Business News
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Some of Canadian music’s biggest breakthroughs of the last year are in contention for the prestigious $50,000 Polaris Music Prize, which recognizes the best Canadian album of the year.
The ten albums cover a range of genres, from hip-hop to singer-songwriter to roots to dance music, with a majority of the albums made by women, non-binary and Two-Spirit artists.
The winner will be announced at the Polaris Gala on September 17 at Toronto’s Massey Hall, which is set to feature appearances from Charlotte Cardin, Jeremy Dutcher, Bambii, NOBRO, TOBi and DijahSB. The Beaches‘ lead singer, Jordan Miller, is also slated to perform with backing band The Thunder Queens. There’s no word on whether Nashville-based Allison Russell or the infamously elusive Cindy Lee will appear.
The 2024 winner will join a cohort of previous winners that includes big names like Feist, Godspeed! You Black Emperor, Kaytranada, Tanya Tagaq and last year’s winner, Debby Friday.
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The Polaris Prize honors albums based solely on artistic merit, with no regard for sales or label affiliation.
2024 Polaris Prize Shortlist:
BAMBII — INFINITY CLUB
The Beaches — Blame My Ex
Charlotte Cardin — 99 Nights
DijahSB — The Flower That Knew
Jeremy Dutcher — Motewolonuwok
Elisapie — Inuktitut
Cindy Lee — Diamond Jubilee
NOBRO — Set Your Pussy Free
Allison Russell — The Returner
TOBi — Panic
– Rosie Long Decter
M for Montreal Announces Billboard Canada as Presenting Partner
Billboard Canada is reinforcing its commitment to the Quebec music market through a new multi-year partnership with M for Montreal starting in 2024. The strategic alliance promises to elevate the music industry on a major scale.
For 19 years, M for Montreal has been an important step between Canadian artists and global music markets. The festival will host this year’s edition from November 20-30, featuring over 70 events, including conferences, industry mixers, the SuperVISION: Guild of Music Supervisors Rendez-Vous and more than 40 concerts, including more than 30 that will be open to the public through the annual MARATHON festival presented by SiriusXM. This year’s edition will feature acts including Bibi Club, Karkwa, Peter Peter, Soleil Launière, Vox Rea, myst milano. and more. In total, over 100 artists are slated to play.
M for Montreal is an important gathering for the music industry, with attendance from delegates from around the world: not just Quebec and the rest of Canada, but France, the United States, the United Kingdom, Germany and beyond. With over 500 local, national and international delegates, it acts as a business catalyst for Quebec’s robust and unique music industry.
In 2023, there were 27.8 billion streams on on-demand audio streaming services in Québec, up 16% from 2022, according to the report La consommation d’enregistrements musicaux en 2023 au Québec. Quebec artists Les Cowboys Fringants and Charlotte Cardin are among the 20 most-streamed artists in the province, while Quebec icon Celine Dion is back on the charts following the debut of her Prime Video documentary.
M for Montreal has a strong reputation for helping artists connect with potential team members and collaborators as well as for exporting Quebecois and Canadian talent to the global market. Meetings and showcases happen in both French and English as well as other languages, connecting an increasingly multilingual music scene and building relationships with valued music professionals across borders.
“This partnership is incredibly meaningful for us,” says Amanda Dorenberg, CEO of Billboard Canada. “Billboard Canada chose to partner with M for Montreal because of their shared commitment to fostering local talent and promoting the music industry both locally and globally. M for Montreal is a cornerstone conference for both the Quebec market and the broader Canadian music scene. We are thrilled to collaborate with them to drive global influence and recognition.” – Richard Trapunski
Quebec Music Video Channel MusiquePlus Is Returning for a One-Night-Only TV Special
A classic Quebec channel will be brought back to life this September for a one-night-only celebration.
MusiquePlus, the Francophone counterpart to MuchMusic, is returning in the form of an upcoming hour-long TV special, MusiquePlus en Rappel, which is set to air this fall.
The channel, originally broadcast from 1986 to 2019, shone a spotlight on music videos and rising Canadian talent. The Bell Media special produced by Zone3 will look back on the station’s heyday and feature performances from contemporary musicians like singers Naomi and Soran and hip-hop artist Aswell.
Bringing back the format of MusiquePlus’ old showcase, Artistes du mois, or Artists of the Month, the special will be filmed at Montreal’s Société des arts technologiques in August and hosted by TV and social media personality Chloée Deblois.
Like its English Canada counterpart MuchMusic, MusiquePlus was founded by Moses Znaimer alongside Pierre Marchand and is now owned by Bell Media. MusiquePlus officially stopped broadcasting in 2019 when it was rebranded as Elle Fictions.
Though music video channels like MusiquePlus and MuchMusic are no longer staples of pop culture, the nostalgia for them has a strong pull.
The MusiquePlus revival follows the 2023 documentary focusing on MuchMusic, 299 Queen Street West, which saw packed screenings in Toronto and Montreal last fall (the latter of which counted former MusiquePlus host Sonia Benezra as an attendee). That documentary was also set to air on Crave before it was removed from the Bell Media streamer’s schedule amidst a copyright dispute related to music footage.
LIke MusiquePlus, MuchMusic has had its own next-generation revival, the latter as a Bell Media TikTok channel. Each has been a formative and influential part of the Canadian music industry over the last few decades, and there is clearly life left in both.
MusiquePlus en Rappel will debut on Crave, Noovoo and Noovoo.ca on September 3 at 8 p.m. ET. – RLD
Welcome to a steamy edition of Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music. Check out this year’s Pride List of top LGBTQ+ executives in the industry. We also have a weekly interview series spotlighting a single executive and a regularly updated gallery honoring many of the industry figures we’ve lost throughout the year.
Big Loud Records promoted Stacy Blythe to executive vp of promotion, effective immediately. Much like her fellow recent promotee Patch Culbertson, she reports directly to partners Seth England, Joey Moi and Craig Wiseman at the Nashville-based label. Blythe joined Big Loud in 2015 and most recently held the position of svp of radio promotion. She and her promo team are credited with pushing two dozen No. 1 singles to radio during her nine-year stretch, starting with Chris Lane’s “Fix” and most recently hitting the mark with Post Malone and Morgan Wallen’s “I Had Some Help.” In addition to Wallen, Big Loud’s roster includes ERNEST, HARDY, Lauren Alaina, Lily Rose, Maggie Rose, HIXTAPE and others. Blythe is a fixture in assorted Billboard lists of influential executives, including Women In Music, Indie Power Players and Country Power Players. “Stacy is a day-one believer in Big Loud,” England said. “She is not only a radio expert, but a relationship builder and an investor in people, as well as a trailblazer within the industry at large that helped us build this company from the ground up. Stacy is integral to the success of our organization, and on behalf of all of the partners, we are honored to continue growing with her.”
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After roughly 18 years in the thick of Japan’s music industry, first at MTV, then Universal and Amazon before spending the last two years in the C-suite at Warner Music Japan, veteran executive Kazuhiro Shimada is taking a break. Shimada said earlier this week that Tuesday (July 9) was his last day as WMJ’s chief operating officer, a post he took on in late 2022 following a celebrated two-plus years as director and general manager of Amazon Music Japan. Prior to that he clocked a decade overseeing business affairs at UMG, and in the aughts was a vp of strategy at MTV Networks Japan. “I would like to express my deepest gratitude to all my colleagues whom I have worked with, business partners, artists and artist managers who have supported me throughout the time,” he said. “I plan to take a break for a while to recharge myself and look forward to the next challenge in the near future.”
Guitar Center appointed Adolfo Rodriguez as executive vp and chief technology & information officer, effective immediately. Reporting to CEO Gabe Dalporto, Rodriguez will harness the senior leadership experience he acquired at companies such as Advance Auto Parts, Citrix and IBM to develop and execute innovative technological advancements at the musical instrument retailer. Guitar Center’s biggest competitor in online retail is Sweetwater, but in the brick-and-mortar game — it has 300-plus stores in the U.S. — the company is about to be the only major player following the pending closure of all Sam Ash stores. “I am thrilled to join Guitar Center at such a pivotal time in its history,” said Rodriguez. “As a passionate musician and advocate for leveraging technology to drive business growth, I am eager to blend my professional expertise with my personal experience.”
Sony Music Latin-Iberia promoted Sergi Reitg to vice president of premium content, a role in which he’ll oversee various audiovisual initiatives throughout Spain and Mexico. Based in Spain, Reitg reports to Fernando Cabral, SML-I’s evp of strategic partnerships. Reitg has spent the last six years leading the company’s premium content team in Spain — recent productions include the documentary Sintiéndolo Mucho and the MAX series Acoustic Home — and will now broaden his remit overseas to North America. “Sergi’s vast experience and innovative approach to the film and television space makes him the perfect creative for this role,” said Cabral.
The Bluegrass Music Hall of Fame & Museum said longtime executive director Chris Joslin will step down later this month. Joslin, who joined the Owensboro, Ky.-based organization in 2015, is headed to suburban Nashville to oversee development and fundraising for Mission Lazarus, a faith-based nonprofit with operations in Honduras and Haiti. During his tenure, the Hall moved offices, rebranded, launched a magazine during the pandemic and grew its signature ROMP Festival into a premiere destination event for bluegrass fans. “Chris led our organization through a crucial era, and under his stewardship the Bluegrass Music Hall of Fame & Museum has flourished into a destination point for bluegrass music fans from all over the world,” said Chris Love, board chair of the Bluegrass Music Hall of Fame & Museum.
NASHVILLE NOTES: Red Street Records promoted Cambria Sojka to creative director, serving both country and Christian rosters at the Jay DeMarcus-founded label. Working closely with Sojka is newly hired Gianna Robinson as the label’s digital content coordinator. Both report directly to vp Michael Steele … Former RCA Nashville svp of promotion Dennis Reese joined artist management company Neon Coast. Their marquee artist? RCA Nashville superstar Kane Brown … Business management firm FBMM promoted Nashville-based Beth Tyson and New York-based Brian Gordner to associate business manager from account manager.
There’s been a C-suite shuffle at Muse Group, home to musician-focused digital tools like Ultimate Guitar, MuseScore and Audacity, as well as sheet music publisher Hal Leonard. Joining the company as chief growth officer is Sven Ahrens, who will oversee a team driving acquisition, engagement and retention of Muse’s apps and products. He arrives from Spotify, where he ran the streaming giant’s subscription growth team. Sliding over from Hal Leonard is the publisher’s longtime chief financial officer Debbie Diekelman, who is now CFO of the whole shebang. Finally, Mo Chahdi joined Muse as COO following a 20-year career that has included stops at AI company Aspen and Dell Technologies. “Sven, Mo and Debbie bring deep and diverse experience to our senior leadership team,” said Eugeny Naidenov, CEO of Muse Group. “Their visionary approach, proven success in scaling businesses and passion for our mission will be invaluable as we continue to evolve to best serve our global community of musicians, educators and learners.”
Nielsen hired advertising veteran Akhil Parekh as its chief solutions officer of digital product, responsible for overseeing the audience measurement company’s ads products, as well as forging strategic partnerships. He arrives from French ad conglomerate Publicis Groupe, where he was most recently executive vp and managing director … Nielsen also announced that former Snapchat, Chime, AOL, Spotify and HuffPost executive Jaren Grusd has joined the company as CEO of its metadata unit Gracenote. The data firm was previously led by Sujit Dasmunshi, who now assumes the role of chief operation officer.
Cinq Music promoted Diana Schweinbeck from director of marketing to senior director of artists and label services. In her new role, Schweinbeck and company will focus on optimizing the end-to-end release process for Cinq artists and labels. Prior to joining the Los Angeles-based distributor, label and publisher, Schweinbeck ran Schweinbeck, LLC, where she offered branding and management services to new artists. “Diana is a seasoned operator with artist management experience and a strong network, making her the perfect fit for understanding artist needs and running this department,” said Barry Daffurn, Cinq Music president and co-founder.
Evelyn Ingram joined Austin-based venue booking software company Prism.fm as senior director of strategic partnerships. Ingram is a veteran of the business, most recently at EventBooking and earlier at Ungerboeck and Momentum Technologies, and has carried on a “very friendly rivalry” with Prism.fm CEO Matt Ford for years, he said. “One of my favorite parts of running a company is building out an awesome team and Evelyn certainly adds to that,” Ford added. “Her experience, her love for life, the intelligence in her approach… Very excited for the future!”
Ex-Directors Guild of America general counsel David Korduner joined KM&M as partner in Los Angeles in the firm’s entertainment and labor practice. Most recently, Korduner served as svp and associate general counsel of labor relations at indie studio Fifth Season. “David’s impressive experience in union relations, contract negotiations, and overseeing legal and labor issues in the entertainment industry complements our entertainment labor practice,” said Bill Zuckerman, KM&M’s managing partner and entertainment group leader.
ICYMI:
James Dolan
Universal Music U.K. reorganized operations into what CEO David Joseph called “two new powerhouse frontline label groups” — Island EMI Label Group, headed by Louis Bloom as president, and the newly formed Polydor Label Group, led by Ben Mortimer … James Dolan got a three-year contract extension to continue running Sphere Entertainment … and BMI welcomed Tom Kershaw as chief technology officer and Justin Rohde as chief transformation officer.
Last Week’s Turntable: Bertelsmann Boards Up BMG Boss
The board of directors of Downtown Music Holdings is exploring a sale of the nearly 20-year-old music company in part because the family of its longtime backer, the late Sir Douglas Myers, is considering winding down its stake. But who was Douglas Myers and how did he get involved in Downtown?
Before Myers’ investment in what was then known as Downtown Records helped catapult Gnarls Barkley‘s 2006 hit “Crazy” to No. 2 on the Billboard Hot 100 and earn the duo a Grammy nomination for record of the year, he was the heir of one Australasia’s most successful brewing dynasties.
Myers was a fourth-generation brewer and the descendant of Polish Jewish immigrants to New Zealand. In 1965, he joined the brewing company that would become Lion Nathan and eventually spend around 15 years there as MD, CEO and ultimately chairman, a post he ascended to in 1997, according to 2007 biography The Myers by Michael Bassett and Paul Goldsmith. In 1998, Myers sold the majority of his Lion Nathan share to Japan’s Kirin Brewery Company.
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In retirement, Myers threw himself into philanthropy and some alternative investments, including, at 69, Downtown.
The success of Gnarls Barkley’s led to Douglas attending the 2007 Grammys, where he saw the duo, which was composed of Cee Lo Green and Danger Mouse, pick up two awards: best urban/alternative performance for “Crazy” and best alternative music album for St. Elsewhere. In a subsequent interview on the New Zealand TV evening news show Sunday, Douglas described feeling starstruck.
“It’s not my thing,” Douglas said, describing the event as “amazing. Lionel Richie was there, Tony Bennet, Sting was there….Beyoncé was there.”
Myers reportedly invested in Downtown because of his son Campbell Myers‘ love of music. Campbell Myers later served as Downtown’s director of business development for a year from 2009-2010, according to his LinkedIn profile, and more recently founded and served as co-CEO of CreateMe, a San Francisco-based technology-focused clothing manufacturer.
Douglas died in 2017 after a long battle with cancer.
The board of Downtown Music Holdings, the parent company of independent distributors CD Baby and FUGA as well as a number of other publishing and rights administration businesses, is exploring a sale, sources familiar with the deal tell Billboard.
The publishing administrator for the catalogs of John Lennon and Yoko Ono, Miles Davis and the Wu-Tang Clan, among many others, Downtown has held talks with private equity firms and at least one major music company, as its longtime backer, the family of the late Douglas Myers, looks to exit its investment, according to two of those sources who spoke on condition of anonymity because the talks are private.
The fast-growing independent sector of the music industry has seen a flurry of dealmaking activity in the past year, as both outside investors and traditional music companies shop for ways to control more of the market that services and distributes the music of do-it-yourself artists, songwriters and indie labels.
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In June, the consortium composed of Denis Ladegaillerie, EQT and TCV bought 95% of the outstanding shares of of French music company Believe after Warner Music Group backed out of an acquisition bid the major floated earlier in the year. Later that same month, the Chicago-based private equity firm Flexpoint Ford bought a stake in Create Music Group for $165 million. Last year, Apple veteran Larry Jackson raised about $1 billion and purchased distributor Vydia as the engine to launch his new company gamma, while Exceleration Music bought indie distributor Redeye for an undisclosed sum.
Downtown declined to comment on a possible sale beyond an emailed statement that said, “There has always been strong market interest in and excitement for our platform. We remain steadfastly focused on serving our clients and expanding our business by continuing to drive innovation across the global music industry.”
The market share of recorded music revenue generated by labels and artists that release music outside of the major-label system has been growing globally for around a decade. Non-major labels and self-releasing artists’ collective share of the recorded music revenue market grew from 28.6% in 2015 to 36.7% in 2023, according to research by MIDiA.
Founded by Justin Kalifowitz in 2007 as a publisher in New York, Downtown quickly grew into a global company with more than 20 offices around the world, and its scale makes it among the more attractive acquisition targets in this segment of the music industry. It reaches more than 4 million creators and services some 50 million tracks from 5,000 business clients.
Downtown has explored a sale before, and that process led it to sell its 145,000-song publishing catalog in 2021 to Concord for around $400 million. In recent years, Downtown has transformed from a leading indie publisher to a full-stack music company.
It has made over a dozen acquisitions in recent years, including the direct-to-creator distributor CD Baby, and the direct-to-business technology and distribution platform FUGA, as well as rights management company AdRev and service providers DashGo, Soundrop, Simbals, Found.ee, Curve and Sheer Music Publishing.
Operated in four divisions — artist & label services, which includes CD Baby; distribution services, which includes FUGA; publishing services, which includes administrator Songtrust; and royalty and financial services, which includes Curve — Downtown is expected to generate about $40 million in EBITDA on about $130 million in net revenue, or $900 million in total revenues, according to three sources familiar with the company’s financials.
Sources say Downtown uses the agency accounting model to record its financials, which counts only the fees from companies like FUGA toward the company’s overall revenue.
Sir Douglas Myers was a New Zealand businessman and longtime chief executive of the beverage company Lion Nathan, who sold his stake in that company to Japanese brewer Kirin in 1998. Myers, who died in 2017, reportedly invested in Downtown because of his son Campbell Myers‘ love of music. Cambell Myers served as Downtown’s director of business development for a year from 2009-2010, according to his LinkedIn profile.
Billboard was unable to determine which companies are in talks with Downtown. But Warner Music Group CEO Robert Kyncl told investors in May it is exploring mergers and acquisitions that could expand its “lower-touch” services for independent creators and labels, and in June, it hired Goldman Sachs’ global head of music & live entertainment investment banking Michael Ryan-Southern to lead M&A.
Kyncl said on a conference call discussing WMG’s quarterly earnings on May 9, “We have a clear plan to develop this area of our ecosystem, and we’re building solutions in-house while staying vigilant about M&A opportunities, which could accelerate our capabilities.”
Ticketmaster partnered with Shazam for a deal allowing artists to link to their Ticketmaster-listed events directly in the Shazam app. Through that integration, Shazam users will be able to see where that artist is playing and buy tickets to their show “with just a few clicks” after Shazaming their music, according to a Ticketmaster blog post. The ticketing giant previously announced similar integrations with TikTok and Snapchat.
Fraud detection company Beatdapp Software partnered with Beatport, a digital service that offers high-quality downloads for DJs to use in live sets, in a deal that aims to banish fraudulent activities on Beatport by integrating Beatdapp’s fraud detection technology into the platform. “We launched streaming products under the Beatport and Beatsource brands in 2019, and despite the fact that they have not historically been a target for streaming fraud, suspicious activity has been on the rise in recent months,” said Helen Sartory, chief revenue officer of The Beatport Group, in a statement. “Although our fraud rates still remain half that of the industry average, we rely on accurate streaming data not only to preserve fair compensation to artists and labels, but also for track recommendations and analytics. We are excited to be able to work with Beatdapp to ensure that our data is representative of authentic listener engagement.”
Virgin Music Group announced a “strategic relationship” with Frontier Works, a Japanese animation-related content production company, to release anime music projects. Virgin will provide Frontier Works with access to its music distribution and marketing platform and global team to support Frontier releases worldwide. This includes Virgin’s AI-driven music marketing technology, which filters streaming data “to create dynamic and actionable insights,” as well as “Smart Audience,” an advertising platform that uses “ethical AI” to increase fan engagement and help drive streaming consumption, according to a press release.
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Believe acquired a 25% stake in Global Records, an independent dance music company covering Central and Eastern Europe, and signed a strategic partnership with the label. The acquisition expands Believe and Global Records’ existing relationship, which since 2016 has allowed the latter to ramp up its territorial expansion and catalog development, according to a press release. Global Records’ catalog racked up more than 6 billion streams across all platforms last year alone and has seen more than 20 billion streams to date, the release adds. Global’s roster includes INNA, Minelli, Carla’s Dreams, Antonia and Holy Molly; it has offices in Germany, Romania and the United States.
Artist manager Matt Musacchio‘s Champ Management partnered with Red Light Management in a deal that brings Vincent Mason, Jessie James Decker and Dawson Anderson to the Red Light roster. Kyle Marsh will also join the Red Light team as a day-to-day manager.
ASM Global expanded its reach into Portugal by taking on the operation of two venue spaces located in Lisbon’s LX Factory, which is located inside a converted factory complex in the Alcantara area. ASM Global will additionally manage the venues’ adjacent outdoor bar, terrace and gallery spaces.
Web3 creator platform DRiP acquired limited-edition music platform Vault Music. Both platforms are on the Solana blockchain. Under the deal, all Vault Music drops and users will transition to the DRiP platform. “Vault was our first music partner on DRiP,” said CEO Vibhu Norby in a statement on the acquisition. “They did a phenomenal job harboring musicians from outside of the existing ecosystem, and we’re excited to help them continue that effort.”
ADA Canada signed a global distribution deal with country music label MCM Recordings, which is home to Jess Moskaluke, Charlie Major and The Redhill Valleys.
The Irish Music Rights Organisation (IMRO) extended its agreement with the International Copyright Enterprise (ICE) for several more years. According to a press release, the extended deal “will facilitate faster royalty payments to IMRO members for online performances of their works and enhanced usage transparency.” The release claims IMRO’s online revenue saw 30% growth in 2023.
Independent dance music label Armada Music signed a long-term partnership with Amsterdam-based DJ and producer KI/KI and her self-founded label, slash. Armada will work with KI/KI and her team on A&R, label management, distribution and promotion/marketing for upcoming slash releases. The first release under the joint venture is KI/KI’s latest EP, slash 010.
BMI’s C-suite continues to grow with the appointment of Tom Kershaw as chief technology officer and Justin Rohde as chief transformation officer. The respective CTOs, both new hires with 40-plus years of experience between them, will report to BMI president and CEO Mike O’Neill. Kershaw arrives from travel retail platform Travelport, where he served as […]
Indie folk singer-songwriter Shaya Zamora has signed with Atlantic Records, which will release his new single, “Sinner,” on Friday (July 12), the label tells Billboard. Atlantic says shortform content teasing the upcoming track has already generated more than 24,000 creates and 20 million views on TikTok.
A native of rural Washington, Zamora only officially began releasing new music last summer and dropped his debut EP, Eulogize, in late January. The set was propelled by the success of its breakout track “Cigarette,” which boasts more than 25 million streams on Spotify alone. That was followed by his Atlantic debut, the single “Pretty Little Devil,” which caught fire on TikTok where it has racked up more than 160,000 creates and over 260 million views, according to the label (“Devil” was added to TikTok’s #NewMusic global discovery hub.) On Instagram Reels, “Devil” boasts more than 16,000 creates and over 85 million views.
More new music from Zamora is slated to drop later this year.
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Zamora is managed by Matt Reed at Hyphen Media Group and Devin Poindexter at Mad Jack Management.
Also this week…
Ciara signed with WME for worldwide representation in all areas. The singer, who a press release states has sold more than 23 million records and nearly 30 million singles worldwide off hits like the Billboard Hot 100 No. 1 single “Goodies” and “1, 2 Step” featuring Missy Elliott, is currently working on her eighth album, which will include the previously-released single “How We Roll.” In addition to her music, Ciara was recently featured in Warner Bros.’ 2023 musical adaptation of The Color Purple. She also recently signed with align PR and continues to be represented by IMG Models.
Also at WME, Belgian techno DJ and producer Amelie Lens signed with the agency which will represent her for touring and support the expansion of her labels and brand across events and collaborations. Lens owns two labels: Lenske (Farrago, AIROD, Ahl Iver) and Exhale Records, which is geared toward aspiring producers and is behind the EXHALE event series. Lens’ upcoming tour dates include performances at festivals including DOUR Festival, Tomorrowland and Junction 2.
Vector Management welcomed several new artists to its roster under the leadership of Vector West head Nicki Loranger. They include rapper Yung Gravy, electronic duo 3OH!3, DJ Valentino Khan, indie pop band The Aces, singer-songwriter Jack Harris and DJ-producer 4B. Gravy, Khan and 4B came to the agency through manager Henley Halem, who also officially joins Vector as a manager alongside Bryant Barnes and Gabriel Apodaca, who brought 3OH!3 to the firm.
Nashville-based label and management company Gravel Road, led by Anthony Martini and Rich Barnerhas, signed country-rock duo Lakeview to the label side of the business. According to a press release, the duo’s Jesse Denaro and Luke Healy earned nearly 30 million streams with their breakthrough hit “Home Team” and recently released the new song “Money Where Your Mouth Is” featuring Gideon. The Gravel Road roster also includes Compton Cowboys and producer Scattered Brains. – Jessica Nicholson
Big Machine Label Group imprint Nashville Harbor Records & Entertainment (formerly BMLG Records) signed rising singer-songwriter Shaylen. Following a decade in Los Angeles making pop music, Shaylen returned to Nashville in 2022 and has since scored successes on the country music front including the single “What If I Don’t,” which currently boasts more than 29 million streams on Spotify alone. She’s managed by Two Hats Music Group in Nashville.
Brazilian electronic artist and DJ Victor Lou (“Diu Diu Lai”) signed with UTA for global representation, excluding Brazil, in all areas. Lou recently came off his international tour Summer All Day, which concluded in Orlando, Fla., at the end of March. It was Lou’s first run in the U.S. Festival performances on the tour included Rock in Rio, Lollapalooza, Tomorrowland, XXXperience and Só Track Boa.
Nettwerk signed San Jose, Calif.-based lo-fi beatmaker and multi-instrumentalist Knowmadic, who has scored streaming success with tracks including “Faces” and “Fade.” The label will release his upcoming album, rain check, later this summer.
R&B singer-songwriter TA Thomas signed with High Standardz/Def Jam Recordings, which released his new single, “Risky,” on June 27. Thomas’ debut album, Caught Between 2 Worlds, dropped last September. Thomas is managed by Tosh Mac.
King Thief, billed as a “punk supergroup” featuring members of Teenage Bottlerocket, This Is a Standoff, Choke and The Fullblast, signed to Thousand Islands Records, which will release the band’s debut single, “Gymposter Syndrome,” on Wednesday (July 10), followed by an album this fall. The band consists of Eric Neilson (Change Methodical, Midnight Peg), Ryan Podlubny (Fullblast), Shawn Moncrieff (Choke), Nick Kouremenos (Fire Next Time, This Is a Standoff, TheJohnsons) and Darren Chewka (Teenage Bottle Rocket, Old Wives).
Six years after going public on the London Stock exchange, a majority of Hipgnosis Songs Fund shareholders voted on Monday (July 8) to sell the fund to Blackstone for $1.6 billion, according to a regulatory filing. According to the filing, 99.97% of shares voted voting in favor of selling to the private equity giant–59.21% of […]
The entertainment giant Paramount will merge with Skydance, closing out a decades long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape.
It also signals rise of a new power player, David Ellison, the founder of Skydance and son of billionaire Larry Ellison, the founder of the software company Oracle.
Shari Redstone’s National Amusements has owned more than three-quarters of Paramount’s Class A voting shares though the estate of her late father, Sumner Redstone. She had battled to maintain control of the company that owns CBS, which is behind blockbuster films such as “Top Gun” and “The Godfather.”
Just weeks after turning down a similar agreement with Skydance, however, Redstone agreed to a deal on terms that had not changed much.
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“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,” said Redstone, who is chair of Paramount Global.
The new combined company is valued at around $28 billion.
Skydance, based in Santa Monica, California, has helped produce some major Paramount hits in recent years, including Tom Cruise films like “Top Gun: Maverick” and installments of the “Mission Impossible” series.
Skydance was founded in 2010 by David Ellison and it quickly formed a production partnership with Paramount that same year. Ellison, if the deal is approved by U.S. regulators, will become chairman and chief executive officer of what’s being called New Paramount.
The on-again, off-again merger arrives at tumultuous time for Paramount, which in an annual shareholder meeting in early June laid out a restructuring plan that includes major cost cuts.
Leadership at Paramount has been volatile this year after its CEO Bob Bakish, following a number of disputes with Redstone, was replaced with an “office of the C.E.O,” run by three executives. Four company directors were also replaced.
Paramount, however, has struggled to find its footing for years and its cable business has been hemorrhaging. To capture today’s growing streaming audience, the company launched Paramount+ back in 2021, but losses and debts have continued to grow.
Sumner Redstone used National Amusements, his family’s movie theater chain, to build a vast media empire that included CBS and Viacom, which have merged and separated a number of times over the years. Most recently, the companies re-joined forces in 2019, undoing the split consummated in 2006. The company, ViacomCBS, changed its name to Paramount Global in 2022.
Under Sumner Redstone’s leadership, Viacom became one of the nation’s media titans, home to pay TV channels MTV and Comedy Central and movie studio Paramount Pictures.
It is a company with a rich history, as well as a deep bank of media assets, ankd Skydance wasn’t the only one to gun for Paramount in recent months — Apollo Global Management and Sony Pictures also made competing offers.
Late last year, Warner Bros. Discovery also made headlines for exploring a potential merger with Paramount. But by February, Warner had reportedly halted those talks.
Leading all music stocks this week, SiriusXM shares rose as high as $4.14 on Friday (July 5), its highest point since March 13, and closed at $3.71, up 31.1%. The satellite radio company, which also owns music streaming service Pandora and has high hopes for its revamped SiriusXM streaming app, is likely benefitting from an upcoming 10-to-1 reverse stock split and merger with Liberty Media’s SiriusXM Group tracking stock. The merger eliminates any confusion amongst investors by creating only one way to invest in SiriusXM. And although the split doesn’t affect the company’s value, it will increase the share price by reducing the number of shares outstanding. That, in turn, could help SiriusXM’s image with investors and further help prop up the share price.
French streaming company Deezer rose 20.3% to 2.07 euros ($2.25) after it completed a public offering that transferred shares from the professional to the general segment of the Euronext Paris. (The professional segment is dedicated to companies that did not have an initial public offering or sale of shares. Deezer gained entry to the Euronext Paris through a merger with I2PO, a special purpose acquisition company, in 2022.) With that improvement, Deezer’s year-to-date loss improved to 12.3% from 19.2% a week ago. The company will report first-half earnings results on July 30.
Trending on Billboard
The Billboard Global Music Index (BGMI) rose 1.6% to 1,844.87, nearly matching the all-time record of 1,847.64 set the week ended May 17, with the large gains enjoyed by SiriusXM and Deezer helping offset losses by 11 of the index’s 20 stocks. The index’s most valuable companies had small gains this week: Live Nation rose 1.7% to $95.34, Universal Music Group added 0.9% to 28.03 euros ($30.41) and Spotify gained 0.8% to finish at $316.85.
Music stocks couldn’t match many major indexes this week. In the United States, the Nasdaq composite gained 3.5% to 18,352.76 and the S&P 500 rose 2.0% to 5,567.19 — both record closes. Stocks were aided by data released on Friday by the U.S. Labor Department that showed that the economy added more jobs than expected in June while the increase in hourly earnings met expectations. The rise in the unemployment rate rise from 4.0% to 4.1% was a surprise, however.
Internationally, the U.K.’s FTSE 100 improved 0.5% to 8,203.93. South Korea’s KOSPI composite index gained 2.3% to 2,862.23. China’s Shanghai Composite Index dropped 0.6% to 2,949.93.
Sphere Entertainment Co. improved 6.8% to $37.43, bringing its year-to-date gain to 10.1%. On Wednesday (July 3), the company announced it had given executive chairman/CEO James Dolan a new three-year employment contract that runs through June 30, 2027. That ensures Dolan will continue to oversee the growth of Sphere in Las Vegas and additional locations the company will target. Looking ahead, Dead & Company’s 30-show residency at the venue concludes on Aug. 10 while the Eagles will begin a 16-date residency — eight weekends of Friday and Saturday concerts — on Sept. 20.
Music streaming company LiveOne fell 14.6% to $1.34, putting the stock down 4.3% year to date. On Monday (July 1), the company announced a partnership with Seekr to build an AI-powered search engine for beats and sounds. The platform, expected to launch by the end of the year, is intended to help creators and music licensors.
Korean companies continued to struggle this week. HYBE fell 2.5% to 197,400 won ($143.30), bringing its year-to-date loss to 15.5%. SM Entertainment fell 3.5% to 77,600 won ($56.33) and has fallen 15.7% in 2024. Two K-pop companies not in the Billboard Global Music Index fared even worse: JYP Entertainment, home to TWICE and Stray Kids, dropped 2.8% to 55,700 won ($40.43) and has fallen 45% this year; while YG Entertainment, home to BLACKPINK and BABYMONSTER, sank 5.3% to 38,150 won ($27.69) and has lost 25% year to date.