 2010 onward, but he likely no longer owns the albums he recorded before 2009, which were the most successful of his career.
B.I.G. and Diddy
That’s because of a joint venture Combs entered with Warner Music Group for the entire Bad Boy catalog in 2005. The deal ended in 2009 with WMG retaining full ownership of the vast majority, if not all, of the catalog released by Bad Boy prior to that year. Those include the catalogs of The Notorious B.I.G., Faith Evans, Mase and another dozen or so platinum albums by Bad Boy artists.
In June, Billboard estimated that Diddy’s own catalog brings in $2.4 million annually in recorded masters revenue, as well as $600,000 in publishing revenue, of which his share is $222,000. We estimated his catalog would carry a valuation of $42 million.
Since determining that Combs no longer owns his best-selling albums, Billboard revised that estimate — based on a calculation that almost 60% of his catalog’s annual activity is owned by WMG — to $1.05 million. His music publishing earnings remain unchanged, which adds up to $1.25 million in take home pay.
Catalog
One asset Combs is unlikely to sell soon is his catalog because his the nature of the alleged abuses outlined in the various legal cases he is facing and the fact that recordings were not put out under a single, identifiable brand — he has released music as Puff Daddy, Puff Daddy & the Family, P. Diddy, Diddy and Diddy-Dirty Money — make it harder to market, institutional investors tell Billboard.
While private equity investors have no appetite for music issued under the Diddy names, financial sources say that music from other artists he has worked with still have value, and those artists could sell their income streams. However, some Bad Boy Records artists have asked the various majors if their albums might drop the Bad Boy logo, sources tell Billboard.
In 2023, Combs disclosed that he has been returning ownership of publishing to the artists who recorded on Bad Boy Records. In a Q&A with Billboard, he reported that Mase, Evans, The LOX, 112 and the estate of The Notorious B.I.G. are among the creatives who have already signed agreements to regain those rights.
REVOLT
Co-founded by Combs as a music cable channel in 2013, REVOLT was initially broadcast by Comcast and Time Warner Cable to a combined roughly 34 million subscribers. Over the past decade, it has built a reputation as a prominent black-owned media company and has been profitable since 2018. Last summer it was part of a group of investors bidding for a majority stake in Paramount Global’s BET Media Group. As a private company, it has never disclosed its financials. Combs stepped down from his role as chairman of REVOLT last November, and reports circulated in March that he sold his stake to an anonymous bidder. Sources tell Billboard Combs’ stake likely netted him a sum in the low to mid-eight figures.
Real Estate
It is documented in court documents filed in connection with the federal charges against Combs that Combs owns homes in Los Angeles and Miami. The latter, which is located on Miami’s exclusive Star Island has multiple pools, an on-site spa and a guesthouse was listed as part of his collateral for his $50 million bail bond. (Judge Robyn F. Tarnofsky denied his release, and Combs’ attorneys filed an appeal this week.) Combs’ home in Beverly Hills is currently for sae for $61.5 million.
Iron Mountain Media and Archive Services, which provides physical and digital archiving for the media and entertainment businesses, has struck a partnership with ANALOGr Authentication to help artists preserve their cultural legacies, the companies tell Billboard. Through the collaboration, artists will have an end-to-end solution to protect their assets while monetizing and preserving them for future generations.
Iconic producers Jimmy Jam and Terry Lewis are the first musicians to have their assets valued under the partnership, from musical instruments to recording gear the duo used in their collaborations with such A-list artists as Michael Jackson, Janet Jackson, Mariah Carey, Luther Vandross, George Michael and Gwen Stefani. This marks the first time the Grammy-winning producers have properly archived, restored and preserved their assets.
The services provided under the partnership include ANALOGr’s “research and documentation services to organize, authenticate and validate the provenance and value of artists’ physical assets” and Iron Mountain Media and Archive Services’ media preservation services, according to a press release. Iron Mountain additionally stores video documentation and digital images of artists’ assets on its Smart Vault digital media preservation platform.
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The Jam and Lewis assets archived and preserved by Iron Mountain and ANALOGr include:
A Yamaha S400 piano, which the duo likely used to help create songs like “Again” by Janet Jackson and “4 Seasons of Loneliness” by Boyz II Men.
A Yamaha CP70B portable piano, which was used for songwriting and can also be heard on “Tender Love” by the Force MDs.
A LinnDrum LM-2 drum machine, most prominently used to create 90% of the drum sounds on Janet Jackson’s 1986 breakthrough album, Control.
A Roland TR-808 drum machine, used on “Just Be Good to Me” by The S.O.S. Band as well as songs by Janet Jackson, Boyz II Men and Mariah Carey.
“Partnering with ANALOGr, Jimmy Jam and Terry Lewis have helped us to pioneer an end-to-end solution that allows creators to be in the front seat of protecting their legacy,” said Greg Maratea, director of global client solutions for Iron Mountain Media and Archive Services, in a statement. “With the support of our proprietary technology Smart Vault, Iron Mountain’s highly secure digital media preservation platform, we’re breathing new life into legacy assets and shielding artists’ legacies by directly working with them to preserve what they find most valuable for generations to come.”
“At ANALOGr Authentication, our mission is to ensure that artists’ legacies are not only preserved but also elevated through comprehensive valuation and protection strategies,” added Thomas Scriven, CEO of ANALOGr. “Partnering with Iron Mountain and working with legends like Jimmy Jam and Terry Lewis allows us to pioneer a new way for creators to safeguard their cultural contributions and inspire future generations.”
Jam and Lewis also touted the partnership, noting that one of their “goals has been to future-proof our assets and understand their true value. So, when Iron Mountain Media and Archive Services introduced us to ANALOGr, we were excited to work with them. Now, our assets are properly covered by special insurance for their true value, and most importantly, our stories associated with our gear and memorabilia are forever secure. When the time comes to sell these items or pass them on to our heirs, we know the history is intact and truthful, and the value is there for the future.”
Latin music revenue hit a record high of $685 million in the first half of 2024, according to the RIAA’s mid-year Latin music report released Thursday (Oct. 10). According to the analysis, Latin increased 7% compared to the first half of 2023, led by paid streaming subscriptions, which account for two-thirds of U.S. Latin revenue. Furthermore, Latin music revenues in the first half of the year once again grew faster than the overall recorded music market.
While the report doesn’t specify which artists or genres are directly driving this mid-year record high, Latin music’s bump can be a contributed to a number of artists who are fueling a movement. From Karol G to Peso Pluma, who are still riding high from a historic 2023, and newcomers like Xavi, it’s safe to say that a diverse collective of acts have helped usher another record year for Latin music.
“Latin music keeps soaring to new heights — setting US revenue records as we report today and driving the culture forward across the globe,” Michele Ballantyne, RIAA president & chief operating officer, said in a statement. “There’s a reason Latin is the fastest-growing genre on US streaming services. Fans just can’t get enough of its undeniable energy, emotion, power and joy.”
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The RIAA’s mid-year report explains that paid streaming subscriptions contributed more than two-thirds of total revenues. Overall, U.S. paid subscriptions reached a record average of 99 million in 2024 and delivered 68% of total revenues for US Latin music. Combined revenues from ad-supported, on-demand streaming services (including YouTube, Vevo, the free version of Spotify and social media platforms) provide nearly 25% of the total value of Latin music, compared to 10% for overall recorded music revenues.
Meanwhile, digital services (including paid and ad-supported streaming, online radio options, and digital downloads) provided 98% of total Latin music revenues in the first half of 2024. Physical revenues experienced a growth, up 21% compared to the same period in 2022.
“Latin music in the US continues to break through and reach new heights, now providing nearly 8% of total recorded music revenues in the country. Strong growth across all major formats — including a doubling of physical revenues — has enabled Latin music’s diverse mix of new and established artists’ innovative styles to fuel sustained momentum for over a decade,” added Matt Bass, RIAA vice president, research.
In April, the RIAA reported that, for a second year in a row, Latin music revenues in the U.S. had exceeded the $1 billion mark on the wings of 16% growth that outpaced the overall market.
The 35th anniversary Billboard Latin Music Week, which will feature exclusive panels, conversations and performances by Latin music’s biggest stars, will take place Oct. 14-18 in Miami. Purchase tickets to the 2024 Billboard Latin Music Week here.
Concord is raising $850 million through an existing asset-backed security (ABS), according to a new report by Kroll Bond Rating Agency (KBRA). These new notes are the third series of notes of a $2.6 billion ABS. The proceeds will be used to acquire approximately $217 million of assets that will be contributed to the ABS’s collateral […]
Billboard‘s data partner Luminate has launched a new tool designed to measure artists’ influence for brand partnerships and more, the company announced Tuesday (Oct. 8).
Informed by Luminate’s industry-leading streaming data — which is pulled from all major music streaming platforms including Spotify, Apple Music and Amazon Music — along with its global consumer research insights, the tool, dubbed the Luminate Index, will provide “influence scores” for artists based on five areas: their music streaming footprint; their social media footprint; public awareness of the artist; their public appeal; and overall fan engagement in relation to their live shows and other events.
The tool was developed to allow brands, agencies, labels and others to help evaluate artists in terms of partnerships, endorsements, marketing campaigns, creative integration and more.
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According to Luminate, the 10 highest artist scores from the first iteration of the Luminate index for Q3 of 2024 are (out of 100):
Taylor Swift, 100
Adele, 92
Beyoncé, 91
Elton John, 90
Rihanna, 90
Eminem, 89
Shakira, 88
Ariana Grande, 88
Lady Gaga, 88
Dolly Parton, 87
In addition to the announcement of the index, Luminate revealed a new deal through which it will provide high-level insights and consultation to Sony Audio. According to a press release, Luminate has been “tasked with aligning deeper cultural connections between the [Sony] brand with relevant audiences across all forms of entertainment.”
“Existing at the center of all things entertainment and data, Luminate is uniquely positioned to see and analyze information that is invaluable in identifying cultural trends,” said Rob Jonas, CEO at Luminate, in a statement. “Beyond measurement, a job we take very seriously when it comes to verifying final data for the weekly Billboard Charts and the new Streaming Original Charts with Variety, we are a company that can extract insights across all areas of entertainment and fan engagement. Our goal with this new tool is to provide artists, brands, labels, talent representatives and more with intelligence that will allow them to make more informed business decisions.”
Added Jordy Freed, head of brand, business development & strategy, personal entertainment business at Sony Corporation of America: “As an audio brand heavily focused on music, entertainment, and culture, verifiable proprietary data has never been more important given the current speed of trends. Luminate is a proven leader in harnessing data and insights to demonstrate tangible customer behavior across music, film, and television. We are incredibly excited to be a ‘Day-One’ Luminate brand partner, which equips us with invaluable tools to strengthen our cultural compass and benchmark our investments connecting to fandoms.”
You can learn more about the Luminate Index here.
Chhris Moncada has been promoted to COO at MNRK Music Group, effective immediately. Based in Toronto, Moncada will oversee all day-to-day operations at MNRK, develop and implement business strategies, and drive strategic growth initiatives with a focus on A&R, artist development and catalog growth. He will work across MNRK offices in New York, Nashville, Toronto […]
Chinese music streaming companies had another big week after authorities unveiled an economic stimulus plan that will encourage the purchase of Chinese equities, with Cloud Music gaining 10.7% to 134.50 HKD ($17.32) and Tencent Music Entertainment rising 9.9% to $13.48. Last week, Cloud Music and Tencent Music gained 31.5% and 24.6%, respectively.
The Billboard Global Music Index (BGMI) increased 0.4% to 1,964.44, a fourth-consecutive weekly gain and the third straight week the index set a new record high. With winners and losers evenly split amongst the index’s 20 stocks, the BMGI improved its year-to-date gain to 28.1%.
Outside of China, where the Shanghai Composite Index rose 8.1% to 3,336.50, stocks were generally muted this week as investors were uncertain about how the widening war in the Middle East would affect the global economy. Oil prices increased 10% this week in part due to President Joe Biden’s comment that the U.S. was discussing possible strikes by Israel on Iranian oil production sites. Prices remained well below levels reached following Russia’s invasion of Ukraine in February 2022, however.
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In the U.S., the Nasdaq composite rose 0.1% and the S&P 500 gained 0.2%. In the U.K., the FTSE 100 fell 0.5% to 8,280.63. South Korea’s KOSPI composite index dropped 3.0% to 2,569.71.
iHeartMedia was the BGMI’s biggest gainer of the week, rising 15.2% to $1.97; the radio company’s shares have fallen 3.9% year to date but have risen 142% since hitting a 52-week low of $0.813 on May 28. Elsewhere, the index’s most valuable companies had either modest gains or losses. Live Nation gained 2.0% to $110.87. Spotify rose 0.6% to $371.45. HYBE increased 0.3% to 173,500 KRW ($128.82). Universal Music Group fell 2.0% to 23.37 euros ($25.66).
Sphere Entertainment Co. shares rose 4.4% to $45.26 as Wolfe Research upgraded the company on Wednesday (Oct. 2) to “outperform.” The company’s flagship venue, Sphere in Las Vegas, has added more shows to existing residencies. The Eagles will perform four additional shows in February, bringing its residency to 24 dates. In addition, Anyma added dates on Jan. 10 and 11 — the seventh and eighth shows at the venue for the Italian producer, who will break a string of legacy rock bands to become the first EDM artist to perform at Sphere.
Guggenheim reiterated its “buy” rating on Warner Music Group (WMG) and slightly lowered its estimate for ad-supported streaming revenue ahead of the company’s fiscal fourth-quarter earnings. BofA Securities downgraded WMG to “underperform” from “neutral” on Friday and lowered its price target to $30 from $33. WMG shares finished the week at $31.14, down 0.2%.
LiveOne shares fell 35.8% after the company lowered its fiscal 2025 guidance following a revised partnership with Tesla in which the auto manufacturer will no longer subsidize some customers’ in-auto streaming platform powered by LiveOne’s Slacker Radio. The Los Angeles-based company’s stock has fallen 51.4% year to date.
K-pop stocks, which have fallen sharply in 2024, were muted this week. HYBE, YG Entertainment, SM Entertainment and JYP Entertainment fell by an average of 0.1%, which nudged their average year-to-date loss down to 32.0%.
Billboard
Billboard
Billboard
Festival creator Jeff Shuman has resigned from Live Nation, abruptly ending a successful three-year run that saw the 40-year-old launch a half-dozen festival brands, kicking off a race with rival promoter (and Shuman’s former partner) Goldenvoice to conquer the red-hot post-pandemic mini-festival market.
During his relatively brief run at Live Nation, Shuman built the company’s nostalgia-heavy lineup of one-day mini-festivals — events like the nu-metal and hard rock-driven Sick New World festival; the R&B-heavy Lovers and Friends and Fool in Love festivals; and the gangster rap-focused Once Upon a Time in LA.
Those events — part of Live Nations’s highly successful move into mini-festivals at the end of the COVID-19 pandemic — generated tens of millions of dollars in sales for Live Nation. Shuman briefly became the most successful concert promoter at the company, often besting the AEG-owned Goldenvoice on its own Los Angeles turf.
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(Neither Live Nation nor Shuman returned messages seeking comment for this story.)
But Shuman often clashed with company officials, and in recent months faced several costly cancellations including the shutdown of the Lovers and Friends festival in May in Las Vegas due to dangerously high winds. The costs of the cancellation, coupled with weaker-than-expected ticket sales for Fool in Love and the Latin-focused Bésame Mucho, which is set to take place in December at Dodger Stadium, ultimately led to Shuman’s exit.
“He was a complicated guy,” said one Live Nation executive who didn’t want to speak on the record. “He is extremely private and largely a ghost that you never see or hear from until he hucks a grenade in the room. He’s not afraid to pick a fight with anyone and didn’t have many allies at the end.”
Shuman would book dozens, sometimes hundreds, of artists for one of his genre-specific mini-festivals and work with artists like Usher or System of a Down to curate lineups that were heavy on nostalgia. The inaugural When We Were Young Festival in 2022, headlined by My Chemical Romance and Paramore, focused on late 2000s emo, punk and alternative, with 68 bands performing for more than 60,000 fans in a single day. That single-day event, initially scheduled for Oct. 22, 2022, was then repeated on Oct. 23, 2022, and then again on Oct. 29, 2022.
With tickets priced between $225 and $325, When We Were Young grossed more than $50 million in ticket sales over three days, far outperforming expectations. But the festival business is highly susceptible to the risk of severe weather, and a few hours of dangerous wind, rain or heat can cause an event’s cancellation. Those cancellations can trigger customer refunds, artist kill fees and costly lawsuits that quickly eat away at profits, even if those losses are partially covered by event cancellation insurance.
Since joining Live Nation, Shuman has faced several weather cancellations, including the costly cancellation of the 2024 edition of the Lover and Friends festival.
Shuman’s events have also seen sales slow as ticket prices rise — the 2024 edition of the When We Were Young Festival, headlined by My Chemical Romance, sold out the first day, Oct. 19, but still has plenty of tickets available for the Oct. 20 edition. GA ticket prices for this year’s festival start at $336 plus fees, with GA+ tickets priced at $521 + fees and VIP tickets selling for $618. That’s up from 2023 when tickets were priced at GA $249.99 plus fees, GA+ for $419.99 and VIP tickets for $519.99.
Where Shuman goes next is unclear, but he likely won’t return to Goldenvoice, where he worked from 2015 to 2020 after Live Nation purchased the Observatory in Santa Ana, Calif., which he booked for several years. Shuman’s exit from Goldenvoice reportedly followed a series of financial disagreements that left the two sides on bad terms, kicking off a rivalry between them when he headed to Live Nation.
“The fact that he’s quit both AEG and Live Nation means he doesn’t have a ton of options,” said one source who has worked for both companies. “There are other companies that create festivals, but Jeff’s festivals each had $8 to $12 million dollar budgets and he’s going to have a hard time finding someone else that can write that kind of check.”
Welcome to the latest spin ’round the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music.
We’ve seen the departure of Spotify’s global head of music and a changing of the guard at Verve, but otherwise it’s been a fairly quiet week. Read on for [mostly] good news and also check out Billboard‘s just-released annual list of Latin music’s most powerful executives, plus our weekly interview series spotlighting a single executive, our helpful calendar of notable events, and have you ever wanted to look at tchotchkes inside the office of an executive while reading their in-depth answers to the most important questions facing the biz? From the Desk Of is probably your jam.
Aric Steinberg has been elevated to executive director of Sweet Relief Musicians Fund, the 30-year-old non-profit that delivers a lifeline to musicians and industry types facing financial hardships due to illness, disabilities or other challenges. Founded by folk singer-songwriter Victoria Williams in 1994 following the release of a star-studded benefit album on her behalf, the charity offers financial assistance to artists, composers, road crew, agents and others in the form of grants to cover essential expenses ranging from medical bills to housing and food. The LA-based Steinberg joined Sweet Relief in 2010 and most recently served as executive vp of development and artist relations, though he has been essentially filling the role since the 2017 passing of former director Rob Max. “It is long overdue that in 2024 we are officially giving Aric the title of executive director … as he has been embodying that position for many years now,” noted fund president Bill Bennett. “I look forward to an extraordinary future with Aric where Sweet Relief will continue to help more and more musicians and music industry workers in need.”
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Sweet Relief has assisted a wide range of artists over the years, most recently Sick of It All frontman Lou Koller and singer-songwriter Jesse Malin — who both have benefit concerts planned for them later this year. “I see a bright future for Sweet Relief as we continue to grow and help more musicians and music industry professionals every year,” said Steinberg. “This 30th anniversary year has been our best ever, and I look forward to serving the community in the years to come.”
Meanwhile…
Alen Torosyan is promoted to general manager of Warner Music Emerging Markets, effective Oct. 1, while Jonathan Jules has joined as vice president of creative. Both will report to Alfonso Perez Soto, president of emerging markets. This division is home to artists including Calin, Diljit Dosanjh and Joeboy, and covers rapidly growing regions such as Africa, Eastern Europe, India, and the Middle East, which have expanded through strategic investments and partnerships. Torosyan, with over a decade at Warner Music, was previously vp of operations for the division. Jules, formerly vp of international marketing and operations at EMPIRE, will now drive strategic leadership to WMEM’s A&R and marketing teams. Perez Soto praised Torosyan’s “unflappable” ability to multitask and carry out detail-oriented projects “without losing his forensic focus on detail,” and lauded Jules’ entrepreneurial drive and “ability to read the shifting sands of culture and music, anticipating tomorrow’s trends.” Perez Soto added: “Together, they’ll help us superserve artists and rapidly grow our business.”
Sony Music Publishing hired Caroline Elleray as vice president of creative, songwriter services, effective immediately. In this role, Elleray will lead efforts to support songwriters, manage catalogs and collaborate with global creative teams to explore new growth opportunities. The London-based Elleray reports to co-managing directors Tim Major and David Ventura. With over two decades of experience in music publishing, including previous stints at UMPG and BMG, she has discovered and developed artists like Coldplay, Keane, Feist, Rex Orange County and Mumford & Sons. Alongside her new role at SMP, Elleray will continue managing Second Songs, a publishing and management venture she co-founded in 2022 with Mark Gale. Second Songs, in partnership with SMP UK, represents talents like Victoria Canal and songwriters Matt Hales and Dan Green. “Her track record, the songwriters and artists she has worked with speak for themselves, showcasing her immense and relentless dedication for music creators,” said Ventura, who is also SMP UK’s president and svp of international.
Nashville-based record label New West Records promoted Tommy Robinson to general manager and vp of sales, while Brady Block was boosted to senior vp of media and reissues producer. Katie Keller has been upped to vp of project management, while Meg Barron rises to director of A&R and publishing. Brooke Nixon joins as vp of digital marketing, following a role as director of streaming at Big Machine Label Group imprint The Valory Music Co. New West’s current roster includes Aaron Lee Tasjan, 49 Winchester, Ben Folds, American Aquarium and more. –Jessica Nicholson
Universal Music Finland appointed veteran executive Petri Mannonen to CEO, effective immediately. Mannonen joined UMG in 2010 as a commercial director and in 2017 expanded his responsibilities to include overseeing operations in the Baltics (Estonia, Latvia, and Lithuania). Prior to Universal, he was CEO of Viasat Finland (now Viaplay), a pay television company. The UMF roster includes KUUMAA, Mirella and Robin Packale, among others. “The Finnish music market is in a really interesting situation at the moment,” said Mannonen. “Music is now easier to release than ever, and as the selection grows, the role of major record labels is also emphasized. Our job is to focus on building long-term artist careers while taking care of artists. We want to offer our current and future artists a creative and professional place to grow and develop while making sure that their music reaches the right audiences.”
FUGA, the Downtown-owned B2B music distributor, promoted Renato Vanzella to general manager of LATAM, expanding his previous role as GM of Brazil to oversee operations in Argentina, Brazil, Colombia and Mexico. Vanzella will focus on business development, client relations, and partnerships with DSPs, reporting to Sarah Landy, the senior vp for the Americas. Since joining FUGA in 2019, Vanzella has significantly grown the team and secured key clients, including Elemess, MJC Music, Beeside Records, and Radar Records. Landy praised Renato Vanzella’s promotion, highlighting his “exceptional strategic vision and leadership” over the years. “Renato consistently has demonstrated a deep understanding of the local music landscape, and his passion for collaboration and client service has earned him the respect of our team and our partners,” she said.
Armada Music appointed Susanne Hazendonk as head of catalog, bringing over 15 years of industry experience from Spinnin’ Records and Warner Music Benelux. Having worked with top dance artists such as Lucas & Steve, Sam Feldt and Afrojack, as well as hitmakers like Bruno Mars and The Red Hot Chili Peppers, Hazendonk is well-versed in both dance music and big ol’ hits. She’ll report directly to COO Jop Bonnike, leading marketing and storytelling efforts and overseeing the expansion of Armada’s catalog department and acquisitions through the BEAT Music Fund. Bonnike praise Hazendonk’s “unwavering passion and infectious enthusiasm for dance music, adding, “As we continue to prioritize the growth and evolution of our catalog department, we’re looking forward to working alongside Susanne to seize new opportunities in the market.”
Big Loud Rock added Zach Siegal-Eisman as vice president of digital and viral marketing, overseeing the imprint’s digital marketing strategy and execution, as well as artist growth and digital presence of both upcoming and catalog record releases. Earlier this year, Siegal-Eisman launched the marketing consultancy Amplify Legacy and previously worked at social media agency Crowd Surf and at Artist Network Management. –J.N.
BOARD SHORTS: The Music Managers Forum appointed Niamh Byrne as chair and Jill Hollywood as vice chair, succeeding Paul Craig and Kwame Kwaten, respectively, who recently stepped down after serving two three-year terms. Byrne, co-founder of Eleven Management, has made a mark with artists including Damon Albarn, Blur and Gorillaz. She brings a wealth of experience, having held roles at Universal Music UK and her consultancy firm The Engine Room. Hollywood, founder of Echo Beach Management, has managed both legendary producers and emerging talents, including current roster Jacknife Lee, Ash Howes and Ash Workman. Hollywood previously spent over a decade at Big Life Management. MMF also said that Theory Management’s Hide Whone is joining the board, replacing Clare Wright … Newport Folk launched the Newport Folk Stewardship Program, designed to recognize individuals who have significantly contributed to Newport’s legacy and challenge the “Folk Family” to innovate for the future. The first appointee is St. Louis-born Americana artist Nathaniel Rateliff, who’ll focus on artist advocacy, mentorship and fellowship, both within the Newport Folk community and beyond. He’ll serve a three-year term, with two years as an active steward and one as an advisor to his successor.
Nettwerk welcomed Ruth Wyatt as director of sync for UK and Europe, bringing her experience from Warner Music UK, where she successfully placed artists in various sync opportunities. Her notable achievements include Sam Ryder’s “Christmas To Me.” Wyatt said she’s looking forward to helping Network build out its sync opportunities across the UK and Europe, adding, “It’s never been a more exciting time to be in the sync space, with more productions being made than ever before and we’re witnessing breakout productions from the Nordics, Spain, Germany, France Australia, all of which are attracting overwhelmingly international audiences, subsequently creating global impact for our artists.” Nettwerk co-founder Mark Jowett, said Wyatt’s “expertise in achieving syncs is matched only by her passion for supporting great music and artists.”
Alphabeats, a startup using music and neurofeedback tech to help athletes improve mental acuity, announced that chief commercial officer and U.S. president Jorrit DeVries will assume the role of global CEO. Current chief Han Dirkx, one of alphabeats’ three co-founders along with DeVries, will move into the role of chief operating officer and lead the company’s product, research and development, and technology teams based in The Netherlands. As U.S. president, DeVries has overseen sales, marketing, product development and fundraising. Prior to joining alphabeats, he was global head of category development at Spotify, and he has also held senior roles at Samsung, Vodafone and Warner Music, leading teams in the U.S. and Europe.
ICYMI:
Jeremy Erlich
Verve Label Group promoted Jamie Krents to CEO and president, and Dawn Olejar to chief operating officer … Harvey Mason Jr. isn’t going anywhere … Republic appointed Mary Catherine Kinney as executive vp of artist & label strategy … Alicia Arauzo and Luis Fernández are the new co-managing directors of Universal Music Spain … Jeremy Erlich will be leaving his position as Spotify’s global head of music … and Narcís Rebollo has been appointed CEO and president of UMG’s spun-out Global Talent Services. [MORE]
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