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Billboard’s peer-voted Latin Power Players’ Choice Award is back for 2024 and asking music industry members from all sectors to honor the executive they believe had the most impact across the Latin genre in the past year.  Explore See latest videos, charts and news See latest videos, charts and news Voting is open to all […]

Taylor Swift’s The Tortured Poets Department, strong gains in publishing revenue and a jump in merchandise sales propelled Universal Music Group (UMG) to solid revenue growth in the second quarter of 2024.
Despite a fall in ad-supported streaming that hampered streaming revenue gains, UMG’s overall revenue rose 8.7% to 2.93 billion euros ($3.16 billion at the quarter’s average exchange rate), the company announced Wednesday (July 24). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17.4% to 580 million euros ($624 million) and EBITDA margin improved 1.1 percentage points to 19.8%. EBITDA was helped by revenue growth and cost savings from layoffs announced earlier in the year, though those benefits were partially offset by an increase in lower-margin revenue from merchandise and physical sales. 

In the recorded music segment, revenue grew 5.8% to 2.2 billion euros ($2.37 billion). Subscription revenue improved 6.5% to 1.14 billion euros ($1.23 billion) while other streaming revenue dropped 4.2% to 343 million euros ($369 million). Overall, streaming revenue fell 4.2% due to slower growth at ad-supported platforms and the timing of deal renewals.

Trending on Billboard

Subscription growth was slowed by two factors, CFO Boyd Muir said during the earnings call. First, price increases in 2023 provided a boost a year ago. Second, while Spotify, YouTube Music and “many regional and local platforms” have continued to show strong growth, some other subscription services “have been less successful in driving global adoption.” 

Physical revenue rose 9.5% to 357 million euros ($384 million) thanks to releases by Swift and Billie Eilish, which helped offset a tough comparison against a strong quarter in Japan for physical sales in the prior year, said Muir. Licensing and other revenue climbed 18% to 315 million euros ($339 million). Download revenue fell 21.3% but amounted to just 48 million euros ($52 million). 

At Universal Music Publishing Group, revenue rose 10.1% to 511 million euros ($550 million). Digital revenue rose 17.8% to 311 million euros ($335 million) and accounted for most of publishing’s gains. Performance royalties improved 3.1% to 100 million euros ($108 million), while synch royalties grew 1.7% to 61 million euros ($66 million) and mechanical royalties fell 10.3% to 26 million euros ($28 million). 

Of the 15 different songs to reach No. 1 on the Billboard Hot 100 this year, UMPG had songwriters n 13 of them, which CEO Lucian Grainge called “an extraordinary achievement.” 

Merchandising revenue jumped 44.6% to 227 million euros ($244 million) due to higher direct-to-consumer sales and gains in touring merchandise sales. Muir credited tours by Olivia Rodrigo, The Rolling Stones, Nicki Minaj, 21 Savage and Morgan Wallen for that growth.

Topline results for Q2:

Total revenue of 2.93 billion euros ($3.16 billion), up 8.7%. 

EBITDA: 580 million euros ($624 million), up 14.9%.

Recorded music revenue of 2.2 billion euros ($2.37 billion), up 6.8%.

Recorded music subscription revenue of 1.14 billion euros ($1.23 billion), up 6.5%.

Recorded music other streaming revenue of 343 million euros ($369 million), down 4.2%.

Publishing revenues of 511 million euros ($550 million), up 10.1%. 

Merchandising revenue of 227 million euros ($244 million), up 44.6%. 

Billboard’s peer-voted Latin Power Players’ Choice Award is back for 2024 and asking music industry members from all sectors to honor the executive they believe had the most impact across the Latin music genre in the past year.  Voting is open to all Billboard Pro members, both existing and new, with one vote per member […]

Latin music is the fastest-growing core music genre in the U.S., according to Luminate’s 2024 Midyear Music Report, released last week. And the power driver behind the growth is regional Mexican music.
When ranking by share point growth for the first half of 2024 compared to the first half of 2023, Latin music outpaced genres like country, pop and rock. Latin — which is not a genre per se, but is the name given to music performed predominantly in Spanish — registered a 15.1% growth in on-demand audio streaming volume. This resulted in a total share point growth of 0.51% for the first half of 2024, far more than rock and pop (whose share growth was less than 0.3%) or country and Christian (with a less than 0.2% share growth).

Latin music’s growth has been fueled by two major factors. One is the growth of regional Mexican music, which is now the largest Latin subgenre in the U.S. The other is the fact that new music releases are streamed at a far bigger scale in Latin than in any other genre of music, suggesting that young Latin listeners are over-consuming music, a fact that has been measured by Luminate in different Latin countries before.

Trending on Billboard

Luminate

Courtesy of Luminate

According to Luminate, on-demand audio streams of regional Mexican music for the first half of 2024 stood at 13.2 million streams. That was more than Latin pop (12 million streams), Latin rhythm (10.8 million streams) and Latin tropical (2.4 million streams).

When looking at Luminate’s comparison of the “release age” composition for genre, Latin’s consumption of current music — music released within the prior 18 months — outpaces all other genres significantly. Latin genre streaming leans the most current at 35%, followed by country at around 30%. In comparison, R&B/hip-hop current streaming is at 25%. By the same token, deep catalog streaming — defined by Luminate as music older than 60 months — is lowest for Latin (close to 40%) when compared to other genres; in rock, for example, 70.5% of streams come from music older than 60 months.

The stats for Latin music are even more remarkable considering that 32% of its streams come from ad-supported on-demand video or audio, more than all other genres. This means the number of average streams needed to equal an album equivalent is higher for Latin than for other kinds of music, whose streaming consumption of premium streams is higher.

Regional Mexican, which encompasses a broad range of Mexican music subgenres, including norteño, banda, mariachi and corridos, had been the leading subgenre of Latin music in the U.S. for decades, in part because people of Mexican descent account for the vast majority of the Latin population in the country. According to the Pew Research Center, in 2022, there were approximately 37.4 million people of Mexican origin living in the United States, making up nearly 60% of the country’s Hispanic population, a percentage that’s remained relatively unchanged for decades.

Luminate

Courtesy of Luminate

But when reggaetón took over Latin music’s charts 20 years ago, the popularity of regional Mexican declined. Now, fueled by an infusion of brash new acts, regional Mexican is dominating charts and consumption.

According to Luminate, four Latin artists earned more than 100 million U.S. on-demand audio streams through the first half of 2024. Outside of Bad Bunny, who is the No. 1-streaming Latin music artist overall, those other three were Regional Mexican artists: Peso Pluma, Fuerza Regida and Junior H.

The growth of regional Mexican in the U.S. reflects a broader international trend. According to the report, Mexico is the top country to grow in global audio streaming share (based on artist country of origin), jumping from 5.29% in 2023 to 6.03% in 2024.

This suggests the base of Mexican music, and Mexican fandom, is not only strong, but has vast room for growth, continuing to fuel consumption in the U.S. and beyond.

Tones And I is the latest addition to the lineup of speakers for Bigsound 2024, Australia’s music industry summit and showcase event.
A one-time busker who was discovered performing in Byron Bay and landed a global smash with “Dance Monkey,” Tones will discuss her vibrant musical journey for an in-conversation with Australian TV personality Myf Warhurst.

Since she unleashed “Dance Monkey” in 2019, Tones (real name Toni Watson) has smashed records with monotonous regularity. The track ruled the ARIA Singles Chart for an all-time record 24 weeks, and held top spot on the Official U.K. Singles Chart for 11 weeks, a record for a solo female artist.

Explore

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See latest videos, charts and news

See latest videos, charts and news

Earlier this year, “Dance Monkey” clocked three billion streams on Spotify, making her the first female artist to pass that threshold.

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Written by Tones and recorded with Brisbane producer Konstantin Kersting, “Dance Monkey” ruled charts in at least 30 territories and crashed the Billboard Hot 100, landing at No. 5 and securing for Tones top spot on Billboard’s Hot 100 Songwriters Chart. Earlier this year, Tones opened for Pink on the U.S. pop superstar’s Summer Carnival Tour, which sold 970,000 tickets (second only to Ed Sheeran’s Divide tour) and played to 20 stadiums — a national record for a single tour.

Also announced today (July 24), Garrwa and Butchulla songman Fred Leone will deliver a Bigsound keynote on the importance of honoring his role as a custodian of his tribe’s traditional songs, while Emily Copeland, the Australian Broadcasting Corporation’s new head of music, will deliver her own keynote, recounting her career in media and how its future will connect with the Australian music landscape.

They join the daytime conference lineup that includes previously-announced speakers such as Kelis, Amy Taylor, singer with Amyl and The Sniffers; VibeLab co-founder Lutz Leichsenring; Billboard’s Lyndsey Havens; Vinyl Group CEO Josh Simons; and Music Venue Trust CEO Mark Davyd.

Meanwhile, ARIA Award-nominated indie band Beddy Rays is added to the 120-strong bill of homegrown showcase acts, joining the likes of Stand Atlantic, Miiesha, JUNO, Keli Holiday, Sly Withers, Alex the Astronaut and many more.

Set for Sept. 3 – 6 in Brisbane, the 2032 Olympic city, Bigsound’s day-and-night action will once again make a splash in the vibrant Fortitude Valley.

The event is supported by the Queensland government through Tourism and Events Queensland, and is presented by Oztix and Brick Lane.

Visit Bigsound.org.au for more.

The American Federation of Musicians of the United States and Canada has endorsed Vice President Kamala Harris for president. The union’s backing comes after a unanimous vote of the U.S. members of the AFM International Board, and what they see as the Biden-Harris administration’s commitment to labor. This follows President Biden’s decision not to seek reelection and his subsequent endorsement […]

MARINA signed with Janelle Lopez Genzink (Sabrina Carpenter) at Volara for management. The artist, who previously recorded as Marina and the Diamonds, has released a total of five albums; her most recent, Ancient Dreams in a Modern Land, dropped via Atlantic in 2021. Volara signed a strategic partnership with Red Light Management in 2023.
Canadian rock band Finger Eleven signed with Better Noise Music (Five Finger Death Punch, Asking Alexandria). The label will release the group’s forthcoming album next year, to be preceded by first single “Adrenaline” on Aug. 2. Finger Eleven is currently supporting Creed on its Summer of ’99 tour.

U.K. electronic-pop outfit London Grammar signed with PPL for the collection of its international neighboring rights royalties. The group has released a total of three albums and is due to release a fourth, The Greatest Love, on Sept. 13.

Trending on Billboard

Phoebe Bridgers‘ Saddest Factory Records signed trans singer-songwriter jasmine.4.t. The label released her latest single, “Skin On Skin” (produced by Bridgers and her Boygenius bandmates Julien Baker and Lucy Dacus) on July 16. Based in Manchester, jasmine.4.t is the first U.K. signee to Saddest Factory.

Italian singer Michele Morrone signed to New York-based indie label 477 Records. Morrone, also an actor who starred in Netflix’s 365 Days, is currently at work on his third studio album.

Country-rock duo Lakeview (Jesse Denaro and Luke Healy) inked with UTA for exclusive global representation in all areas. The duo broke through with the single “Home Team” and recently issued the new song “Money Where Your Mouth Is” featuring Gideon. – Jessica Nicholson

Singer-songwriter JD Clayton signed with Nashville-based roots, Americana and bluegrass label Rounder Records. Clayton released his debut album, Long Way from Home, in early 2023. He’s slated to embark on a fall tour beginning Aug. 30.

Country singer Kashus Culpepper signed with CAA. According to the agency, Culpepper has played sold-out headline club shows throughout the South and opened shows for Charles Wesley Godwin, Charley Crockett and Needtobreathe. He recently signed with Big Loud Records, which released his first-ever single “After Me?” on June 21.

Folk singer-songwriter Olive Klug signed with Tommy Alexander and Paige Maloney at Wasserman Music for global representation. Klug released their first album, Don’t You Dare Make Me Jaded, on Aug. 11, 2023. They toured throughout 2023 with Kevin Atwater, Odie Leigh and Daisy the Great, with more tour dates to come this year, including at the North Carolina Folk Festival in Greensboro.

In a move that highlights her selective engagement with social media, Ariana Grande, who deactivated her Twitter account years ago but remains the seventh-most-followed person on Instagram, is set to join HYBE’s superfan platform, Weverse.
Weverse Company tells Billboard that the chart-topping star will join the platform on Sunday (July 21), adding to a roster that includes BTS, BLACKPINK, JVKE, NCT 127, (G)I-DLE, Lauv, YOASOBI, Conan Gray, AKB48 and thuy. In joining the platform, Grande will have the ability to post messages and content to her own dedicated community, hold livestreams for members, read personalized fan letters, upload exclusive media content, share disappearing messages, and utilize the popular Weverse Shop, which sold more than 18 million pieces of merchandise last year to fans in more than 198 countries.

The announcement marks a significant moment for both Grande and Weverse, opening up a new way for the singer to deepen her connection with fans while showing a commitment to her continued business relationship with HYBE and HYBE America CEO (and Grande’s former manager) Scooter Braun.

Trending on Billboard

Since opening in June 2019 with Billboard 200 chart-toppers TOMORROW X TOGETHER as its first artist, Weverse now hosts 146 artists from countries including South Korea, Japan and the U.S. Its biggest artist community, for BTS, boasts 26 million members, while the ENHYPEN community has 9.8 million. Today, HYBE reports over 155 million lifetime downloads and an average of 10 million monthly active users across 245 countries and regions, with 90% of its user base now coming from outside Korea. Despite Warner Music Group (WMG) announcing plans for its own superfan app — as well as WMG and Sony investing early in rival superfan platform Fave — Weverse says its start with K-pop artists delivered important insights to entice top Western stars like Grande to join.

“What’s lucky for us has been that K-pop idols are the types of artists that have a very strong core fanbase,” Joon Choi, president of Weverse Company, tells Billboard of the company’s half-decade of growth that now includes investment from Universal Music Group. “As a platform and a business, we had already enjoyed the competitive edge or advantage of being there first and being there early to observe what superfans actually want.”

While artists can use Weverse to access first-party data for content delivery, promotion and to stay connected to international fans, the platform has expanded opportunities in live music with not only event streaming but its Weverse Con Festival and a Weverse by Fans tool through which fans can develop their own merch.

“We were there earlier and we have a long experience of observing the demands of our fans,” Choi adds. “That’s why we were able to create this one-stop fan service that includes merch development, merch selling, communities, videos, live streaming and even magazines…I do see the growth of startups or services that are entering this particular [superfan] market and that’s good. The more competition in the market is actually better for us because being the only player in that particular market sector makes us nervous.”

New competitors or not, Weverse continues to expand; currently, the company boasts a total of 400 employees in South Korea, 60 in Tokyo, and 20 in Santa Monica, Calif. (with the target to grow to 30 this year). And with a major star like Grande, there’s a slew of Arianators that could soon be joining the platform. Still, the executive admits he doesn’t know what to expect from the Eternal Sunshine singer once she officially joins. As he puts it, “It is totally up to the artists.”

Read on for more insights from Joon about Grande’s big move and what lies in store for Weverse’s future.

Weverse is adding new artists all the time, but Ariana Grande is a huge name with a worldwide fanbase. What have the weeks been like leading up to this announcement?

I just traveled a lot; I’ve been a globetrotter. We have offices in Santa Monica and Tokyo, and in each office location our leaders are currently meeting and contacting many artists and labels, so I believe our platform and business are becoming truly international and crossing borders. As we do that, we have opportunities to engage with and work with big artists, but also rising stars, so these opportunities are being created.

In the past, Weverse or artists have held special events or activities to begin their time on the platform. Will Ariana have a welcome party?

My simple answer to that question is that it is totally up to the artists. So, although we do have sessions where we offer guidelines or guidance in terms of how to better utilize the platform to cultivate the superfan culture or fandom, we do not necessarily engage too much [in terms of] planning activities or what’s going on the Weverse platform. I know that this might not be the direct answer that you’re looking for, but we have artists onboarded onto Weverse with a very good understanding of the difference between Weverse and other social media platforms.

What opportunities do you see for Weverse in welcoming Ariana Grade, and what opportunities are now open to Ariana?

Weverse is definitely a distinct platform, different from other social media platforms, so I’m also very curious how it will be utilized by artists like Ariana Grande. It really depends on each artist or label whether they discuss details about how they want to or plan to utilize Weverse. But in this particular case, we don’t know yet — that’s something that I’m closely watching.

But I would like to add that when I look at Weverse from my perspective as the leader of this business, it’s important to have enough resources and big enough clusters of a particular genre, specific country or culture. So, that’s why we’ve been working hard to onboard many artists. During the first half of this year alone, we have onboarded Nightly, thuy, Lauv, Umi, Conan Gray and JVKE. And then we have Ariana Grande. But Gracie Abrams has been very active as well; she’s good. So, when you see Weverse as a platform and in terms of the growth of our platform, it is very important that we have thriving clusters of certain music genres, countries or cultures to generate a network effect as well.

Weverse does a lot of business selling music, albums and merchandise via Weverse Shop, but Ariana isn’t only involved in music: she has R.E.M Beauty and perfumes; she’s in movies and television. Does she give you opportunities to expand into new commerce markets?

I can’t comment on an artist’s existing merchandise lines or albums since there must be agreements or contracts in terms of production and distribution in place. How merchandise is developed and sold through Weverse really varies by each artist. But a feature that we have on Weverse, Weverse by Fans, has been very effective and is gaining a lot of attention from artists because it is based on fan demand. Also, Weverse by Fans doesn’t require a minimum quantity of manufacturing goods for production. So, as soon as there’s enough demand for a certain type of merch, we can immediately produce and sell those.

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On one hand, Ariana Grande is one of the most followed people on Instagram, but she also deactivated her Twitter years ago and takes social media breaks. How were discussions with an artist who might have complex feelings about social media?

That’s a very good question. Actually, when we meet a lot of artists, we tell the artists to actively use other social media because Weverse is a little different. It’s a place where people who love the artist gather. This isn’t our claim — artists have been saying this particular characteristic makes Weverse a very friendly and safer platform for artists to engage with their fans and the public compared to [other] social media…and that’s not just specific to big-name artists. We have been having opportunities to work with rising rookies as well. We don’t really care whether it’s a big-brand artist or not; what’s more important for us is to seek and discover artists interested in cultivating superfan culture, regardless of how famous or how popular they are, to work with us and use Weverse.

Ariana is the seventh-most-followed person in the world on Instagram. Do you worry that adding an artist with such a wide audience could open Weverse up to trolls or those with bad intentions?

Our product features are already equipped and have the advantage of features like filtering, reporting and in-house moderators to prevent and manage ill-intended activities on Weverse’s platform. I do understand the concern that you raised regarding such potential, and I agree with you. However, such circumstances or ill-intended activities occurred for artists already onboarded on Weverse. So, it would not just be for Ariana Grande that such a thing could happen. But I believe we have about four years’ know-how in operating and managing trolls or activities like that. So, we are not too worried, although we are still being very, very cautious about how to manage that.

I’d add that we always tell artists when onboarded to Weverse that the best use case has been using live broadcasts to communicate with fans directly. K-pop artists have been doing so well in terms of using Weverse as a platform for that, and also through the membership, they can have closer, more direct interactions with their fans as well. So, we’ve been telling artists from the inception, from the moment that they are onboarded to Weverse, that these are some of the ways that are historically proven to be very effective to have a very long-term and sustainable fandom relationship.

What is the onboarding process like? Are you personally meeting top artists?

We’re not a service that allows anyone to sign up, [like] on a website like YouTube or other social media. We don’t know when that’s going to happen, maybe in the far future we will switch to such a model. But so far, we have been doing internal research to discover and identify artists who would have a potential benefit or whose fanbase overlaps with the user base of Weverse. These days we are getting a lot of inbound inquiries from artists or other labels themselves. In the past, we used to do a lot of outreach to discover or find more artists, but since last year, as words such as “superfan” and “Weverse” have become more buzzy in the industry and the market, we have been gaining a lot of attention.

It’s not just me but other teams; we call it a B2B team in Korea, but maybe in the United States, it’s called a customer success management team. We have internal resources that frequently discuss and follow up with labels and artists.

I’m personally curious as someone in media, do you ever imagine a day you might expand the type of people beyond musicians?

Definitely. We already have some actors and actresses onboarded, but this question is really good. We’ve thought about it, but the timeline is very important. The ultimate goal of Weverse is to create a superfan not only for human artists. While I believe Weverse is currently working the best for superfans of a person with a thriving fandom, we’ve already seen an interesting case of the virtual idol group in Korea called PLAVE with a significantly high engagement level within their community on Weverse, which is very, very noteworthy. That’s where we saw the potential of expanding this platform not just for human artists but also for virtual artists. However, we also see the possibility of extending this IP to include other types of artists; this is a fun future that we can imagine at the moment. We still have a lot of room for further growth within the music industry so that’s where we have greater focus.

Since you said this was your personal curiosity, I’m giving you my personal opinion and projection on that potential. [Laughs] My biggest question working at Weverse is, “How many people out of the entire human population would have the ‘superfan’ DNA?” That’s kind of the ultimate thing we are looking for. Someone might be a superfan of a certain sport or sports team — there’s always a superfan of something or someone.

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There’s the Weverse Con Festival, Weverse Magazine, there’s exclusive shows to stream. Why is Weverse developing IP beyond the platform? I imagine a HYBE Festival would be well received.

Weverse is a platform, so neutrality is the greatest value that we really emphasize and prioritize, which has been the case since Chairman Bang [Si-Hyuk] originated this platform. From day one, we really valued neutrality as an important value for us, but also in using such a new business model, we believe that we can lead innovation in the music industry. When you look back on the music industry’s history for the last two or three decades, it started by simply selling albums, then the touring business rose, and since 2000, technology has been disrupting the music industry. Now, it’s time for us to seek the answer to what’s next, right? I think Weverse is a platform and a business that has been most actively conducting experiments in order to answer what’s next for the music industry. If our experiments succeed, we can definitely offer benefits to artists all around the world, and that has been the basic philosophical foundation for our business and platform. We’re very, very, very, very serious about it.

Some people here might not like what I’m just about to say, but considering all the other [types of] content — it can be TV shows, movies, video games, everything — we think music itself, just as a piece of content, is the least compensated compared to all the others. So, we really have to think about that from a business perspective. …There is way more around music, right? There is no doubt that music is the core — and that’s why the mission statement of HYBE is, “We believe in music” — and that’s where we started from. [But] to make it a sustainable business, that’s where we can evolve from.

It was fun to see JYP Entertainment founder J.Y. Park perform with Chairman Bang at Weverse Con Festival last month. JYP is one of the last big K-pop agencies not on Weverse. Was this a hint?

We’ve always wanted all the artists from JYP, no doubt! [Laughs] But this time, it was just about the music. But of course, we’ve always wanted JYP — simple!

Removing yourself from work for a second, who or what are you a superfan of?

I’ve been a very big [music] fan since the ’80s: I listened to Casey Kasem with America’s Top 10, I was a Billboard kid. I think about all the famous songs and artists from the ’80s and ’90s — I’m that old guy [Laughs] — and then I had the recent memorable experience with PLAVE. The DJ JoJo [Wright] from KIIS FM actually visited Weverse Con Festival, held a lot of interviews with artists performing, and mentioned that one of the most impressive interviews he had was with PLAVE. From my perspective, from the ’80s and ’90s to virtual artists on the radio, that’s a very interesting journey to see and experience.

The two largest publicly traded record label and music publishing companies posted stock gains in a week that otherwise saw major indexes fall sharply.
Shares of both Universal Music Group (UMG) and Warner Music Group (WMG) managed modest gains this week as companies prepare to release their latest quarterly earnings reports. UMG, which reports earnings on Wednesday (July 24), rose 2.6% to 28.11 euros ($30.61). Year-to-date, UMG shares are up 8.9%. 

WMG, which reports earnings on Aug. 8, gained 3.5% to $32.00 after receiving a nod from Jefferies analysts earlier in the week. Noting that WMG shares are down this year (-10.6% as of Friday) and trade at a discount to UMG, Jefferies called WMG’s current price “attractive” and believes the company will benefit from its slate of new releases (Zach Bryan, Dua Lipa) and cost-saving measures. Indeed, WMG did well in the first half of the year by owning the top three tracks in the U.S., according to Luminate’s midyear report. Jefferies has a $38 price target on WMG, which represents an 18.8% upside over Friday’s closing price. 

The Billboard Global Music Index fell 2.9% to 1,779.41, dropping its year-to-date gain to 16.0%. Overall, nine stocks were gainers, ten were losers and one was unchanged. But the rough week extended far beyond music stocks. The Nasdaq composite fell 3.6% to 17,726.94 as investors dumped tech stocks such as chipmaker Nvidia (down 8.8% this week) and cybersecurity company Crowdstrike (down 11.1% on Friday thanks to a massive global internet outage), while the S&P 500 fell 2.0% to 5,505.00. In the United Kingdom, the FTSE 100 dropped 1.2% to 8,155.72. South Korea’s KOSPI composite index fell 2.2% to 2,795.46. China’s Shanghai Composite Index rose 0.4% to 2,982.31. 

Trending on Billboard

Spotify shares fell for the second consecutive week, dropping 2.4% to $295.09. On Thursday (July 18), Guggenheim reiterated its “buy” rating and $400 price target. Analysts expect to see some “modest cost savings” from lower publishing royalties, a move that has sparked controversy in the music industry and attracted the attention of some U.S. lawmakers. What’s more, Guggenheim analysts do not expect a “significant portion” of premium subscribers to switch to the lower-cost “basic” tier following price increases for the standard plans. Investors weren’t as optimistic, though, and Spotify fell 10.8% below its 2024 high of $331.08 set on June 5.

SiriusXM fell 8.1% to $3.41, bringing its year-to-date loss to 37.7%. This week, Morgan Stanley slightly lowered its forecast for net satellite radio subscriber additions in both the second quarter and the full year. SiriusXM, which reports quarterly earnings on Aug. 1, lost 1.4% of its satellite radio subscribers in the first quarter of 2024. 

LiveOne shares rose 5.7% to $1.49 following the release of a preliminary look at quarterly earnings on Thursday. The music streaming company, which owns Slacker and a majority of podcaster PodcastOne, expects fiscal first-quarter revenue to increase 20% to $33.1 million. 

K-pop stocks added to their losing streaks this week. HYBE fell 3.8% to 182,500 won ($131.31) and brought its year-to-date loss to 21.8%. SM Entertainment fell 5.8% to 73,300 won ($52.74) and has dropped 20.4% this year despite launching a new joint venture with Kakao Entertainment and overhauling its corporate governance. YG Entertainment lost 8% to 35,250 won ($25.36), bringing its year-to-date decline to 30.7%. JYP Entertainment was an outlier, gaining 2.6% this week to 59,000 won ($42.45), although the stock is still down 41.8% this year.

Post Malone played what may have been the biggest concert in North America this summer last Friday, July 12. At Festival d’été de Québec (FEQ) in Quebec City, he performed a show for over 100,000 people on the historic Plains of Abraham. That’s par for the course for FEQ, which gets major stars in a variety of genres for 10 days every year, yet, outside of Quebec, remains somewhat under the radar.
Malone played after opening sets by Canadian band Valley and rising pop/country artist Jessie Murph. His set was teed up with a crowd singalong to “Sweet Caroline,” before a string section heralded Post’s entrance onto the stage. He started with his 2018 hit “Better Now,” with huge fireworks erupting at every chorus. Throughout the next two hours, he played songs from the Ozzy Osbourne-sampling “Take What You Want” to “Sunflower,” “Congratulations” and the recent No. 1 hit “I Had Some Help.”

He broke out some adorably silly dance moves and basked in the applause after every song, which seemed to take him aback. At one point, he even brought up a Quebecer from the audience named Felix, who joined him on stage to chug from a red solo cup and then strum an acoustic guitar while Post Malone crooned “Stay.” 

Trending on Billboard

This year’s FEQ took place from July 4-14 and boasted headliners from 50 Cent to the Jonas Brothers, Nickelback to the Zac Brown Band.

While FEQ gets major artists for those main stage performances, artistic director Louis Bellavance says it’s not only about getting the biggest acts. “All of them have a function, a role to play in what we’re building,” he says.

It’s about finding the right types of genres and acts that resonate with the Quebec audience, which can sometimes differ from the rest of Canada and the United States, he says. R&B doesn’t play as well as in other markets, nor do many English Canada rock bands. That’s not to say rock doesn’t go over well, though — Mötley Crue packed the stage on the final night, Sunday, July 14, with a crowd much more multi-generational than you might think for a band whose sound and antics peaked in the ’80s.

One new addition this year was Saturday night’s all-Spanish mainstage night of J Balvin, Ivan Cornejo and GALE. FEQ has booked Latin artists before, but never as big as this year’s showcase. It was clear people travelled for the event, with Colombian superstar Balvin spotlighting all the flags in the front row and fans from Spanish-speaking countries around the world. Mexico, Spain, Peru, Puerto Rico, Nicaragua, Honduras and Colombia were all “in la casa,” he said.

Read more from FEQ here. -Richard Trapunski

Canadian Country Music Association Awards 2024 Nominations: Jade Eagleson, MacKenzie Porter Lead The Pack

The Canadian Country Music Association (CCMA) has announced the official nominees for the 2024 CCMA Awards. Topping the list of contenders with six nods apiece are Jade Eagleson and MacKenzie Porter, the latter of whom will co-host the awards show alongside American country star Thomas Rhett.

Hot on their heels with five nominations apiece are The Reklaws and Josh Ross, while High Valley, Owen Riegling and Dallas Smith are each cited in four categories. Other notable Canadian artists making the list include Dean Brody, Steven Lee Olsen, James Barker Band, Brett Kissel, Tenille Townes and Lindsay Ell.

The awards show takes place in Edmonton, at Rogers Place in the heart of downtown, on Saturday Sept. 14 at 8 pm ET, and is broadcast by CTV.

Performers include Dasha, Jade Eagleson, Brett Kissel, The Reklaws, MacKenzie Porter, Thomas Rhett and Dallas Smith, with more to be named.

Two major CCMA Award categories are open for public voting by country music fans across Canada. This year’s Breakthrough Artist or Group of the Year nominees are Hailey Benedict, Dax, Teigen Gayse, Matt Lang and Owen Riegling, and fans can vote for their favourite at ccmafanvote.com.

The 2024 Fans’ Choice nominees are Dean Brody, Jade Eagleson, High Valley, James Barker Band, Tyler Joe Miller, Steven Lee Olsen, MacKenzie Porter, The Reklaws, Josh Ross and Dallas Smith. 

Find the full list of nominees here. –Kerry Doole

ScHoolboy Q’s Toronto Concert Cancelled, Blames Drake’s Beef with Kendrick Lamar

A cancelled show is seemingly connected to the year’s biggest story in rap music: the heated beef between Drake and Kendrick Lamar.

ScHoolboy Q was supposed to perform a sold-out show at Toronto venue History on Thursday (July 18). But Q took to X Wednesday to announce that the show had been cancelled, supposedly due to the feud: “CANADIAN POLICE DONT WANT NOBODY FROM TDE [Lamar’s label] PERFORMING..” he wrote.

ScHoolboy Q used to be in the group Black Hippy with Kendrick Lamar and is a former labelmate on Top Dawg Entertainment (TDE). Lamar left the label last year. The venue History is a partnership between Live Nation and Drake.

Q went on to post several times about the show, referencing PartyNextDoor’s recent performance at the Hollywood Palladium in Lamar and ScHoolboy’s hometown of L.A.: “if we wanted to get yall we would’ve just did it.. now wHen sumbody get Hurt don’t cry…”

Q later clarified that he found the cancellation funny and didn’t mean his post as a threat, but as advice: “I neva said “ ima kill sumbody” im saying if we wanted to crack it off we could’ve smH,” he wrote, “ima soccer dad.”

ScHoolboy Q, who performed at Lamar’s June 14 Pop Out Concert, is also briefly featured in Lamar’s video for the Drake diss track “Not Like Us,” which has added some fire back to a fight that was on the verge of dying down. Q and Lamar go back a long way, as former collaborators in Black Hippy alongside Jay Rock and Ab-Soul.

Drake posted an Instagram story following Q’s posts on X, leading some to speculate that he was trolling the rapper. In the shared story, Drake is seemingly sporting blue slides, possibly referencing ScHoolboy’s single of the same name.

He’s also wearing a shirt that reads “Free Yayo,” a reference to hip hop artist Tony Yayo who in a recent interview spoke about not wanting to get caught up in the Drake/Kendrick beef.

“You don’t wanna say something about Drake and f–ckin can’t go to Canada,” he told VladTV.

Though no official explanation for the cancellation has been revealed, the event page for the concert on Ticketmaster states that it was cancelled by the event organizer.

“The decision to cancel this event was made by the venue, not by the Toronto Police Service,” says a spokesperson from the Toronto Police Service.

Billboard Canada has reached out to Live Nation for comment.

The cancellation follows a recent attack on Rick Ross — who previously released Drake diss track “Champagne Moments” — in Vancouver, while “Not Like Us” played at the concert. Drake liked a post about the incident at the time. – Rosie Long Decter