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Reservoir Media raised its outlook for the coming year and delivered mid-single-digit growth thanks to strong gains in digital and synchronization revenues.
The New York-based company’s revenue increased 6% to $40.7 million in the fiscal first quarter ended Sept. 30, the company announced Wednesday (organic growth that excludes the impact of acquisitions was 5%). Adjusted earnings before interest, taxes, depreciation and amortization climbed 11% to $17.6 million.
Music publishing revenue jumped 10% to $28.6 million due mainly to catalog acquisitions and price increases at digital streaming services. Digital revenue grew 22% to $15.6 million and synchronization royalties increased 30% to $5.8 million as film and TV licensing is “getting back to pre-strike levels,” said CEO Golnar Khosrowshahi during Wednesday’s earnings call. Performance revenue fell 22% to $5.1 million, due to “the timing of hits songs,” the company said. Mechanical royalties dropped 13% to $1.1 million.
Recorded music revenue fell 1% to $10.7 million. Reservoir attributed the year-over-year decline to the reissue of rap icons De La Soul’s physical catalog in the prior-year period. Recorded music physical revenue sank 21% to $1.5 million. Digital revenue fell 0.1% to $7.2 million. Neighboring rights revenue jumped 35% to $1.1 million and synchronization royalties rose 3% to $900,000.
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Last quarter, Reservoir licensed of Snoop Dogg’s publishing catalog and Snoop-owned Death Row Records, and signed deals with Canadian singer-songwriter k.d. lang, country writer-producer Travis Heidelman, songwriter Jon Decious, writer-producer Kes Kamara and writer-producer Ben Stancombe. The company also purchased the publishing catalog of Billy Strange (“A Little Less Conversation,” “Clean Up Your Own Backyard”) and acquired the royalties of Jack Douglas, who produced hits for such artists as Aerosmith and Cheap Trick.
“As we look forward to the second half of fiscal 2025 our pipeline continues to remain strong, with over $1 billion in transactions under consideration at attractive entry multiples,” said Khosrowshahi. Reservoir is looking at opportunities with “better multiples,” she added, “but I still continue to see a substantial number of transactions trading at high-teen multiples. And I think the long-term value of these assets is recognized, thus warranting these multiples.”
Reservoir slightly increased guidance for the full fiscal year. Revenue to a range of $150-153 million (from $148-152 million) and adjusted EBITDA to $59-$62 million (from $58-61 million).
Shares of Reservoir Media were up 0.3% to $8.81 by midday after jumping as high as $9.09, just shy of the stock’s 52-week high of $9.20.
Fiscal first quarter of 2025 financial metrics for Reservoir:
Revenue: up 6% to $40.7 million
Adjusted EBITDA: up 11% to $17.6 million
Net income: down 78% to $200,000
Publishing revenue: up 10% to $28.6 million
Recorded music revenue: down 1% to $10.7 million
When Beyoncé sings about “rugged whiskey” and the “dive bar we always thought was nice” on her country album Cowboy Carter, she was definitely not talking about her whisky.
Launched this September in partnership with luxury giant LVMH’s Moët Hennessy, Queen Bey’s premium rye whisky SirDavis retails for $89 bottle and was inspired by her paternal great-grandfather’s legacy as a successful Prohibition-era moonshine maker.
It’s the latest product from Beyoncé, who, in addition to performing 56 shows for her $580-million-grossing 2023 Renaissance World Tour, also released a perfume called CÉ NOIR and a haircare line called Cécred over the past year.
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Fans are feverishly speculating on what genre she might reclaim next for a potential Act III album. So, why would she spend her precious time and invaluable brand power to release a whisky? And how much money might she make from it?
Billboard interviewed half a dozen alcohol industry experts and leading entertainment lawyers, and while they unanimously agreed that it is too early to guess at SirDavis’ sales — it only launched in August — they said the whiskey fits into a modern-day marketing strategy as multi-faceted as Queen Bey’s career.
“It’s an extension of the marketing push for her latest album, which has references to traditional Americana and American heritage,” says Spiros Malandrakis, head of alcoholic drinks research for Euromonitor, referencing Beyoncé’s Cowboy Carter, which came out in April. “What is one of the most iconic products that encapsulates American heritage? It’s an American whisky that has roots dating back to moonshine.”
Cowboy Carter debuted at No. 1 on the Billboard 200 album chart dated April 13 with 407,000 equivalent album units earned in the U.S. in the week ending April 4. It has since racked up a total of 1,322,896 equivalent album units, according to Luminate, and marks her her eighth No. 1 album. Whisky comes up in the lyrics of several Cowboy Carter songs, as do Levi’s jeans — spelled “Levii’s Jeans” on the track that features Post Malone — and Queen Bey is currently featured in an ad campaign for the classic denim company.
But given the international nature of her brand, Malandrakis says, Bey’s whisky works to extend its appeal beyond a strictly Americana audience. SirDavis whisky dropped the e, as the Scottish do, and it incorporates grains often used in Scotch and Japanese whiskey.
“She kind of winks towards this international side of her brand,” Malandrakis says. “She is a black American icon. She is also equally, potentially even more so, an international icon.”
WORTH A SHOT
Celebrity liquor deals have the potential to make superstars into billionaires, like the sale of Casamigos Tequila did for George Clooney, and before that what Cîroc vodka and DeLeón tequila did for Sean “Diddy” Combs. Beyoncé’s husband Jay-Z did his first liquor deal in 2012 — D’ussé Cognac with Bacardi — and in 2021 he sold half of his champagne Ace of Spades to LVMH. As of May, Forbes estimated Beyoncé’s net worth to be $760 million.
Jordan Bromley, head of Mannatt’s entertainment transactions and finance practice, says that these kinds of deals can be highly lucrative, whether the talent receives an upfront check or sticks around for two or three years to build the brand and then negotiates a big payout when they exit.
Beyoncé x Sir Davis
Mason Poole; Julian Dakdouk
“This should be a tentpole of any icon’s business portfolio, and not just in liquor but maybe home goods, athletic goods or venues,” says Bromley, citing Rihanna’s Fenty as one of the most successful examples of an artist becoming a billionaire thanks to a business outside of a music career. “You’re not stressing out over a record label audit—which you should do every two or three years—because you’re a 20% owner in a billion dollar company.”
However, Bromely says, there is risk for icons in lending their star power to a product.
“Is there risk? Absolutely—only the entire trust you’ve created for your brand,” Bromley says.
The product has to be good and it has to sell, and the ingredients necessary for those two components are not the same with all products. The Wall Street Journal reported in 2023 that Beyoncé and Adidas AG ended their partnership, the “adidas x IVY PARK” collection, after disappointing sales.
With spirits, sources say success usually seems to follow when fans believe a superstar authentically enjoys drinking the spirit in their spare time.
The SirDavis story posits that Beyoncé has whisky-making in her blood, and followers of her social media accounts know she has frequently posted about tasting and collecting rare Japanese whiskeys.
It is not known if Beyoncé has an ownership stake in SirDavis, and LVMH, which owns Moët Hennessy, rarely breaks out sales for its individual products. But Malandrakis says most celebrities exit their liquor company partnerships within a few years with a sizeable check.
“Not because they lose interest but they realize these things have a timeline. At some point Beyonce will not be as relevant, as strange as that sounds,” Malandrakis says. “The longevity of products like that is ultimately down to how good they are and how much they create for the community.”
Money Makers is a new column in which Billboard unpacks one financial issue a week for an artist in the news. Thanks for reading, and if you have suggestions or tips, email me at ediltsmarshall@billboard.com.
ASCAP and SACEM are expanding their existing relationship into an alliance that will allow them to invest together in data technology and collect directly from streaming services in more foreign markets, plus launch an AI task force and encourage collaboration among songwriters. Since 2022, SACEM has collected money from online services in foreign markets for ASCAP […]
United Talent Agency has appointed Kirk Taboada, an industry veteran in the live Latin music scene, as an agent within its music division. Based in Miami, Taboada’s recruitment is part of UTA’s strategic efforts to solidify the company’s market-leading presence across the global Latin music genre. Taboada began his career in the music industry in 2005 […]
Breaking Benjamin signed with BMG to release new music, their first since 2018. According to a press release, the band has racked up 8.5 billion streams globally.
On the heels of his recent signing with Eminem’s Shady Records, Aftermath Entertainment and Interscope, Filipino rapper Ez Mil signed to Grassroots Music for global management. His representative at the company is Dan Lee.
Universal Music Canada signed Punjabi producer thiarajxtt (a.k.a. Dilmanjot Singh Thiara), who released the EP If the Sun Had a Dark Side on the label on Oct. 18. Last year, thiarajxtt produced most of Diljit Dosanjh’s album Ghost and collaborated with Jassa Dhillon, Shubh, Channi Nattan, Jerry and more.
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The Head and the Heart signed with Verve Forecast and released a new single entitled “Arrow.” A new studio album will be announced in the coming weeks.
The Red Jumpsuit Apparatus (“Face Down,” “Your Guardian Angel”) signed to Better Noise Music, which will release the band’s new album next spring.
Finnish rock band The Rasmus (“In the Shadows”) also signed with Better Noise, which jointly released the group’s new single, “Rest in Pieces,” with Nordic indie label Playground Music on Friday (Oct. 25).
Rap-rock group Hollywood Undead signed with Sumerian Records and released the new single “Hollywood Forever.” According to a press release, the group has more than 3.1 billion career streams across platforms.
Alt-pop trio Coyote Theory (“This Side of Paradise”) signed with Nettwerk Music Group and released the new single “Waiting on the Weather.” The band’s drummer, Jayson Lynn, acts as the group’s manager. A&Rs are Anne Elise Dickinson and Tom Gates.
Austin Williams and Truth or Dare Records partnered with RECORDS Nashville/Columbia Records. Williams, known for songs including “Here We Go Again” and “Wanna Be Saved,” is repped by Loyd Potts and Ken Madson at Ignition Management, with agency representation from CAA. – Jessica Nicholson
Big Machine Records signed singer-songwriter and two-time Grammy nominee Ryan Hurd, who released his latest song, “This Party Sucks,” on Friday (Oct. 25). Hurd is also signed to Big Machine Music for publishing. The Big Machine Records roster additionally includes Tim McGraw, Carly Pearce, Midland, Rascal Flatts and Jackson Dean. – Jessica Nicholson
Mereba signed to Secretly Canadian, which will release her new album, The Breeze Grew a Fire, on Feb. 14. The first single from the LP, “Counterfeit,” dropped on Oct. 22.
Pop-rock duo Sparks (Ron and Russell Mael) signed with Transgressive Records, which will release their as-yet-untitled upcoming studio album — the band’s 28th — next year, with Firebird Label Services serving as distributor.
HEYOON, a Korean-born pop artist based in both L.A. and Korea who was previously part of the international pop group Now United, signed with Universal Music Korea. The label will help develop HEYOON globally.
Sibling duo Ocie and Wes Crowe, known as the country/folk/alternative duo Crowe Boys, signed with UMG Nashville. The duo’s first release for the label is “Let Me Feel Alone,” written solely by Ocie Crowe, out Nov. 8. – Jessica Nicholson
New York-based rapper-producer-trumpeter Pan Amsterdam, previously known as Leron Thomas, signed to Heavenly Records and released the new track “White Ninja.” An album is due next year.
Manchester, U.K.-based experimental punk band Maruja signed with Music For Nations and released a new single, “Break the Tension,” on the label. The group is slated to embark on a North American tour next year.
Barbadian singer/songwriter/producer Ayoni signed with Def Jam Recordings and released the single “San Francisco” ahead of a larger project set to drop next year. Ayoni is featured in the Paramount+ documentary Uncharted.
WME signed singer-songwriter Zach Meadows. The Florida native (and now Nashville resident) is repped by Torrez Music Group’s Alex Torrez and Emily Vincent. He released his debut album, Road to Nowhere, in August and will soon join Braxton Keith on the road throughout November. – Jessica Nicholson
Handcraft Entertainment signed Japanese-British artist, model and influencer Hana Kuro to a global production and management deal, marking the second major signing for the J-pop-focused firm.
For all the talk about TikTok and its impact on the music business, much less has been said about YouTube in the last few years. George Karalexis and Donna Budica, the co-founders and CEO and COO, respectively, of YouTube strategy company Ten2 Media, want to change that. “YouTube is so underserviced by the music industry. Traditionally, it’s just been a place to put up your music video,” Karalexis says of the platform where Justin Bieber, Troye Sivan and Maggie Rogers were discovered.
“It has evolved so much now,” Budica adds.
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With the 2021 introduction of Shorts, YouTube’s video equivalent of Instagram Reels and TikTok, the duo saw an opportunity to start a firm that hyperspecialized in YouTube. “YouTube is unlike anything else. It is an ecosystem,” Budica says. “Shorts, livestreams, longer videos, music videos, YouTube Music.”
Unlike the plethora of YouTube distributors and rights management firms that simply collect money from the platform and send artists and labels a check for what they’ve found, Ten2 sees itself as a high-touch service, handling YouTube royalty collection but also helping clients strategize content creation specifically for the platform. Those services include helping artists and labels create lucrative livestream loops of their videos, building out playlists of their songs, capturing publishing dollars from user-generated covers and developing strategies to attract new audiences with their Shorts. While Billboard has reported several stories about rights managers employing fraudulent schemes to siphon royalties from YouTube — often from unsuspecting independent artists who don’t have access to the streaming service’s content management system (CMS) — Ten2 offers clients a “completely transparent” dashboard, Karalexis says, that provides “educational tools, greater understanding about analytics — like what’s working, what’s not working — why and how to expedite growth,” Budica says, finishing his thought.
Karalexis and Budica’s clients include Warner Records, Rhino Records and a number of distributors that wish to remain anonymous, and they say they have had major success with such mainstream clients as Brent Faiyaz, Benson Boone, blink-182’s Travis Barker and NLE Choppa, to name a few, and have helped Christian artists Maverick City Music and Don Moen earn six-figure incomes on YouTube alone through savvy strategizing.
With data analytics firm Kantar reporting that YouTube Music was the “most adopted music streaming service” for the second quarter of 2024, and Luminate’s findings that YouTube Shorts are nearly at parity with TikTok when it comes to U.S. music listeners using the platform — more than 30% — Karalexis and Budica contend YouTube has a strong future. “We saw the writing on the wall,” Karalexis says.
Karalexis says he was given this guitar pick after seeing his first concert, Eric Clapton, in 1992. “That experience changed my life and made me want to pursue music.”
Yasara Gunawardena
Should all artists use a service like Ten2, or are there artists who fare better on YouTube with your guidance?
GEORGE KARALEXIS: If you don’t have a partner that understands YouTube [and has access to its CMS], then you’re blind on the platform. It’s not like Spotify and Apple, which have this very [similar] systematic approach where the song just kind of sits there. YouTube is part social network, part streaming service. So if you’re actively creating content on it, you’ll see a lot of upward growth of your own making. Also, Spotify and Apple don’t share how often listeners skip a song or how long people listen to your songs. If you get a partner with access to YouTube’s CMS, you can really get an understanding of who your audience is and who your potential audience is.
You’ve had success working with Christian artists. What makes this genre distinct from others?
KARALEXIS: We’ve found that Christian is song-based rather than artist-based. House bands at churches play lots of covers of popular Christian songs. Don Moen has written huge songs that get covered over and over, and the covers are even bigger than his original. Through that process, we realized there were a lot of royalties to claim. We also found success using keywords that Christians are searching for, like “Sunday prayer,” “worship,” stuff like that. YouTube is the second-largest search engine for folks behind Google, so these keywords really work to drive traffic. Also, it’s very driven by lyrics and long-form consumption. We’ve started a 24/7 livestream, like the Lofi Girl study beats videos, and it’s been huge. We’ve found that people watch these streams for an average of an hour and 50 minutes. Another example: We work with a few superchurch pastors, too. They have such a hardcore following that tunes in. They might draw 1,000 people in person, but on YouTube they’ll have 15,000 to 20,000.
DONNA BUDICA: But all these approaches are genre-agnostic. It doesn’t matter if it’s hip-hop or Christian or whatever. Everyone can benefit from a livestream or a lyric video or keywords.
What makes Shorts distinct in the short-form video space?
KARALEXIS: When someone opens the YouTube app on their phone, their mentality is very different than if they just choose to click on TikTok or Instagram. They are [typically] someone who watches long-form, someone who wants to get frequent updates from a person they subscribe to, whereas TikTok is quick virality-driven. We look at Shorts as a brand-builder — onboarding fans versus driving audio consumption.
“Disraeli Gears by Cream is my earliest memory of music,” Karalexis says. “I remember flipping through my dad’s vinyl collection and always asking for this one to be played.”
Yasara Gunawardena
Recently, a lot of labels have turned away from making high-quality music videos for singles. Why do you think that is?
BUDICA: YouTube is no longer a place where an artist should put out one really expensive music video every era and go away. Consistency is key, and the YouTube algorithm rewards that. If you’re constantly putting out one long-form video [shot on an iPhone] every week or every month, it’s better.
KARALEXIS: Hip-hop got it right first. They would do these lifestyle videos, where it’s them with cars, their friends. They’re showcasing the life that their lyrics are selling.
Warner Music Group CEO Robert Kyncl joined the company from YouTube. Is this leadership one of the reasons WMG hired Ten2?
KARALEXIS: Our relationship actually predated Robert. We started working with Warner in late 2021, early 2022. I think [Warner Records co-chairman/COO] Tom Corson is a really smart guy, and he’s always trying to find a competitive edge and find ways to service artists differently.
Does the restructuring at Atlantic Music Group affect you and your artist clients?
KARALEXIS: No, we mostly work with Warner Records. We also service a number of indie labels and artists that are not public.
YouTube is trying to launch a TV equivalent to rival Netflix and other streaming platforms. How will this affect your artists?
KARALEXIS: We’re seeing huge spikes in TV consumption already. It’s the next frontier. It’s so hard to break an artist on a phone because of the barrage of notifications you’re getting on there. Sometimes I don’t even remember what content I’ve seen because I was so distracted. On TV you’re not [barraged], so it has a lot of potential.
Budica says her diploma reminds her to “maintain a beginner’s mind while continuing to build upon the tools, fundamentals and passion for business that Wharton gave me during my formative years.”
Yasara Gunawardena
Artificial intelligence-generated or -assisted videos are starting to appear on social media. Will the rise of AI content hurt your clients’ chances of breaking through the noise?
BUDICA: Any kind of milestone in technological advancements could be malicious. But the reality is it’s here and it can expedite content creation. That’s how we choose to approach it.
KARALEXIS: Yeah, what can you do? Throw up your hands? Then you’ll get left behind. We have to embrace it. We’ve seen it help with Don Moen’s content creation. AI has helped him tremendously to create quick lyric videos and increase their output. We have a lyric-video generator and it can make, like, 50 versions a day.
Is that the future of shortform video platforms — generating a million versions of the same thing?
BUDICA: I’m going to say a soft no. It’s not about blindly putting out volume. It is good to experiment, but it’s about putting out things that resonate with your audience and using analytics to figure out what’s working.
The last year has had an influx in catalog sales and viral bumps for songs that are decades old. What are the opportunities on YouTube for catalog marketing?
KARALEXIS: Massive. Repurposing is important here. Donna came up with this idea of “surface area.” For someone who is deceased or no longer able to produce new material in a traditional way, the method has always been the same: a remaster, a reissue, but there’s a lot more we can do now. You can reintroduce the artist in a number of ways. For example, with The Beatles on YouTube, you could create a ton of playlists [videos that play in a particular order] that are based on keywords and themes, like “Beatles acoustic songs,” “Beatles love songs.” Sometimes it is as simple as reworking their old videos into 4K and uploading them with higher quality. We are very bullish on catalog and in deep discussions with some estates.
You’ve been working with major labels, including WMG, but do you think there is any danger in the majors ever trying to replicate your process in-house?
KARALEXIS The majors could do it [in-house], but they are downsizing and consolidating. For them to build what we’ve done from scratch in-house would be hard, and surprising.
“Much of the artwork in my office, including this one, was drawn by my dad, who came here on a boat from Italy [and] is an aerospace engineer,” Budica says. “His name is on the moon, but he also designed album cover art in the ’60s.”
Yasara Gunawardena
Conjunto Michoacan, the veteran Regional Mexican group known for its ranchera and norteño ballads, released “El Corrido de Fernando Valenzuela,” about the late star Los Angeles Dodgers pitcher Fernando Valenzuela, in 1981. But the group didn’t do it because everybody was doing it — even though, in the early ’80s, everybody was. “We knew of a few other songs, but were not really inspired by them, because we were focused on what we were doing,” recalls Alejandro Saucedo Garcia, the group’s violinist for 40 years. “He was the king of baseball and everybody in Mexico loved him.”
“El Corrido de Fernando Valenzuela,” the group’s 1981 single, was one of many musical tributes that dominated Mexico and Los Angeles while “El Toro” was racking up hundreds of strikeouts and winning in the World Series. Among the most popular were upbeat salsa-and-disco jam “Go Fernando” by Everardo y Su Flota, a Chicago group whose bandleader died in 2014, and “Cumbia de Fernando Valenzuela,” a more traditional, name-chanting ballad by Los Gatos Negros de Tiberio.
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Conjunto Michoacan, one of the few surviving groups that dipped into Fernandomania at the time, had a songwriter, the late Magdaleno Oliva, who knew Valenzuela well. “They would have conversations about baseball and stuff,” Saucedo Garcia recalls, through a translator, by phone from his home in Taretan, Michoacán, Mexico. “The song was very famous,” he adds. “On the radio all over the place. We toured in Mexico and the U.S. and played the song.”
Valenzuela, who died last week at 63, was born in a small Mexican town, Etchohuaquila, Sonora, before becoming the only baseball pitcher ever to win the Cy Young and Rookie of the Year awards in the same season. He was magnetic and dominant and a sort of folk hero to Latino baseball fans, particularly those with Mexican heritage. Still outraged about Dodger Stadium displacing a heavily Latino Los Angeles community called Chavez Ravine in the ’60s to bring baseball to the city, many local Hispanics plunged into Fernandomania.
“My parents, right away, you know, they started crying. We all cried,” Sergio Juarez, a baseball fan who grew up near Dodger Stadium, recently told NBC Los Angeles. “It was different because Fernando looked like us. Fernando was someone that was humble, and he broke barriers that a lot of people wouldn’t even reach.
“And to see a person that had a Spanish surname, Mexican-American, came from a small town,” he added. “It was very special.”
Corridos represent a 200-year-old tradition of story-songs that frequently deal with David-vs.-Goliath-type battles of lone heroes taking on institutions; they were an adaptable way of saluting Valenzuela in the ’80s. In a Los Angeles Times essay after the Dodgers retired Valenzuela’s No. 34, Michael Jamie-Becerra, a University of California Riverside assistant professor of creative writing, wrote that Conjunto Michoacan’s track “would have you believe that Fernando’s on-field success could be attributed to his having a noble heart, caring for his parents and being an all-around good guy.”
Conjunto Michoacan recorded “El Corrido de Fernando Valenzuela” for Odeon Records, an imprint owned by major label EMI that is now part of the University of California Los Angeles’ Strachwitz Frontera Collection of Mexican and Mexican American Recordings. Although the track has only 1,087 YouTube views and is not available on most streaming services, Conjunto Michoacan has recently played it live throughout the U.S. and Mexico. Its fans include the Guatemalan YouTube commenter who posted that he listened to the group’s music “when I went to herd sheep in the field with my radio with pure rayobac batteries.”
Saucedo Garcia says the group plans to release a new version of “El Corrido de Fernando Valenzuela” with updated lyrics and perform it on upcoming tours. “New things about his achievements and his passing,” he says.
The 65-year-old violinist continues to follow baseball, including the World Series, in which the Dodgers have a 3-0 lead over the New York Yankees. He has a rooting interest: “I would like the winners to be the team of Fernando Valenzuela,” he says.
Dick Clark Productions (DCP) has announced the appointment of Diana Miller as executive vice president of talent, effective Jan. 15, 2025.
In her new role, Miller will lead the talent team and oversee talent booking and management for DCP’s iconic lineup of live events and shows, including the Golden Globes, American Music Awards, Billboard Music Awards, Academy of Country Music Awards, and Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest. Miller will report directly to DCP CEO Jay Penske and be based in Los Angeles.
“Diana’s exceptional background, deep relationships and passion for entertainment make her an ideal fit for our team,” said Penske. “Her innovative and outside-of-the-box approach will be key as we continue to expand and enhance our programming and global reach.”
Miller, a six-time Emmy Award-winning producer and two-time Billboard Women in Music Award honoree, brings over 20 years of experience in booking celebrity interviews and musical performances, with a career spanning major networks like CBS, NBC, Apple TV, and TBS.
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“I’m thrilled to join DCP, a company I’ve long admired for its rich history and slate of incredible shows”, said Miller. “I’m also excited to be part of DCP’s bright future and vision with Jay at the helm and look forward to shaping compelling, unique and memorable opportunities for talent for years to come.”
She has worked with high-profile figures, including Michelle Obama, Paul McCartney, Ariana Grande and Jay-Z, establishing a reputation for strong industry relationships and creative talent engagement.
Miller’s background includes eight years as supervising producer of The Late Late Show with James Corden, where she played a key role in launching Carpool Karaoke, as well as seven years as producer for Carpool Karaoke: The Series on Apple TV. She also spent seven years as senior talent executive on Last Call with Carson Daly and NBC’s New Year’s Eve special and is currently the senior supervising producer for The Talk.
Duetti, a fintech platform that lends money to independent artists in exchange for stakes in their back catalogs, said Tuesday it secured $114 million from investors led by Create Music Group-backer Flexpoint Ford.
Co-founded by former Tidal COO Lior Tibon and former Apple Music business development executive Christopher Nolte in 2023, Duetti is the latest company in the indie music sector to capitalize on the flood of financing and interest coming from institutional investors and private equity firms.
Duetti said it raised $34 million in an equity financing from Flexpoint Ford, Nyca Partners and Viola Ventures. Chicago-based Flexpoint Ford invested $165 million in Create Music Group earlier this year. Duetti also secured $80 million through a privately rated asset-backed security, structured and placed by Barclays.
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This is Duetti’s second publicly-disclosed fundraise — last year it raised $32 million from investors including Roc Nation, Viola Ventures and Presight Capital — and its first ABS. Duetti chief executive Tibon described the combination of equity investments and ABS financing as more efficient, and said in a statement that it will help them to “accelerate [the company’s] acquisition of music catalogs and expand its proprietary forecasting, pricing, sourcing, and marketing technology.”
“We believe we are leading the way in educating the capital markets on the significant long-term value of the independent music sector,” said Tibon. “The number of independent artists is growing at an unprecedented rate, and Duetti is here to ensure they have access to differentiated financing solutions.”
Duetti says it works with 500-plus artists, including MC Delux, SadBoyProlific and Savannah Dexter, purchasing their tracks or entire master catalogs, in exchange for funds that typically range from $10,000 to $3 million. Through digital marketing campaigns like playlists and channels on Spotify and YouTube, along with traditional sync placements and better distribution, Duetti says it helps artists grow their audience, thereby generating more streaming revenue and a profit for their investors.
Flexpoint Ford managing director Mike Morris called Duetti one of the fastest growing rights music rights companies in recent years.
“We see tremendous potential in their ability to provide scalable, data-backed solutions that address the evolving needs of musicians today,” Morris said in a statement.
ByteDance founder Zhang Yiming tops the list of China’s richest people, according to the Hurun Research Institute, although many of them have seen their net worth plunge over the past year.
The institute, which publishes the annual Hurun China Rich List, found that the total wealth of entrepreneurs on the list this year was $3 trillion, down 10% from the previous year.
The number of billionaires based on their net worth in U.S. dollars was also down 142, to 753. Hurun tallied 1,185 billionaires since 2021.
“The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun report.
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ByteDance’s Zhang came in No. 1 for the first time this year, with a net worth of $49.3 billion, according to Hurun. ByteDance, which is the parent company of popular short-video platforms Douyin and TikTok, saw its revenue grow to $110 billion last year.
He is also the first individual born in the 1980s to top the Hurun list.
Bottled water magnate Zhong Shanshan fell to second place in 2024 with $47.9 billion, after his brand Nongfu Spring faced backlash in February when consumers accused it of disloyalty to China due to designs of its bottles.
The backlash wiped out billions in market value for Nongfu Spring.
Coming in third is Tencent founder Pony Ma with a net worth of $44.4 billion, as the gaming firm saw its revenues rise.
This year’s China Rich List had just 54 new names added to the list, the lowest figure in two decades. New additions include Charlwin Mao and Miranda Qu Fang, the founders of Xiaohongshu, a social media and lifestyle platform popular with young users.
China’s economy has lagged in the aftermath of the COVID-19 pandemic as the country grapples with a real estate crisis and a volatile stock market. Policymakers are expected to unveil major stimulus measures to encourage consumption and spending, which have declined in recent months.