Business News
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Music stocks’ performance this week was a microcosm of the entertainment industry this decade, with streaming companies making up the top four performers while legacy broadcasting stocks finished at the bottom of the heap.
Chinese music streaming company Tencent Music Entertainment rose 6.0% to $10.95 following the company’s encouraging full-year earnings results on Tuesday (Mar. 19). Although total revenue declined 2.1%, the online music part of the business is booming. Subscription revenue from QQ Music, Kuwo Music and Kugou Music increased 39.1% to $1.7 billion while the number of subscribers grew by 18.2 million to 106.7 million. Tencent Music shares reached a 52-week high of $11.80 on Thursday (Mar. 21) but dropped 4% on Friday (Mar. 22) following news that Zhenyu Xie, president/chief technology officer, tendered his resignation. Xie will be replaced on the board of directors by CFO Shirley Hu.
Spotify gained 3.9% to $264.95, bringing its year-to-date improvement to 41.0%. On Tuesday, the streaming company released its fourth annual Loud & Clear report, a breakdown of the prior year’s royalty payouts. In 2023, the number of artists who received at least $10,000 from Spotify increased 16% to 66,000 — 2.7 times more than the number who received that much in 2017. The number of artists who earned $1 million or more from Spotify rose 18% to 1,250.
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Two smaller companies posted even larger gains. Anghami shares rocketed 56.8% to $1.74 this week and reached as high as $2.20 after a regulatory filing revealed that Saudi media company MBC Group had amassed nearly a 14% stake in the Abu Dhabi-based music streamer. The investment helped give Anghami some breathing room after the Nasdaq warned in October that the stock faced delisting for closing under $1 for the prior 30 days. Anghami closed below $1 from Feb. 1 to Mar. 7 but has closed above $1 since Mar. 15.
LiveOne jumped 10.9% to $2.04 after announcing on Monday (Mar. 18) that it expects record quarterly revenue with the help of increased Tesla sales, 30 new podcasts and more than $2 million in monthly recurring revenue from clients in its B2B streaming business. Additionally, the company revealed that it repurchased $250,000 worth of stock in the previous 30 days and extinguished $3 million of payables of PodcastOne, the podcast company it spun off in September 2023.
Streaming companies’ gains helped the Billboard Global Music Index rise 1.3% to a record 1,719.66 this week, breaking a two-week skid and topping the previous record of 1,715.81 set the week ended Mar. 1. The 20-company index had an even number of winners and losers.
Major indexes rose to new heights after the U.S. Federal Reserve indicated the central bank still expected three interest rate cuts in 2024 despite a recent increase in inflation. In the United States, the Nasdaq composite rose 2.9% to 16,428.82, a new closing high, and reached an intraday high on Thursday. The S&P 500 finished the week up 2.3% to 5,234.18, even after falling 0.1% on Friday. In the United Kingdom, the FTSE 100 gained 2.6% to 7,930.92. South Korea’s KOSPI composite index rose 3.1% to 2,748.56. China’s Shanghai Composite Index fell 0.2% to 3,048.03.
Broadcasters were at the opposite end of the spectrum. The index’s biggest decliner was iHeartMedia, which fell 7.7% to $1.91. After a sluggish year for national advertising, iHeartMedia executives have predicted 2024 will be “a recovery year” and first-quarter revenue decline will be less severe than previous quarters. Maybe so, but investors have dropped its stock 28.5% year to date.
Two other radio companies were among the bottom four stocks. Cumulus Media shares fell 6.6% to $3.41 and are down 35.9% in the first 12 weeks of the year. Cumulus’ revenue was down 11.4% in 2023, and CEO Mary Berner warned investors in February that “choppy” ad demand limited its ability to forecast in 2024.
SiriusXM, which is optimistic about its redesigned streaming app, dropped 4.2% to $3.88 and has fallen 29.1% this year. Liberty Media, which owns 84% of SiriusXM’s outstanding shares, plans to merge the SiriusXM stock with the Liberty SiriusXM track stock later this year.
Nine sites that were selling fraudulent streams have been taken offline, according to IFPI and Music Canada.
IFPI, the worldwide recording industry association, and Music Canada, a trade group that represents major Canadian labels, filed a legal complaint with the Canadian Competition Bureau against the sites, accusing them of selling false plays and streams to manipulate streaming service data. The nine connected sites, the most popular of which used the domain name MRINSTA.com, have since gone offline (though you can still see them via the Wayback Machine).
“Streaming manipulation has no place in music,” stated Lauri Rechardt, the IFPI’s chief legal officer. “Perpetrators and enablers of streaming manipulation cannot be allowed to continue to divert revenue away from the artists who create the music.”
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As streaming has grown in popularity, so have efforts to game services’ royalty models. Vancouver-based fraud detection software company Beatdapp estimates that as many as 10% of music streams are fake. Fake streams are often generated through streaming farms, which use bots to automatically stream particular songs and boost their stats.
Canada recorded 145.3 billion streams in 2023. – Rosie Long Decter
Warner Music Canada’s Head of A&R Leaves to Start New Management Company, SWING
It was only January of this year that Victoria, B.C. pop-funk artist Diamond Cafe announced his signing to Warner Music Canada. Now, George Kalivas, the man who signed him, is breaking off on his own to manage him — and building a whole new company around the singer.
SWING is launching as a Toronto-based management company with Diamond Cafe as its first artist, though Kalivas says the eventual plan is to “evolve into a full-service record label in no time.”
Kalivas started in marketing at Warner Canada seven years ago, handling domestic artists signed to the label and international releases signed to subsidiaries like Atlantic and 300. But he had “one foot in A&R,” he says, which became official two years ago when Kristen Burke became label president.
His first signing was Crash Adams, a Canadian pop duo known for viral TikTok trends. After the joint launch of 91 North Records by Warner Canada and Warner India, Kalivas helped sign the label’s second artist, AR Paisley. A long-simmering Canadian rapper, Paisley hit the top 10 of the Billboard Canadian Hot 100 this year with “Drippy,” a posthumous collaboration with the late Punjabi-Canadian superstar Sidhu Moose Wala.
But it was Diamond Cafe who made him realize the time was right to strike off on his own, Kalivas says. “I haven’t seen a triple threat artist like him — writer, performer and producer — in 15 years,” he says. “He’s next level.”
As publishing and song catalogues become a major money-maker in the music industry, artists like Diamond Cafe who can work both in front of and behind the scenes are getting scouted heavily. For SWING, it’s enough to structure a whole new company around. – Richard Trapunski
Texas Songwriter Livingston Debuts on the Canadian Hot 100 With ‘Shadow’
Texas singer-songwriter Livingston is making a splash on the Canadian charts this week.
The 21-year-old has landed on the Canadian Hot 100 for the first time, with his single “Shadow” debuting at No. 100. The ominous tarck, which finds Livingston warning about the dangers we pose to ourselves, shows off his belt and falsetto over keyboard stabs and jittery percussion. “Shadow” is also performing well on the iTunes charts and has gathered over a million YouTube views since its Mar. 7 release.
Livingston’s new album, A Hometown Odyssey, also found a spot on the Canadian Albums chart this week, debuting at No. 92. Livingston first gained popularity as a teenager on TikTok during the pandemic and signed shortly thereafter with Elektra records. His website states that he “reclaimed his independence” from his major label deal a year ago; Hometown Odyssey is independently released.
Independence seems to suit Livingston well. Though he isn’t charting on the U.S. Hot 100 or Billboard 200 yet, sometimes rising American artists — like Benson Boone — perform better in Canada before gaining steam in the United States. – Rosie Long Decter
It’s time for another spin around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music.
Singer-songwriter Tyler Hubbard (known for his work as part of Florida Georgia Line as well as solo hits including “5 Foot 9”) launched the music publishing company Haylo Music. It will be run by general manager Josh Saxe, formerly of J C Saxe Creative Consulting. Saxe will work with Hubbard to facilitate the daily songwriting strategy of the company’s publishing and creative services roster. A Belmont University graduate, Saxe launched his career as an associate director of A&R at Round Hill Music and rose to a senior director role. In 2019, he joined Endurance Music Group, managing a songwriter roster that included Matt Stell, Paul Sikes and Seth Alley. – Jessica Nicholson
Tencent Music Entertainment announced that Zhenyu Xie, the company’s president/chief technology officer, among other roles, is resigning from his executive positions as well as his role as a member of the board of directors. A press release states the resignation is “for personal reasons” and will be effective Mar. 31; Xie will continue serving as a consultant to the company. Additionally, the board has appointed Tencent Music CFO Min Hu (a.k.a. Shirley Hu) as a director of the company, effective Mar. 31. – Chris Eggertsen
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UMG Nashville hired Jake Gear as vp of A&R. Gear brings more than a decade of experience as a publisher, producer and writer manager to the role. The Belmont University graduate began his career in CMT’s music and licensing department before heading to publishing posts at Magic Mustang Music, Sea Gayle Music and BMG. He later launched the creative publishing venture Hang Your Hat Music with Concord Music and Songwriter Hall of Famer Hillary Lindsey. Gear has also acted as a writer manager for Lindsey and produced albums by Flatland Cavalry, Hailey Whitters and others. – Jessica Nicholson
Gonzalo Rangel stepped into a new role at WK Records as vp of A&R and marketing. The Puerto Rican executive — who has been managing breakout acts including Mexican regional-pop star Ramón Vega and Puerto Rican alt-pop singer Robi since 2017 — will now be responsible for “leading the label’s artistic discovery and development, in addition to overseeing all marketing efforts for its frontline roster,” the WK team tells Billboard. “I am glad to be able to form part of The WK team as the label continues into its fourth year. I look forward to contributing my expertise and leading the new generation of music here at WK Records,” says Rangel. His accomplishments include contributions to the 2022 hit song “Pantysito” by Alejo, Feid and Robi as well as facilitating collaborations for Vega with industry heavyweights such as Carin León, Jasiel Nuñez and mariacheño superstar Christian Nodal. Rangel’s prowess was further evidenced when he secured Vega as an opening act for CNCO‘s farewell tour leg in Mexico and nurtured the development of emerging Puerto Rican producer OG Flamez. Rangel will be reporting to Horacio Rodriguez, CEO of WK Records. – Isabela Raygoza
Stem added two new staff members, welcoming Nima Khalilian as head of international, artist & label strategy and Didi Purcell in an artist & label partnerships role. Khalilian joins Stem from Interscope, where he spent six years as the senior director of international marketing. Purcell joins from SoundOn, TikTok’s music distribution and artist services platform, where she worked as part of the artist & label partnerships team. Prior to SoundOn, Purcell oversaw pop & dance/electronic playlisting at Interscope. – Jessica Nicholson
The TBA Agency, which represents artists including Courtney Barnett, CHVRCHES and Mora, revealed several promotions and hires in New York and Los Angeles. New York-based Katie Nowak was promoted to vp of marketing and partnerships, while L.A.-based Corynne Fernandez transitioned from marketing and partnerships coordinator to director of marketing and artist development. Additionally, Ashley Torres was promoted to marketing and partnerships coordinator. TBA is also teaming with creative services consultancy The Department, founded by Jack Pitney and Kosta Elchev, to foster creative opportunities for the roster. Elsewhere, Nina Moss joined TBA as a marketing assistant. Agents Marshall Betts, Avery McTaggart, Amy Davidman, Ryan Craven and Devin Landau launched the agency in 2020. – Jessica Nicholson
Sarah Scales was named senior director of digital at Activist Artists Management. In the new role, she will be tasked with creating and executing digital marketing strategies for artists on the Activist roster, including Weyes Blood, The Pretty Reckless, Empire of the Sun and The Lumineers. She is based in the firm’s Nashville office. Prior to boarding Activist, Scales spent six years developing and implementing promotional campaigns for global brands and artists at Marbaloo Marketing and Q Management Group. – Chris Eggertsen
Guitar Center named Kristin Shane executive vp/chief merchandising and marketing officer. Reporting to CEO Gabe Dalporto, Shane will oversee the integration of the company’s marketing and merchandising functions to enhance the customer experience. She will also be responsible for product, promotions, visual merchandising, omni-channel experience and activations. Shane comes to Guitar Center from PetSmart, where she was senior vp/chief merchandising officer. – Chris Eggertsen
Aiden Cullen and Alex Gruszynski launched NOVA, a curated creative freelance network and marketplace designed to connect creatives with job opportunities across multiple mediums. NOVA soft-launched as a private Instagram account last year and has since filled approximately 7,500 jobs, according to the company, which says creative executives from companies including Apple, Capitol Records, Interscope Records and Spotify are “followers” of the platform. The NOVA app allows creatives to display their portfolios, grow their networks, display contact information for their representatives and more. Clients can do things like filter and search the platform’s directory of creatives, post jobs, manage applications, and create and organize talent lists that they can refer to when the time comes to fill future roles. – Chris Eggertsen
Róisín Warner was named head of marketing at Blackstar Agency. She was most recently a senior marketing manager at Believe and previously held roles at Universal Music Group and Warner Music Group. The company’s former head of marketing, Breyner Baptista, is stepping into a new role on the board of the agency as non-executive director of A&R. – Chris Eggertsen
Last Week’s Turntable: WMG Vet Takes Temp CEO Role at Deezer
A group of companies representing Spotify, Deezer, Epic Games and others, applauded the U.S. Department of Justice’s antitrust lawsuit filed against Apple on Thursday (March 21), calling it a “strong stand against Apple’s stranglehold” on mobile apps.
“[Apple] stifles competition and hurts American consumers and developers alike,” Rick VanMeter, executive director for The Coalition for App Fairness (CAF), said in a statement. “As this case unfolds in the coming years more must be done now to end the anticompetitive practices of all mobile app gatekeepers.”
Apple did not immediately respond to a request for comment.
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In its sweeping lawsuit filed in New Jersey federal court on Thursday, the U.S. Justice Department alleged that Apple violated antitrust laws by undermining apps and products that could compete with Apple or that could make customers less reliant on its iPhone systems, such as its digital wallet.
The U.S. case follows similar legal actions brought against Apple in the European Union, the United Kingdom and Asia, and it addresses some of the Apple policies that Spotify founder/CEO Daniel Ek has railed against for years.
“There’s global consensus that Apple’s abuses of its monopoly power have stifled innovation and threaten the digital economy,” Avery Gardiner, a lawyer and competition policy advocate for Spotify, wrote on X. “The DOJ case makes it clear that Apple harms the developers and creators who are hard at work to build the very best products and services for consumers.”
Both CAF and Gardiner acknowledged the DOJ’s case will take time to have any impact, and they urged Congress to pass The Open App Markets Act, a bill Ek has lobbied for since it was introduced in August 2021.
The Open App Markets Act would bar Apple, Google and other app stores with more than 50 million users from forcing app developers to use their payment systems as a condition of distribution. It would also block app store owners from punishing app developers if they extend deals to customers or offer their app for lower prices elsewhere.
Ek has argued that Apple and others act as anti-competitive gatekeepers because the terms required for inclusion in their app stores prevent Spotify and others from telling consumers about potentially cheaper bundle options, like Spotify’s duo and family plans. Currently, Spotify has to send customers to its website to sign up for those plans.
The Justice Department’s case also seeks for Apple to loosen restrictions on its messaging tools and to add features to the Apple wallet. Gardiner and CAF praised the case for what they described as an attempt to level the playing field.
“Competition is the foundation of innovation, and [this case] represents the latest step in the fight for a fair and competitive internet,” Gardiner wrote.
As the Grand Ole Opry approaches its 100th anniversary, vp/executive producer Dan Rogers will take on expanded duties in his new role as senior vp/executive producer of the esteemed institution.
The 26-year Opry veteran will continue to oversee all aspects of the more than 225 shows at the Opry each year. “I really do take it as a pat on the back for what our entire team has been able to accomplish and what we’re in the middle of,” the self-effacing executive tells Billboard of his promotion, which is effective immediately “But there’s still so much I want to be a part of with the Opry before it’s my time to let somebody else take the reins.”
When Rogers took the reins as vp/executive producer in 2019, he couldn’t have imagined the challenges ahead. “The COVID pandemic hit seven or eight months into me being in this position. I was really thankful that I wasn’t new to the Opry when that hit,” says Rogers, who started at the Opry as an intern in 1998 and has held positions in artist relations, communication, marketing, production and tours.
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“We just assumed the flood of 2010 would be the most devastating thing and the most challenging time in our careers,” Rogers says, referencing the historic flood that devastated Nashville as the Cumberland River rose over its banks and filled the Grand Ole Opry House with 10 feet of water. “But it was truly the uncertainty and just the sadness of COVID that made it so difficult for us.”
Nevertheless, the Grand Ole Opry continued, and artists performed 29 Saturday nights without a live audience during the COVID pandemic, never missing a performance. Fans all over the world continued to enjoy the nearly 100-year-old show as they tuned in to the Opry Live broadcast and livestream.
Under Rogers’ leadership, the Opry welcomes a wide range of performers — both newcomers and established superstars, as well as acts who fall outside of country. For example, “American Pie” singer Don McLean made his Opry debut Mar. 9.
“Mr. Rogers, or Opry Dan, as we still lovingly call him, is so effective simply because he absolutely loves the Opry and everyone connected with it. It is his passion, and it shows,” says Jeannie Seely, a 58-year member of the Opry, who was Rogers first assignment as an intern, when he was charged with taking her and her dog, Shadpoke, to the welcome center to greet fans. “Dan is the perfect choice for this important position. He understands the broad spectrum of the Opry. He has the pulse of what’s happening in the music industry today and how it pertains to the Opry. At the same time, because of his lifelong love for this institution, he knows the history and the legendary artists who have created it. His mix of the two provides a show that can only be found at the Grand Ole Opry. The future of this country music treasure is safe in his hands.”
Trisha Yearwood, who celebrated her 25th anniversary as an Opry member on Mar. 13, agrees. “Dan has always understood the family that the Opry is, and he does everything with a smile. He even brings homemade apple pie backstage! I’m so happy to see him move up in our Opry family.”
Since Rogers took the helm as executive producer in 2019, 15 artists have been inducted as Grand Ole Opry members, and T. Graham Brown and Scotty McCreery will be inducted this spring. Last year set a record for Opry debuts, as 131 artists performed on the famed stage for the first time. During the past two years, there have been more than 200 debuts. “If you made me pick a favorite debut, it would probably be Leslie Jordan because that man brought so much love into this Opry House when he walked in,” Rogers recalls of the late actor/singer. “He had so much respect for this place and was determined to have the night of his life from the minute he walked in.”
During his tenure, the Xenia, Ill., native has executive produced Dolly Parton’s 50th Opry anniversary special, Grand Ole Opry: 95 Years of Great Country Music and Christmas at the Opry, which all aired on NBC; as well as the Opry’s 5,000th Saturday night broadcast on Oct. 30, 2022, and the 50th anniversary of the Grand Ole Opry House, which took place the weekend of Mar. 16.
“We went into the night, and I said to our programming staff, ‘One thing we should try to accomplish tonight is all of us should take time to enjoy the show, have fun and tell these artists we love them because this feels like a monumental show,’” he says of the 50th anniversary of the Opry House moving to its current building in 1974. “I loved just standing on the side of the stage and watching people from Bill Anderson, who has been here and served the Opry longer than any member in history, to relatively new Opry members all just enjoying being here and feeling like they were at home.”
Rogers’ duties include serving as executive producer for the weekly Opry Live broadcast and live-stream. He will add new executive producer roles on upcoming international and domestic broadcasts, especially those related to the Grand Ole Opry’s 100th year on the air in 2025.
There’s palpable excitement in Rogers’ voice when he talks about celebrating the Opry’s 100th anniversary. “Our goal would be to do up to 240 Opry performances next year, the network television specials and a couple of monumental shows, probably outside of Nashville,” he says. “We’re taking the Opry to some unexpected places in addition to really having a show almost any time a Nashvillian wants to come see us or anyone is coming from around the world. If you spend two nights in Nashville, [we’re] pretty sure at least one of those nights we’ll be staging the Grand Ole Opry for you.”
Though the Grand Ole Opry’s actual centennial is in November 2025, the festivities will begin long before. “We’ll begin celebrating about this time next year and will continue basically as long as people will let us,” Rogers says with a laugh. “There are so many artists we want to showcase and partners we want to partner with, it really will take several months for us to accomplish all that we want to accomplish, but we also want to give people plenty of opportunities to come see us if you are a spring traveler or summer traveler, fall, winter or what have you.”
Rogers says there are plans for special exhibits and specific tours celebrating the Opry’s 100th, which he expects will draw more than 250,000 visitors. “You will also know that it’s a really, really special year when you walk through either on a tour or as an artist walking through on a show night,” he says.
There are also plans for shows that will honor Grand Ole Opry legends who have died such as Roy Acuff and Minnie Pearl.
Rogers quarterbacks a staff that includes the Opry’s programming and artist relations team’s associate producers Nicole Judd and Gina Keltner, as well as artist relations and programming strategy director Jordan Pettit.
After all these years, Rogers says he still gets a thrill on show nights. “My favorite thing is walking to the side of the stage and watching the curtain go up and seeing 4,400 people out there and knowing for some of them it’s a bucket list moment,” he says. “There’s probably some little kid from southern Illinois who had never dreamed that they would be where I am and there are probably lots of Trisha Yearwoods, Lainey Wilsons and John Pardis out there, just taking it all in and thinking, ‘I’m going to be on that stage someday.’”
In 2023, the Italian market of recorded music grew by 18.8% YoY, reaching a total of 440 million euros of revenues, according to FIMI (Federazione Industria Musicale Italiana), the organization that represents the Italian recorded music industry. It is the best result ever in the country in the streaming era. Italy is the third biggest market of the European Union, after France and Germany.
It is also one of the most significant growths on a global level, where IFPI reports an increase of 10.2% YoY, reaching 28.6 billion dollars and marking the ninth consecutive year of growth, as per their Global Music Report published today (Mar. 21).
In Italy, like elsewhere in the world, the sector was driven by streaming: it now covers a market share of 65% and its revenues grew by 16.2%, reaching 287 million euros. Premium subscribers reached 6.5 million users (+9% compared to the previous year). The premium segment led the streaming sector, with a growth of 18.4% and 190 million euros in revenues. Overall, the digital segment saw a growth of 15.7%. Only downloads decreased in the segment (-11.8% YoY).
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The physical segment also recorded a growth, positioning Italy as the eighth market worldwide. With revenues of 62 million euros (+14.4% YoY), it covers a market share of 14%. Vinyl sales lead the sector, growing by 24.3%, but even CDs saw an increase (+3.8%).
Performance rights grew significantly (+42.6%, reaching 73 million euros, which positions Italy as the seventh market globally) and synchronization rights saw an increase of 3.5%, reaching 13 million euros.
The flourishing Italian music scene also opened new opportunities on a global level. In 2023, revenues from outside the country grew by 20% (+130% if compared to 2020, the year before Måneskin’s success), for a total royalty income of more than 26 million euros. This was also driven by the digital sector, with revenues growing by 11% to almost 21 million euros.
Merlin and Deezer announced a new partnership through which Deezer’s artist-centric royalty model will be integrated across Merlin’s membership of independent record labels, distributors and other rights holders. The model, which is currently being rolled out in France, is designed to reward artists and tracks that are viewed as playing a part in attracting and retaining subscribers to the platform while excluding white noise and other types of “functional” audio from the royalty pool.
“We have worked with Deezer to ensure their new model works for the benefit of our members, representing a path forward in ensuring that high-quality music, and the artists who create it, are recognized and rewarded in the manner they deserve,” said Merlin CEO Jeremy Sirota in a statement.
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Added Deezer CEO Jeronimo Foglueira: I’m very happy to see that Merlin and its members are embracing Deezer’s artist centric model and joins us in redefining artist remuneration in the streaming era, to make sure artists are paid more fairly for their music.”
Warner Music India made a strategic investment in Global Music Junction (GMJ), the music and entertainment subsidiary of digital entertainment and technology company JetSynthesys. The move gives Warner Music India a seat on the board of GMJ and expands its partnership with the company, with which it previously struck a distribution deal in 2021. GMJ — which provides services including content creation, events management, innovative distribution, marketing solutions, technical analytics, and legal expertise — is a leader in the music markets for the Bhojpuri, Kannada, Gujarati, Haryanvi and Oriya languages. “This is a significant milestone in the expansion of our presence across India,” Alfonso Perez Soto, president of emerging markets at Warner Music, said in a statement. “Working with the amazing team at GMJ last year not only strengthened our partnership, but enabled us to better support artists from the central regions of India, bringing them the best artistic support that any company can provide, and helping them connect with fans across the country and around the world.”
AEG Presents and LIV Golf announced an exclusive multi-year partnership that will see AEG and its subsidiary, Concerts West, booking musical acts and producing concerts for LIV Golf events globally. Since launching the LIV Golf Invitational Series in 2022, followed by the official kickoff of the LIV Golf League last year, artists including Zac Brown Band, Tiësto, Nelly, Sebastián Yatra and Alesso have performed at LIV Golf events. Starting this spring, AEG Presents and its Concerts West subsidiary will book musical acts and produce concerts for LIV Golf tournaments worldwide, handling talent booking, artist management, show/venue planning, creative development and technical production.
The City of McKinney, Tex., which is a major hub in the Dallas-Fort Worth area, chose Notes Live to build what will be the company’s largest venue yet: the 20,000-capacity, $220 million open-air Sunset Amphitheater. The effort to bring the venue to McKinney was a joint effort between the city, the McKinney Economic Development Corporation and the McKinney Community Development Corporation. Construction on the Sunset is slated to begin late this year, with the aim of opening it in time for the concert touring season in 2026. The project is expected to support more than 1,300 direct and indirect jobs and create $3 billion in regional and local economic activity in its first 10 years of operation.
Audio entertainment platform Pocket FM raised $103 million in Series D funding led by Lightspeed with participation from Stepstone Group. The latest round brings Pocket FM’s total funding to date to $196.5 million. The money will support the company’s push into the U.S. market while also supporting its expansion into Europe as well as Latin American markets in 2024. Pocket FM will also continue to strengthen its exclusive content library and build AI-powered personalized recommendations to enhance the user experience. The company claims to have surpassed $150 million in annual recurring revenue and says the platform racked up more than 75 billion minutes of streaming worldwide last year.
Warner Music South East Europe acquired a minority stake in Slovenian independent label NIKA. The label boasts a repertoire of more than 11,000 songs, including tracks from Big Foot Mama, Koala Voice, Luka Basi, Nipke and Siddharta. The label’s releases are currently distributed through Warner’s indie distribution and label services arm ADA. The deal will allow Warner Music to upstream NIKA’s roster to its international network. NIKA has been Warner Music’s licensee in Slovenia since 1995.
Melissa Etheridge partnered with Gritty In Pink, which powers the INPINK marketplace — a platform, described as being similar to Upwork, where female freelancers in music can find jobs. Through the partnership, female videographers can submit an INPINK listing to showcase their work to be considered for a job capturing and editing content at Etheridge’s upcoming shows in Santa Clarita, Calif., and Thousand Oaks, Calif. Those interested can submit their listings between Mar. 20 and Mar. 28. Etheridge will also serve as a “strategic advisor” for the INPINK marketplace. Prior to the partnership, the singer-songwriter hired an INPINK videographer to shoot her tour last year and ran a photography campaign with INPINK to find a female photographer to take press photos.
ASM Global signed a strategic partnership with King Abdullah Financial District Development and Management Company (KAFD DMC) to lead the operation and management of the King Abdullah Financial District (KAFD) Conference Center in Riyadh, Saudi Arabia. The conference center includes a 1,215 square-meter banquet hall, a 600-seat auditorium and multiple outdoor plazas.
NightEvolution — which owns Ibiza dance music clubs Amnesia and Cova Santa and Amnesia’s in-house night Pyramid — joined forces with Dubai developer Sekoya Management, which owns Dubai venue Soho Garden and its electronic music sub-brands/venues Code, Playroom and Hive. Under the agreement, NightEvolution and Sekoya will present a new events series called Horizon in Ibiza, Dubai and elsewhere.
AI-powered beat and track generator SOUNDRAW drew $3 million in new funding led by Carbide Ventures, along with other investors including mint VC, Ceres, iSGS, SMBC Venture Capital, Deepcore, Kazuomi Kaneto and Paul Rosenberg, CEO of Goliath Artists and president of Shady Records.
The future of an international drumming competition designed to highlight and encourage young female drummers is in question after the program’s co-founder/executive director resigned earlier this month following accusations he made inappropriate comments to one of the contestants.
David Levine was asked to step down from the Los Angeles-based nonprofit Hit Like a Girl on Mar. 10 after Irish singer-drummer Ria Rua posted a video to Instagram claiming he asked her for “inappropriate pictures” in 2019 and told the then-20-year-old he “enjoyed” blurring out the outline of her breast in one of her photographs so he could use it in promotional assets for the contest. Levine says his comments were meant to be supportive and sarcastic, not offensive.
“Women shouldn’t have to deal with this stuff,” Rua said in the Instagram video. She then shared a screenshot of Levine’s email, which included the line, “Please send me more of those photos, even the ones your Mum may not like.” For “context,” she then showed the profile picture from her contest entry page that prompted his request. In it, she was not wearing a top under her jacket. “He edited out my boob and he said he enjoyed it,” she said.
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Rua tells Billboard that, in addition to the email, Levine made some of these comments over two phone calls. She said he asked if her mom liked the photo, and she replied, “I don’t know. I’m sure she doesn’t love it.” The second call was about a possible cymbal endorsement deal, in which she says she brought up the altered photo and he said “he had enjoyed photoshopping my boob.”
In a statement announcing his resignation, posted to Instagram, Levine said, “I wish to sincerely apologize for the inappropriate and offensive comments I made to [Ria Rua] as well as the harm my behavior has caused to others in the female drumming community. There is no excuse for my bad judgment, abusing my authority and undermining Hit Like A Girl’s good works. The Hit Like A Girl Board has requested my resignation as Executive Director and I am fully complying with that request, effective today, March 10, 2024 at 12:00 PM PT. Furthermore, I will be entering sexual harassment sensitivity counseling in the days ahead.”
He concluded: “Until new Directors can be installed the Hit Like A Girl and Drum Summit websites, social media and YouTube along with all current projects will be suspended,” adding, “I would ask that everyone in the drumming community continue to support the growth of female drummers through other channels.”
When reached for comment, Levine — who also owns TRX Cymbals and developed Drum Summit: Empowering Women Through Drumming — told Billboard in an email, “The board members asked for my resignation immediately after Ria Rua’s messages were posted and I complied. I sincerely hope the organization’s mission and work will continue however I am not involved in that process.” He also said his comments to Rua were “my attempt at sarcasm.”
Sexual harassment is by far the most widely-cited problem facing female creators in the music industry, according to a 2021 study by MIDiA Research, in conjunction with Tunecore and its parent company, Believe. The study found that “almost two-thirds of female creators identified sexual harassment or objectification as a key challenge.” The #MeToo movement empowered women to come forward with personal stories, ranging from drugging and rape to sexist behavior and misogyny. The industry, as a whole, still seems reluctant to speak out, instead feeling more comfortable addressing parity and advancement for women, including with initiatives like the Hit Like a Girl contest.
Rua started playing music in primary school, initially with the tin whistle and then guitar. At 12, she picked up drums and accompanied an accordion marching band, then joined The National Youth Orchestra of Ireland. In 2017, she entered a Hit Like a Girl competition, which she says seemed “massive,” sponsored by “all the big companies” and judged by “the best drummers and percussionists in the world.” In 2018 she won the organization’s Joe Hibbs Award.
Rua decided to share her story now, she tells Billboard, because she writes songs about women’s issues and had just released a new song about this specific experience and wanted to “practice what I preach.” In the Instagram video, she also noted she’d been inspired to speak out by recent allegations of sexual misconduct, “especially all the stuff about P. Diddy.”
“[Levine] is still the head of [Hit Like A Girl] and it’s still running to this day,” she said in her video. ”If it happened to me, I’m sure it happened to other women out there.”
Less than a year after Rua’s incidents with Levine, she says she told a then-Hit Like a Girl board member. She asked the board member to discuss it with the board, but not to tell Levine. The board member, who left the organization in 2021 because of what Rua told her about Levine — and does not wish to be named because of an unrelated personal issue — confirmed that account to Billboard. “I had no evidence of anything. I couldn’t really do anything formally.”
“At that time, I was still pretty afraid,” Rua says. “This guy is massive. He runs Hit Like a Girl. He owns the TRX Cymbal company. He owns another management company that manages a lot of the top brands.”
Rua posted a second video in which she sobbed and thanked everyone for supporting her, and then a third video explaining she came forward because she had written her song “Asking For It” “about my story with David” and now, when she sings it, “I’m going to remember the support that I had.”
Hit Like A Girl began in 2012 “as a drum contest/market development project,” as Levine puts it, which he co-founded with DRUM! magazine publisher Phil Hood and Mindy Abovitz, founder of female-focused Tom Tom magazine — both of whom left the organization years ago.
Levine told Billboard in an email that Rua entered the contest in 2017 and 2018 under her birth name — which Billboard has decided not to run at her request — and that during this time they “had multiple conversations by phone, email, text, etc.” He continued, “She was a talented musician and an interesting person.” He also attached the 2017 photo she submitted. Rua says they exchanged only one email and one Instagram message and had two phone calls. She provided the email and Instagram message to Billboard.
“At some point in 2018 [name redacted] introduced her new persona, Ria Rua, with a completely new look,” Levine tells Billboard in an email. “During a phone call I asked her if I could use one of the photos for a social media post to promote her and the contest. She told me that her mother didn’t approve of them. I responded in an email that she should send me the photos, ‘even the one’s her mum may not like.’ As with the rest of the email, I was trying to show support but, unfortunately, my attempt at sarcasm was not appreciated.
“I felt that the image she sent me was a bit too provocative for the Hit Like A Girl audience so I retouched it and sent it back to her for approval, which she provided. My recollection of our conversation is that I said something to the effect that I was happy to be able to photoshop the image so that it would be appropriate for us to share.”
Rua says she distinctly remembers him using the word “enjoyed” when talking about editing the photo. After that, she never entered the contest again.
Hit Like A Girl was incorporated and received 501(c)(3) charitable status in 2021, and Levine became executive director, he told Billboard, “with a board of directors that included six women.” He added, “We also established chapters in nearly 60 countries around the world that were managed exclusively by women. I often relied on these women for advice and approval.”
Since Rua’s post, she says other women have shared similar correspondence they received from Levine or conversations they had with him after entering the contest.
One California-based drummer — who does not wish to be named — shared screenshots with Billboard of “some weird stuff he said to me on text.”
In the thread, Levine provides suggestions on drum technique and then writes, “Second, try to move your head and body more when you play to show you’re feeling the best and having fun. It will drive the boys crazy.” In another, he writes, “Let me know if you come back up to LA. Maybe I’ll break quarantine for you,” followed by a wink emoji. In regard to some photos she had submitted during the pandemic, he also remarked, “I’ll have to get you a sexier mask, though. You Look like a nurse at a retirement home.”
Asked about these comments, Levine told Billboard in an email, “I don’t recall the other exchange you reference but I did offer advice on how contestants might improve their entries from time to time, when asked. I see now that my comments were inappropriate.”
He concludes by writing that Hit Like A Girl accomplished “many amazing and unprecedented things for girls and women in the past 12 years, not least the fact that drums are no longer considered a ‘gendered’ instrument.”
MC Lyte is among the honorees who will be saluted at the SEED Summit + Awards. Founded by industry veteran Valeisha Butterfield, the inaugural event will take place March 22-24 at the 1 Hotel in Los Angeles.
Also being honored alongside rap legend Lyte will be Massah David and Miatta Johnson, founders of the creative agency MVD Inc., and financial expert-coach Dr. Lynn Richardson. The award ceremony will take place on the evening of March 23.
Among the creators, executives and artists participating in the SEED Summit earlier that day will be songwriter-producer Bryan-Michael Cox, singers Melanie Fiona and Estelle, 11th & Co chairman/CEO Ebonie Ward, Kickstarter CEO Everette Taylor, Franklin Entertainment’s DeVon Franklin and Reign Ventures’ Monique Ludlett. The summit will conclude on March 24 with the SEED Retreat, a full day devoted to wellness of the mind, body and soul.
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Butterfield conceived of SEED, an organization and multimedia platform, during the COVID-19 pandemic in 2020. What began as a series of masterclasses to inspire creators, executives and performers, SEED has since expanded beyond the summit and awards to include the SEED Book Club, which produces best-selling books for television and film adaptation through SEED Entertainment, and SEED Wellbeing.
“The power of storytelling transforms lives and as we celebrate this tremendous milestone with our inaugural SEED Summit + Awards, the culture stands together for the launch of SEED,” said Butterfield in a statement. “Illuminating the most iconic stories and people of our generation is our mission as we plant seeds into the next generation of creators, storytellers, leaders and professionals following in our footsteps.”
Butterfield separately serves as vp of partnerships and engagement at Google. She also chairs the Recording Academy’s Black Music Collective and is the former co-president of the Grammys’ parent organization.
In a joint statement, honorees MC Lyte and Dr. Lynn Richardson commented, “Valeisha’s entire life and career have been dedicated to elevating the culture, so to be recognized with this inaugural award, we’re humbled and grateful. We commit to continuing to plant seeds into the next generation of creators and artists.”
Added Luckett, “I’m delighted to be a part of this year’s SEED summit. Valeisha always does a wonderful job of curating a safe space for us to share our experiences and empower one another.”
Partners in the SEED Summit + Awards include Pronghorn, iBest Wines and The Chris Paul Family Foundation. The event will be hosted by media personalities Alesha Reneé and Gia Peppers.
For more information about the SEED Summit + Awards, visit the SEED website.
Global music sales grew for the ninth consecutive year in 2023, with recorded music revenues increasing in every market and region, and across almost all formats, according to the International Federation of the Phonographic Industry’s (IFPI) Global Music Report 2024.
Total revenues climbed to $28.6 billion, a rise of just over 10% on the previous year, and the second highest growth rate on record after 2021’s 18.5% year-on-year spike.
2023’s total sales figure is the highest level since 1999 — when IFPI first started compiling global music revenues and sales totaled $22.2 billion — on an absolute dollar basis, not accounting for inflation. Piracy and declining physical sales saw the market bottom out at $13 billion in 2014.
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Driving last year’s growth was an 11.2% rise in paid streaming subscription revenue, which totaled $14 billion, up from $12.7 billion in 2022, and accounted for almost half (48.9%) of global music sales.
The rise in global paid streaming revenue comes after many of the leading streaming services, including Spotify, Apple Music, Amazon Music, YouTube Music and Deezer, all raised their subscription prices in key territories over the past 12-18 months. For the majority of streaming services, the hikes were their first price rises since launching more than a decade ago.
Despite the rising cost for consumers, the number of music streaming subscribers continues to grow globally, with IFPI reporting that the number of paid subscriptions to streaming services surpassed 500 million for the first time in 2023.
When shared usership and family accounts are considered, there are now more than 667 million users of paid subscription accounts globally, says the London-based organization, up 13% from the 589 million recorded in the previous 12 months.
Total streaming revenues, comprising of paid subscription and advertising-supported tiers, rose 10% to $19.3 billion to make up 67% of worldwide recorded music sales, roughly flat with last year’s share of the market.
Nevertheless, streaming’s year-on-year growth continues to slow as a result of its already high penetration of the global music market. In 2021, total streaming revenues spiked 24% year-on-year. In 2022, the rate of growth had more than halved to 11.5%.
Sales Up Across All Formats
Although streaming continues to dominate global music revenues, 2023 also saw strong gains in physical record sales and performance rights revenues. Combined CD and vinyl revenues grew for a third consecutive year to $5.1 billion, up 13% on 2022’s total, with Asia generating almost half (49%) of all physical revenues worldwide.
IFPI attributed the region’s continued dominance of the physical market to strong sales of K-pop acts such as boyband Seventeen, who topped IFPI’s 2023 global album charts with FML and also had the year’s eighth best-selling album with follow-up set SEVENTEENTH HEAVEN.
In terms of market share, physical accounted for just under 18% of the overall market last year, marginally up from 17.5% in 2022 but still down on 2021’s share.
Performance rights revenue, meanwhile, climbed 9.5% to $2.7 billion, representing 9.5% of global revenues, while sync income was up 4.7% to $632 Million, representing 2.2%.
The only formats to record a decline in 2023 were digital downloads and what IFPI classifies as other (non-streaming) digital formats, which fell by 2.6% to $900 million, representing just 3.2% of the global market.
“The figures in this year’s report reflect a truly global and diverse industry,” said IFPI chief financial officer and interim joint head John Nolan in a statement accompanying the report.
Nolan said the strong rise in paid streaming subscribers worldwide, as well as services’ price increases, contributed “significantly” to overall revenue growth. He also said the music industry’s recovery from its lows of a decade ago wouldn’t have been possible without “record companies’ sustained investment in artists and their careers.”
According to IFPI figures, record companies invest $7.1 billion each year globally in A&R and marketing alone. They are also paying out more money than ever before to artists, said IFPI, with label payments to musicians increasing by 96% between 2016 and 2021, versus a 63% rise in record company revenues.
No Change in the Global Top 10 Music Markets, With U.S. Still On Top
In terms of world markets, IFPI said that music revenues were up in all of the 58 markets it tracks, with the U.S. retaining its long-held No. 1 position with music sales growing 7.2%, compared to 4.8% growth last year.
Japan holds steady in second place with sales growing 7.6% in 2023. The third and fourth-biggest markets for recorded music remain the United Kingdom (+8.1%) and Germany (+7%), respectively.
The rest of the top 10 is made up of China (+25.9%), representing the fastest rate of increase in any top 10 market, followed by France (+4.4%), South Korea (percentage not provided), Canada (+12.2%), Brazil (+13.4%) and Australia (+11.3%). (IFPI’s free-to-access report does not provide market-by-market revenue breakdowns).
Those cross-market gains are mirrored on a regional basis with revenues from the U.S. and Canada region up 7.4%.
Combined, the U.S. and Canada region accounts for almost 41% of global recorded music revenues, reports IFPI, while Latin America — where streaming makes up 86% of the market — saw growth of 19.4%, far outpacing the global growth rate and representing the 14th consecutive year of revenue growth in the region.
Europe remains the second-biggest region for music sales, accounting for more than a quarter (28%) of global revenues and growing 8.9% year-on-year. In third place is Asia, where revenues rose by almost 15% in 2023, driven by strong gains in physical and digital sales.
Once again, the fastest-growing market region was Sub-Saharan Africa, which recorded a 25% rise in music sales, largely driven by increased take up of paid subscription services (up by just under a quarter) and the thriving South African music market, which grew by almost a fifth and contributed more than three quarters of the region’s revenue.
Revenues in the Middle East and North Africa, where streaming holds a 98% share of the recorded music market, rose by almost 15%.
(IFPI uses current exchange rates when compiling its Global Music Report, restating all historic local currency values on an annual basis. Market values therefore vary retrospectively as a result of foreign currency movements, says IFPI, which represents more than 8,000 record company members worldwide, including all three major labels, Universal Music Group, Sony Music Entertainment and Warner Music Group.)
Transformation Underway
Present at the Global Music report’s launch in central London were senior executives from all three major labels, as well as Konrad von Löhneysen, founder and director of Germany-based independent Embassy Of Music. Leila Oliveira, president of Warner Music Brazil, also participated in the event via video call from Rio.
Reflecting current industry trends, the potential impact of artificial intelligence (AI) on the record business, and particularly risks around generative AI, was a key topic of conversation among the speakers.
“The reality is that we’re at the beginning stages of another transformational event for the music industry,” said Dennis Kooker, president of global digital business at Sony Music Entertainment.
“While I’m enthusiastic about where the evolution will lead, it is essential that we find new products and new business models around these technologies to ensure the future of human creativity can be invested in, and that creators can be rewarded,” Kooker said.
He subsequently warned: “We must also fight the position that too many companies want to take to ignore copyright and intellectual property rights, and use our content without permission or without proper compensation.”
Adam Granite, executive vp of market development at Universal Music Group, said that while AI used “in the service of artists is wonderful,” AI that uses musicians’ work “without authorization and compensation is not.”
“We believe it’s perfectly possible to develop and adopt AI technology while also ensuring artists rights are protected,” said Granite, citing UMG’s recent partnerships with Roland Corporation and YouTube on AI initiatives as industry-led developments that give “artists a seat at the table and will help safeguard their rights” as more AI products enter the music business.