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The .MUSIC registry announced on Wednesday (Nov. 27) two new tools to help music creators and professionals manage their digital identities: SmartBadge and SmartPage.
The SmartBadge, a digital badge similar to a blue checkmark seen on social media profiles, uses an embedded watermark QR code that helps protect identities by only linking back to verified, legitimate .MUSIC profiles and content. The SmartPage provides artists with a branded page where they can post an official biography and verified links to social media and the artist’s music at various digital service providers.
“With .MUSIC’s SmartBadge and SmartPage, we are setting a new industry standard for authenticity, security, and connection within the global music industry,” Constantine Roussos, the founder/CEO of .MUSIC, said in a statement. “This is a significant leap in the digital music identity space, providing the music community with enhanced brand protection and promotion opportunities, while fostering trust and transparency across the entire music ecosystem.”
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“I have seen the industry change a lot over the years, but this .MUSIC thing? It is next level,” said Fred Durst, frontman of Limp Bizkit. “It is not just about stopping fraud. It is also about creating a trusted space where we can connect with fans without worrying about imposters or scams. It is a game-changer for artists at every level.”
In her own statement, songwriter and recording artist Skylar Grey said she’s attracted to .MUSIC’s potential to help musicians receive the royalties they are due. “It always bums me out that I do not own SkylarGrey.COM,” Gray said. “Now, a verified .MUSIC feels more official than a .COM. I am excited to see how having a verified MusicID can also be used by the global music industry to help musicians get paid and solve the problem of unclaimed black box royalties.”
“Finally, artists can get their verified music identity and be trusted,” added Elliott Taylor, a recording artist and songwriter for artists such as Celine Dion and Eminem. “.MUSIC is much needed because it guarantees that an artist’s identity is truly and undeniably authenticated.”
After a lengthy process to win industry support and beat out other interested parties such as Google and Amazon, .MUSIC began offering top-level domains in October. Unlike the familiar .com domain, .MUSIC domain names are available exclusively to the music community, just as.gov and .edu domains are reserved for proper entities in government and education, respectively. Artists, songwriters, producers, other industry professionals and music companies all have the option of acquiring .MUSIC domains.
Another feature offered by .MUSIC is a single sign-on to access the .MUSIC ecosystem and other digital service providers. Using a secure set of credentials is meant to enhance security for creators, reduce the chance of data breaches and make on-boarding easier for music organizations, collection societies, digital service providers and distributors.
You can check out Limp Bizkit’s SmartBadge and SmartPage for examples of the new products.
Charles Goldstuck‘s GoldState Music is quietly bulking up thanks to two back-to-back catalog acquisitions in the last six months.
According to sources, GoldState has laid out some $200 million to acquire portfolios of music publishing and recorded music royalty income streams from two boutique music asset investment firms: CatchPoint Rights Partners in a deal that sources say closed in the last month; and AMR Songs, whose catalog GoldState acquired earlier this year.
The CatchPoint portfolio includes stakes in songs like Kanye West‘s “Flashing Lights,” Sheryl Crow‘s “If It Makes You Happy” and Panic! At The Disco‘s “I Write Sins Not Tragedies,” along with slices of songs and/or recordings by the likes of Brantley Gilbert, Smash Mouth, Avril Lavigne and others.
Meanwhile, the AMR catalog includes John Sebastian’s writer’s share of all of his The Lovin’ Spoonful songs, including “Summer In the City,” “Daydream” and “Do You Believe In Magic,” as well as all rights from Sebastian’s solo catalog, which includes “Welcome Back.” AMR has also made investments in SOJA’s catalog, from the band’s inception through 2020 — covering music publishing and artist royalties and various master recordings — as well as stakes in songs by the likes of Macy Gray and Ivan Neville.
While the above list includes artist names, the two firms have also invested in co-writer shares of songs or producer points on artist royalties — and their websites don’t always specify, when citing song and recording investments, which assets have been acquired.
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All told, the two firm’s catalogs each had about $7 million in annual income, or a combined $14 million, in a combination of music assets that split about 50/50 active and passive income, sources say. (Passive income would be the writer’s share of a song owned and controlled by a publisher or an artist’s royalty income stream from a master recording owned by a label. Active income would be ownership of the song publishing and/or the master recordings.)
Goldstuck has a long history in the music industry, having held senior executive positions at such labels as Arista Records, Capitol Records, J Records and RCA before becoming president/COO of the Bertelsmann Music Group. More recently, he was co-chairman of Hitco Entertainment, which was sold to Concord. Moreover, Goldstuck is the founder of The Sanctuary At Albany, which is described as a state-of-the-art recording studio in the Bahamas, and is also currently the executive chairman of TouchTunes Interactive Networks, the digital jukebox company with over 80,000 locations, according to his LinkedIn profile.
The GoldState Music website says Goldstuck founded the GoldState investment firm in 2022 and lists Flexpoint Ford, Pinnacle Financial Partners and Regions as its financial backers. The website also lists TouchTunes, The Sanctuary at Albany and Create Music as part of the GoldState Music growth portfolio. In June, GoldState Music participated in Flexpoint Ford’s $165 million funding round to Create Music Group, although the amount it invested was undisclosed.
Prior to making its latest catalog acquisitions, Goldstuck began by acquiring music intellectual property rights on its own, including by buying — based on the GoldState website — the rights of music by recording artists such as EDM DJ/artist Alan Walker, Christian group Anberlin, pop singer Daya, punk band Dead Kennedys and legendary soul singer Sam Moore, among others. The company’s website doesn’t specify which rights of those artists it has acquired.
In moving on to bigger acquisitions like its recent CatchPoint portfolio and AMR Songs deals, Goldstate so far appears to be eschewing iconic songs and catalogs that trade for frothy prices and multiples and instead has chosen to buy the catalogs of two firms, which separately on their own pursued niche genres and name artists — but not superstars — whose music rights assets produce steady income streams that trade at more reasonable price points.
CatchPoint was founded in 2020 by former BMI executive Rich Conlon, Wall Street executive Patrick Riordon and PJ Miklus, a business executive with a background in finance and the music industry. Sources suggest that CatchPoint sold its portfolio of songs to GoldState as a proof-of-concept to potential investors. Sources add that the firm didn’t sell all of the music assets in its catalog and has funding for further music asset acquisitions.
Meanwhile, AMR was founded by Tamara Conniff, a former music publishing executive at such firms as Roc Nation and Artist Publishing Group, and Wall Street private equity executive Steve Reinstadtler. According to the GoldState website, Conniff and some of her team have joined the GoldState staff.
Executives at GoldState, Catchpoint and AMR either didn’t return phone calls seeking comment or declined to comment on the transactions.
Royel Otis, the Australian duo that recently earned its first Billboard Hot 100 entry with a viral cover of The Cranberries’ “Linger,” is now in the Capitol Records system after the band’s independent label, Ourness, struck a partnership with the U.S. label to supercharge the success of the duo worldwide. According to a press release, Royel Otis has racked up more than half a billion streams to date. Other successful tracks for the duo include “Sofa King” and a cover of Sophie Ellis-Bextor’s “Murder on the Dancefloor.”
Hip-hop label Mass Appeal Records, co-founded by Nas, moved into Pakistan with the signing of two of the country’s biggest stars — Talha Anjum and Umair — along with emerging artists JANI, Maanu and Blal Bloch. Mass Appeal’s entry into Pakistan follows its previous expansion into India, where it’s partnered with artists including DIVIE, AP Dhillon and Karan Aujla.
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R&B star Omarion partnered with Jeanine McLean and Jeff Robinson at MBK Entertainment, which has guided the careers of Alicia Keys, H.E.R., Elle Varner, SWV, Tyrese and more. According to a press release, the singer has “a bevy of projects in the pipeline” and is slated to co-headline The Millennium 2025 Tour also featuring artists including Trey Songz and Rick Ross.
Anthony Martini and Rich Barner‘s Gravel Road Music Group signed singer Willie Jones, known for blending country, hip-hop and soul. Jones has a forthcoming project slated for release early next year.
Warner Music Nashville and Warner Records signed Adrien Nunez to the roster. The Brooklyn native recently released his major label debut, “Apology Song,” which blends country, pop and hip-hop elements. He is managed by Dillon Goldberg at FNGRPRNT and booked by Braeden Rountree at WME. – Jessica Nicholson
Capitol Christian Music Group and Motown Gospel partnered with singer Annatoria to release her upcoming Christmas EP, Present Jesu. Additionally, Motown Gospel finalized a partnership with JJ Hairston‘s JamesTown Music, through which it will release a 25th-anniversary live recording of JJ Hairston and Youthful Praise — an album featuring reimagined versions of the choir’s songs.
Provident Entertainment added singer-songwriter Megan Danielle to its roster. The 2023 American Idol runner-up has released her label debut single “When I Found You.” Danielle is managed by Hsquared Management and booked through the Jeff Roberts Agency. – Jessica Nicholson
Big Machine Records signed Jack Wharff & The Tobacco Flatts, a group with Virginia origins that blends bluegrass, country and rock. The group, which features musicians Jack Wharff, Garrett Howell, Ryan Atchison and Evan Novoa, recently released its new single, “Picture Perfect.” Big Machine Records’ roster also includes Tim McGraw, Carly Pearce and Midland. – Jessica Nicholson
Cloakroom signed to Closed Casket, which will release the band’s new single, “Unbelonging,” with a full album coming next year. The group is booked by Geoff McGovern at Ground Control Touring.
YawnyBlew and amir. partnered with ALIBI Music to release their second album, Bouncy ‘n’ Pretty. The album follows their debut project, DREAMBIIG, a collection of songs crafted specifically for synch and licensing. YawnyBlew has enjoyed synch placements in Empire, Queer as Folk, Chucky and The Sex Lives of College Girls. amir. is a photographer and creative director who pivoted to the role of artist and producer during the pandemic.
On Oct. 22, Burning Man CEO Marian Goodell published an urgent message to the global Burner community. The gist? The organization needs to raise a whopping $20 million in charitable donations by the end of the year — or it may need to raise ticket prices for future events.
“We are well past the point where ticket revenues from Black Rock City are able to support our year-round cultural work,” Goodell wrote, explaining that Burning Man Project — the nonprofit behind the annual gathering in Nevada’s Black Rock Desert and other Burning Man-related initiatives — experienced a significant revenue shortfall this year.
Goodell explained that the primary reason behind this shortfall was that Burning Man’s highest-priced tickets for the 2024 festival had not sold “as planned.” Each year since 2016, before the main sale begins, roughly 4,000 Burning Man tickets go on sale for much more than main sale tickets — this year selling at $1,500 and $2,500. These tickets, which are typically purchased by people who have cash to spare and don’t want to risk not getting a ticket during the main sale, usually bring in approximately $7 million — and nearly $10 million in 2023. But a spokesperson for Burning Man Project says that in 2024, higher-priced ticket sales totaled $3.4 million, down nearly $6 million from the prior year.
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“This $5.7M shortfall, combined with a $3M dip in receipts from main-sale tickets and vehicle passes, means that our year-end charitable donation target has essentially doubled to nearly $20M,” Goodell wrote.
The financial issue was compounded when Burning Man 2024 failed to sell out, with organizers pointing to the generally soft 2024 festival market and the fact that after two difficult years — temperatures reached a grueling 103 at Burning Man 2022 while rain created issues in 2023 — many people opted to stay home. Goodell says all ticket tiers saw decreased sales in 2024 and estimated that attendance was down by roughly 4,000 this year, bringing total attendance to approximately 70,000.
“The drop in the population, but particularly around the higher price tickets, simply pushed us into a spot that I knew we were going to be in,” Goodell says, explaining that she and the team had seen this financial turning point coming for several years as production costs increased.
Burning Man typically relies on $10 million in charitable donations every year, with a varying number of full-time staff dedicated to philanthropy, depending on current projects and time of year. Now, given the doubled demand for donations in 2024, the organization has launched a new fundraising model through which people can subscribe to make a monthly donation, with one-off donations also being accepted.
Goodell declines to give a number for how much money has been raised over the last month but says engagement with the new model has been high and that Burning Man is “at a record for recurring gifts.” The organization is also seeing new donors “coming in at decent amounts,” she says.
Still, not everyone in the community has been enthusiastic about the request. The comments on Goodell’s post and social media have veered toward critique, with some accusing her and the organization of mismanaging funds, despite Burning Man sharing information and tax filings about the tax-exempt organization’s annual revenue and expenses for the last decade. For 2023, Burning Man cited $63.6 million in total expenses, with $43.8 million of that spent on Black Rock City and the rest spent on art, civic engagement, administration and fundraising efforts.
“I like reading Reddit because it’s really mean,” Goodell says with a laugh about the comments on her announcement, all of which she’s read. “I really process it all as people having an incredible amount of passion. If they didn’t, we wouldn’t be Burning Man.”
Some commenters have accused the organization of spending unnecessary money on Burning Man Project-related projects including the disaster relief volunteer group Burners Without Borders and programming at Fly Ranch, a 3,800-acre property near the Black Rock City site that the organization bought for $6.5 million in 2021. But Goodell says there is “absolutely” a misperception that these projects use more money than they do, adding that the initiatives are largely funded and run by groups of independent Burners and that their cost accounts for less than 4% of the organization’s total programming dollars. “So even if you get rid of them,” she says, “you still haven’t solved the budget problem whatsoever.”
The general consensus from commenters is that they want the focus of the organization’s expenditures to be on Black Rock City itself. To that end, says Goodell, the amount of money raised through the end of the year will determine the price of Burning Man 2025 tickets. As she explains, the price of many Burning Man tickets is subsidized by tickets that sell at a higher price. These higher-priced sales have made it possible for Burning Man to sell main sale tickets at $575 since 2022, an increase from $475 in 2019. (Burning Man didn’t officially happen in 2020 or 2021 due to the pandemic.) Without this subsidy, Burning Man estimates those $575 tickets would be priced at $749.
“If we don’t set ourselves up right, we’re going to have to raise ticket prices,” Goodell says, “[especially because] we don’t have the sponsorships that the other festivals do. And I’d like to lower ticket prices.”
With respect to prices for the 2025 event, a Burning Man Project spokesperson tells Billboard that current fundraising “will inform operational decisions including pricing for Black Rock City 2025. Philanthropy, which is key to subsidizing ticket prices, helps us avoid a situation where the cost of a ticket prevents a community member or new Burner from coming to Black Rock City.”
To save money, the organization has looked at, Goodell says, “all the ways we can be working better with resources” by reviewing all expenditures from Black Rock City electricity use to medical facilities to the number of toilets rented. She adds that the landlords of Burning Man Project’s San Francisco office have “been really flexible” in adjusting their rental agreement to provide them with “a little relief.”
With many tech billionaires, movie stars and other one-percenters all trekking to Burning Man every August, there’s also presumably a short list of rich Burners who could solve the current financial shortfall by donating a million or two. But Goodell says that’s not the point.
“Just going to major donors right now without having an outside world narrative doesn’t make any sense,” she says. “It’s not like the pandemic where we’re short, so we call up a couple people… We need to build a narrative and a conversation about what we’re doing for the long term. That’s why we’re creating this public conversation, which is not something we’ve typically done.”
The idea, Goodell says, is that creating widespread community engagement via information sharing and the subscription model will help set up Burning Man for the long run. In making this point, she emphasizes that many cultural institutions — ballets, operas, museums, etc. — rely on patrons who believe in the cause and underwrite costs. As she puts it, “I want to get through this moment [to a place] where people get excited and feel good about the philanthropic nature of Burning Man culture.”
Raising this money is especially crucial given that Burning Man has a strict no-sponsorships policy that’s part of its “decommodification” principle — one of 10 principles that guide and shape the event. Burning Man doesn’t have a merch stand or sell t-shirts or posters on its website; the only thing one can buy onsite is ice. (This cash transaction-free setting of course strongly contrasts with the typically high price of attending the event in the first place.)
“We’re deliberately creating an environment that brings people together so that they can collaborate, create art and do it without interference from transactions or from commerce,” Goodell says. “We’re going to keep protecting that.” She adds that this decommodification principle is so entrenched that when Ben & Jerry’s cofounder Ben Cohen came to Burning Man and drove around giving away ice cream, he used an unmarked truck and cups without a logo.
“[People from] Coachella, from Outside Lands, Bonnaroo, Glastonbury, they’ve all come to Burning Man, and they’re all like, ‘You’re crazy. You don’t have sponsorships? How the f— do you guys do it?’” says Goodell. She adds that the producers of one California festival with corporate sponsorships told her their event gets 25-30% of its total income from, as she puts it, “forms of commerce that Burning Man has banned.”
While the current financial situation is creating questions about the viability of Burning Man 2025 and beyond, Goodell says that the event “has to happen, and it will happen, because that’s who we are.” In true Burner spirit, she speaks of the current need as an opportunity to set Burning Man up for the future: to create more art, to bring a more diverse group of participants to the event and to spread Burning Man culture around the world.
“There are definitely some skeptics out there,” she says. “But what we’re hearing is the majority understand that we’re a nonprofit and that we’re depending on financial support to accomplish the mission.”
When Brookfield Asset Management invested $2 billion in Primary Wave roughly two years ago, a representative from the Canadian fund predicted that just as there has been a wave of comic book superhero movies, there would a wave of musician biopics.
“Music is going to be like the Marvel and DC comic catalogs,” Angelo Ruffino, who was then the managing partner at Brookfield behind the Primary Wave investment, said in October 2022. “There are just so many ways to monetize music that I think are in the early innings.”
Hollywood has churned out superhero films, from Batman to Black Panther, but the genre has been drawing smaller audiences of late. With a flurry of music biopics set for release in the next few years — including feature films about Bob Dylan, Michael Jackson, Bruce Springsteen, Queen Latifah, four films about each member of The Beatles, and maybe one about The Bee Gees — have we reached peak biopic?
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The top post on Reddit’s subreddit page about Dylan as of this writing is titled, “On not being interested in A Complete Unknown,” and it is far from the only gripe about dramatizations of currently touring musicians on the Internet.
However many factors are contributing to a packed pipeline of musician biopics, and consumer demand just one. By that measure, many recent music biopics have been hits. About half of the 25 highest grossing music biopics of all time, according to boxofficemojo.com, were released since 2014, with Bohemian Rhapsody about Queen at No. 1 with $216.4 million, Straight Outta Compton about N.W.A. at No. 2 with $161.2 million and Elvis at No. 3 with $151 million all in gross revenue in the United States.
Natalia Nastaskin, chief content officer at Primary Wave, which as involved with the 2022 release “Whitney Houston: I Wanna Dance With Somebody”—No. 24 in the top 25 grossing biopics—says demand remains high. But the years it can take to land the starring actors, directors and producers essential to making a hit movie may mean these films continue to trickle out over the coming years.
“I do think we are going to see more of these biopics because we are always fascinated by the stories of our rock stars and the behind-the-scenes story of their lives,” Nastaskin tells Billboard. “How many more biopics will we see? Really hitting that cultural zeitgeist may take several years.”
Primary Wave is currently involved in biopics about Boyz II Men and Boy George—both in production.
Another factor that has the potential to disrupt the normal line between demand and supply are the different ways Hollywood and the music industry make money off these films. Hollywood defines a successful movie by the revenue it grosses; the music industry is more interested in how it drives moviegoers to stream the music, buy merch and the tangential licensing opportunities delivered by the music’s resurging relevance.
By those definitions, Elvis was a smash. All of the activity that the Baz Luhrmann biopic drove for Elvis’s music and brand boosted the Presley estate’s estimated value to around $1 billion 2022 from an estimated $400 million to $600 million in 2020.
It may take years to measure the impact of Timothée Chalamet’s portrayal of Bob Dylan on his catalog, at least until 2025, which is when the Michael Jackson biopic is slated for release. With The Beatles films expected in 2027, there seems like no shortage of musician biopics to come.
Senator Peter Welch (D-Vt.) introduced the Transparency and Responsibility for Artificial Intelligence Networks (TRAIN) Act on Monday in the latest effort to shield songwriters, musicians and other creators from the unauthorized use of their works in training generative AI models.
If successful, the legislation would grant copyright holders access to training records, enabling them to verify if their creations were used — a process similar to methods combating internet piracy.
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“This is simple: if your work is used to train A.I., there should be a way for you, the copyright holder, to determine that it’s been used by a training model, and you should get compensated if it was,” said Welch. “We need to give America’s musicians, artists, and creators a tool to find out when A.I. companies are using their work to train models without artists’ permission.”
Creative industry leaders have long voiced concerns about the opaque practices of AI companies regarding the use of copyrighted materials. Many of these startups and firms do not disclose their training methods, leaving creators unable to determine whether their works have been incorporated into AI systems. The TRAIN Act directly addresses this so-called “black box” problem, aiming to introduce transparency and accountability into the AI training process.
Welch’s bill is just the latest development in the battle between rights holders and generative AI. In May, Sony Music released a statement warning more than 700 AI companies not to scrape the company’s copyrighted data, while Warner Music released a similar statement in July. That same month in the U.S. Senate, an anti-AI deepfakes bill dubbed the No FAKES Act was introduced by a bipartisan group of senators. In October, thousands of musicians, composers, international organizations and labels — including all three majors — signed a statement opposing AI companies and developers using their work without a license for training generative AI systems.
During a Senate Judiciary Committee hearing earlier this month, U.S. Copyright Director Shira Perlmutter emphasized the importance of transparency to protect copyrighted materials, saying that without insight into how AI systems are trained, creators are left in the dark about potential misuse of their work, undermining their rights and earnings.
Sen. Welch has been active in promoting consumer protections and safety around emerging technologies, including AI. His previous initiatives include the AI CONSENT Act, which mandates that online platforms obtain informed consent from users before utilizing their data for AI training, and the Digital Platform Commission Act, which proposes the establishment of a federal regulatory agency for digital platforms.
The TRAIN Act left the station with immediate widespread support from creative organizations, including the RIAA, ASCAP, BMI, SESAC, SoundExchange and the American Federation of Musicians, among others.
Several music industry leaders praised the TRAIN Act for its potential to balance innovation with an eye on respecting creators’ rights. Mitch Glazier, RIAA chairman & CEO, highlighted its role in ensuring creators can pursue legal recourse when their works are used without permission. Todd Dupler, the Recording Academy’s chief advocacy and public policy officer, and Mike O’Neill, the CEO of BMI, echoed these sentiments, stressing the bill’s importance in preventing misuse and enabling creators to hold AI companies accountable.
David Israelite, president & CEO of the National Music Publishers’ Association, pointed to the TRAIN Act as a vital measure to close regulatory gaps and ensure transparency in AI practices, while John Josephson, chairman and CEO of SESAC Music Group, praised its dual approach of promoting responsible innovation while protecting creators.
Additional endorsements came from SoundExchange CEO Michael Huppe, who stressed the need for creators to understand how their works are being utilized in AI systems, Elizabeth Matthews, CEO of ASCAP, who stressed the need for artists to be fairly compensated, and Ashley Irwin, president of the Society of Composers & Lyricists, who emphasized the bill’s role in safeguarding the rights of composers and songwriters.
Select Music Industry Reactions to the TRAIN Act:
Mitch Glazier, RIAA: “Senator Welch’s carefully calibrated bill will bring much needed transparency to AI, ensuring artists and rightsholders have fair access to the courts when their work is copied for training without authorization or consent. RIAA applauds Senator Welch’s leadership and urges the Senate to enact this important, narrow measure into law.”
David Israelite, NMPA: “We greatly appreciate Senator Welch’s leadership on addressing the complete lack of regulation and transparency surrounding songwriters’ and other creators’ works being used to train generative AI models. The TRAIN Act proposes an administrative subpoena process that enables rightsholders to hold AI companies accountable. The process necessitates precise record-keeping standards from AI developers and gives rightsholders the ability to see whether their copyrighted works have been used without authorization. We strongly support the bill which prioritizes creators who continue to be exploited by unjust AI practices.”
Elizabeth Matthews, ASCAP: “The future of America’s vibrant creative economy depends upon laws that protect the rights of human creators. By requiring transparency about when and how copyrighted works are used to train generative AI models, the TRAIN Act paves the way for creators to be fairly compensated for the use of their work. On behalf of ASCAP’s more than one million songwriters, composer and music publisher members, we applaud Senator Welch for his leadership.”
Mike O’Neill, BMI: “Some AI companies are using creators’ copyrighted works without their permission or compensation to ‘train’ their systems, but there is currently no way for creators to confirm that use or require companies to disclose it. The TRAIN Act will provide a legal avenue for music creators to compel these companies to disclose those actions, which will be a step in the right direction towards greater transparency and accountability. BMI thanks Senator Welch for introducing this important legislation.”
John Josephson, SESAC: “SESAC applauds the TRAIN Act, which clears an efficient path to court for songwriters whose work is used by AI developers without authorization or consent. Senator Welch’s narrow approach will promote responsible innovation and AI while protecting the creative community from unlawful scraping and infringement of their work.”
Michael Huppe, SoundExchange: ”As artificial intelligence companies continue to train their generative AI models on copyrighted works, it is imperative that music creators and copyright owners have the ability to know where and how their works are being used. The Transparency and Responsibility for Artificial Intelligence Networks (TRAIN) Act would provide creators with an important and necessary tool as they fight to ensure their works are not exploited without the proper consent, credit, or compensation.”
Todd Dupler, The Recording Academy: “The TRAIN Act would empower creators with an important tool to ensure transparency and prevent the misuse of their copyrighted works. The Recording Academy® applauds Sen. Welch for his leadership and commitment to protecting human creators and creativity.”
Artist manager and investor Nicholas Parasram and Twitch co-founder Justin Kan have announced a new venture that will offer artist and producer management along with publishing and distribution services, as well as an “incubation lab” — the latter “to help its clients bridge the gap with emergent technologies and develop new IP and businesses,” according to a press release.
Announced Monday (Nov. 22), the venture, called Thin Ice Entertainment, launches with several clients: electronic producer Stryv (“Move,” recently remixed by Camila Cabello); longtime David Guetta and Sia collaborator Marcus van Wattum, who has also produced for Britney Spears, G-Eazy and TWICE; Nigerian producer Zone, whose productions have been featured on tracks by Jason Derulo, Sexxy Red and more; and producer RE/MIND, who worked with Zone and Derulo on the Derulo track “Limbo.”
“At our core, Thin Ice is focused on helping talent create businesses around their IP and ensuring their brands scale in their own unique way,” said Parasram in a statement. “Justin and I started Thin Ice because we want to create a platform for creatives to truly express themselves through their art and help them build a sustainable living from it. Leveraging our combined experience in the startup ecosystem, Thin Ice is also incubating in-house technology products to help talent better monetize, distribute, and create IP. We’ve applied the same principles we’ve used in the startup ecosystem –investing at the earliest stage and focusing on supercharging growth — to the entertainment industry, empowering creatives to take their businesses to new heights.”
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Parasram and Kan originally connected while working together at Kan’s venture fund Goat Capital, which incubated and invested in early-stage tech companies including Stash and Rye. Prior to Goat Capital, Parasram founded Sonar Projects, through which he managed creators, worked on brand marketing campaigns and secured content deals for venture-backed startups. In 2015, he partnered with Stryv to help launch the producer’s career, eventually getting him signed to Artist Partner Group (APG) in 2020.
Kan is best known as the co-founder of Twitch, which was acquired by Amazon in 2014 for $970 million. He serves as a general partner at Goat Capital and was previously a partner at incubator Y Combinator. Over his career, he has invested in more than 100 startups, including Mercury, Ramp, Cruise, Alto Pharmacy, Xendit, Scale, Reddit and Rippling.
The value of global music copyright reached $45.5 billion in 2023, up 11% from the prior year, according to the latest annual industry tally by economist Will Page. When Page first calculated the value of various music copyright-related revenue streams in 2014, the figure was $25 billion—meaning music copyright could double in value in ten years.
Record labels represented the largest share of global music copyright with $28.5 billion in 2023, up 21% from 2022. Streaming grew 10.4% and accounted for the majority of labels’ revenue. Physical revenues fared even better, rising 13.4%, while vinyl record sales improved 15.4%. Globally, vinyl is poised to overtake CD sales “soon,” Page says. CD sales are still high in Japan and across Asia, but Page points out that vinyl is selling more units at increasingly higher prices. “It’ll easily be a $3 billion business by the next [summer] Olympics” in 2028, he says.
Collective management organizations that collect royalties on behalf of songwriters and publishers had revenue of $12.9 billion, up 11% from the prior year. In a sign of shifting economic influence, live performances now pay more to CMOs than general licensing for public performances. Additionally, CMOs’ digital collections exceeded revenues from broadcast and radio, reflecting the extent to which streaming has usurped the power of legacy media. A decade ago, digital made up just 5% of collections while broadcast accounted for half.
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In another shift in the industry’s power dynamics, publishers collected more revenue from direct licensing than they received from CMOs. These royalties are a combination of “large and broadly stable income like sync and grand rights and fast-growing digital income,” says Page. “Publishers prefer direct licensing as it means they see more money faster,” he explains. A song that spikes in mid-March, for example, takes 201 days to pay the artist and 383 days to pay the songwriter. “What’s more,” he adds, “a third of that [songwriter] revenue can disappear in transaction costs” in the form of administration fees charged by various CMOs.
While some parts of music copyright suffered during the pandemic—namely public performance revenue—music has surged since 2020 to overtake the brick-and-mortar movie business. In 2023, music was 38% larger than cinema. That marked a massive shift since pre-pandemic 2019, when cinema was 33% bigger than music. Over the last four years, music grew 44% while cinema shrank 21%. The true difference between music and cinema is even greater: Page’s music copyright numbers account for trade revenue that goes to rights holders and creators. The cinema figures in his head-to-head comparison represent consumer spending. Of cinema’s $33.2 billion in box office revenues in 2023, only half goes to distribution, according to one analyst’s estimate.
Page’s report covers the totality of revenue generated by both master recordings and musical works. He removes double-counting — mechanical royalties that are counted as revenue by both record labels and music publishers, for example — and fills in the gaps in more focused industry tabulations by the IFPI, CISAC and the International Federation of Music Publishers.
“Anyone trying to capture the attention of policymakers who doesn’t grasp the threat posed by AI, for example, may find it handy to have a big number showing what’s at stake,” he wrote in the report.
For large, Western music companies, the globalization of music has opened new markets to their repertoire. Page’s report looks at the reverse effect: the value of developed streaming markets to artists in less wealthy countries. North America and Europe, regions dominated by subscription revenue, accounted for 80% of the value of streaming growth but just 48% of the increase in the volume of streaming. In contrast, Latin America and Asia (less Japan), where streaming platforms get far less revenue from each listener, accounted for 12% of streaming’s value growth compared to 46% of its streaming activity gains.
To artists from Latin America and Asia, fans in markets where streaming royalties are higher can be lucrative. For example, the nearly $100 million of streaming revenues generated by Colombian artists such as J. Balvin and Shakira inside the U.S. was six times greater than those streams would have been worth in their home country. This “trade-boost” of $78 million was worth more than the entire $74 million Colombian recorded music industry. Similarly, Mexican artists’ streams inside the U.S. were worth $350 million in 2023—$200 million more than had those streams come from Mexico.
“Let’s remember, Mexico and Colombia are just two examples exporting to just one market,” says Page, who co-authored a paper in 2023 that described the rise of “globalization,” a term for music created for local markets in native languages that tops local charts on global streaming platforms. “There’s so many more across South and Central America and the whole world is listening to these new ‘glocalisatas’.”
JYP Entertainment, the K-pop company behind such artists as TWICE and Stray Kids, is on a roll, with its stock closing Friday (Nov. 22) at 66,100 won ($47.06) — up 11.3% for the week and marking its highest closing price since May 10. This week, the company seemingly got a nudge from the Monday (Nov. 18) announcement of Stray Kids’ 20-date, Live Nation-produced stadium tour in 2025 that will cover North America, Latin America and Europe. But the momentum has been building for a while; over the last three weeks, JYP shares have gained 35.6%.
Other K-pop stocks also posted gains this week: YG Entertainment rose 7.7% as “APT” by ROSÉ and Bruno Mars spent a fourth week atop the Billboard global charts and reached No. 1 in Japan. Elsewhere, HYBE improved 4.4% and SM Entertainment increased 4.3%. Collectively, the four K-pop companies have gained an average of 20.7% in the last three weeks and narrowed their average year-to-date deficit to 15%.
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Another high-flying music stock was Live Nation, which jumped 8.7% to an all-time high of $140.26 on Friday after more analysts increased their price targets. Citigroup increased its target on the concert promoter to $163 from $130, while Deutsche Bank upped its target to $150 from $130. As of Friday’s closing price, Live Nation shares have gained 49.8% in 2024 and 19.8% in just the last three weeks. The company’s third-quarter earnings on Nov. 11 can take credit for some of the recent gains, though Donald Trump’s victory in the U.S. presidential election played a part, too, as investors believe Live Nation’s ongoing lawsuit brought by the Department of Justice will see a more favorable resolution with the incoming administration.
In other music stocks news, Spotify continued its hot streak by gaining 3.7% to $475.27, marking its second-highest closing price ever. A week earlier, Spotify shares gained 14.5% after the company’s third-quarter earnings showed the company achieved a record operating profit. The streaming company’s stock has gained 153% in 2024 and is up 23.6% in the last three weeks alone.
The 20-company Billboard Global Music Index rose 2.1% to a record 2,208.32 as 14 stocks finished the week with gains, putting it in line with stocks around the globe. In the United States, both the Nasdaq composite and S&P 500 increased 1.7%. In the United Kingdom, the FTSE was up 2.5%. South Korea’s KOSPI composite index gained 3.5%. Only China’s Shanghai Composite Index was an exception, dropping 1.9%.
Elsewhere, music streamer LiveOne gained 12.8% to $0.88, while iHeartMedia improved 8.6% to $2.40 after the radio giant announced terms for a debt exchange that will ease the company’s financial burden and extend most of the maturity dates for its debts. As of Nov. 14, note holders representing approximately 85% of outstanding debt have agreed to exchange notes under the new terms.
Just six of the index’s 20 stocks finished the week in negative territory. The sharpest drop came from German concert promoter CTS Eventim, which fell 9.7% this week after the company’s third-quarter earnings showed an increase in revenue but a drop in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin for both the promotion and ticketing segments.
Lastly, label giant Warner Music Group (WMG) dropped 3.3% to $31.85 following the release of its latest quarterly earnings on Thursday (Nov. 21). JP Morgan dropped its price target to $40 from $41 after lowering its estimate for fiscal 2025 adjusted operating income before depreciation and amortization (OIBDA) to $1.49 billion from $1.527 billion. Meanwhile, Deutsche Bank cut its WMG price target to $34 from $36.
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Merely existing in the world in the past few weeks would be enough for most people to know that the film adaptation of the beloved Broadway play Wicked is arriving in theaters today (Nov. 22).
Starring Ariana Grande, Cynthia Erivo and Jonathan Bailey, the musical film is one of the most anticipated releases of the year, with first-week box office projections of $100 million and a marketing campaign that includes everything from billboards to merchandise to late-night TV appearances and even its own category on Jeopardy! earlier this week.
But it’s impossible to separate the spectacle that is Wicked from its songs, and there has also been intense interest in both how the music is incorporated into the film and the construction of its soundtrack, given the original cast recording from 2003 won a Grammy Award in 2005 for best musical show album. And that’s something that NBC Universal president of music Mike Knobloch knew to take extra seriously. “The original cast recording is iconic, so priority number one was to not mess it up,” Knobloch tells Billboard. “It has also been a great opportunity to make a soundtrack for a beloved musical that will only be the second Wicked album in two decades. But while our primary mission was to make the film, we didn’t want the soundtrack to simply be a ‘copied and pasted’ byproduct.”
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To make that happen, Knobloch and original Wicked composer Stephen Schwartz, along with the filmmakers, producers and the rest of their music team, got to work more than two years ago to make sure they struck the right notes. And as the film and its soundtrack finally make their way into the world today, Knobloch earns the title of Billboard’s Executive of the Week.
Here, Knobloch discusses the work that went into helping Wicked come to life, as well as the marketing campaign behind the project and the state of musical films these days. “Wicked is the perfect example of how it all comes down to just making an excellent movie, whether characters on the screen are singing or not,” he says. “It’s got an engaging story, it’s timely and relevant — eerily so for something written 24 years ago — has performances that take your breath away, it’s visually stunning, exhilarating, innovative and multidimensional in a way that makes the state of the musical movie feel pretty epic right now to me.”
This week, the new film Wicked opened wide in theaters, and the official film soundtrack was released, featuring Ariana Grande, Cynthia Erivo and more. What role did you play in helping make this project come to life?
There’s no handbook for how to take an existing stage musical and adapt it for the screen, especially with the film’s scope and scale and lack of constraints compared to the stage, and how cherished these songs are to so many. I worked closely with the filmmakers, Jon Chu and Marc Platt, and composer Stephen Schwartz from the very beginning, starting with the critical task of putting together the right team of best-in-class creative and technical personnel so we could be equipped to make something really special. And then I pretty much assumed the role of the “music team coach” through every stage of production all the way through the delivery of the soundtrack.
When did the work for it first start, what challenges did you face and how did you overcome that?
We started in earnest very early in pre-production more than two years ago, and we had a lot to figure out, starting with the production methodology — how to go about equipping the production for live singing, developing the instrumental tracks, adapting the structure of the music to the requirements of the film and so on. We had to start with demos and record in phases in order to put Schwartz’s brilliant music up on the screen. This allowed the music to have the flexibility to follow the actors’ performances, which provided them a great deal of creative freedom.
We consistently found ourselves in uncharted territory, so we put a lot of emphasis on the “how to” from the jump so that we could drive the process as efficiently as possible — and especially make sure the cast and crew had what they needed well in advance of each day of filming. We did some atypical things, like building a bespoke recording studio tailored to our unique needs and routines, for example. The music team was entrusted with this huge responsibility to work closely together and realize the music of Wicked at a level that’s never been done before. It just required an intense level of teamwork and collaboration at every step.
There is a beloved recording made by the Broadway cast that won a Grammy in 2005 for best musical show album. How did you approach making the soundtrack different, or expand upon it, given that original material?
The original cast recording is iconic, so priority number one was to not mess it up. It has also been a great opportunity to make a soundtrack for a beloved musical that will only be the second Wicked album in two decades. But while our primary mission was to make the film, we didn’t want the soundtrack to simply be a “copied and pasted” byproduct. Stephen Schwartz worked extremely closely with executive music producer Stephen Oremus — who has also been the music director of the stage play since its beginning — producer and mixer Greg Wells, and the rest of the music team to make sure the album would be a standalone and complete aural experience.
So without the dialog — except for some snippets for narrative context — and the rest of the sound from the film, a great deal of time and effort went into balancing the vocals with all the orchestral and other instrumental elements and editing the songs together into a cohesive structure. A lot of care went into capturing cast vocals throughout filming that would be production-quality for the soundtrack so that it would reflect their true performances from the movie. This new soundtrack isn’t really meant to be compared to the Broadway recording since it’s a different medium, obviously — but everyone was extremely careful to be faithful to and respectful of what people know and love about the music of Wicked, as well.
How difficult is it to adapt a Broadway production to film, and how did you navigate that from a music point of view?
With genuinely brilliant talent like Ariana, Cynthia, Jonathan Bailey and the rest of the cast, combined with Jon Chu’s imaginative direction, the “adaptation” of the music really gets to be led by their amazing performances. There are orchestration choices, instrumentation and dynamics that differentiate what these songs sound like on stage versus onscreen. Of course, Wicked is a break-out-into-song musical, but something it does very well is to transition in and out of songs without having any of those obvious flags that make you think, “Oh, she’s about to sing something now.” It’s all very fluid and organic, and the musical “bed” was subsequently built to support the performances on the screen. John Powell coming in to score the movie with Stephen Schwartz was also a big part of differentiating the style, scope and scale of the storytelling on the screen. Their score is what glues it all together and makes it feel cinematic.
Wicked has benefited already from an extensive marketing campaign. What role did you play in that, and how have you seen that pay off?
Wicked, the film and the campaign, is just the biggest thing we’ve ever done. Accordingly, we needed a soundtrack partner that could rise to that level and bring an appropriate amount of supplementary marketing muscle to the campaign. We’ve had a great deal of soundtrack success with Republic Records over the years. For Wicked, we had the fortuitous advantage with Republic in that they are also the label to which Cynthia and Ariana are both signed. Our combined teams — along with Verve Records — have been working together since the beginning and our shared mandate was to swing for the fences and treat this soundtrack like an A-list artist record. That has really framed what we’ve done at every step to put together an impactful global campaign filled with “first-ever” initiatives and top-tier programs with partners.
Also, Ariana and Cynthia have been in the war room and a critical part of creative and strategic decisions alike. So it’s just been much different than a typical movie soundtrack of songs and/or score in terms of the level of anticipation, fandom and demand. That said, we are not leaving anything on the table with this global marketing campaign. It’s been a really special, once-in-a-lifetime, lightning-in-a-bottle experience and an honor to be part of it.
How do you feel about the state of the musical movie in general right now?
I feel great about it. Audiences show up for quality films of all genres and, as you may have noticed from our campaign, nobody is trying to disguise the fact that this is a break-out-into-song musical — but that isn’t singularly what defines it. Wicked is the perfect example of how it all comes down to just making an excellent movie, whether characters on the screen are singing or not. It’s got an engaging story, it’s timely and relevant — eerily so for something written 24 years ago — has performances that take your breath away, it’s visually stunning, exhilarating, innovative and multidimensional in way that makes the state of the musical movie feel pretty epic right now to me.
What other projects do you have on the horizon?
Following Twisters and The Wild Robot and Wicked, we have a diverse portfolio of projects in the pipeline: Our specialty shingle Focus Features is releasing Nosferatu and is also in production on a biopic that’s the true story of a Neil Diamond impersonator. We’re in production on another Super Mario Bros film as well as a Shrek reboot, and we’ve also got another Jurassic World film coming next year, a live-action How To Train Your Dragon to name just a few. And of course, Wicked Part Two!