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Music stocks were battered this week after President Donald Trump unveiled the tariffs that will be applied to imported goods from around the world.
The 20-company Billboard Global Music Index (BGMI) fell 8.2% for the week ended Friday (April 4), marking the largest single-week decline in the index’s two-and-a-half-year history. Among the 17 stocks that posted losses, eight declined by 10% or more, and one — iHeartMedia — far surpassed a 20% decline. Of the 20 stocks on the index, only three South Korean K-pop companies posted gains for the week.
Markets around the world experienced large declines in the wake of the tariffs. In the U.S., the tech-heavy Nasdaq fell 10.0% and the S&P 500 dipped 9.1%. The U.K.’s FTSE 100 slipped 7.0%. South Korea’s KOSPI composite index fell 3.6%. China’s SSE Composite Index declined just 0.3%.
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SM Entertainment was the top performer of the week with an 8.3% gain, besting JYP Entertainment’s 3.3% increase and HYBE’s 2.3% improvement. No other music stock finished the week in positive territory, although French company Believe came close with a 0.1% decline.
Spotify fell 10.3% to $503.30, erasing approximately $12 billion of market value. While most stocks cratered on Thursday (April 3), Spotify had fared relatively well by losing just 1.2%. But Spotify shares fell 9.9% on Friday (April 4), paring down the once high-flying stock’s year-to-date gain to 7.9%.
Like Spotify, Tencent Music Entertainment bucked the downward trend on Thursday by suffering only a minor loss, but declined 9.5% on Friday, dropping 9.9% to $12.95.
Radio companies, which are heavily dependent on advertising revenue, were among the most affected stocks. iHeartMedia shares fell 26.8% to $1.20, bringing its year-to-date decline to 43.7%. Cumulus Media dropped 14.9% to $0.40. SiriusXM declined 14.2% to $19.51.
Live entertainment stocks were also hit hard. Sphere Entertainment Co., owner of the Sphere venue in Las Vegas, fell 19.5% to $26.74, mirroring sharp declines in gaming companies reliant on travel to Las Vegas such as Wynn Resorts (down 14.9% this week) and Caesars Entertainment (down 9.7%). Sphere announced on Friday that it has two new experiences in production: The Wizard of Oz at Sphere and From The Edge, a film about extreme sports.
Madison Square Garden Entertainment dropped 11.9% to $29.71, widening its year-to-date loss to 17.2%. Live Nation had been up 7.7% through Wednesday (April 2) but finished the week down 3.4% after losing a combined 10.3% over Thursday and Friday. German concert promoter CTS Eventim fell just 6.2%.
Music stocks started 2025 well, but concerns about tariffs have wiped out the index’s early gains. The BGMI has lost 18.0% of its value since Feb. 14 and has declined in five of the previous seven weeks. Halfway through February, the index had gained nearly 30% in the first six weeks of the young year. By Friday, that year-to-date gain was down to 6.3%.
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The Trump administration’s tariff policy aims to return manufacturing to the United States is already having ripple effects throughout for the U.S. music industry and could have further consequences in the future.
Trump announced on Wednesday (April 2) a minimum 10% tariff on all trade partners, a 25% tariff on all foreign-made automobiles and additional tariffs on countries with which the U.S. has a trade deficit. No country is safe — not even Australia’s uninhabited territories near Antarctica, which got slapped with a 10% tariff despite having more penguins than people.
The tariffs are meant to protect America’s manufacturing industry and encourage businesses and consumers to purchase U.S.-made goods. But because many goods produced in the U.S. consist of raw goods and finished components imported from elsewhere, even products made at home are subject to higher costs that may be passed on to consumers. Musical instruments are likely to suffer from the tariffs, and they’re not alone.
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“Domestic vinyl pressing costs are likely to rise,” says an executive in the vinyl manufacturing business. Much of the PVC used to manufacture records comes from overseas and will be subject to tariffs, this person says. Canada supplies much of the board stock and paper for record packaging. Lacquers used to create temporary masters for vinyl pressing come from Japan.
The cost of physical music product from Europe will also become more expensive, says David Macias, co-founder of Thirty Tigers. Macias is trying to help Thirty Tigers’ labels source manufacturing in the U.S. to avoid the additional costs, but he notes that because domestic manufacturing costs will likely increase, independent record stores may still face “a chilling effect” from higher wholesale prices and financially stressed consumers. “We’re heading straight into $35 single vinyl albums,” says Macias. “In an economy where everything else costs more, vinyl will become a luxury item.”
The music business could be spared some of the pain. As the American Association of Independent Music (A2IM) noted in a message emailed to its members, the Berman Amendment to the International Emergency Economic Powers Act — which President Trump invoked to launch the tariffs — prevents the president from regulating or banning the import of “informational materials” such as phonographs and CDs. And the Free Trade in Ideas Act of 1994 expanded the Berman Amendment to include newer forms of communication. The vinyl manufacturing executive expressed uncertainty about the exemptions, however, and expects vinyl imports will be subject to tariffs “at least in the short run.”
Responses from foreign countries could heighten tensions and ensnare music companies in unexpected ways. China responded by slapping a 34% tariff on U.S. imports, and the U.K. is reportedly compiling a list of U.S. products it could hit with tariffs. A2IM told its members that countries could also respond by withholding royalty payments.
Some U.S. contingents have praised the tariffs: steel manufacturers, electrical contractors and the cattle industry, among others. “This is exactly the type of bold action America needs to restore its industrial leadership,” Zach Motti, chairman of the Coalition for Prosperous America (CPA), said in a statement. The CPA represents U.S. farmers, labor unions, manufacturers and ranchers, and it advocates for trade protections, according to non-partisan watchdog InfluenceWatch.
But the tariffs, and the Trump administration’s bellicose and often threatening statements, aren’t being well received by other countries. Not only are U.S. trading partners responding with tariffs of their own, but some foreigners are also avoiding the U.S. altogether. That presents a huge potential loss of visits to experience everything from music festivals in Southern California to the rich musical history of the Mississippi Delta.
Nashville, a city heavily dependent on tourism, is already seeing fewer visitors from the north. “Canada is our top international market, and unfortunately, we are already seeing a decrease in Canadian visitors,” Deana Ivey, president/CEO, of the Nashville Convention & Visitors Corp, said in a statement to Billboard. “We know how much they enjoy coming here for the music, and we’re hopeful they will still make the trip to CMA Fest” in June. International visitors accounted for approximately 3% of the 17 million visitors to Nashville in 2024, with about half coming from Canada, according to the Nashville Convention & Visitors Corp.
A decline in Canadian tourism would hurt more than Nashville. The U.S. Travel Association estimated the tariffs could result in a 10% decline in U.S. tourism from Canada, the No. 1 source of tourism to the U.S. with 20.4 million visitors and $20.5 billion in spending in 2024. Las Vegas would be hard-hit: Canada was the top source of foreign visitors to the city in 2024, bringing in more than 1.4 million people, according to the Las Vegas Convention and Visitors Authority.
There are already signs that Canadians are avoiding their neighbor to the south. In March, Canadian airline Flair Airlines announced it canceled flights from Canada to Nashville — a loss of 18,000 seats, according to the commissioner of Tennessee’s Department of Tourist Development. Also last month, the president/CEO of Visit Buffalo Niagara told CP24.com that cross-border visits were down 14% in February from the prior-year period. “This is a big concern for us,” he said.
The testy relationship between the governments of the U.S. and Canada prompted the Canadian Independent Music Association (CIMA) to pull out of SXSW. Back in February, CIMA president/CEO Andrew Cash became concerned that spending Canadian tax dollars on a trade mission to the U.S. might not be a good choice given the tone of political discourse. CIMA’s presence at SXSW, Canada House, is a public-facing, Canadian-branded event that hosts “vulnerable artists” and their teams, he explains. “It was hard to know what effect that was having on the attitude towards Canada,” he explains. “That was part of it. CIMA also is the custodian of a certain amount of taxpayer dollars. And I also thought about the optics of that.”
Cash isn’t alone in his unwillingness to spend money in the U.S. Rob Oakie, executive director of Music PEI, a non-profit that aids music development for Prince Edward Island, says the recent political rhetoric, combined with the increased cost of time required for Canadians to obtain a visa to tour the U.S., will result in fewer trips to a market that has always been a focus for Canadian artists.
Oakie says his music development colleagues at the other three Atlantic providences — Nova Scotia, New Brunswick and Newfoundland — have collectively decided “not to invest any money in the U.S. in the immediate future.” That affects upcoming travel to the Folk Alliance International Conference to be held in January in New Orleans and the IBMA Bluegrass Music Awards to be held in September in Chattanooga, Tenn.
“On the artist side,” Oakie adds, “I have heard quite a number of artists saying they have no intention of touring the U.S.” He points to an incident in March with Canadian folk duo Cassie and Maggie that received national attention after the musicians were pulled over by sheriff deputies in Ohio. According to reports, each sister was asked if they preferred Canada or the U.S. while the officers echoed a Trump talking point about the amount of fentanyl that comes into the U.S. from Canada.
While President Trump’s tariffs are meant to fix a deficit in the goods trade, they could end up affecting the country’s services trade surplus. The European Union’s anti-coercion instrument (ACI), introduced in 2023, allows the EU to impose penalties on countries that use trade policy to attempt to get a country to change policy. Created mainly as a deterrent, the ACI provides tools for the EU to deal with coercion, including tariffs on goods but, importantly, also trade restrictions on services, intellectual property and foreign direct investment.
That could leave American tech companies, many of which provide music services globally, vulnerable. A French government spokesperson told Reuters that digital services are likely to be a focus, and a senior European Union official told Politico a response could target intellectual property rights. In other words, Trump’s tariffs could affect not just physical goods but the digital engine that drives the modern music business.
Vancouver label Nettwerk is giving a boost to a key west coast accelerator program.
Music BC’s ARC intensive welcomes 10-15 emerging artists annually to participate in intensive workshops and professional development training. For the next three years, Nettwerk will be offering extra resources to the program, to help the cohorts further grow their skills and profiles.
Specifically, Nettwerk will give participants the opportunity to leverage the label’s direct access to digital service providers (DSPs) and social media properties. In an industry where digital presence has become paramount, those tools will help ARC artists reach a wider range of fans and build audiences toward long-term loyalty.
The label is an influential indie music company in Canada, representing Canadian and international talent like pop duo Milk & Bone, folk singer James Vincent McMorrow, and indie pop artist Miya Folick. Founded in 1984, Nettwerk operates in cities across the globe like London, Sydney, Berlin and Nashville. Recently, the label celebrated its 40th anniversary.
“At Nettwerk, we believe deeply in the value of the independent music sector in fostering innovation and elevating exceptional talent,” says Nettwerk president Simon Mortimer-Lamb. “Partnering with Music BC’s ARC Program celebrates Nettwerk’s unwavering commitment to helping unsigned Canadian talent find their places on the world stage and build a lasting legacy in the music industry.”
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“With an undeniable track record and a long-standing commitment to artist development, Nettwerk has helped shape the careers of countless artists on the global stage,” adds Music BC Executive Director Lindsay MacPherson. “It speaks volumes that they recognize the impact of our work through ARC to empower emerging talent in our own backyard.
ARC has hosted three cohorts so far, with alumni including rising hip-hop artist Kimmortal and R&B singer Sadé Awele. The program consists of a three-day training clinic, a five-day retreat, and a culminating performance, tackling topics like building a brand, vocal performance and recording techniques and mental health care.
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bbno$ Lands ‘Check’ on the Billboard Canadian Hot 100
bbno$ has a knack for making the most of a moment.
The Vancouver rapper won the TikTok Fan Choice Award at the Junos this past weekend, and used the time to nab the viral moment of the night. “Elon Musk is a piece of garbage,” he said, eliciting cheers in the patriotic crowd. (He also took the time to remind people his name is pronounced “baby no money” and not “bibinos.”)
Already in the viral zeitgeist, he has another thing to celebrate as his song “Check” debuts at No. 75 on the Billboard Canadian Hot 100 for the chart dated April 5, 2025.
Built around a familiar sample, War’s instantly recognizable “Low Rider” horns, the song’s nonstop hooks burrow into your head in less than two minutes – though many are hearing it in even shorter 5 or 10 second chunks on TikTok.
bbno$ has had billions of streams on Spotify and TikTok for songs like “La La La” and “Edamame,” with “Check” quickly racking them up too, so expect to see him on the charts again.
Check out more on this week’s charts here.
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SOCAN Celebrates 100th Year: Canada’s largest music rights organization marks its centennial with a record $512.4 million in royalty distributions, a 17.5% increase from 2023. Despite this success, SOCAN warns that less than 10% of online music consumed in Canada is Canadian-made. It urges greater support for local artists, emphasizing their role in the nation’s economy, culture, and global presence. SOCAN’s 2024 Annual Report highlights revenue growth to $559.4 million, new software initiatives, and enhanced educational programs, maintaining an expense-to-revenue ratio of 12%. FULL STORY
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SiriusXM Canada Launches New South Asian Music Channel, SiriusXM Dhamaka
SiriusXM Canada is launching a new channel dedicated to South Asian music.
That makes the satellite radio company the latest in a series of Canadian music institutions to put resources behind the massive growth of South Asian music in Canada.
The new channel, SiriusXM Dhamaka, is available across North America on channel 796. The channel will play a mix of Canadian and international stars, as well as featuring exclusive artist interviews, live performances, talk programming and comedy.
It’s programmed by Canadian radio host and Emmy-nominated music supervisor Raoul Juneja. Juneja previously created Canada’s first South Asian music TV show, V-Mix on OMNI Television in 2011.
Over ten years later, South Asian music is one of the buzziest subjects in the Canadian industry.
Rising superstar Karan Aujla won the Junos fan choice award last year, and heads into this year’s Junos with three nominations In 2024, Diljit Dosanjh made history with two Canadian stadium shows on his Dil-Luminati Tour, while artists like AR Paisley, AP Dhillon and Ikky make waves on the Canadian charts.
The Canadian industry is supporting that growth. The Junos introduced a new category for South Asian music recording for the 2025 awards, and Warner Music Canada’s 91 North records, a joint venture with Warner India, has been a key source of investment in new South Asian talent.
SiriusXM Dhamaka provides a new avenue for that expansion, promising to showcase Hindi, Punjabi, Pakistani, South Indian,Bengali and West Indian artists who make up the global South Asian diaspora.
“This channel has been in the works for some time, and we are so proud to finally announce its launch,” says Michelle Mearns, senior vice president of programming and operations. “SiriusXM Dhamaka showcases not only our incredible South Asian talent right here in Canada, but also international artists, giving listeners the opportunity to discover new and emerging music from around the world.”
Now that we’re all feeling sufficiently liberated, it’s time for another Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. There’s been a taxing amount of news this week, so let’s tarry no more.
ASCAP announced the results of its biennial election for the board of directors. ASCAP president and chairman Paul Williams revealed the 12 writer and 12 publisher members elected for a two-year term starting April 1, 2025. Newly elected writer member Claudia Brant, a 2019 Grammy winner for best Latin pop album, joins the board. Re-elected writer members include Jon Batiste, Desmond Child, Sharon Farber, Dan Foliart, Michelle Lewis, Terry Lewis, Marcus Miller, Jimmy Webb, Doug Wood and Alex Shapiro. Re-elected publisher directors include Peter Brodsky, Bob Bruderman, Marti Cuevas, Ree Guyer, Keith Hauprich, Dean Kay, Evan Lamberg, Leeds Levy, Irwin Z. Robinson, Paul Robinson, Jon Singer and James M. Kendrick. “It is both a privilege and a responsibility to be elected to the ASCAP board by our songwriter, composer and publisher peers,” said Williams. “The ASCAP Board takes seriously our commitment to advocating for and protecting the value of our more than one million members’ music and upholding our principles of fairness and efficiency to maximize distributions to our members.”
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Ross Charap, a respected music industry attorney and a fixture in Billboard‘s annual list of top counselors, joined Barton LLP as a partner in its New York office. Previously at Arentfox Schiff, Charap and his then-partner Matt Finkelstein managed over $1 billion in music asset transactions and achieved significant victories, including policy changes at the Mechanical Licensing Collective that returned millions in royalties to songwriters. Charap’s clients include such up-and-comers as Mick Jagger, Keith Richards and Billy Preston, as well as numerous “Great American Songbook”-level writers. He notably defended the Rolling Stones in a copyright infringement suit over the track “Living in a Ghost Town.” Roger Barton, managing partner of Barton LLP, praised Charap’s expertise and commitment to the creative industry, saying “few can match his depth of understanding of the legal complexities and business realities facing today’s artists.” Barton LLP’s entertainment and intellectual property practice handles complex issues like trademark and copyright infringement, music clearances and intellectual property transactions, working closely with corporate and finance teams.
Exceleration Music appointed Matt Harmon as head of rights development, where he’ll work with partner labels like +1 Records, Alligator, Kill Rock Stars and Yep Roc to enhance new releases and catalog value. At Exceleration, he will lead label operations, focusing on A&R, marketing, and catalog development. A veteran of the independent music industry, Harmon spent over 20 years at Beggars Group US, rising from head of sales to president. He played a key role in overseeing Matador Records, 4AD, Rough Trade, and XL Recordings, contributing to their growth. Exceleration partner John Burk pointed to Harmon’s “deep expertise in independent music, coupled with his proven ability to drive both creative and business success.”
Encore Recordings appointed Jacob Fain as head of A&R and promoted founding GM Ned Monaghan to president. Fain, previously evp and head of A&R at Elektra Records, will be based in Los Angeles and report to founder and CEO Joie Manda. Monaghan, formerly head of global hits at Spotify, was hired as GM in late 2021 and will now oversee all company facets, including A&R, marketing, legal and finance. Encore Recordings, launched in late 2021, is an independent, full-service music company with a roster spanning Latin, Afrobeats, dancehall, hip-hop, R&B, and pop, featuring artists like Dei V, Vict0ny, Uncle Waffles, EBK Jaaybo, Khamari and Saul Villarreal.
Entertainment business management firm FBMM announced a round of promotions in its Nashville office. Laura Beth Hendricks, Ben Huddleston and Abby Lamb have been promoted to associate business managers. Hendricks, a licensed CPA since 1996, joined FBMM in 2010 and oversees several clients’ full scope of business management. Huddleston joined FBMM in 2016 and built a team that primarily works with a group of music executives and high net worth individuals, offering services including bookkeeping, tax planning and more. Lamb has been with FBMM for a decade and supports a diverse range of clients including international touring artists, producers and indie artists. –Jessica Nicholson
Langham Hospitality Group appointed Andrew Grant as group director of music to develop a comprehensive music strategy across its hotel brands. Grant will oversee live performances, collaborations, and signature soundscapes to enhance guest experiences. As part of LHG’s Brands Operations team, he will establish industry partnerships, design global music programming, and curate special events for The Langham Hotels & Resorts’ 160th anniversary. He will also manage music curation at Eaton DC. With over 25 years in the music industry, Grant has been a Resident DJ at Ibiza’s DC10 and a producer for Barraca Music, as well as working in event production and logistics from roles at Aronis Group and the Okeechobee Music & Arts Festival. LHG, a subsidiary of Great Eagle Holdings, operates over 40 hotels worldwide, including The Langham, Cordis, Eaton Workshop and Ying’nFlo.
iHeartMedia will nominate Robert Millard as a director on its board at its upcoming annual meeting in May. Millard, former chairman of L3Harris Technologies, has experience in business, finance and strategic planning, and has served on boards including Evercore and MIT Corporation. Upon election, he’ll join the compensation committee and chair the audit committee. Meanwhile, Brad Gerstner will not seek re-election, citing other commitments following six years on the board. The company said in an SEC filing that his departure is not due to any disagreements.
Outback Presents expanded its board of directors with the addition of six industry figures. Led by chairman Leigh Feuerstein, known for building respected brands, the new board members include Dimitri Cohen (CIO, Raven Capital), Constance Schwartz-Morini (CEO, SMAC Entertainment), Jermaine Preyan (Young Money Entertainment), Ignacio Meyer (president, Univision Television Networks Group) and Austin Rosen (CEO, Electric Feel Entertainment). Their appointments aim to reinforce Outback’s leadership and drive long-term success in the entertainment industry. Co-CEOs Mike Smardak and Brian Dorfman praised the new members for their diverse backgrounds and shared passion for live entertainment. The expansion follows a big year for Outback, with nearly 1,700 shows in 283 cities and over 4.5 million tickets sold.
Symphonic Distribution elevated Colleen Shea to director of product management, Mónica Rodríguez to associate director of QA, and Alek Perepelitca to principal software architect, strengthening its product and technology teams. Shea, who joined in 2022, has led initiatives like Recoupments, a payment management system, and the redesign of SplitShare to streamline artist payouts. Rodríguez, with Symphonic since 2021, has scaled QA processes and ensured platform reliability. Perepelitca, part of Symphonic since 2019, has upgraded the company’s delivery infrastructure. VP of product Ali Lieberman praised Shea’s leadership and product management skills, while CTO Eshan Shah Jahan commended Rodríguez and Perepelitca’s contributions. Headquartered in Tampa, FL, Symphonic has a significant presence in Nashville, Los Angeles, Miami, Canada, Mexico, Colombia, Argentina, Brazil, Puerto Rico, the Dominican Republic, Ireland and Africa.
All Things Go Festival, the Maryland/New York music festival that recently expanded to three days, strengthened its leadership team with key hires. Kelsey McKenna joins as head of brand partnerships, bringing experience from Sunshine Sachs, while Sarah Pepper takes on the role of director of marketing and ticketing after working at Daydream State. Finally, Elise O’Leary, formerly of Live Nation, has been appointed community and content manager. Additionally, the festival launched an advisory board to help shape its future, featuring industry leaders Lizzy Plapinger (LPX, MS MR, and Neon Gold Records co-founder) and Lauren Glucksman (Apple Music).
Jeff Zuchowski (aka Jeff Z.) and Chad Doher launched Loaded Dice Entertainment (LDE), a full-scale entertainment company aimed at empowering independent artists. LDE offers a range of services including artist development, label services, marketing and distribution, and brand development. Jeff Z., with extensive experience in radio programming (Z100, WKTU) and digital streaming (nine years at Pandora, rising to svp of artist marketing and industry relations), and Chad Doher, a media mogul with a background in film (co-founder of Global Pictures Media), bring their expertise to LDE. Jeff Z. has a history of transforming industry relationships and producing high-profile events, while Doher has exec-produced Hollywood films including Arctic Dogs and The War With Grandpa, and created a platform for independent artists. LDE said it plans to announce new signings in the coming weeks.
NASHVILLE NOTES: Creative Nation, founded in 2011 by Luke and Beth Laird, added Alex Albanese as creative manager. The Belmont University graduate previously worked at Sony Music Publishing as creative coordinator for the A&R team. Creative Nation has also promoted Abby Holcomb to senior director, operations & digital, while Jayne Hamblin rises to director, management & records. Among Creative Nation’s clients are Barry Dean, Lori McKenna, Kassi Ashton, and Oscar Charles … PERK PR & Creative Agency, a Nashville-based firm, hired Ali Patton as a publicist. Patton previously worked at The Nashville Briefing and The 615 House, where she managed social media and curated industry news. She also gained experience as an agent assistant at The Neal Agency, supporting music agents. PERK PR represents a diverse roster of artists, including Ashley Anne, Charlie Collins, Cody Cozz, Dallas Alexander, Dylan Jakobsen, Jordyn Mallory, Kiana, Madison Olivia, Sheyna Gee and Taylor-Rae, among others. Reach Patton at ali@perkpr.co.
ICYMI:
Lee Zeidman
Tim Pithouse was appointed as the general manager of Def Jam Recordings. Previously serving as president of Three Six Zero, Pithouse will now lead the label and manage its diverse roster of artists … Lee Zeidman, the longtime president of Crypto.com Arena, Peacock Theater and LA Live, is retiring. After 45 years in the industry, Zeidman shared with Billboard that he’s ready to move on from full-time work and “write the next chapter in the book of Lee.” [Keep Reading]
Last Week’s Turntable: Universal Music Canada Shores Up A&R Team
President Donald Trump’s so-called “Liberation Day,” which marked the imposition of tariffs on all U.S. trading partners on Wednesday (April 2), was followed by a bloodbath on Wall Street on Thursday (April 3).
The tech-heavy Nasdaq fell 6.0% while the S&P 500 dropped 4.8% — the largest single-day decline since 2020 for both. The Russell 2000, an index of small-cap companies, dropped 6.6% and entered bear market territory, having lost more than 20% of its value since reaching its all-time high in November.
All music stocks except three K-pop companies suffered losses Thursday, with a handful losing 13% or more of their value and most dropping by mid-single digits. Music is largely a service that operates seamlessly across borders and is mostly immune from the tariffs applied to manufactured goods. But investors clearly expect U.S. consumers to face higher prices and an uncertain labor market, which in turn causes people to reduce their spending on everything from everyday household items to more expensive items such as concert tickets and travel.
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The severity of stock declines varied by industry segment. Companies with high exposure to the U.S. advertising market were hit particularly hard, a reflection of brands’ tendency to reduce their ad spending in times of economic uncertainty. In the radio segment, iHeartMedia shares fell 13.1%, Cumulus Media dropped 10.1% and Townsquare Media sank 6.3%. Satellite radio company SiriusXM lost 5.4%. Music streamer LiveOne, which has both subscription and ad-supported offerings, fell 12.9%. PodcastOne, a podcast company majority owned by LiveOne, dipped 10.3%.
Companies involved in live music also fared poorly. Sphere Entertainment Co. fell 13.9% while sister company MSG Entertainment fell 6.8%. Live Nation dropped 6.4%. Secondary ticket marketplace Vivid Seats fell 9.6% and ticketing company Eventbrite sank 4.7%. Sphere Entertainment’s decline was mirrored in other companies that also rely on travel to Las Vegas: Las Vegas Sands Corp. lost 6.7%, MGM Grand International dipped 9.3%, Caesars Entertainment fell 9.5% and Wynn Resorts dropped 10.6%.
Multi-sector music companies — a combination of mainly recorded music and music publishing — fared relatively well. Universal Music Group lost 1.5%. Warner Music Group dropped just 0.7%. Reservoir Media was down 3.5%.
There was also a clear divide between companies that derive the majority of their income within the U.S. and companies that do not. Live music and ticketing companies based in the U.S. fell an average of 8.3% while German concert promoter CTS Eventim fell just 2.4%. Radio companies and LiveOne, which are more subject to the health of the U.S. advertising market, fared worse than Spotify, which fell just 1.2% despite offering an ad-supported tier in the U.S.
The most valuable American companies suffered huge losses as investors gauged the tariffs’ impact on foreign-manufactured goods. Apple shares dropped 9.3%, wiping out more than $300 billion of market value. Amazon, which does brisk business on items manufactured in Asian countries facing large tariffs, fell 9.0%. Meta, which relies on advertising for nearly all of its revenue, also dropped 9.0%.
Warner Music Group (WMG) and best-selling Warner Records artist Josh Groban were honored on Wednesday (April 2) at the Harmony Program’s annual gala held at The Altman Building in the Flatiron neighborhood of New York City.
The event raised nearly $800,000 to advance the Harmony Program’s mission to bring music education into underserved communities across New York City. Hosted by CBS Mornings Plus’ Adriana Diaz, the event included live performances by Groban and students from the Harmony Program.
Kevin Gore, WMG’s president of global catalog (and a Harmony Program board member) accepted the honor on behalf of WMG, saying, “The Harmony Program’s work isn’t just about expanding access to music education, it’s about harnessing the power of music to encourage collaboration and cultivate community. It’s more important than ever for all of us to ensure that artistic expression continues to flourish freely and that organizations like the Harmony Program continue to thrive, so that they can foster the next generation of leaders, dreamers, and music makers. It’s an honor to be recognized by such an essential and impactful organization in our community.”
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On stage, Groban said, “The work of the Harmony Program is vitally important because it’s changing the mindset of these young people. Arts education, in an ever-divided and cynical world, is what tells us about the beauty of our similarities, but more importantly, about the beauty of our differences. This honor is so special and it means the world to me.”
Groban, 44, is a dedicated arts education philanthropist and advocate. In 2011, he established the Find Your Light Foundation, which helps enrich the lives of young people through arts, education and cultural awareness. He is also a celebrated performer, with five Grammy nominations, two Tony nods and two Primetime Emmy nods.
“Warner Music Group has been an invaluable partner to the Harmony Program and its students for over a decade,” said Anne Fitzgibbon, Harmony Program founder/executive director. “Beyond financial support, they have provided our students with career mentorship, industry internships, and unforgettable, collaborative performances with world-class artists like Joyce DiDonato, Chris Thile, and Josh Groban. They exemplify the power of corporate philanthropy to inspire young people, and by extension, their broader communities.”
The Harmony Program is a non-profit organization that provides children from underserved communities with free instruments, intensive music instruction, orchestral training and access to a variety of cultural experiences. The Harmony Program’s unique model also addresses a shortage of well-trained music teachers by preparing accomplished musicians to teach at public schools and community centers throughout New York City.
While some recent industry statistics show a slowdown in the U.S. streaming market, spending remains quite healthy, according to new figures from market research firm MusicWatch.
Most notably, 50 million more Americans bought recorded music in 2024 than a decade earlier. Products included in that count are on-demand music subscriptions, paid internet radio subscriptions, physical formats such as CDs and LPs, and digital downloads. Some of that increase can be attributed to population growth over the last 10 years. The total U.S. population — including people under 13 and non-internet users who are typically not counted in market research surveys — grew by roughly 19 million over that period. But since the number of music buyers far outstripped population growth, most of the growth came from an increased interest in music products.
By MusicWatch’s estimate, about half of all Americans aged 13 to 70 — 132 million people — paid for a music subscription in 2024, including on-demand music streaming and satellite radio. Recently released RIAA figures put the subscription count at 100 million, which is an average for 2024 (meaning the subscriber count at the end of the year was higher than 100 million). Satellite radio company SiriusXM finished 2024 with 31.6 million self-pay subscribers, according to its latest financial results.
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Not only are more Americans spending money on music, they’re spending more — even after adjusting for inflation. Americans spent $112 per capita on recorded music in 2024, up nearly 10% from $102 in 2023, according to MusicWatch. Back in 2014, per-capita spending was approximately $80, which is about $91 when adjusted for inflation. Taking inflation into account, per-capita spending increased approximately 32% over the past decade.
Live music spending fared even better than recorded music, jumping 17% to $281. Ticket inflation explains some of that increase, but not all — the percentage of people who bought a ticket rose to 56% from 51% in 2023. What’s more, spending on music merchandise such as T-shirts rose 45%.
Over the last decade, streaming turned U.S. recorded music revenue growth positive after an approximately 15-year downslide caused by digital piracy and a shift to selling single-track downloads rather than albums. Digital download sales have declined sharply over the past decade — from $2.3 billion in 2015 to $329 million in 2024, according to the RIAA — and piracy still exists despite the sharp rise in music buyers. MusicWatch found that 14 million Americans admitted to stream ripping music files in 2024. “Music piracy isn’t the scourge it was 20 years ago,” MusicWatch wrote, “but it’s still happening.”
Music piracy isn’t the only old habit that dies hard. While CD sales have fallen 61% over the last decade, 56 million Americans still listen to CDs in the car, and 48 million listen to digital downloads while driving. Both numbers are in decline, MusicWatch notes, “but nevertheless they represent a massive pool of listeners.”
Indie Week has unveiled the keynotes, panels, speakers and topics for its 2025 conference, which is set to run June 9-12 in New York.
This year’s keynotes will come from Cherie Hu, founder of Water & Music, who will discuss the future of indie music tech; Shira Perlmutter, register of copyrights/director of the U.S. Copyright Office; and a yet-to-be-announced representative of Apple Music.
Topics will include the state of the independent music industry, advocacy, artificial intelligence, global opportunities, catalog, culture and wellness, data analytics, distribution, fan engagement, marketing, music journalism in 2025, publishing, sampling, streaming, synch, sustainability, touring/live and more. The conference will also feature workshops from Beatdapp, Spotify, BabyJam, ONErpm, Bandcamp, Chartmetric, Red Bull Records and Continued Legal Education curated by Perkins Coie, LLP.
New to the conference this year is IndieVest, described as “a curated track of programming directly connecting the financial investment sector with the independent music community.” Taking place on Wednesday, June 11, the gathering will offer a meet and greet mixer, a panel featuring thought leaders in music investment, and a pitch competition in partnership with Triple G Ventures through which innovators will present ideas to industry leaders, investors and creators. Confirmed IndieVest judges and panelists will be announced in the coming weeks.
You can find a select rundown below. To check out the full slate of programming and/or purchase a badge, go here.
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A2IM INDIE WEEK 2025 PRELIMINARY KEYNOTES, WORKSHOPS & PANELS
(more to be announced soon)
Keynotes:
Cherie Hu, Founder – Founder of Water & Music – The Future of Indie Music Tech
Shira Perlmutter, Register of Copyrights and Director, U.S. Copyright Office – Details to be announced.
Featured Keynote, Apple Music – Details to be announced.
Workshops:
IndieVest presents The Indie Hustle:Music Innovation Pitch CompetitionMusic Investments 101: Unlocking Capital in the Independent Sector
Continued Legal Education (CLE) curated by Perkins Coie presents:Ethical and Legal Issues in NegotiationEmerging Technology Law Issues Impacting the Music BusinessLabor & Employment in 2025 – Changes with the New AdministrationHot Legal Issues for the Music IndustryMusic Industry M&A: Trends and Key Legal ConsiderationsCybersecurity for Music Companies
Beatdapp presents:Fake Streams, Real Damage: Uncovering Fraudulent Networks and AI’s Role in Streaming FraudBeyond Fraud: How Data Transparency is Reshaping Streaming
Spotify presents:Level Up Your Release Strategy: Spotify’s Tools for Audience Development
BabyJam presents:NORDER : AI as your Manager/Assistant
ONErpm presents:Keeping Indies Independent: How Working with Independent Labels Fuels Innovation and Artist Development
Chartmetric:How Can Independent Artists Discover and Grow Their Audience with the Power of Data
Bandcamp – Details to be announced.Red Bull Records – Details to be announced.
Panel Topics:
What Does Indie Mean Today, and Why Does It Matter?
Dealmaking in the Age of AI: Ensuring Proper Value and Protections for Independent Music
Independent Music’s Top Women, Opening Doors for the Next Generation
Deal or No Deal: Live Contract Negotiation
Mastering Social Media: Sustainable Strategies & Microcontent Management
The State of Indie Music Journalism: Navigating a Shifting Landscape
Breaking Borders: Global Opportunities for Independent Music Publishing
Data Analytics All Stars: Turning Numbers into Music Industry Gold
How the Law Shapes the Future of Independent Music Distribution
A2IM, Celebrating 20 Years, and Looking Ahead to What’s Next
Annual General Meeting
President Donald Trump will hold a Wednesday meeting with aides about possible investors who could buy a stake in TikTok, a deal that could potentially stop the social media site from being banned in the United States.
The details of the meeting were confirmed by a person familiar with the situation who spoke on condition of anonymity to discuss internal deliberations.
There has been uncertainty about the popular video app after a law took effect on Jan. 19 requiring its China-based parent, ByteDance, to divest its ownership because of national security concerns. After taking office, Trump gave TikTok a 75-day reprieve by signing an executive order that delayed until April 5 the enforcement of the law requiring a sale or effectively imposing a ban.
Among the possible investors are the software company Oracle and the investment firm Blackstone.
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Likely to attend the Oval Office meeting with Trump on Wednesday are Vice President JD Vance, Commerce Secretary Howard Lutnick, White House national security adviser Mike Waltz and Director of National Intelligence Tulsi Gabbard.
CBS News first reported on the meeting.
Talking to reporters Sunday while on Air Force Once, Trump said he would “like to see TikTok remain alive.” He previously indicated that he might consider reducing tariffs against China if the country approves the sale.
During his first term, Trump tried to ban TikTok on national security grounds, which was halted by the courts before his administration negotiated a sale of the platform that eventually failed to materialize. He changed his position on the popular app during last year’s presidential election and has credited the platform with helping him win more young voters.
“I won the young vote by 36 points. Republicans generally don’t do very well with the young vote,” he said Sunday. “I think a lot of it could have been TikTok.”
Trump has said that the deadline on a TikTok deal could be extended further if needed. He previously proposed terms in which the U.S. would have a 50% stake in a joint venture. The administration hasn’t provided details on what that type of deal would entail.
TikTok and ByteDance have not publicly commented on the talks. It’s also unclear if ByteDance has changed its position on selling TikTok, which it said early last year it does not plan to do.
What will happen on April 5?
If TikTok is not sold to an approved buyer by April 5, the original law that bans it nationwide would once again go into effect. However, the deadline for the executive order doesn’t appear to be set in stone and the president has reiterated it could be extended further if needed.
Trump’s order came a few days after the Supreme Court unanimously upheld a federal law that required ByteDance to divest or be banned in January. The day after the ruling, TikTok went dark for U.S. users and came back online after Trump vowed to stall the ban.
The decision to keep TikTok alive through an executive order has received some scrutiny, but it has not faced a legal challenge in court.
Who wants to buy TikTok?
Although it’s unclear if ByteDance plans to sell TikTok, several potential bidders have come forward in the past few months.
Aides for Vice President JD Vance, who was tapped to oversee a potential deal, have reached out to some parties, such as the artificial intelligence startup Perplexity AI, to get additional details about their bids, according to a person familiar with the matter. In January, Perplexity AI presented ByteDance with a merger proposal that would combine Perplexity’s business with TikTok’s U.S. operation.
Other potential bidders include a consortium organized by billionaire businessman Frank McCourt, which recently recruited Reddit co-founder Alexis Ohanian as a strategic adviser. Investors in the consortium say they’ve offered ByteDance $20 billion in cash for TikTok’s U.S. platform. And if successful, they plan to redesign the popular app with blockchain technology they say will provide users with more control over their online data.
Jesse Tinsley, the founder of the payroll firm Employer.com, says he too has organized a consortium, which includes the CEO of the video game platform Roblox, and is offering ByteDance more than $30 billion for TikTok.
Trump said in January that Microsoft was also eyeing the popular app. Other interested parties include Trump’s former Treasury secretary Steve Mnuchin and Rumble, the video site popular with some conservatives and far-right groups. In a post on X last March, Rumble said it was ready to join a consortium of parties interested in purchasing TikTok and serving as a tech partner for the company.
This article was originally published by The Associated Press.
Recording Academy CEO Harvey Mason Jr. sent a letter via email to all Recording Academy members on Wednesday (April 2) sharing a report that the academy created and quietly posted on its website in January. In the report, the academy attempts to quantify its impact and summarize the changes it has made over the five years since Mason stepped into the top job at the organization (initially as interim CEO following the departure of Deborah Dugan).
“While many people know us as just an awards granting institution, we are actually a purpose-driven impact organization serving music makers and aspiring music makers around the world 365 days a year,” Mason wrote in his letter. … “This Grammy Impact 2024 report puts into one place all the ways the Recording Academy positively affected music people last year.”
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In an interview with Billboard, Mason shed further light on his aims with the report, which takes the form of a slick and visually appealing deck brimming with facts and figures. But Mason says the numbers aren’t the point. “To me, the bottom line is that they get a sense that the academy is making a real impact on the lives of music people beyond just giving trophies,” he says. “What I’m trying to do is hopefully build support for the academy, through seeing it maybe through a different lens, rather than just who got snubbed or who won or who didn’t win. That’s the objective of this report.”
Mason has long tried to get people to see the academy as more than just the dispenser of shiny gramophones. “When I took the role, one of my objectives and goals was to heighten the awareness of what happens the other 364 days of the year,” he says. “I did experience a lot of interaction with music people in studios as I was coming up where people just thought of the Grammys as a night to get an award, whereas I was always encouraging them to see the bigger picture; to see all the service work that’s being done; the advocacy, the education, the philanthropy, MusicCares; all the different parts of the academy.
“A lot of people know and love the awards ceremony,” he continues. “I’m thankful for that, but it is a challenge for us as an organization to tell the larger story as to why we exist. [This report is] a new way of positioning the academy. We needed to do a better job of explaining why the academy exists beyond to celebrate one night a year. So, this was an intentional effort for us over the last few years to make sure we’re telling that story in a new way.”
Perhaps the most eye-popping statistic in the deck presentation is one that was already reported in the academy’s 2024 membership report, which was released Oct. 3 and reported in Billboard that same day: That a whopping 66% of current academy voting members have joined since 2019.
“It’s great [in the] sense in that we are continuing to remain relevant,” Mason says, “to attract new music-makers, people who are at the height of their careers, or coming into their careers, and we are moving away from having people who have been members…” Mason pauses and starts anew. “We always want to keep our long-term members, but we want to make sure they’re continuing to qualify as voting members [by being able to show recent credits]. We don’t want people that have had music careers in the 1960s or ’70s still voting on music that maybe they’re not involved in making, so we’re making sure we’re refreshing the membership; making sure the membership’s relevant to professionals in the industry working today.”
The deck also includes the statistic, also first reported in the membership report, that people of color now constitute 38% of the voting membership. “I’m pleased with the progress,” Mason says. “We still feel like we have some room to go. You think about why are these numbers important: Why do you care about changing the make-up of our membership? It’s mostly because we want to make sure our membership reflects the industry.”
Mason says he has no set points in mind as to when the academy will have achieved its membership goals. “We’ll never be done, because these numbers are going to fluctuate,” he says. “They’re going to adjust based on what’s happening in our community, in music; changing based on genre popularity, so we’re going to be in a constant search to perfect our membership. We’re always going to continue to work and tinker with the numbers because we have to remain relevant. I don’t think we’re where we want to be yet. I’m not sure we’ll ever accomplish the perfect membership, but we will continue to [work on it].”
At this year’s Grammy Awards, artists and songwriters of color won three of the four highest-profile awards: album of the year (Beyoncé’s Cowboy Carter) and record and song of the year (Kendrick Lamar’s “Not Like Us”). Does Mason see that as a reflection of the academy’s overhaul of its membership?
“Not necessarily,” Mason says. “I see it as a reflection of the quality of their individual work. I like to think having a relevant membership — regardless of their race — is probably what gives us the best outcomes, but I think those people had amazing years creatively and our voters recognized that.”
The deck also repeats the stat that the Recording Academy has added more than 3,000 women voting members since 2019, surpassing its 2019 goal to add 2,500 women voting members by 2025. Women now make up 28% of the voting membership.
“We really needed to increase the number of women voters,” Mason says. “A great first step is adding 3,000 new members. We’re not [yet] where you want to be.”
The deck also speaks to the academy’s “bold global expansion, working with stakeholders in Africa and the Middle East to help foster the dynamic music markets there.” (The academy first released this information on June 9.)
Asked why that effort is a priority for the U.S.-based academy, Mason replies, “Obviously, a big focus is on our American members, and it will continue to be that. We are an organization that represents music all around the world. If we’re going to do that, we have to have people that represent those genres. It very much can be said in the same way about Latin music: Why do you care about Latin music? Why did you build a Latin Academy? It’s because the music is very popular. It’s a thriving music community and it continues to affect people as they listen to it and consume music, and the same can be said for other parts of the world.
“We are not living in a time when music only comes from American creators,” he continues. “Music is coming from creators all around the planet. As a group that serves music people and hopefully uplifts music people, we want to be able to do that for people regardless of where they’re from. As long as they’re making music, we want to have an impact on those music groups.”
Here’s Mason’s letter to the academy membership in full:
Academy members,
I am writing today to share an exciting report that we recently created. You frequently hear me say that music is a powerful force for good in the world, and that the people who make it deserve an organization dedicated to their well-being. I feel so incredibly privileged to work for the organization that exists to do that.
But our highest purpose isn’t merely to serve music creators, it’s to make a positive impact on their lives and careers. And that’s exactly what we work to do, every single day of the year, through the tireless and amazing effort of our board and our teams.
While many people know us as just an awards granting institution, we are actually a purpose-driven impact organization serving music makers and aspiring music makers around the world 365 days a year. Every piece of legislation we help pass has a tangible impact on the music people we serve. Every event hosted by a chapter or wing, every dollar distributed by MusiCares, every scholarship we provide, and every time we open the Grammy Museum doors to a child, it impacts our music community. And yes, every Grammy nomination and award alters the trajectory of someone’s life and career.
This Grammy Impact 2024 report puts into one place all the ways the Recording Academy positively affected music people last year. As we say in the report, it is the combined work of the more than 300 dedicated employees of the Recording Academy, the Latin Recording Academy, the Grammy Museum, MusiCares, and thousands of music creators who volunteered their time in service to their peers.
Please take a moment to read through the report, and reflect on the ways you and your colleagues personally contributed to these outcomes. I hope you feel a sense of pride and purpose in what was accomplished, and for the role you play every day in serving the music people who rely on us.
Of course, we’re now into 2025, and while we celebrate the achievements of last year, we are also looking ahead to the impact we will make this year and beyond. Grammys on the Hill is right around the corner, the Day that Music Cares is coming soon, and much more awaits us in the months ahead.
Thank you for your ongoing commitment to our work. It is making a lasting impact.Gratefully,Harvey Mason jr.