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The 2024 IMS Ibiza conference began today (April 24) on the event’s namesake island electronic music mecca. The conference’s program includes three days of talks on multiple facets of the electronic music business, including streaming, labels, AI, wellness, the island clubbing economy and much more.
As is tradition, IMS started today with an introduction from the event’s founders, including BBC Radio legend Pete Tong, followed by the presentation of the annual IMS Business report, which looks at the trends, growth sectors and general health of the global electronic music industry.
Marking its tenth edition this year, the report was authored by MIDiA Research’s Mark Mulligan and is available here. Generally, the 2024 report found significant growth areas along with a higher year over year valuation of the industry as a whole. It also offered insights on the general music industry landscape, stating that “after a slower 2022, the global recorded music market returned to strong growth in 2023, up 10%.”
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These are ten key findings from the 2024 report.
1. Spotify Gained Market Share, But Totaled Less Than a Third of The Global Streaming Market
The global streaming market currently has a whopping 713.4 million total subscribers, with this subscriber base growing by 14.4% between the third quarter of 2022 and the third quarter of 2023. This equates to 90 million added subscribers, which is 6.5 million more subscribers than were added over the same period a year earlier.
The report finds that Spotify remained the largest DSP, increasing its global share to 32% in the third quarter of 2023. Tencent Music Entertainment remained the third largest, overtaking Amazon Music in the third quarter of 2022. Meanwhile, Chinese platform NetEase Cloud Music also had strong growth and helped contribute to significant growth for the whole of the Chinese streaming market.
2. Revenues Grew Strongly Across The Industry, Especially In the Live Sector
Revenues of 15 of the world’s biggest music companies – across labels, publishers, DSPs and the live sector – grew by 18% in 2023, for a total value of $75.9 billion. “While less than the post-lockdown boom growth of 2022,” the report states, “this is still strong.”
2023’s largest growth sector was live, a function of the fact that “lingering pent-up lockdown interest fostered increased demand, and tickets were both more expensive and sold in larger quantities.” The growth of live was followed by growth of DSPs, which grew by 16% over the last year.
3. Major Labels Dominated, But Lost Market Share To New-Generation Labels
While record labels across the board experienced strong growth in 2023, “non-majors grew the fastest.” More specifically, major labels grew by 7% overall in 2023, with the publicly traded non-majors like HYBY and Believe growing by 17%. Additionally, 57% of HYBE’s revenue was in non-recorded products, compared to 23% for WMG.
“HYBE and Believe grew the fastest,” the report states, “representing the spearhead of a new generation of record labels that pursue revenue streams closely aligned with the dynamics of today’s fan and creator centered music business.”
4. The Top 10 Markets For Electronic Music As Determined By Monthly Spotify Listeners Are:
Germany
United States
Australia
United Kingdom
Brazil
India
Mexico
South Africa
Canada
France
Per the report, Australia is a standout on this list, as the country has 10 times more electronic music listeners than the entire country has people. (In the United States, this ratio is closer to 1:1.) Mexico, India and Brazil represent the newer wave of global electronic music markets, with listener numbers smaller than each country’s total population, which suggests that electronic music culture is still securing a foothold in these territories.
South Africa is also a standout, with nearly twice as many electronic listeners as people. The country’s strong listening figures, the report says, “reflect the degree to which South Africa has built its own electronic scenes and culture.”
5. Electronic Music’s Online Fandom Surged In 2023, Outperforming Other Genres
The genre gained significant followers across Facebook, YouTube, TikTok, Instagram and Spotify, and saw vastly more follower growth than rock, hip hop and Latin. This online expansion saw electronic’s following surpass that of rock on YouTube, Instagram, and TikTok. Meanwhle, while hip-hop remains the dominant streaming genre, electronic is getting closer to the stream counts of Latin and rock.
6. Ibiza Clubs Are Still Booming Post-Pandemic
Clubs on the island continued their post-pandemic rebound, with Ibiza club ticketing revenue reaching €141 million (approximately $150 million) in 2023, up 14% from 2022 and 76% from 2019. “The strength of demand,” the report states, “was illustrated by the fact that average ticket prices increased from €44 in 2022 to €51 in 2023.”
In 2019, total ticket revenue across clubs on the island was €80 million ($85 million), with an average of 123 events per venue over the course of the season. In 2023, ticket revenue was €141 million ($150 million), with 147 events per venue.
7. Tech House Remained The Most Popular Dance Genre on Beatport
Like last year, tech house was the digital download platform’s most popular genre. This year, Afro House shot up from being in the 18th spot in the first quarter of 2022 to the ninth spot in the third quarter of 2023. The report notes that this rise “coupled with the rise of South Africa as a leading Spotify market for electronic music, further points to the rising importance of sub-Saharan Africa in electronic music culture.
Beatport’s ten most popular electronic subgenre’s overall were:
Tech House
House
Techno (peak/driving)
Melodic House & Techno
Drum & Bass
Dance/Electro Pop
Deep House
Minimal/Deep Tech
Progessive House
Afro House
8. SoundCloud Maintained Its Position As a Home For Electronic Music
Electronic music genres grew by 24% on SoundCloud in 2023, the second successive year this has happened. The platform is forecasted to have at least another 10% growth of the genre, with the report stating that “SoundCloud is both consolidating and expanding its long-term position as one of the global homes of electronic music fan communities.”
9. There’s an Apparent Perception Gap Regarding The Industry’s Gender Equality Advancements
In a survey of members of the Association For Electronic Music and IMS delegates, 82% of respondents said that the industry was doing well on gender issues related to diversity of lineups and employees. But a survey of male, female and gender expansive industry members found that women and gender expansive creators were more likely than men to be “interrupted, excluded, questioned and judged unfairly.”
Additionally, a tendency among women to undervalue their contributions is reflected in a industry pay gap, with women creators nearly twice as likely as men to discover they are being paid less than their peers in the same or similar roles.
10. The Global Electronic Music Industry Was Worth $11.8 Billion In 2023
Particularly significant growth happened in festivals and clubs, with this sector representing nearly half of the industry total. Recording and publishing were also significant contributors, with music hardware and software making up the next biggest segment — around a quarter of total — although growth in this hardware and software sector was relatively slow in 2023.
Given this $11.8 billion valuation, the report states that “the global dance music business is now firmly in its post-pandemic growth phase.”
The Senate passed legislation Tuesday night that would force TikTok’s China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that’s expected to face legal challenges and disrupt the lives of content creators who rely on the short-form video app for income.
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The TikTok legislation was included as part of a larger $95 billion package that provides foreign aid to Ukraine and Israel and was passed 79-18. It now goes to President Joe Biden, who said in a statement immediately after passage that he will sign it Wednesday.
A decision made by House Republicans last week to attach the TikTok bill to the high-priority package helped expedite its passage in Congress and came after negotiations with the Senate, where an earlier version of the bill had stalled. That version had given TikTok’s parent company, ByteDance, six months to divest its stakes in the platform. But it drew skepticism from some key lawmakers concerned it was too short of a window for a complex deal that could be worth tens of billions of dollars.
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The revised legislation extends the deadline, giving ByteDance nine months to sell TikTok, and a possible three-month extension if a sale is in progress. The bill would also bar the company from controlling TikTok’s secret sauce: the algorithm that feeds users videos based on their interests and has made the platform a trendsetting phenomenon.
TikTok did not immediately return a request for comment Tuesday night.
The passage of the legislation is a culmination of long-held bipartisan fears in Washington over Chinese threats and the ownership of TikTok, which is used by 170 million Americans. For years, lawmakers and administration officials have expressed concerns that Chinese authorities could force ByteDance to hand over U.S. user data, or influence Americans by suppressing or promoting certain content on TikTok.
“Congress is not acting to punish ByteDance, TikTok or any other individual company,” Senate Commerce Committee Chairwoman Maria Cantwell said. “Congress is acting to prevent foreign adversaries from conducting espionage, surveillance, maligned operations, harming vulnerable Americans, our servicemen and women, and our U.S. government personnel.”
Opponents of the bill say the Chinese government could easily get information on Americans in other ways, including through commercial data brokers that traffic in personal information. The foreign aid package includes a provision that makes it illegal for data brokers to sell or rent “personally identifiable sensitive data” to North Korea, China, Russia, Iran or entities in those countries. But it has encountered some pushback, including from the American Civil Liberties Union, which says the language is written too broadly and could sweep in journalists and others who publish personal information.
Many opponents of the TikTok measure argue the best way to protect U.S. consumers is through implementing a comprehensive federal data privacy law that targets all companies regardless of their origin. They also note the U.S. has not provided public evidence that shows TikTok sharing U.S. user information with Chinese authorities, or that Chinese officials have ever tinkered with its algorithm.
“Banning TikTok would be an extraordinary step that requires extraordinary justification,” said Becca Branum, a deputy director at the Washington-based Center for Democracy & Technology, which advocates for digital rights. “Extending the divestiture deadline neither justifies the urgency of the threat to the public nor addresses the legislation’s fundamental constitutional flaws.”
Sen. Ron Wyden, a Democrat who voted for the legislation, said he has concerns about TikTok, but he’s also worried the bill could have negative effects on free speech, doesn’t do enough to protect consumer privacy and could potentially be abused by a future administration to violate First Amendment rights.
“I plan to watchdog how this legislation is implemented,” Wyden said in a statement.
China has previously said it would oppose a forced sale of TikTok, and has signaled its opposition this time around. TikTok, which has long denied it’s a security threat, is also preparing a lawsuit to block the legislation.
“At the stage that the bill is signed, we will move to the courts for a legal challenge,” Michael Beckerman, TikTok’s head of public policy for the Americas, wrote in a memo sent to employees on Saturday and obtained by The Associated Press.
“This is the beginning, not the end of this long process,” Beckerman wrote.
The company has seen some success with court challenges in the past, but it has never sought to prevent federal legislation from going into effect.
In November, a federal judge blocked a Montana law that would ban TikTok use across the state after the company and five content creators who use the platform sued. Three years before that, federal courts blocked an executive order issued by then-President Donald Trump to ban TikTok after the company sued on the grounds that the order violated free speech and due process rights.
The Trump administration then brokered a deal that had U.S. corporations Oracle and Walmart take a large stake in TikTok. But the sale never went through.
Trump, who is running for president again this year, now says he opposes the potential ban.
Since then, TikTok has been in negotiations about its future with the secretive Committee on Foreign Investment in the United States, a little-known government agency tasked with investigating corporate deals for national security concerns.
On Sunday, Erich Andersen, a top attorney for ByteDance who led talks with the U.S. government for years, told his team that he was stepping down from his role.
“As I started to reflect some months ago on the stresses of the last few years and the new generation of challenges that lie ahead, I decided that the time was right to pass the baton to a new leader,” Andersen wrote in an internal memo that was obtained by the AP. He said the decision to step down was entirely his and was decided months ago in a discussion with the company’s senior leaders.
Meanwhile, TikTok content creators who rely on the app have been trying to make their voices heard. Earlier Tuesday, some creators congregated in front the Capitol building to speak out against the bill and carry signs that read “I’m 1 of the 170 million Americans on TikTok,” among other things.
Tiffany Cianci, a content creator who has more than 140,000 followers on the platform and had encouraged people to show up, said she spent Monday night picking up creators from airports in the D.C. area. Some came from as far as Nevada and California. Others drove overnight from South Carolina or took a bus from upstate New York.
Cianci says she believes TikTok is the safest platform for users right now because of Project Texas, TikTok’s $1.5 billion mitigation plan to store U.S. user data on servers owned and maintained by the tech giant Oracle.
“If our data is not safe on TikTok,” she said. “I would ask why the president is on TikTok.”
If it’s possible, Record Store Day was even bigger this year than last year, when Taylor Swift caused a traffic jam at record stores across the nation, according to some of the merchants Billboard’s Retail Track columnist visited this past Saturday (April 20).
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Retail Track
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This year, the Olivia Rodrigo “Stick Season”/Noah Kahan “Lacy” seven-inch was cited as the hottest seller by store managers and owners, but overall, a wider breadth of releases drove more traffic into stores, according to Rough Trade store manager George Flanagan.
Other big sellers — or records that the retailers wished they had more copies of — included Chappell Roan’s “Pink Pony Club” seven-inch; the Sparks/Noël double LP No. 1 Song in Heaven/Is There More to Life Than Dancing?; Talking Heads‘ Live at WCOZ double LP; Sabrina Carpenter’s “Feather” seven-inch; and a 12-inch featuring David Byrne‘s cover of “Hard Time” and Paramore‘s cover of “Burning Down The House.”
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This year, Swift issued The Tortured Poets Department on Friday, the day before Record Store Day (RSD), and it has so far sold an astounding 1.5 million records in its first three days of availability. But independent record store merchants say that while the album was a solid seller for the weekend, this album didn’t have the impact that Swift’s exclusive for last year’s RSD, Folklore: the Long Pond Studio Sessions. That’s because this year’s album was widely available at mass merchants, Amazon, and on her website, and at sale prices just a little bit above their wholesale cost. Nevertheless, retailers say they will always warmly welcome any new release by Swift.
Retail Track began the day at Darkside Records in Poughkeepsie, N.Y., where at 9:15 — 15 minutes after the store opened — there were some 250 people waiting in line for their turn to enter the store. Letting customers in 15 to 20 at a time, the line — which lasted until nearly 6:30 p.m. on Saturday — stretched around the 9,000-square-foot store and deep into the filled-to-capacity parking lot. The first person in line showed up at 8 p.m. Thursday (April 18), according to Darkside co-owner Justin Johnson, who added that when he showed up to open the store on Friday morning (April 19), a full day before Record Store Day kicked off, there were already four people queued up.
“It was absolutely an incredible turnout. Everyone was really cool and we had a great time,” Johnson told Billboard. “It was our best day ever and it blew away last year’s Record Store Day, which up to then had been our best day ever.”
What’s more, one woman drove 11 hours from Michigan to shop at Darkside because of how the store had handled the autographed Taylor Swift CD last year, she told Johnson. “[She] wanted to support us for treating the Swifties so fairly and combating the bots,” Johnson said. And she showed up early enough at the store to be No. 10 in line, he added.
After leaving Darkside, Retail Track drove over the Hudson River to Middletown, N.Y. to visit Rock Fantasy, a record store/pinball machine/video game arcade. Open since 1985, Rock Fantasy leans hard rock/metal, but owner Stephen Keeler said the Rodrigo/Kahan single was the day’s top seller. He added that about 30 customers were in line when he showed up to open the store. Moreover, he says the store celebrated Record Store Day/420 by staging two shows on successive nights at Quinnz Pinz, the local bowling alley where he promotes shows. The weekend kicked off with a Grateful Dead tribute band, Gratefully Yours, on Friday night; while on Saturday night, Kiss tribute band Psycho Circus performed. On the afternoon of Record Store Day, Rock Fantasy held a pinball tournament in the store.
Some of the 250 music fans waiting on line for their turn to shop Darkside Records—a store logo displayed about the tent structures.
Ed Christman
Rock Fantasy’s layout is long and narrow, almost like a railroad apartment with five or six rooms. Besides the records, tchotchkes and other music memorabilia it sells in the front two rooms, the store also houses 53 pinball machines and a few vintage video games. Customers can choose to play on machines featuring Led Zeppelin, Metallica, Kiss, Ted Nugent, AC/DC, the Beatles, Elton John, the Rolling Stones and Guns & Roses, as well as machines licensed from movies like Jaws, Pulp Fiction, Godzilla, OO7 and Jurassic Park.
Heading back to the other side of Hudson, Retail Track tried a little potluck with a store called The Vinyl Room in Beacon, N.Y. While it turned out to be more of a bar and restaurant than a record store, it was nevertheless a fun place to visit. The space had only two racks of vinyl, mainly used records, but the store’s interior design, which used records and other music memorabilia and ornamentation, more than made the trip worth it.
Across the street, at the local VFW Hall, was the Beacon Record & CD Fest, a swap meet with about a dozen vendors where Retail Track lucked out by scoring a copy of the Tommy James & The Shondells single “Gingerbread Man” on Roulette Records.
Staying on the same side of the Hudson, Retail Track next headed to Cold Springs, N.Y. and visited Half Moon Records at The Shoppes, an emporium-style setup with a number of different rooms and stores. Half Moon, which comprised the front two rooms of The Shoppes, was filled with records. One of the co-owners, Peter Hamboussi, said the store had just doubled the space devoted to records about a month ago; while co-owner Nicole Le Blanc said the store hopes to build its country music inventory. Like other merchants, Hamboussi said he wished he had received more copies of the Byrne and Paramore record, as well as the Cranberries. He said he usually does good business on Record Store Day later in the afternoon, as devout music buyers continue on their crawls.
Finally, Retail Track headed back to New York City to visit Rough Trade Records, which had a line of about 100 people when the store opened, including customer George West, who was first in line at about 5 p.m. on the Friday night prior. West is usually first in line every year at the store for the event, reported Rough Trade’s Flanagan, who added that by 8 p.m. on Friday, five people had queued up. The line lasted all day Saturday until about 5:30 p.m., when the store stopped regulating the in-flow. Nevertheless, when Retail Track showed up at around 6 p.m., the store was jam-packed and still doing brisk business.
Rough Trade and Rockefeller Center presented Indie Plaza in conjunction with Record Store Day, where eight bands and DJs entertained music fans, Rough Trade customers, and tourists from 1PM to 9PM. Pictured above is the Rough Trade booth, stocked with records and next to it is the artist merch booth selling wares from the bands. In the background, on the stage, Armand Hammer are working their way through their set.
Ed Christman
Another factor boosting traffic and sales at Rough Trade on Saturday was that it hosted Indie Plaza in Rockefeller Center, in the vast open space above the skating rink. During the day, DJs and bands alternated playing on a stage erected at the end of the plaza abutting 50th Street, keeping the crowd entertained until 9 p.m. Rough Trade set up a booth filled with music, while next to it was another booth with merch from the bands performing that day to sell to the fans enjoying the shows. Dave The Spazz, Sunrisa Disco, and Nancy Whang took turns helming the DJ booth in between sets by Cloud Nothings, Dehd, Armand Hammer, Glitterer, Sunny War, Corridor, Snõõper and Wishy.
“Last year, Record Store Day was our best day ever and it’s worth noting that Taylor Swift was a huge part of our business that day,” Flanagan said. “I was convinced we wouldn’t be able to top that, but we did; we were up by 5% to 10% more. I think one of the reasons why [2024 RSD] became the store’s best day ever is because there was something like 20% more titles out this year.”
For the last store visit of the day, the plan was to head back to home base of Astoria, Queens, to visit the semi-new Pancake Records on Steinway Street. But Retail Track ran out of gas (figuratively) and out of time (literally) — and the local bar with cold Pabst Blue Ribbon cans was beckoning.
Range Media Partners has secured a substantial minority investment from a strategic investment group encompassing Liberty Global, Wildcat Capital Management and family entertainment company Playground Productions, the company announced Tuesday (April 23).
The investment will help finance growth initiatives and strategic acquisitions for Range, a diversified management firm that operates across music, entertainment, sports and digital. It will also be used to bolster the company’s position in the U.S. market while scaling it in new and existing international markets.
Launched in the summer of 2020, Range provides a full stack of shared services encompassing all areas of content production and commerce-based initiatives. Over the past year alone, Range has merged with production company Automatik; executed a growth strategy for Range Sports that included acquiring growth-stage companies within the media rights, athlete marketing and golf verticals; launched a music publishing division led by former Hipgnosis Songs Fund executive Casey Robison; and opened a Nashville office.
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Under the deal, Rick Hess — founder/managing partner of Cobalt Capital and a strategic advisor to Forest Road Acquisition Corp, which led the investor group — was appointed to serve on Range’s governing body as representative of Liberty Global and Wildcat Capital Management.
Previous Range investors include Point72 Ventures and A+E Networks.
Range’s music clients including Jack Harlow, Saweetee, Cordae, Midland, Murda Beatz, Nova Wav, PARTYNEXTDOOR, Hailey Whitters, Lauv, MAX, HARV, Sean Douglas, Wondagurl, Yola, Pentaonix, Luke Grimes, Russell Dickerson, Dylan Gossett, Shaboozey, Ryan Bingham and Tanya Tucker.
“We founded Range with the express intention to build a multi-vertical, full-service offering, one that extends beyond the traditional business of film & TV representation in order to catapult client careers and ambitions through the broader entertainment & media landscape as well as through technology and diversified ventures,” said Peter Micelli, CEO of Range Media Partners, in a statement.
Micelli continued, “We saw the dynamic changes happening, our clients were feeling them through the ripple effect, and we wanted to be more aggressive in how we could advantageously leverage those changes accordingly.”
Range managing partner Jack Whigham added, “Liberty Global, one of the most widely respected industry leaders worldwide, along with Wildcat Capital Management and Playground Productions are ideal strategic partners for Range’s next stage of growth. We have been very deliberate during this process, wanting to find top-tier, blue-chip partners who have a unique perspective on our industry and are as committed as we are to an innovative long-term strategy to unlock global value for our clients. We are honored to move into this transformative phase with Liberty Global, along with the other first-rate financial sponsors, at our side to continue to meaningfully diversify our business through investment & acquisition.”
ACF Investment Bank advised the investor group, with Greenberg Traurig serving as its legal counsel. Cooley was legal counsel for Liberty while Range was represented by Jones Day.
Hipgnosis Songs Fund’s board of directors said on Monday that it would support a takeover bid from Blackstone if the private equity giant officially files its $1.5 billion offer for the music royalty fund. Blackstone said on Saturday (April 20) in what it called a “possible offer” that it was prepared to bid $1.24 per […]
Private equity giant Blackstone bid $1.5 billion to buy Hipgnosis Songs Fund on Saturday (April 20), marking a significant escalation in the fight for control of the troubled music royalty fund and its collection of rights to songs by Neil Young, Journey, Lindsey Buckingham, Blondie and others.
Blackstone is offering $1.24 per share in an all-cash offer that represents an 8.7% premium over the previous day’s closing share price, and is significantly higher than the $1.4 billion takeover bid that Nashville-based Concord Chorus made for the fund earlier this week.
Blackstone already owns two other entities under the Hipgnosis name — the private music assets investment fund Hipgnosis Songs Capital and the investment advisor Hipgnosis Song Management — and its bid on Saturday showed the private equity behemoth is willing to flex its muscle to maintain assets under the Hipgnosis umbrella.
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The five-year-old, London-listed Hipgnosis Songs Fund has cut its net asset value and shareholder dividends in recent months, as it struggled to address accounting errors and infighting between its board and investment manager that have angered investors already frustrated by an underwhelming stock price.
On Thursday (April 18), the board of directors announced in a filing with the London Stock Exchange that it had agreed to recomment a $1.402 billion proposed takeover bid from Concord to shareholders, which values each Hipgnosis share at £0.93 ($1.14). While the board said that institutional investors representing 30% of the fund’s outstanding shares were on board to vote in favor of the deal with Concord, it still needs shareholder approval from investors holding a total of 75% of shares.
Blackstone’s Hipgnosis Song Management, the investment adviser to the public fund and the private fund (Hipgnosis Songs Capital), has the right to outbid Concord and any other rival bidders to take the fund’s assets private, according to an option in its contract laid out when the fund went public in 2018.
The option was created with the sensitivities unique to music rights in mind. Hipgnosis Songs Fund was founded and built by Merck Mercuriadis, a longtime music executive and manager for artists like Elton John, Beyoncé and Guns N’ Roses. Mercuriadis used his relationships in the music industry to build the fund’s portfolio of rights to hit songs, and this option in the investment advisory contract was designed to give artists confidence that their catalogs would never trade hands — something that famously angered Taylor Swift.
However, since Hipgnosis Songs Fund investors served the board of directors the equivalent of a no-confidence vote last fall, this option has presented hurdles for the board in its effort to secure outside bids for the portfolio.
In its offer, which references Concord’s bid as $1.16 per share due to fluctuations in exchange rates, Blackstone said it “strongly encourages the board of Hipgnosis to recognise the significant increase in value available to all shareholders under the terms of its Fourth Proposal, over the $1.16 as set out in the Concord Offer, and to work with Blackstone to reach agreement on a unanimously recommended Firm Offer in an expeditious manner.”
Live Nation shares fell 10.9% to $89.98 this week after The Wall Street Journal reported the U.S. Department of Justice plans to file a lawsuit against the company in the coming weeks. The DOJ could seek any number of remedies, but, in recent years, there have been calls from both the public and private sectors to break up the company and separate the concert promotion business from the ticketing business.
In February, Senator Amy Klobuchar, who helped organize the Jan. 2023 Senate hearing at which Live Nation president/CFO Joe Berchtold testified, called on lawmakers to “update and enforce antitrust laws” to prevent Live Nation and Ticketmaster from working on concert to “keep ticket prices high.”
“This merger never should have been allowed to happen,” Klobuchar wrote on X in February. “Break them up,” Senator Alexandria Ocasio-Cortez wrote in November 2022 following the Taylor Swift pre-sale fiasco. Likewise, the American Economic Liberties Project and the American Antitrust Institute have both called for the DOJ to break up the company.
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Live Nation shares have fallen 15.1% in the four weeks since the week ended March 22 but remain up 34.3% year to date. The company will report first-quarter earnings on May 2.
The large declines seen among some of the most valuable music companies caused the Billboard Global Music Index to drop 4.5% this week — its largest one-week loss since November 2022. That brought the index’s decline over the past two weeks to 7.5% after it reached an all-time high the week ended April 5.
Major stock indexes also suffered substantial losses this week. The tech-heavy Nasdaq composite fell 5.5% to 15,282.01 as video streaming giant Netflix and chipmaker Nvidia fell 9.1% and 10%, respectively, on Friday (April 19). The S&P 500 dropped 3.0% to 4,967.23. In the United Kingdom, the FTSE 100 fell just 1.2% to 7,895.85. South Korea’s KOSPI composite index lost 3.4% to 2,591.86. China’s Shanghai Composite Index was an outlier, rising 1.5% to 3,065.26.
Radio giant iHeartMedia had the biggest decline of the week after dropping 12.8% to $1.90. That brought the company’s year-to-date loss to 28.8% and its 52-week decline to 54.3%. Music streaming leader Spotify suffered the largest drop in terms of lost market capitalization, however, after an 8.2% decline, to $275.79, raised $4.9 billion of market value. Spotify will release first-quarter earnings on Tuesday (April 23).
Hipgnosis Songs Fund shares predictably surged this week on news that Concord has offered to acquire the company for $1.4 billion, or $1.16 (0.94 pounds) per share. The stock finished the week up 24.2% to 0.919 pounds ($1.14), just under Concord’s offer price. The board encouraged shareholders to accept Concord’s bid, which was a 32.2% premium over the prior day’s closing price. That would provide immediate returns, the board explained, because the company needs “substantial financial and governance changes to improve its financial performance” that will suppress the share price in the meantime.
The other big gainers for the week came from South Korea. HYBE gained 8.2% to 230,500 won ($167.70) and SM Entertainment rose 4.0% to 78,100 won ($56.82). Year to date, HYBE is down 1.3% and SM Entertainment is off 15.2%.
The board of directors of French music company Believe is supporting an offer to take it private at 15 euros ($15.98) per share, with the board’s three independent members unanimously voting in favor of an opinion that the bid is in the interest of minority shareholders, the company announced Friday (April 19).
The bid to take Believe private came from a consortium of funds managed by TCV and EQT X, along with Believe chairman/CEO Denis Ladegaillerie. The consortium’s shares, along with shares acquired from TCV Luxco BD S.à r.l., Ventech and XAnge, gave it 79.1% of Believe’s share capital. That left the board’s three independent directors — the others are connected to the consortium — to make a recommendation for the minority shareholders.
The independent directors believe the consortium’s bid is “in line with the strategy pursued by management, while benefiting from the support of major shareholders aligned with its development plan and with the ability to support the Company in the next phase of growth and market consolidation,” the company stated Friday. It also noted that minority shareholders are getting the same price offered to shareholders of the majority blocks.
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An independent expert, Ledouble, concluded the consortium’s bid is fair from a financial standpoint and lacks any “ancillary items” that could be damaging to shareholders. Citigroup, hired by the company as a financial advisor, also told the board the share price is financially fair to shareholders.
The consortium announced Friday it plans to file its offer “in the coming days.” Its offer of 15 euros per share is 21% above the share price the day before the consortium announced its takeover bid and 38.2% above the average of the last 20 trading days, according to the announcement. Still, the consortium’s bid is below Believe’s IPO price of 19.50 euros ($20.78).
No competing bids arrived for Believe, which includes digital distributor TuneCore, record labels such as Groove Attack and Nuclear Blast, and a global infrastructure that provides artists and labels with tools and services. A month after the consortium’s initial offer was made public, Warner Music Group announced its interest in Believe at “at least” 17 euros per share. However, after being given access to a “data room,” according to the release, WMG opted not to make a competing offer.
After the consortium takes Believe private, the company “will have all the necessary resources to continue the remarkable growth dynamic that the company has experienced in recent years,” Ladegaillerie said in a statement. “With the active and ongoing support of TCV, which has accompanied Believe since 2014, and the expertise of EQT, I am convinced that we will continue to make Believe the global reference for independent music, while seizing all the growth opportunities offered by the digital transformation of the music market, to put them at the service of creation and creators.”
AP Dhillon is leaving the California desert behind. Coachella announced that the Punjabi-Canadian star will not appear at the festival’s second weekend as planned, citing scheduling conflicts. The festival announced it in a follow up tweet to one announcing that rapper Kid Cudi has been added.
During his debut Coachella performance, the Punjabi-Canadian star paid tribute to a fallen icon. As he performed his hit “Brown Munde,” a message took over the screen behind him in all capitals: “JUSTICE FOR SIDHU MOOSEWALA.”
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Sidhu Moose Wala, the influential Punjabi artist, actor and politician, was shot to death in India in May 2022, and his murder remains unsolved. Based in Brampton, Moose Wala helped pave the way for Punjabi music in Canada, and continues to chart two years after his death.
While Dhillon’s first-weekend performance was well-received by the Coachella crowd and many of his supporters, he’s also had some backlash due to how he closed his set, which has been widely covered by media in India.
The artist finished his performance by smashing his guitar on stage.
Some fans have invoked India’s cultural reverence for musical instruments, criticizing Dhillon’s rockstar move as a sign of disrespect and arrogance.
“The guitar that has provided you with life, love, peace, success and respect – you end up breaking it!” reads one popular comment on Dhillon’s post featuring footage of the smash.
In a subsequent post, Dhillon shared photos of his tribute to the late Sidhu Moose Wala, with the caption “the media is controlled and I’m out of control.” The last slide of the post features footage of Kurt Cobain smashing his guitar, linking Dhillon’s move to a longstanding rock and roll tradition. – Rosie Long Decter
As Latin Music Grows in Canada, Live Nation Aims to Take It Across The Country
This week, Live Nation announced that Shakira’s Las Mujeres Ya No Lloran Tour will be coming to Canada in December. It’ll only be the third time in the Colombian superstar’s illustrious 33-year career that two tour dates are scheduled in Canada, and her first time back since 2018.
In the six years since she last played for a Canadian crowd, the country’s Latin music scene has grown bigger than she might have expected. It’s an expanded market that Live Nation has been focusing on in recent years.
In 2022, Live Nation hired Ricky Taco as director of Latin Music in Canada, with a mandate to grow the genre at venues in the country and focus in on one of the fastest-expanding markets in North America.
In an interview with Billboard Canada, Taco gives some numbers. “The Latin genre as a whole, in Canada, is up 48% from last year [in online streams]. When it comes to airplay, Latin music across Canada has increased by 2,100% in the last year. You’re now playing to 37.5 million Canadians as opposed to 2.5 million last year…Over the last five years, it’s been insane. I mean, the growth has been [big].”
Even though they haven’t had the same chart impact in Canada as in the United States, the newest generation of Latin musicians is seeing success on tour. Bad Bunny sold out Toronto’s Scotiabank Arena this April, a far cry from his 2018 stint at the smaller REBEL nightclub. Peso Pluma, a 24-year-old Mexican artist making waves globally, made his first Canadian stops just a year ago at Place Bell in Laval, Québec and Toronto’s Budweiser Stage. In 2024, however, he’ll be playing “LADY GAGA” in front of sold-out crowds at Scotiabank Arena and Montreal’s Bell Centre.
Although Latin music has seen incredible progress in the past years, there’s still much work to be done, as Live Nation Canada plans to bring the genre to more ears, and build an even stronger fanbase. Compared to Punjabi music, which has seen a similar explosion in recent years and a similar focused strategy at Live Nation in Canada, Taco says Latin music has a steeper hill to climb.
“In Toronto, there’s only one Latin FM radio [station],” says Taco. “If we compare it to an English artist, or a Punjabi artist, their communities are bigger, they have more resources to play with. Although we’ve grown a lot in the last three to five years, we’re still very limited, we’re still growing.”
Beyond festivals and radio stations, Live Nation plans to bring Latin music outside the cities Canadian fans have grown accustomed to seeing regular tour announcements.
“At this point, the primary markets definitely are Montreal and Toronto, but our plan is to keep growing. [We want to] bring as many concerts as we can in places like Calgary, Vancouver and even potentially places like Ottawa,” Taco says. – Pablo Gonzalez Legendre
The Guess Who’s Burton Cummings Will Give Up His Royalties to Stop Alleged ‘Cover Band’
Canadian musician Burton Cummings is giving up his royalties to protect his legacy.
The “American Woman” singer and co-founder of classic Winnipeg band The Guess Who has cancelled his performance license agreements in an effort to prevent the current iteration of The Guess Who from performing.
The move is an escalation of a legal battle that’s been ongoing since last fall, when Cummings and fellow Guess Who songwriter Randy Bachman launched a lawsuit against what they’re calling a “cover band” and claiming they’re engaging in false advertising, attempting to juice concert sales by giving the impression that Cummings and Bachman are still part of the band. This iteration of the band owns the Guess Who trademark, and features original drummer Garry Peterson.
While that lawsuit is still ongoing, Cummings is taking a new approach to halting the alleged cover band’s activity. The vast majority of concert venues in the U.S. have licensing agreements with performing rights organizations (PROs) which allow them to host live performances of any music in the catalogue of those PROs. Cummings has spent the last several months cancelling his agreements with those PROs, so that his music is no longer licensed for performance in live venues — a move Cummings can only make because he owns his publishing rights.
The move is drastic and relatively unheard of, as it will cause Cummings to forfeit potential royalties. He’ll lose out on payments not just for live performances, but for radio spins, TV placements, shopping mall playlists, and more. The loss applies not just to recordings Cummings played on, but recordings of any songs he wrote, which includes Lenny Kravitz‘s popular cover of The Guess Who’s “American Woman.”
Cummings says it’s a sacrifice worth making. “I’m willing to do anything to stop the fake band,” he told Rolling Stone. “They’re not the people who made these records and they shouldn’t act like they did.”
Since Cummings terminated his licenses, The Guess Who have already cancelled five concert dates in Florida and Alabama.
“This is about way more than just money, I wouldn’t have pulled the catalog if it wasn’t,” Cummings explains. “This is about the legacy of the songs and the fact that the cover band is doing anything they can to erase me and Bachman from the history of the group. I see advertisements for their shows, and it’s me singing ‘American Woman.’” – Rosie Long Decter
Last Week In Canada: ‘Houdini’ Co-Writer Wins Major Award
It’s time for another spindle around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music.
Shore Fire Media promoted five staffers to key leadership posts at the 34-year-old public relations agency. Allison Elbl, Matt Hanks, Mark Satlof and Rebecca Shapiro are now co-presidents at Shore Fire, while Jaclyn D. Carter has been promoted to senior vice president. Founder and CEO Marilyn Laverty will continue leading the Brooklyn-based firm while taking on an expanded role at Dolphin Entertainment, which acquired Shore Fire in late 2019. The agency’s roster includes Bruce Springsteen, Elvis Costello, the Avett Brothers, Sylvan Esso, Hurray for the Riff Raff and Robert Plant/Alison Krauss, as well as corporate clients including Rhino, Secretly and Gateway Studios. Geographically, Elbl heads Shore Fire’s West Coast office in Los Angeles, while Carter helms the Nashville outpost and Hanks, Satlof and Shapiro hold down the fort in Kings County.
“These executives each put their imprint on Shore Fire in a unique and powerful way,” said Laverty. “They have shaped Shore Fire with their passions, creativity, broad interests and expertise. I’m so grateful to work with them and thrilled to recognize their leadership with the announcement of these new roles. I anticipate great success as Mark, Rebecca, Matt, Allison and Jaclyn drive innovation and growth for both Shore Fire and Dolphin in the future.”
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Meanwhile…
Sony Music knew there was something about Harri Davies, hiring the industry veteran as head of A&R at RCA Records UK, effective immediately. As his title confirms, Davies will be handling all things A&R for the label — scouting, signings, strategy, etc — and will report into co-presidents Glyn Aikins and Stacey Tang. He’s got over a decade of experience in the bank, most recently as senior director of A&R at Concord Music Publishing. Davies’ more notable signings in the line of duty include Krept & Konan, Imanbek, Flowdan and Tyla. “Harri embodies the globally-minded, creative spirit that has always been at the heart of RCA UK,” said Aikins and Tang. “His understanding of the music landscape and passion for nurturing artists will undoubtedly have a positive effect, steering our team and artists towards further global success.”
Monument Records promoted Casey Thomas to vp of marketing & commercial partnerships, with Ansley Neeley promoted to manager, marketing & creative. Boston native Thomas joined Monument from the Country Music Hall of Fame and Museum in 2018, serving first as a manager of PR; she was elevated to publicist and later director of marketing, publicity and creative. Alabama native Neeley began her career at The Greenroom PR, before joining Monument in 2021 as the label’s promotion coordinator, before adding in marketing coordinator responsibilities in aiding the setup of all label releases, planning artist events and overseeing/developing the roster’s creative elements. Monument Records’ roster includes Walker Hayes, Tigirlily Gold and Shelby Lynne. –Jessica Nicholson
Bob Boilen
Doby Photography/NPR
RADIO, RADIO: NPR legend Bob Boilen, creator of Tiny Desk Concerts and All Songs Considered, is the next program director at DC-area community station Takoma Radio (WOWD-LP). The station said Boilen will take over from Steve Hoffman, the PD since 2017, starting June 1. The native New Yorker departed NPR last October after a 35-year run, having left his mark as a digital pioneer as a long-time producer at NPR Music. “It’s a thrill to be a part of community radio with a spirit of commitment and imagination that this station and its volunteers offer,” said Boilen, who already hosts My Tiny Morning Show on the 8-year-old station … SiriusXM president and chief content officer Scott Greenstein signed a three-year extension of his employment agreement, stretching until May 24, 2027. The former movie executive (USA Films, Miramax) is celebrating 20 years at the satellite radio giant.
Secretly Distribution hired Rich Thane as the new associate director of artist and label strategy. Based in London and reporting to Josh Madell, director of artist and label strategy, Thane is tasked with growing Secretly’s client roster of indie labels and forming label services deals with management firms and estates, among other duties. Previously, Thane rose to senior director of global playlist strategy during an eight-year stretch at Warner Music, where he led teams across London, NYC and LA. Thane has also held a variety of positions at Eventim, Billetto and Amazon Music. “Rich’s passion for and knowledge of independent labels and artists is unparalleled, and he comes to Secretly Distribution with a wealth of close personal connections across the global music community,” said Madell. “Add to this his deep understanding of modern playlisting strategy, and it’s hard to imagine someone better suited to this role, as Secretly leans into our global growth.”
Nashville’s Big Loud Records is making some changes in its radio promotion department. Current vp of radio promotion Ali Matkosky will soon exit the company for a new role with Relative Music Group, while director of promotion Southeast Tyler Waugh will take over the role at the label, home of Morgan Wallen, HARDY and Dallas Smith. “Ali has been an integral part of this team and her contribution over the past six years has been nothing less than significant,” Big Loud Records svp of radio promotion Stacy Blythe said. “Tyler’s unwavering passion and dedication have propelled him to the role of vp of radio promotion, where his leadership will continue to inspire and drive success.”
Sony Music stalwart Pauline Duarte was named vp of Columbia Records France. She’ll oversee all operations at Columbia France in addition to her other gig leading Epic Records France. Duarte succeeds Laurent Chapeau, who joined Sony in 2008 in a business development capacity and has helmed Columbia’s French division since 2013. Duarte has been a member of the Sony fam for roughly 14 of the last 21 years, only taking a Def Jam detour in 2013 before joining Epic in 2020. As part of the reorganization, Franck Hiag has been named director of Epic Records France, reporting to Duarte. “The vision of Columbia that Laurent Chapeau has developed over the past decade is outstanding,” Duarte said. “I admire his work with iconic artists and his ability to spot young talents. I’m delighted to succeed him and to be able to help shape the future of the label while respecting its musical heritage.”
LiveCo, an independent concert promoter, hired live events veteran Chuck Steedman as its next president and CEO. Steedman takes over from co-founder Brian Becker, who has helmed LiveCo since it was formed two years ago by consolidating five indie promoters — BASE Entertainment, Premier Productions, Icon Concerts, Rush Concerts and Peachtree Entertainment — under one roof. Steedman arrives at LiveCo from private equity fund Raptor Sports Capital, where he was a principal, and previous roles include global evp of strategy and development at ASM Global and chief operating and development officer at AEG Facilities. LiveCo brands specialize in country, faith music, family shows and comedy, and have the backing of private equity fund Waterland. “LiveCo is a fantastic company made up of some of the most innovative and talented people and brands in live entertainment,” said Steedman. “I am humbled that Waterland and LiveCo leadership have chosen me to lead this incredible organization into a new era of providing experiences for fans, artists, and entertainers across our amazing platforms.”
ALL IN THE FAM: Penske Media Corporation launched PMC Brand Group (PMBG), an in-house agency dedicated to building licensing programs, partnerships and consumer products for PMC’s portfolio of brands including this one, plus The Hollywood Reporter, Variety, Rolling Stone, SXSW, The Golden Globes, VIBE and quite a few more. The PMBG team will be led by Thomas Ferguson, vp of licensing, partnerships and consumer products, with assistance from Laura Ongaro, associate vp of licensing and partner management, and Noelle Hickey, who is promoted to associate director of marketing and partner management.
Allie Gruensfelder
Allie Gruensfelder joined marketing agency The Syndicate as director of publicity. In her new role, Gruensfelder will focus on overall press strategy and creating opportunities for national and local media coverage for clients. Prior to The Syndicate, she led campaigns for Hoobastank, The Maine and other acts as vp of Trendsetter Media & Marketing. Gruensfelder will report to Jeff Kilgour, svp of business development, and work from the firm’s office in Weehawken, NJ. “Allie is an exceptional talent and her experience, creativity, and passion will be invaluable to the company,” said Kilgour. “She always brings innovative ideas to her campaigns and we’re thrilled to have her fresh perspective strengthen the team.” Reach her at allie@thesyn.com.
Sea Gayle Music executives Chris DuBois and JD Groover have joined with Geoff Ogunlesi of The Ognlesi Group to form a new management company, 1221 Artist Management. Groover will take on the title of vp of management at 1221 while keeping his senior creative director/A&R role at Sea Gayle. DuBois, who is CEO of Sea Gayle, and Ogunlesi will oversee 1221 while continuing at their respective operations. The execs see only benefits to adding management services to their arsenal. “In today’s publishing world, having turnkey management services is a natural way to grow and support an artist’s career,” said DuBois. Ogunlesi, whose LA-based management company counts Young Thug and Reyna Roberts as clients, said he found the right partners. “As our company has thought about expanding into the country space and into Nashville, we wanted to do so with integrity as I have the utmost respect for the culture and the people involved,” he said.
NASHVILLE NOTES: The Country Music Association promoted Michelle Kirk to senior director of integrated marketing, and Mary Overend to senior director of marketing. Kirk previously re-joined the CMA in 2019 after time at WME. Overend joined the CMA in 2015 following time at Carters/OshKosh B’Gosh … Ashley Gorley’s publishing company Tape Room Music elevated Caroline Hodson to director of A&R. The native Mainer joined TRM as an intern in 2020, the year she graduated Magna Cum Laude from Belmont University. “Caroline has been a rockstar since day one and is immensely deserving of this promotion,” shares president Blain Rhodes. “She is an integral part of our team, and our writers are lucky to have her in their corner.”
Melissa Newhart, an executive in UTA‘s music brand partnerships division and a former vp at Roc Nation, joined the board of directors of WhyHunger. The non-profit, which advances initiatives aimed at ending world hunger, also appointed philanthropist Jimmy Zankel to the board.
Max Cutler, former head of talk creator content partnerships at Spotify, launched a new multi-media storytelling company called PAVE Studios. According to the announcement, PAVE Studio will work to build a “unique ecosystem of genre-specific brands” creating hyper-targeted content across audio, video, books, live experiences and more. “Storytellers who successfully engage audiences and create fandoms through written, audio, and video content have led the charge in cultivating their robust communities into diverse businesses,” Cutler said. “PAVE Studios will set the stage for a better way of producing, distributing and consuming the world’s greatest original content, all while empowering creators, simplifying content discovery, and fostering vibrant fan communities.”
ICYMI:
Cindy James
The Verve Label Group promoted Joseph Oerke to executive vice president of Decca Records U.S., tasked with leading it into a “new era as the leading classical record company in America” … One-time executive of the week Cindy James was promoted to general manager of Virgin Music Group‘s operations in North America … and Telemundo‘s got a new structure.
Last Week’s Turntable: BMI’s New Digits
