Business News
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Irenic Capital Management LP, a Manhattan-based hedge fund, has taken an 8.1% stake in Reservoir Media and believes the music company is “undervalued,” according to a regulatory filing dated Monday (Sept. 30).
Described as an “activist investor” by The Wall Street Journal, Irenic called on Reservoir to “undertake a full strategic review of all alternatives to maximize shareholder value and to form a special committee to the Board to oversee such a process.”
“The Reservoir Media board of directors values shareholder input and we remain focused on executing our strategy to drive value, in line with our fiduciary duty to all shareholders,” a company spokesperson said in a statement to Billboard.
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Reservoir’s stock has outperformed many of its peers in the multi-sector, record label/music publisher sector in 2024. Through Wednesday, Reservoir’s 7.7% year-to-date gain has bested Universal Music Group (down 8.3%), Warner Music Group (down 12.5%) and the four K-pop companies: HYBE, SM Entertainment, JYP Entertainment and YG Entertainment (down an average of 33.1%).
Only French music company Believe, which has gained 42.5% because it was the target of a management-led takeover, has done better than Reservoir. In explaining the move to take it private, Believe CEO Denis Ladegaillerie said the company had “outperformed its objectives” but its success “has not been reflected in the share price evolution.”
Still, Reservoir is well below its original $10.00 price when it merged with Roth CH Acquisition II Co, a special purpose acquisition company (SPAC), in 2021. Wednesday’s $7.68 closing price is well below its 52-week high of $9.20.
Irenic owns stakes in trucking company Forward Air, Canadian software company Kinaxis and industrial technology company Barnes Group Inc., where Irenic CEO Andy Katz gained a board seat in March. On its website, Irenic explains that it “invests in public companies and works collaboratively” with management for improvements in operating and financial performance “that create long-term value for the company and its owners.” Katz previously worked at Elliot Management and focused on “special situations” such as public equity activism and distressed credit.
Reactional Music, which enables music to be personalized within video games in real-time, signed a licensing agreement with Beggars Group, home to indie labels including 4AD, Matador Records, Rough Trade, XL Recordings and Young. “Reactional Music is doing something really interesting in the gaming space,” said Beggars Group director of global commercial strategy Simon Wheeler in a statement. “It compliments our existing licensing team’s work and extends our reach with games developers and over three billion gamers across the world. We know that gamers are music consumers that over-index in their consumption of music and we’re excited to see what this new partnership will bring.” Reactional previously struck partnerships with music companies including Defected Records, Hopeless Records and Hipgnosis Song Management.
The Circuit Group, the recently launched company that aims to maximize the value of intellectual property for electronic artists, struck an exclusive distribution partnership with LabelWorx, the leading independent digital distributor for indie electronic music labels. Under the deal, Labelworx will manage all digital distribution for The Circuit Group’s roster of artists and labels, including Catch & Release and diviine. “We are thrilled to enter into this exclusive partnership with LabelWorx,” said James Sutcliffe, CEO/president of The Circuit Group UK, in a statement. “Their forward-thinking approach to distribution and their shared commitment to enhancing the value of artists’ IP aligns perfectly with our vision for the future. We are excited to provide our artists and labels with the tools they need to thrive in a fast-evolving industry.”
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Leading African streaming platform Audiomack partnered with Africa-based consumer payments provider Carry1st in a deal that will allow Audiomack’s customers in Africa to purchase subscriptions using local payment methods via Carry1st’s Pay1st payment solution. Audiomack subscriptions will now be available for purchase via the Carry1st shop in local currencies in Nigeria, Egypt, Ghana, South Africa, Kenya, Morocco, Tanzania, Cameroon, Côte d’Ivoire, Rwanda, Uganda, and Senegal. “Audiomack is incredibly excited to partner with Carry1st to expand our presence across Africa and make it easier for music fans across the continent to access premium features,” said Audiomack vp of marketing Charlotte Bwana in a statement. “Carry1st has been impactful in growing Africa’s gaming industry for creators and users, and we are confident we can replicate this approach in the music space.”
U.K.-based streaming service Mixcloud acquired European online music marketplace Encore, which helps artists connect with customers looking for live acts to book at their events. Encore will continue operating as an independent brand as Mixcloud helps steer the company’s future. Mixcloud co-founder Nikhil Shah will join Encore as its new chairman; Shah has been an angel investor in the company since 2019.
Australian music company Vinyl Group acquired the assets of London-based Web3 company Serenade in exchange for $800,000 in shares. Vinyl Group will additionally purchase Serenade’s U.K. subsidiary on a debt-free, cash-free basis, “for the purposes of expediting the expansion of the Vinyl.com business into the UK and European markets,” according to a press release. As part of the deal, several key Serenade employees have joined Vinyl Group, including CEO Max Shand, who will continue to lead Serenade while helping expand the Vinyl.com business. According to the release, sales of Serenade’s NFC-enabled “Smart Formats” have grown 56% month-over-month since launching in January, with a total of 12,000 units sold in the first half of the year. It adds that Serenade has commercial partnerships with more than 100 record labels including Warner Music Group, Beggars Group, Concord, Glassnote, FUGA and PIAS.
Music Venue Trust (MVT), a U.K. charity that represents hundreds of independent music venues in the country, acquired the 235-capacity Swansea, Wales indie venue The Bunkhouse under its Music Venue Properties’ #ownourvenues scheme with support from Swansea Council and Figurative, formerly part of Nesta. Under the deal, The Bunkhouse will be placed into permanent protected status. Launched in 2022, the crowd-funded #ownourvenues initiative has so far raised more than 2.6 million pounds from more than 1,250 individual investors and funding. MVT previously purchased The Snug in Atherton, Greater Manchester in October 2023 and The Ferret in Preston in May 2024, with additional venues identified for acquisition. Music Venue Properties has offered The Bunkhouse a rent reduction and a contribution to building repairs and insurance while committing to working with The Bunkhouse director Jordan McGuire to develop currently-unused parts of the building. “We can finally focus on continuing to develop the next generation of talent, knowing that The Bunkhouse is secure and will remain a cornerstone of Swansea’s music scene long after I’m gone,” said McGuire in a statement.
Killphonic Rights, a music rights management company specializing in publishing, distribution, neighboring rights and creative synch licensing, received a $3 million investment from Stilwell Creative Capital for a proportional stake of equity in Killphonic. The money will be used to expand services for Stilwell’s roster of artists, songwriters, labels and publishers. Stilwell will tap into Killphonic’s knowledge base and staff to increase collections and licensing opportunities for the catalog of rights it has acquired. The partnership was orchestrated by Amanda Schupf of MAX Music Management and Consulting, who will join the advisory boards of both Killphonic and Stilwell following the deal.
Believe completed its full acquisition of leading Turkish indie label Doğan Music Company (DMC) following the approval of the competition regulator. The Paris-based company previously acquired a 60% majority stake in DMC in 2020 before exercising the call option to acquire the remainder for a total of 38.3 million euros ($41.84 million).
Connyct, a new social network designed exclusively for college students, struck a licensing deal with Warner Music Group (WMG), allowing WMG music to be used in Connyct’s video-creation hub Events Center. “We created Connyct to spark joy and excitement around real-life experiences, a digital reflection of your favorite times,” said Connyct CEO/co-founder Matthew Berman in a statemetn. “We’re all about connection and discovery, meant to help users find people who share the same passions and want to publicize events to enjoy them with their friends. Our partnership with WMG takes this vision to the next level, allowing students to soundtrack their college experiences with an incredible array of music.” Connyct will be available for download on the iOS App Store in the coming weeks at select universities.
Ticketmaster and Tickets For Good unveiled a new partnership that will make it easier for live event organizers to donate tickets to nonprofit workers, healthcare providers and teachers. Via Ticketmaster’s Distributed Commerce API, any artist, sports team or other event organizer using Ticketmaster can allocate a portion of their tickets to Tickets For Good, which provides access to select live events for people who serve their community, for a booking fee of less than five pounds in the U.K. and less than $5 in the U.S.
Symphonic Distribution partnered with Twitch to give Symphonic artists the ability to include their music in the Twitch DJ Program. Once they opt-in, Symphonic artists can have their music used by any DJ on Twitch in their sets and earn royalties in the process.
L.A.-based artist management company Hills Artists struck a joint venture partnership with Firebird, a music company that provides career and brand guidance to more than 1,000 artists globally by leveraging data along with its team of experts. “By leveraging cutting-edge data science, increasing access to vital information, and mobilizing substantial financial power, we are uniquely positioned to build careers and transformative businesses,” said Hills Artists CEO Rupert Lincoln in a statement. “Firebird has cultivated something truly exceptional, and we are excited to take the next steps in our journey with them.” Hills’ roster includes Sasha Alex Sloan, Grandson, Aidan Bissett and LANY.
Harvey Mason Jr. quietly re-upped with the Recording Academy in September for another four years as CEO. Mason first assumed the role of permanent CEO on May 13, 2021, after having served on an interim basis for the previous 16 months. His three-year contract with the academy ran through July 31 of this year.
There was no announcement in September about Mason’s decision to stay in his job. “It was kind of right in the middle of a lot of things that were going on with us at the academy,” he explained in an interview with Billboard about the academy’s new member class. “We’re doing a lot of things that we’re excited about that I felt probably deserved more attention than [my contract extension]. I just want to keep my head down and do the work.”
Under Mason, the academy has undergone dramatic changes since it officially terminated former president/CEO Deborah Dugan on March 2, 2020, after she had been placed on administrative leave six weeks earlier. Dugan, who served only five months in the job, took over from longtime president/CEO Neil Portnow.
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Mason said he’ll continue to have the freedom to do outside music projects. “Luckily, I’m allowed to continue to be very creative — run my business, make music, be in the studio. So, it actually gives us a different perspective. I think it’s a good thing for the CEO of the Grammys and the Recording Academy to be in the studio working.”
As late as Feb. 27, when Billboard interviewed Mason about the success of Bob Marley: One Love, on which he was credited as executive music producer, he said wasn’t sure if the was going to stay at the academy. “I don’t think either side has made a commitment yet or firm decision as to what’s going to take place after July,” he remarked at the time.
Before he became CEO, Mason received five Grammy nominations — three of them for his work in film and TV, on the soundtracks to Dreamgirls, Pitch Perfect 2 and Jesus Christ Superstar Live in Concert.
But he has taken himself out of Grammy contention as long as he is CEO. “I’ve committed to not putting my name on the ballot because I wouldn’t want my job at the Academy to influence how somebody viewed a project or voted for a project,” he said in February.
But other people who work on those projects can submit their own names. “I don’t want to punish people that do great work. So, others can submit, I won’t submit and I will not be getting a nomination or win while I’m in this role.”
On another topic, Mason said the academy has made no decision about what to do about the Salute to Industry Icons Award that Sean “Diddy” Combs received in January 2020, in light of his current legal woes.
Federal prosecutors on Sept. 17 unsealed a criminal indictment against Combs over sweeping allegations of sexual abuse, accusing him of running a racketeering conspiracy that included sex trafficking, forced labor, kidnapping, arson and bribery.
Mason said that if Combs is convicted, “We’d have to take a look at that, as it was an honorary award. So, it’s a little bit different than a Grammy. I don’t think we would be in the business of retracting people’s Grammys, but I don’t think I’ll speculate on an honorary award and how we would handle that until I see what happens going forward.”
Now that Pink Floyd has finally managed to sell its recorded music assets, merchandising and name, image and likeness, the songwriting members of the group have another big payday still outstanding — its music publishing assets.
Sony has bought some of Pink Floyd’s music assets for about $400 million, sources confirm of the news that first appeared in the Financial Times. But sources also confirm that the band’s music publishing assets were not a part of the deal.
Nevertheless, the Pink Floyd sale was a long time coming, as the group started shopping its recorded music assets about two years ago. For a while, the assets were pulled off the block due to some infighting between group members, according to published reports.
As sources said at the time, the assets were shopped to all the big players — the other majors, BMG, Concord, Primary Wave and other private equity-backed music buyers — but Sony always had the inside hand on the deal given that it serves as the group’s distributor. This deal marks the third big music asset deal Sony has made in the last 12 months, having previously bought 50% of Michael Jackson’s music assets in a deal that valued them at $1.205 million; and Queen’s music assets for about $1.2 billion.
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Combined, that means Sony — and any financial partners that were, or may have been, involved in the deals — has spent about $2.2 billion buying music assets in the last 12 months. In July, Apollo Global Management announced that it was the lead in pulling together $700 million in commitments to provide a “capital solution” to Sony Music Group. Back in 2021, Sony partnered with another financial partner, Eldridge Industries, when buying Bruce Springsteen’s master recordings.
Sony declined to comment. Apollo and Eldridge didn’t respond to e-mails seeking comment.
Pink Floyd’s filings in Companies House — the U.K. equivalent of the SEC database — show that for the year ended June 30, 2023, the band’s revenue totaled, as first reported by Music Business Worldwide, 40.4 million pounds (which at the 2023 average of 1.244 per pound totals $50.3 million, according to exchange-rates.org). This total combines revenue from master recording, merchandising and possibly other licensing opportunities; and also combines the two Pink Floyd corporations that appear to have been set up to oversee those assets: the original band after Syd Barrett’s departure and the group that carried on after Roger Waters’ departure.
Just looking at Pink Floyd’s recorded masters catalog over the last three years in the U.S., the band has generated an annual average of 1.135 million album consumption units from the sale of 497,000 LP, CD and digital download albums and 160,000 track downloads and almost 675 million on-demand streams. While Luminate doesn’t track global album sales, Pink Floyd’s on-demand global streams averaged 2.37 billion over the last three years. Consequently, if the group owns all of its publishing, Billboard estimates that the band’s recorded masters bring in about $11 million in publishing royalties annually. If the band sells and can achieve a 20-times multiple — the going rate for superstar songwriters — it could bring in another $200 million-plus for the band’s songwriters. In general, music publishing asset trade at a higher multiple than recorded music assets, although the latter is catching up on that front.
An e-mail to the manager of one of the band members didn’t receive a reply by press time.
Sony’s acquisition of Pink Floyd’s name, image and likeness is good for merchandising. But if any opportunities arise for film, TV or a theatrical production — and there likely will be considering that since 1991 the band’s fanbase has consumed nearly 51 million album consumption units in the U.S. alone — Sony would need, as its executives well know, licenses from the Pink Floyd publishers and/or administrators, which in the U.S., according to SongView and depending on the song, consist of TRO Essex Music Group, BMG and Concord.
For the second time in three years, Universal Music Group (UMG) chairman/CEO Lucian Grainge tops Billboard’s annual list of the highest compensated music executives.
In the first year of a five-year employment contract, the London-born, Los Angeles-based Grainge earned $150.3 million, nearly six times the $25.6 million paid to second-place finisher James Dolan, executive chairman/CEO of both Sphere Entertainment Co. and Madison Square Garden Entertainment. (The fiscal years of the latter two companies ended June 30, 2023.) Live Nation president/CEO Michael Rapino, last year’s No. 1, was third at $23.4 million.
Most other executives appeared on the prior two compensation rankings. Warner Music Group CEO Robert Kyncl and WMG’s outgoing CEO of recorded music, Max Lousada, were fifth and sixth, respectively (for the fiscal year ended Sept. 30, 2023). Spotify co-president/chief product and technology officer Gustav Söderström and co-president/chief business officer Alex Norström were seventh and 10th, respectively. IHeartMedia chairman/CEO Bob Pittman and president/COO/CFO Rich Bressler were eighth and ninth, respectively.
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The top 10 list has one new name in 2023: John Hopmans, executive vp in charge of mergers and acquisitions and strategic finance at Live Nation, at No. 4. The only vice president on the list, Hopmans had a relatively low salary of $982,000 but earned $23.4 million, mostly from restricted stock units and performance stock valued at $21.4 million.
The second-longest-serving CEO on the list behind Rapino, Grainge dramatically boosted his 2023 earnings with stock options, performance stock units and restricted stock units valued at $120 million. These grants included a $100 million “one-time transition award,” according to the company’s 2023 annual report, to move Grainge from all-cash compensation in his previous contract to “a combination of cash and equity” under the stock incentive plan UMG adopted in 2022.
Due to the size of the transition award, Grainge’s $7.5 million base salary accounted for just 5% of his 2023 compensation, a relatively small figure but not the lowest of the group. Söderström’s $300,000 base salary amounted to just 2% of his $14.7 million compensation. (The remainder was a stock option award.) Lousada’s $5 million base salary made up 29% of his total compensation and was the highest percentage on the list.
On average, the 10 executives received 10% of their compensation from base salaries, which is on the low side of averages in the corporate world. “By and large,” says Aalap Shah, managing director at Pearl Meyer, a compensation consultancy, “base salary constitutes about 10% to 20%” of average executive compensation.
Instead of receiving a large, guaranteed salary, top executives at public companies are increasingly paid based on their performances on metrics such as revenue growth, adjusted EBITDA growth and share price gains. “Shareholders typically prefer that at least half of a CEO’s equity awards be based upon performance criteria,” says Stephanie Hollinger, vp at ISS-Corporate, a Rockville, Md.-based provider of data and analytics to corporations. That percentage is expected to increase over time, Hollinger adds, as “pay is becoming more equity-based, and those equity awards are increasingly tied to performance-based conditions.”
In 2023, performance-based pay accounted for 53% of the average compensation for CEOs of companies in the Russel 3000, an index of the 3,000 largest public companies in the United States, according to ISS-Corporate. For CEOs of media and entertainment companies in the Russel 3000, performance-based pay was 42% of average compensation in 2023, “likely due to a higher relative proportion of other compensation elements, such as time-based equity compensation,” says Hollinger.
For most executives, performance-based pay comes in the form of company stock. Grainge’s five-year employment contract, which took effect April 1, 2023, reduced his base salary by 72% and added stock-based compensation that accounts for 57% of his target pay package. By putting Grainge’s earnings and shareholders’ interests in better alignment, UMG followed the practices of other public companies. “The view is that there should be more accountability and more performance orientation to executive compensation,” says Shah.
Receiving stock as compensation can pay off handsomely but also carries risk. The value of Grainge’s options, which vest in equal installments over four years, will depend on UMG’s share price at the conclusion of his employment contract on May 1, 2028. One-third of the options are exercisable if UMG’s share price exceeds 26.50 euros. Another third is exercisable at 30.00 euros. The final third requires a share price of 38.00 euros. The value of the grants took a short-term hit on July 25 when UMG’s share price dropped 24% to 21.70 euros following UMG’s second-quarter earnings report. But with nearly four years left on Grainge’s employment contract, there’s ample time for the share price to hit the thresholds.
With so much executive pay coming from stock, Billboard created a new separate list for top cash earners. Here, the value of noncash earnings such as stock options and unvested stock grants are excluded in favor of money that went into executives’ bank accounts in 2023.
Three executives who made the top cash earners list do not appear on the overall compensation ranking: At No. 5 is SiriusXM CEO Jennifer Witz, with $7 million; No. 6 is Live Nation president/CFO Joe Berchtold, with $6.4 million; and No. 7 is German concert promoter CTS Eventim CEO Klaus Peter-Schulenberg, with $5.7 million.
Billboard’s list of top-paid music executives is made from publicly available information culled from annual reports and proxy filings for calendar year 2023 or, in some cases, the most recent fiscal year. Public companies reveal compensation for a small number of named executive officers. So, in the case of multi-sector companies like UMG and UMG, the earnings of label heads are not made public. Because publicly traded conglomerates do not share details of subsidiaries’ executive compensation, the list does not include executives such companies as Sony Music Entertainment and BMG. Executives at privately held companies are excluded due to a lack of publicly available information.
Range Media Partners signed Rita Ora and will represent the multi-hyphenate in all areas, including music, film/TV and endorsements. According to a press release, Ora has racked up more than 10 billion streams globally and scored four U.K. No. 1 singles. In the U.S., she reached No. 3 on the Billboard Hot 100 with a featured spot on Iggy Azalea’s 2014 hit “Black Widow.” Her most recent single is “Ask & You Shall Receive.” She also recently began her second season as a panelist on The Masked Singer and co-starred in the Disney+ original movie Descendants: Rise of Red. Ora is currently working on new music which is set for release early next year. She continues to be represented by CAA for film/TV, Wasserman for touring and Peter Paterno and Joe Carlone at KHPS Law.
BLACKPINK member Rosé signed a global deal with Atlantic Records, in management partnership with THEBLACKLABEL. As announced Tuesday (Oct. 1), Rosé will release her debut solo album, rosie, on Dec. 6. The singer first rose to worldwide fame as a member of the best-selling K-pop girl group. In 2021, her solo single “On the Ground” debuted at No. 1 on the Billboard Global 200 and Billboard Global Excl. U.S. charts.
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Sony Music Latin signed emerging regional Mexican artist Oscar Ortiz, who has already penned songs for major acts in the genre, including his brothers Gerardo Ortiz and Kevin Ortiz. “At only 22 years old, Oscar has repeatedly demonstrated his extraordinary talent as a performer and composer, which positions him as one of the most promising voices in contemporary Mexican Music,” Alex Gallardo, president of Sony Music Latin, said in a statement. Earlier this year, Ortiz scored his first No. 1 on any Billboard chart thanks to “First Love,” his collaboration with Edgardo Nuñez, which landed atop the Regional Mexican Airplay ranking. “Reaching this point in my career was a very long process, but it was totally worth it,” Oscar added about his deal with Sony Music Latin. – Griselda Flores
Electronic artist Boris Brejcha signed with WME for global representation outside North America. In April, Brejcha released his ninth studio album, Level One, and in September dropped the single “Save My Soul” with Diplo. In 2015, he founded the music label Fckng Serious, which boasts Ann Clue, Deniz Bul, Frieder & Jakob, Julian Wasserman and Moritz Hofbauer on its roster. In 2022, he started a second label, Yellow Kitchen, that has put out music from artists including Prevision, shot by stanley, Visual Impact, concious, and Fifty Five.
Frontiers Label Group launched a new rock and alternative imprint called FLG and signed British rock band Skunk Anansie to its roster. Formed in 1994, the band scored two top 10 albums in the U.K. — 1995’s Paranoid & Sunburnt and 1996’s Stoosh, according to a press release. After releasing its third album, 1998’s Post Orgasmic Chill, the band went on hiatus in 2001 before reuniting in 2008 and releasing several more albums. Skunk Anansie has sold more than 5 million records globally, the release adds.
Nashville rock/blues artist Liam St. John signed with Group Projects, in partnership with Red Light, for management and with WME for booking. Group Projects partners Cooper Anstett and Anthony Manker will oversee St. John’s career for the firm, while Carrie Creasey will serve as his agent at WME. St. John released the EP Believer this summer.
BMG and Lucky Kid Syndrome partnered to sign emerging Shanghai-based singer, DJ, producer and songwriter Chace to a global record deal. The artist, who was the first Chinese DJ to perform at Tomorrowland, according to a press release, is slated to release a new single next month. “With the strong support from Chace’s established base in China, we are poised to successfully introduce Chace not only to the US but to audiences worldwide,” said BMG’s Dan Gill, executive vp of recorded music, Los Angeles, in a statement.
Country/rock singer-songwriter Kasey Tyndal signed with MNRK Music and released “Not As I’ve Done,” the first single off her upcoming self-titled album expected to drop early next year. She’s scheduled to open for Ian Munsick and Ella Langley at several U.S. shows through November. “Bringing Kasey to MNRK is one of the highest points of my 17 years here,” said MNRK senior vp of rock Scott Givens in a statement. “She is a world class talent who masterfully pushes the boundaries of country and rock. All of us at MNRK are excited to put the full weight of the company behind her as she moves into the next stage of her career.” Tyndal is managed by Lindsey Ray at The Steadfast Company.
Sub Pop signed Seattle-based rock band Deep Sea Diver, led by guitarist and vocalist Jessica Dobson. The group’s latest release, “Billboard Heart,” is the first song to be released off its upcoming album due early next year. It will be the band’s first album since 2020’s Impossible Weight. Deep Sea Diver notably supported Pearl Jam on several dates in 2023 and 2024.
Mom+Pop Music signed indie rock band The Kilans and released its new single “Colonel.” The group, which hails from Salt Lake City, is composed of Jack Ongman, Jacob Shultz, Cooper Brezoff and David Wiseman. The Kilans previously released the singles “Curly” and “Why is it Light Out?” and will be announcing tour dates soon.
Madison Bailey, known for her starring role on the Netflix series Outer Banks, signed with Republic Records and released her debut single, “The Grey.” Bailey is slated to release more new music soon.
Leslie Fram, CMT’s highly respected senior vp of music strategy and talent, is among the staffers who have left the Nashville-based country music and lifestyle programming network as part of the broad staff cuts taking place at Paramount Global.
Fram, Billboard‘s 2021 Country Power Players executive of the year, oversaw all musical integration within the brand, including original programming, CMT.com and music video airplay across all CMT platforms. Her last day was Monday (Sept. 30).
In a letter released exclusively to Billboard, Fram looks back with understandable pride at the multiple milestones she and her team, many of whom have also departed the company, achieved over her 13 years at the company, including the CMT Music Awards debuting on CBS, resurrecting franchises such as CMT Giants and Storytellers, and creating or continuing specials like CMT Campfire Sessions and its signature CMT Crossroads.
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Fram, who was an ardent supporter of all country artists — but especially burgeoning acts and women — was an outspoken advocate for diversity and inclusion and continuously strove to create ways to highlight women artists and artists of color on CMT in a genre dominated by white male acts.
“Among my proudest achievements has been our decade+ support of women with CMT’s ‘Next Women of Country,’ a program that has helped promote and elevate over 100 female artists on all platforms, and our efforts to move the format forward in areas of inclusion and diversity,” she writes.
“Over the years, the team worked tirelessly to grow these types of opportunities when in 2015, we created an all-female ‘Next Women of Country’ tour to give these artists a stage to play on – introducing newcomers like Kelsea Ballerini and supporting headlining acts like Martina McBride, Sara Evans & Jennifer Nettles.”
Fram, who will host the Save the Music event in Nashville on Oct. 15, ends the missive on a positive note: “Cheering on those who remain and those who have left — only great things ahead. With the ever-changing media landscape let’s remember to take care of each other!”
Read the full letter below:
To My Dear CMT Family, Friends, Colleagues,
Thirteen years ago this month, I had the extraordinary opportunity to become SVP/Music & Talent at CMT and work with my longtime friend and mentor Brian Philips (President of CMT at the time). The transition from rock radio to country music television turned out to be a pivotal moment in my career, allowing me and the brand’s resident experts to build CMT’s next great chapter. We went on to create an even bigger music brand, continuing to amplify the format’s superstars and legends while giving voice to the next generation.
Over the years, we’ve accomplished so many milestones as a team. From celebrating the ‘CMT Music Awards’ debut on CBS, bringing back historic franchises like ‘CMT Giants’ where we honored such legends as Kenny Rogers, Vince Gill and Alabama, and resurrecting the iconic ‘Storytellers’ format to creating new music programming and specials like ‘CMT Campfire Sessions,’ ‘CMT Summer Camp’ and ‘CMT Smashing Glass’ honoring Tanya Tucker & Patti LaBelle, these are once-in-a-lifetime experiences I will always treasure!
And it wouldn’t be CMT without a deep bow to the award-winning series, ‘CMT Crossroads.’ My first experience with the franchise was with Vince Gill & Sting at NYC’s Hammerstein Ballroom, and I immediately was overwhelmed by the musical magnitude of these shows. We went on to bring together such extraordinary pairings as Stevie Nicks & Lady A, Katy Perry & Kacey Musgraves, Alicia Keys & Maren Morris, Halsey & Kelsea Ballerini, Shawn Mendes & Zac Brown, Nickelback & Hardy, and so many more. I am eternally grateful for the expertise and genius of my colleagues, Executive Producers Margaret Comeaux and John Hamlin, without whom ‘Crossroads’ and so much more, would not be possible.
Among my proudest achievements has been our decade+ support of women with CMT’s ‘Next Women of Country,’ a program that has helped promote and elevate over 100 female artists on all platforms, and our efforts to move the format forward in areas of inclusion and diversity.
Over the years, the team worked tirelessly to grow these types of opportunities when in 2015, we created an all-female ‘Next Women of Country’ tour to give these artists a stage to play on – introducing newcomers like Kelsea Ballerini and supporting headlining acts like Martina McBride, Sara Evans & Jennifer Nettles.
All along, we would constantly ask ourselves, ‘how can we do even better?’
We soon founded an initiative called CMT ‘Equal Play’ – 50/50, male/female parity across all CMT video hours. With this momentum, we strongly encouraged the industry to play, sign and support more women and to make equally bold moves to help cement a format-wide commitment to women and equality. This concept ultimately grew to become the ‘CMT Equal Play Award,’ in recognition of artists who advocate for diverse and underrepresented voices in the industry, bestowed upon such luminaries as Jennifer Nettles, Linda Martell and Shania Twain.
We also partnered with Cameo Carlson, President & CEO at mtheory to create CMT ‘Equal Access’ to better support artists from underrepresented communities. I’m proud to say that this effort closely mirrors the visionary leadership of Marva Smalls, EVP of Public Affairs/Global Inclusion at Paramount, our partners in ‘Equal Access.’ This program has allowed us to work with both artists and management professionals, helping us diversify the talent pipeline in country music.
Looking back over my career at CMT, I have so much gratitude for amazing leaders like Van Toffler, Bob Bakish & Bruce Gillmer to name a few. Thank you for your vision and support.
To my incredible team, Donna Duncan, Stacey Cato, Jordan Walker, Katrina Cooper, Jordan Hatton, Abbi Roth, Bryana Cielo and my brilliant counterpart, Margaret Comeaux, John Hamlin, Heather Graffagnino, Jackie Barba, Jim Craig, Cynthia Mangrum, Jodi Carmichael, Melissa Goldberg, Ali Marszalkowski, Quinn Brown, Cody Alan, Shanna Strassberg, Andy Luther (and the IT Team) and so many more, we will always be a family and team. Your friendship and support have been my guiding light. I will cherish all our collective challenges and wins.
To my Paramount and MTV colleagues past and present, it’s been my complete honor to work and learn from you.
To the OG CMT’ers – the late great Chet Flippo, Suzanne Norman, Martin Clayton, Anthony Barton, Lisa Chader, Lucia Folk, Cindy McLean Finke, Jim Raley, Jackie Jones, Lewis Bogach, John-Miller Monzon, Shane Caldwell, Tessa Jordan, Jennifer Danielson, Jen Hoogerhyde (Morrison), Alina Thompson and so many more – in the words of Dolly ‘I will always love you!’
And finally, to this magical Nashville community and its brilliant artists, you have given and shared so much. I will always be grateful for your friendship and support, and I know that you will continue to collaborate with this undeniable brand for years to come.
Cheering on those who remain and those who have left-only great things ahead. With the ever-changing media landscape let’s remember to take care of each other! Thank you from the bottom of my heart.
Leslie Fram
lesliefram@me.com
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When Slipknot first contacted Cedar Ridge Distillery, which is located 120 miles from the band’s hometown of Des Moines, Iowa, management was not interested in an alternative metal whiskey brand inspired by scary clowns. Until one of the owners forwarded the Slipknot email to employees. “Oh, my God, Slipknot — are you kidding me?” came the overwhelming response. “We have to do this.”
The result, Slipknot No. 9 Reserve Whiskey, which debuted in 2019, represents the shattering of a “glass ceiling” in the heavy metal business, according to Cory Brennan, Slipknot’s manager. Metal-branded products were once taboo; today, they’re no-brainers. “For so long, the gatekeepers were scared of anything aggressive and scared of metal and scared of their audiences. Over the past 15 years, that’s really changed,” Brennan says. “More and more people are open to the genre. They’re kids, adults. Some are grandparents at this point. And they’re loyal. They’re not going away.”
Artists from all genres rely financially on fan bases who buy product. Metal audiences tend to be loyal for years, even decades — and that loyalty translates into revenue for long-running legacy acts. Iron Maiden built a worldwide branded-apparel business out of its logo and skeletal Eddie the Head mascot.
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“Pop comes and goes. Metal stays consistent,” says Barry Drinkwater, executive chairman of Global Merchandising Services, which works with Iron Maiden, Guns N’ Roses and others.
The revenue proportions in the metal world are different from those of pop or hip-hop. Marketing and selling albums remain important for the bands’ labels. Brian Slagel, owner and chairman/CEO of Metal Blade Records, home of Mercyful Fate, Sacred Reich and many others, says the 42-year-old indie label makes 25% to 30% of its revenue from vinyl album and CD sales, and the rest from streaming, although only the genre’s biggest stars are racking up substantial royalties, such as Metallica and Black Sabbath, which have both crossed the 1 billion stream threshold.
Most metal acts, however, rely on touring and merch. “Merchandise on the road is probably the No. 1 source of our income,” says Keith Wampler, frontman for The Convalescence, a symphonic horror death metal band from Toledo, Ohio.
Drinkwater adds, “Eighty percent of it is a black T-shirt.” Metal merch sales boomed during the coronavirus pandemic, when fans stuck at home turned to online shopping. In July 2020, August Burns Red guitarist Brent Rambler found himself shipping hundreds of packages from the basement of his house to fans who were spending money on merch instead of live shows. “A lot of tape and scissors,” he recalls. The group soon hired a fulfillment company to help with the orders and built a thriving online store. “It has fully replaced the income almost of doing a full tour,” Rambler adds. “We say it’s the silver lining of the pandemic.”
The strength of merch sales has since helped bands weather the post-pandemic inflation that has hiked up the prices of buses, crew, hotels and gas and cut into the profit margins of groups with smaller fan bases.
Meanwhile, the genre’s marquee acts are thriving. Metallica sold 1.2 million tickets last year, grossing $125.8 million, according to Billboard Boxscore. And Cannibal Corpse drummer Paul Mazurkiewicz says, “We’re doing the best we’ve ever done. A lot of bands talk about the tough time touring and the costs and all that, but we don’t see any of that.”
New headliners are also emerging, says Hatebreed frontman Jamey Jasta, who bought the rights to the dormant Milwaukee Metal Festival and rebooted it in 2023. Knocked Loose, Lorna Shore and Slaughter To Prevail are among the bands that have drawn massive live crowds despite repertoires with “almost no melody,” Jasta says. “We had [all three] headlining on a Sunday. It was the biggest day and outdrew [more established bands] Lamb of God and Machine Head.”
And while metal acts have yet to master TikTok the way pop star influencers have, their fans’ social media posts often heighten their visibility and drive discovery. Slagel calls TikTok “vitally important,” and says metal bands that distance themselves from the app wind up dominating it anyway. “I went to see Cattle Decapitation and Immolation in Dallas. Both bands were telling me there were a lot of younger fans there that they haven’t really seen [before]. I said, ‘Well, it’s TikTok.’ And they said, ‘We’re not on TikTok!’ ” he recalls. “But your fans are on there,” he told them, “and they’re hashtagging Cattle Decapitation and posting videos.”
The key to long-term success, say veteran metal stars, is to keep touring and recording, as well as taking control of their masters. Testament, founded in 1983, made a deal with indie Megaforce Records in the mid-’90s to license its recordings rather than sign over the rights, and is awaiting the reversion of its earlier Atlantic Records masters after 35 years, according to U.S. copyright law. “The label’s like, ‘Have you ever looked at your numbers?’ We have close to 3 million listeners a month on Spotify,” frontman Chuck Billy says. “I was like, ‘Holy smokes!’ All the publishing rights, everything goes to us. We rode the storm out and stayed together. We’re still out there touring pushing the music — now we own it.”
The multigenerational consumer demand for metal and the avid loyalty of its fans may lead to multi-million-dollar catalog sales. Now that Mötley Crüe and KISS have sold their publishing catalogs for hundreds of millions of dollars, heavier bands are optimistic. Publishing companies have been “knocking on our door,” Billy says.
“I hear Judas Priest and Van Halen on car commercials, I hear bands that we grew up with on commercials,” he adds. “Ten or 15 years from now, it might be Testament.”
In 2008, Lolo Reskin found out Iggy Pop was a fan of her record store.
It was roughly three years since Sweat Records in Miami had opened its doors and the news of Iggy Pop’s appreciation came via a segment on CNN. The Stooges legend was showing the news channel around his favorite places in his hometown and took a moment to pose in front of Sweat’s mural, which, over the years, has included Prince, Grace Jones, David Bowie, Dolly Parton and Iggy himself.
At the time, Reskin tells Billboard, “We were like, ‘Oh my god. He knows we exist.’”
Sweat Records
Zacharie Mantha-Ware
Iggy’s appreciation for the shop meant a lot to Reskin, who has lived and breathed music her whole life. Her grandmother, Joan Field, was a violin soloist who recorded and toured through the 1930s and ’40s. Her father went to Juilliard and was a working musician his whole life. The rest of her family helped ingrain her love of music through the local roller rink, where they would go all the time to soak up DJ sets throughout her childhood and tween years.
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The ability to play music well skipped a generation though, Reskin admits. “I was a decent guitarist in high school,” she says. “But does the world need another decent guitarist?”
Instead, she was the kid making all the mixtapes for her friends and alphabetizing all the CDs at Best Buy. Eventually she began working at a Virgin Megastore, which she loved. But it lacked a local touch.
“There would be something that was a huge hit locally that we wouldn’t have because our buyers were in L.A.,” Reskin says. Miami’s love for electronic music and trance was not being addressed, along with a need for imported singles and acts like Better Off Alone. “I had to go up to the buyer’s office and be like, ‘Can you get all this stuff?’ As cool and comprehensive as that store was, it wasn’t by locals for locals.”
Lolo Reskin of Sweat Records
So, in 2005, Reskin opened the first iteration of Sweat Records along with a good friend. (Her friend’s ownership in the business was short-lived; she went on to pursue a successful career as a lawyer.) And mere months after opening, the store was destroyed by Hurricane Wilma in late 2005.
“That was fun. I was 23 and stoned, trying to navigate moving my business,” Reskin recalls. “Thankfully, the old owner of [local music venue] Churchill’s Pub had this little warehouse in the back and they let us move all our stuff there.” The landlord at the original location, “in true Miami fashion, d-cked us over. They said they were going to get contractors and fix our building and then weeks went by and it became clear that they were just going to take the insurance check and leave us hanging.”
Sweat opened a temporary location for about a year before the space next to Churchill’s Pub in Little Haiti became available and they have inhabited the 1,200 sq. ft. store ever since. Sweat Records bills itself as the largest selection of new and reissued titles in Miami with several thousand titles on hand. The majority of their sales stem from physical music (about 85%) with the remainder coming in from merch, gear and accessories. Sweat also hosts in-store performances, which Reskin points out have always been all-ages to help foster that love of music in young Miami residents. They also host and promote shows, club nights and partner events around South Florida and are at somewhere around 1,000 events over the years.
The store specializes in “global sounds” with a wide range of Latin, Asian and African genres and they carry a lot of imports and all the essentials in jazz, soul, hip-hop, electronic music, rock/pop and soundtracks. “Miami is such a huge international city and tourist hub that we get visitors daily from different continents,” says Reskin. “A lot of vinyl is really hard to find and/or expensive in other countries, so we get a lot of people excited to visit and stock up who’ve already scoped our website.”
Sweat Records
Zacharie Mantha-Ware
While Sweat is heading towards its 20th anniversary next year — they are creating a special book to commemorate the milestone — there have been hiccups along the way. But they’ve managed to survive with a little help from their friends.
Shortly after they learned of Iggy Pop’s love of the store, the record store’s air conditioning broke (“Sweat Records to the max,” Lolo jokes) and they reached out to the punk rocker. He was gracious enough to allow them to put the image of him from their mural on T-shirts for a fundraiser and he’s been a friend ever since.
In 2012, when Iggy was named the Record Store Day ambassador, he made his official appearance at Sweat Records, which got the store featured in magazines. When he received a presidential medal of service for the arts from the consulate of France, the Sweat Records crew (who call him tío, which is Spanish for uncle) was invited to the ceremony. He filmed his commentary for the 25th anniversary of the John Waters film Crybaby at the store. He has filmed music videos there and one of their former employees, Alejandra Campos, is now one of his touring guitarists.
When Iggy made a documentary about recording the Josh Homme-produced Post Pop Depression album, the official screening was held at Sweat Records. Reskin interviewed Iggy on stage at Sweat prior to the screening and says she’s never studied for anything harder in her life. But as a Miami native, she spent a lot of the conversation discussing their shared love of the city.
Sweat Records
Zacharie Mantha-Ware
“He moved to Miami in the ‘90s so he saw it when it was a totally different place and told all these crazy stories about whipping a sports car across the causeways and going out to the old fish camp on Key Biscayne to drink beer,” says Reskin. “He’s so f—king cool. He’s the best.”
Over the years the store has found additional friends in Betty Wright, Clarence Reid and Jimmy Buffett and Reskin appreciates the community that has helped Sweat overcome “hurricanes, recessions, pandemics and selling records in the 21st century.
“I always loved the classic trope of indie record stores,” says Reskin. “Most of the ones I’d gone to in high school closed by the time I was in college. So, it really was just like, ‘I want Miami to have this.’”
More in this series:Twist & Shout in Denver, Colo.Grimey’s in Nashville, Tenn.Home Rule in Washington, D.C.