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In honor of International Women’s Day (March 8), Believe and Tunecore have released their fourth annual collaborative report Be The Change: Gender Equity In Music.
Prepared by MIDiA Research and featuring a forward by Melissa Etheridge, the report aggregates responses from 4,146 creators and professionals in the music industry. This research was done through an online global survey translated into 14 languages and executed in November and December of 2023.
Of these respondents, 64% were men, 32% were women and 6% were gender expansive, with this segment indicating that they identify as nonbinary, agender, transgender or other. One-on-one interviews were also conducted with women and gender expansive creators in the U.S., South Africa, France, Mexico, and India.
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Among the key findings, the survey found that — despite some recently documented gains for women in music creation and representation — women and gender expansive people are far more likely than men to experience the music industry as “generally discriminative” based on gender, with 49% of women and 41% of gender expansive individuals expressing this belief, compared to only 16% of men.
Age plays a factor in regard to this finding, with Gen Z less likely to perceive gender discrimination than older generations. 31% of 16-24-yea- old women view the industry as generally discriminative based on gender, compared to 54% of 25-34 year olds and 42% of women 55 and older. The report notes that this finding “could reflect improving conditions” but could also be a function of younger women not yet being in the industry long enough to experience discrimination.
The study also found that three in five women in music have experienced sexual harassment, and that one in five have experienced sexual assault.
More than 70% of women who have these experiences do not report them, the study says, “due to fear of retaliation and not believing anything would change being the most common reasons.” The study also notes that 53% of men who witnessed sexual harassment and/or assault did not report it, with 37% of these men saying that they “did not feel it was their place.”
Additionally, 56% of women who reported sexual assault responded that their claims were ignored or dismissed. The study found that nearly one-third were told to “keep quiet about it” while 12% were terminated from their job after reporting an incident.
As such, the study states, “the burden is on women to adapt their behavior to avoid misconduct, rather than on perpetrators and the wider industry to stop it happening in the first place.”
In terms of money, the study found that women and gender expansive people “are twice as likely as men to discover they are paid less than colleagues in the same or similar roles.” Identity compounds this issue, with 49% of women of a marginalized race or ethnicity having learned they’re paid less than colleagues. The study advises that the pay gap “is likely even more widespread than these statistics indicate, as individuals may be subjected to unequal pay without knowledge of it.”
There were more positive outcomes from the study as well. The report states that over the last two years, one-third of the people surveyed saw a decline in harassment. Nearly half say their confidence and self-motivation improved over that same timespan, and around a third said opportunities for career progression and promotion have improved. 28% said that diversity of staff has increased and 31% say recognition has increased.
Regarding the key factors in driving positive change, the women and gender expansive individuals surveyed reported that more diversity in positions of power, pay transparency and stronger enforcement are the most crucial factors in shifting the landscape. The study continues that “women and gender expansive individuals lack trust in industry executives to implement change, so many are being the change themselves.”
The report also explores topics like attitudes towards emerging technologies, finding the respondents feel “a mix of curiosity and unease” about the advancement of tech like AI. It also speaks to the challenges of algorithmic demands, saying that “social platforms are increasingly important for music distribution and marketing, which means catering to what algorithms prefer. This ironically limits diversity in presentation, even as it promotes diversity in substance. The pressure to package artists’ identities into palatable, bite-sized social clips can also be damaging. Spotlighting an artist’s age, sexuality, or gender identity in headlines, posts, and marketing strategies may drive engagement and inspire others, but can reproduce existing biases and stereotypes.”
The study also breaks down respondents by region — Asia Pacific, Europe, Middle East and Africa, Latin American and the Caribbean and North America — finding, among other things, that 65% of women in North America frequently experienced pressure to look good, “the highest of all the regions.”
It’s time for another spindle around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music.
Global advertising and communications company Havas appointed Damien Escobar as its first-ever global chief music officer, effective immediately. Based in New York City, Escobar’s role is to provide insights into strategy and production in support of brands looking to enhance their storytelling with music. His agency experience includes serving as svp of music and culture at Havas unit Arnold Worldwide, though Escobar is perhaps best known in music circles as an accomplished — and chart-topping — violinist. Just last year, his song “Taboo” spent two weeks at No. 1 on Billboard’s Smooth Jazz Airplay chart, and he scored a No. 1 on both Classical Albums and Classical Crossover Albums charts with 2017’s Boundless. Escobar’s pre-solo group Nuttin’ But Stringz placed third in the 2008 season of America’s Got Talent and the “hip-hop violinist” and former child prodigy was later profiled on NBC’s TODAY show. At his new gig, Escobar reports to Donna Murphy, global CEO of Havas Creative Network and Havas Health & You.
“Damien is a creative and innovative force in the industry—and we’ve seen how his multifaceted talents have already shaped and elevated campaigns for some of our biggest brands,” said Murphy. “He is at the heart of contextualizing the sound with the visuals; amplifying the story the brand wants to tell through music. This role will allow him to help continue creating these stories for all our Havas clients.”
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Meanwhile…
Warner Chappell Music appointed Lisa Li as managing director of China. Based in Beijing and reporting to Arica Ng, president of Asia Pacific, Li will be responsible for leading all of WCM’s operations in China, while also collaborating with other teams across Asia to strengthen the Warner brand in the region. Having Li’s back will be Mar Ma, who has been appointed director of A&R at the publisher. Prior to joining WCM, Li served as head of business development at Warner Bros. Discovery in China. She’s also held senior roles at HBO China, Disney Interactive and others. Ma’s CV includes a decade of experience that includes stops at both Warner Music China and Universal Music Publishing China. “Lisa’s strategic mindset, leadership skills, and passion for the entertainment industry make her the ideal person to capitalize on the tremendous growth opportunities in China,” said Ng.
UMG Nashville named David Friedman to the newly-created role of vp of national promotion and strategy. Friedman oversees all strategic elements of UMG Nashville’s promotion operation. Friedman most recently led the MCA Nashville promotion team. “Over the past year, the UMGN promotion department has evolved, and having someone with David’s vast experience running point on our overall radio strategy makes the department stronger,” UMG Nashville evp/COO Mike Harris said in a statement. “Having his expertise at the center is a natural fit, and I’m really excited for David and to see where he can take this new role.” –Jessica Nicholson
Warner Records promoted Josh Reich to senior vp of Top 40 promotion. The Chicago-based radio veteran, who reports to evp of promotion and commerce Mike Chester, will lead the label’s pop promotion department in efforts to promote Warner singles across 170 pop radio reporters. Reich has been with Warner since 2011 and was most recently vp of Top 40 promotion & digital strategy. He had past stops at WXRT/Chicago, A&M Records and RCA Records. “Josh is a well respected promotion executive who brings outstanding depth and knowledge to his position. “[Reich’s] reputation and results are first-class, matched only by his ability to close,” said Chester. “He truly embodies our culture of artist development and I’m thrilled to have him leading our pop efforts at this exciting time in our label’s history.”
Online recording studio and music publishing platform Tunedly made two major changes at the top. Co-founders Chris Erhardt and Mylene Besancon are no longer chief executive officer and chief creative officer, respectively, replaced with Ben Jackson and Katja Glieson in the key roles. “This change at the top promises to inject new energy into Tunedly, leveraging Jackson’s extensive industry experience and Glieson’s creative prowess to drive the platform forward,” the company said. Launched in 2015, Tunedly connects songwriters and other music creators with session musicians for professional music production and music publishing services. Jackson is a music producer with “deep industry knowledge” while Glieson comes bearing a track record of success as a social media content creator. While no longer CEO, Erhardt will remain a member of the board and focus on launching TunedCoin. Besancon, meanwhile, has already taken the reins as CEO of song personalization platform Bring My Song To Life.
Photo Credit: Quadir Thomas
Dina Marto joined UTA as an executive in the global agency’s music division. She is based in Atlanta and will report directly to partner and co-head of UTA Atlanta Rob Gibbs. Prior to UTA, Marto founded and ran Twelve Music & Studios, where her client list over the course of a decade included Theron Thomas and Polow Da Don, as well as labels including Atlantic Records and Maybach Music Group. She also previously worked with L.A. Reid at Island Def Jam, where she A&R’d albums by the likes of Young Jeezy, Nas, Rick Ross, Janet Jackson, LL Cool J and more. She also co-founded C & D The Agency in 2020, a women-led marketing agency dedicated to empowering minority women. Gibbs commented that Marto’s “deep connections in the city’s music scene will undoubtedly open doors and create new opportunities for our clients.”
The Grand Ole Opry promoted three executives in its ranks. Nicole Judd has been elevated to associate producer, show development, contributing to the development/production of all Opry shows in addition to serving as a programming liaison for various internal and external teams. Judd has been with the company 17 years, most recently serving as Opry marketing manager. Gina Keltner has been promoted to associate producer, talent. Keltner, who marks her 25th year with the Opry, will book more than 200 Opry shows per year, as well as other events and initiatives. Audrey McGrady, who has been with the Opry since 2017, has been promoted to talent manager, managing all talent-related show advancement for Opry shows and contributing to various aspects of show production and programming strategy with the Opry programming and artist relations team. –Jessica Nicholson
Nettwerk Music Group welcomed Talia Rubino as vp of global sync, a role where she’ll spearhead creative strategies to maximize sync opportunities for Nettwerk artists, writers and labels. Rubino has racked up 16 years of experience in sync licensing, first with Warner Music on the label side before a highly accomplished 10-yeare run in publishing at Warner Chappell Music. “Her extensive experience in artist development and facilitating licensing opportunities makes her an invaluable asset to our leadership team,” noted Nettwerk president and COO Simon Mortimer-Lamb. “Nettwerk’s ethos is artist-first, career forward, and Talia’s skills align perfectly with that promise.”
Diversified Production Services, the live entertainment event producer behind such shows as the Global Citizens Festival, iHeartRadio Music Festival and the Roots Picnic, hired live events veteran Darren Pfeffer as president. The New York City-based exec is coming off more than six years at MSG Entertainment, where he rose to evp of MSG Live. Prior to that, put in a mere 21 years at iHearMedia, where as svp of music and entertainment marketing he led the company’s live entertainment division. According to RAMP, DPS also announced that co-CEO Dave Meyers will transition to a senior advisor role at the company.
NASHVILLE NOTES: Go West Creative promoted Eileen Valois (pictured) to president and CEO of the full-service creative and events agency. Valois joined GWC three years ago as president and chief operating officer following a lengthy and accomplished career in experiential brand building being an all-around “intuitive disruptor,” the company said. Congratulate her at eileen@gwcg.com … SMACKSongs promoted Carly Sater to creative manager. Sater joined the company in 2019. Her day-to-day responsibilities include signing and developing songwriters, booking writing sessions and creating opportunities for writers … Boutique artist services label Twelve6 Entertainment promoted Travis Myatt to president and general manager, and also elevated Willow Belenski to project manager and Alaina Maggart to the new role of creative manager, Twelve6 Publishing … Black River Entertainment svp of promotion Mike Wilson has left the company after more than a decade, telling Music Row “it’s now time to move on to a new challenge.”
Position Music added industry veteran Jay Moore to its executive team as vice president and head of investments, reporting to president and CEO Tyler Bacon out of Position’s Los Angeles offices. As vp and hoi, Moore will lend an analytic hand around label and publishing signings and catalog acquisitions. Prior to joining Position, Moore was chief investment officer at Ditto Music. He has also worked in a senior director capacity at Kobalt Music. “The ability to quickly analyze and price deals is a crucial piece of ultimately closing them,” said Bacon. “We are immediately seeing the benefit of his work in the current pipeline, along with the work he did on our recent Gesaffelstein acquisition.”
The Syndicate scooped up BMG veteran Alina Akhmadullina as director of label services in its quickly-expanding label services/project management department. The year-old division already works closely with Round Hill Records, Rhino, Loosegroove Records, Dine Alone and Vydia, among others. At BMG, Akhmadullina rose to senior marketing manager during a five-year stretch in which she worked on campaigns for Slash, Billy Idol, Karen O, Godsmack, Hollywood Undead and Run The Jewels. “Alina brings a depth of knowledge, unparalleled enthusiasm, and a loaded range of skills to The Syndicate,” said Rob Gross, svp of label services. “As we build out the Label Services/Project Management division and offerings, Alina will be a pivotal force behind our upward build and growth.” The LA-based Akhmadullina can be reached alina@thesyn.com.
740 Project, the marketing firm and record label fresh off wins for its work with Killer Mike and Ye, elevated Nancy Liu to partner and Jacolyn Carrasco to vp of marketing. Liu has spent the past two years as president of the marketing firm and, as partner, joins co-founders Jesse “Punch” Edwards, Rahim Wright and Charley Greenberg with that title. 740 is fast approaching its 10th year and currently boasts a tight relationship with Quality Control artists Lil Baby, Migos and Lil Yachty, as well as Megan Thee Stallion, J Balvin and Travis Scott.
RADIO, RADIO: MCA Nashville elevated UMG veteran Miranda McDonald to vp of promotion, leading all radio initiative for the label’s roster. She arrives from UMG Nashville, where she was vp of national promotion and worked across multiple teams, including at MCA, Capitol and Mercury … Shari Roth joined Big Loud Records as vp of multi-format radio, effective immediately. She most recently served as national director of radio accounts at Warner Music Nashville for eight years … Speaking of, Warner Music Nashville expanded senior vp of radio Kristen Williams’ role, making her vp of radio and commercial partnerships.
Tixr appointed Stéphane McGarry to the role of vp of partnerships and country manager as the ticketing platform looks to expand its “already robust roster of partners” across Canada. McGarry arrives from AudienceView, where he was vp of sales. Prior to that, he was Crowtorch’s president of Canadian operations. Tixr already has a robust portfolio in the Great White North, including deals with Sonic Concerts, Cowboys Music Festival, Game Con Canada and more. Robert Davari, co-founder and CEO of Tixr, said McGarry has “consistently added value to every organization he’s touched, and collaborating with him has been on my agenda for years.”
BOARD SHORTS: Music tech platform Hook announced its inaugural group of outside advisors: DJ/producer KSHMR; SNAP head of music partnerships Manny Adler; venture capitalist Abe Burns; Downtown Music Holdings founder & chairman Justin Kalifowitz; Hundred Days founder & co-president Ben Klein; and Reed Smith managing partner Gregor Pryor … SOLID, aka the Society of Leaders in Development, announced its 2024 board of directors, led by president Rio Van Risseghem (The Orchard), vp Zach Green (Green P&M), secretary Melissa Flaxman (Black Box) and treasurer Lizzy Stone (Wiles + Taylor & Co). See a full list here.
ICYMI:
Steve Berman is vice chairman, Annie Lee is COO and Geoff Harris is CFO at the newly conjured Interscope Capitol Labels Group, encompassing Interscope, Geffen, A&M, Capitol, Blue Note, Priority, Verve and Motown … The Ivors Academy named Roberto Neri as its new CEO … Black Music Action Coalition co-founder Willie “Prophet” Stiggers (pictured) joined the founders board of the Neil Lasher Music Fund at Caron Treatment Centers … and Capitol Music Group co-president Arjun Pulijal stepped down after 11 years at the company.
Last Week’s Turntable: Luminate Focuses on Indie Retail
Black Music Action Coalition (BMAC) founder Willie “Prophet” Stiggers has joined the founders board of the Neil Lasher Music Fund at Caron Treatment Centers, which provides financial assistance to music workers for drug and alcohol addiction treatment. With Stiggers in the fold, BMAC and the fund will work together to help address the stigma of […]
JKBX, a promising music investment platform that allows songwriters and recording artists to sell their royalties to investors, opened its doors for business on Wednesday (March 6), bringing music industry veterans and high-profile investors into the nascent world of fan-powered music financing.
Founded in 2023 by Sam Handel and John Chapman of venture capital and private equity firm Dundee Partners, JKBX had been waiting for approval from the U.S. Securities and Exchange Commission.
Its numerous investors include such companies as Spotify, Live Nation, YouTube, Red Light Management and Bertelsmann Digital Music. Additional backing came from Galaxy Digital, Valor Equity Partners and Tyler and Cameron Winklevoss, sources previously told Billboard. According to a June filing with the SEC, JKBX had raised $16.1 million since January 2023.
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The company is headed by Scott Cohen, who built The Orchard into an independent distribution powerhouse and was Warner Music Group’s chief innovation officer from 2019 to 2022. Sam Thacker, a former independent singer-songwriter, is the chief operating officer. Whitney-Gayle Benta, previously the global head of artist & talent relations at Spotify, is the chief music officer. Scott Shipman, a veteran of such tech companies as eBay and Dapper Labs, is the chief legal officer.
JKBX sells royalty shares only to qualified purchasers as defined in Regulation A under the Securities Act. A qualified purchaser must satisfy one of four tests: has a net worth, or joint net worth with a spouse, exceeding $1 million (excluding the value of the primary residence, furniture and automobiles); has earned income exceeding $200,000 in each of the two most recent years, or exceeding $300,00 with a spouse’s income; has a professional certification or credentials for accredited investor status; or is a family client.
Regulation A allows JKBX to bring retail investors to an asset class that has rarely been open to anyone other than institutional investors. “Now that JKBX has secured qualification from the SEC for its offerings, the game changes substantially, and we can expect retail investors to get excited about the chance to own a piece of the music they personally connect with and gain exposure to this non-correlated alternative asset class,” Joe Gawronski, president and CEO of Rosenblatt Securities and a JKBX advisor, said in a statement.
JKBX currently lists 85 projects — 69 of which involve Ryan Tedder, the songwriter and producer best known as a member of the group OneRepublic. Tedder is a songwriter or producer on tracks by Adele, Jonas Brothers and Diplo that are offered on the platform.
At least initially, JKBX isn’t working directly with Tedder and other musicians. Instead, the company’s deals are with record labels, music publishers and catalog funds that own the copyrights behind the royalties offered on the platform. Tedder sold a majority stake in his publishing catalog to KKR in 2021 for a reported $200 million.
The current share prices produce approximately 3.5% return based on the information given on JKBX’s “offerings” web page: price per share, number of shares offered and annual royalties for either the last two or three full calendar years.
For example, JKBX is selling 200,000 shares of “Counting Stars,” written by Tedder and recorded by OneRepublic, for $31.37 apiece. The site gives royalties — songwriter royalties for mechanical, synch, public performance and other income sources — for two years: $261,497.39 in 2022 and $180,839.00 in 2021. With a share price of $31.37 and average annual royalties per share of $1.11, an investment in “Counting Stars” produces an expected annual return of 3.52%.
Share prices on JKBX are currently fixed, meaning a song’s return will fluctuate based on the amount of royalties paid out, not an increase or decrease in the price. JKBX intends to launch a secondary marketplace in 2024, according to the site’s FAQ section, that will allow investors to re-sell their shares.
K-pop giant HYBE purchased 868,948 shares of SM Entertainment, the company behind such acts as aespa and NCT 127, for approximately 104.3 billion won ($78 million) after SM founder Lee Soo-man exercised an option to sell the shares, HYBE announced in a Feb. 28 regulatory filing. The purchase concludes a transaction that briefly created a […]
When Condé Nast announced in January that it was folding the nearly 30-year-old music website Pitchfork into GQ, music fans and journalists decried the downsizing of a revered media outlet that gave voice to a diverse array of music genres, styles and artists that it praised and panned with its decimal system rating scale.
The shake-up also resulted in the departure of another woman from a leadership position in the music industry. Puja Patel, whom Condé Nast named Pitchfork’s first woman editor-in-chief in 2019, was among those laid off after presiding over an expansion both in staff and coverage. A veteran of Spin, which she also ran, and The Village Voice, Patel — the daughter of a Zimbabwean father and Indian mother — advocated for “more conversational and accessible writing,” ensuring that the publication’s tagline of being “the most trusted voice in music” rang true for a wider range of readers. She also empowered her staff to shape that coverage and widen its focus from the once-male-dominated space of indie-rock to include, for instance, regional rap, Latin and urbano music, while also supporting indie’s current generation of stars such as Phoebe Bridgers, Mitski, Adrianne Lenker and HAIM.
In her first interview since leaving Pitchfork, Patel, 38, discusses her impact on the brand and why music journalism is here to stay.
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What were your goals as Pitchfork’s editor-in-chief?
I really knew what I wanted to do with it when I went there, and I think having some security of vision and a strong sense of the legacy of a publication — being able to keep that alive while also growing the thing — is the biggest task of anyone taking on an institution like Pitchfork. But I was mostly excited about taking an incredibly talented staff and [helping build] an even more expansively minded staff.
“I would hang out in my uncle’s records and tapes store while visiting my mom’s family in India. I grew up influenced by the mixtapes he’d make and send to her.”
Krista Schlueter
How did you see the impact of those changes during your time there?
The work of changing a place that is so beloved and such an institution is slow and purposeful. Often when someone new comes in, people expect some kind of bombshell explosive reinvention. The harder and more meaningful version of that is keeping the best parts and changing the parts that can be changed. The staff is very obviously more diverse than it has ever been. The taste on the site — it has gotten weirder and more engaged with popular music. And the readership has also become a lot more inclusive.
What were your ultimate goals for Pitchfork’s growth and evolution?
I wanted Pitchfork to be the destination for the discerning music listener — a place where you could discover an artist, listen to our staff debate and contextualize new releases; hear from the musicians themselves; see them live at one of our shows; and become part of our community online and in person. It was important to me to be deliberate about expanding the scope of our editorial while also advocating for brand expansions in audio, sponsored activations and consumer growth.
“It takes so much work and curation to build a unique festival,” Patel says of Pitchfork’s annual Chicago event. “The lanyards remind me of some of my favorite live-music moments and seeing our vision come to life.”
Krista Schlueter
Indie music is currently more diverse and dominated by women. What role did Pitchfork’s coverage play in that evolution?
I wouldn’t go so far as to say that Pitchfork is the reason why that has happened, but I think we did make a really pointed case in recent years to say, “We’re going to give this artist what might be their first interview for a major publication. And we might also go ahead and book them for the festival.” We’ve heard from labels that they have signed artists based on Pitchfork album reviews and that tickets to shows have sold out once [an act] got Best New Music or once Pitchfork gave a glowing recommendation. Part of the way we curated the festivals during my time at Pitchfork was to give at least one [artist] their first headlining set at a festival. During my time there, that was HAIM, Big Thief, Phoebe Bridgers and Mitski. All folks who are vitally important to the conversation around music right now.
What role will the album review play going forward?
I find that music criticism and, specifically, the role of the album review is so important for anyone who cares about music. Every single day at midnight, we saw an uptick in traffic when we published our new album reviews. They are a way for fans to gauge their own understanding and opinion of how they feel. Beyond that, they contextualize an album against the artist’s own discography, explain the nuances of lyricism or that a [song sounds] intentionally familiar because it’s a callback to some other piece of art. I also really believe that the album review is a way for people to soundboard their own instincts. When they see, in Pitchfork’s case, a score, or they read someone who is talking about how a piece of music makes them feel, it’s a way for them to viscerally say, “I agree” or “I don’t agree” and explore why.
“I saw around 50 shows last year and always hold on to ticket stubs from special shows.”
Krista Schlueter
Why is it important to have a wider and diverse group of people pick Best New Music?
When I started at Pitchfork, I really made the idea of the album review scoring and consideration much more inclusive and collaborative. We would invite the entire staff to listen to an album. Bringing more people and more perspectives into the conversation opens up new windows and lanes to consider the piece of music, which always in my mind made us like it more. That’s not to say that there wasn’t an executive decision made from time to time.
With music publications shuttering or shrinking, does that create more space for independent voices to thrive?
It has been hard to watch the most iconic music publications slowly being pared down more and more. I’ve found a ton of inspiration and joy from the way that younger folks are using social media as a place to make music discovery and discourse accessible to more casual fans — especially as we’re seeing labels encouraging artists to take ownership of their narratives through some of the same formats. And while that sort of push from the music industry makes the industry ostensibly or optically less reliant on a journalist’s viewpoint, I still believe that journalism and arts writing is extremely valuable. At the very least, it acts as a historical record. So much of music right now is repurposed from other music, and knowing what you’re listening to and where it comes from is exceedingly valuable. I really believe that even very good marketing can’t replace very good music journalism.
Krista Schlueter
Who are your must-reads?
I want to shout out Mano Sundaresan’s blog, No Bells, which started as this tiny, friends-talking-about-rap thing but has evolved into a collection of some of the most interesting and spirited young people with a massive curiosity for new music. It’s done with the humor and levity and general alt-counterculture spirit that is missing from so much “capital s” serious writing.
How have you shaped the future of music journalism?
There tends to be a lot of acclaim awarded to people who are the first of their identity to step into some role that has historically been reserved for a certain other kind of person. And, honestly, almost everywhere I worked, I’ve been the first of some kind in my position: the first woman, the first person of color, the first Asian American. In most cases, I’m two of those things, sometimes all three. So you’re proving yourself to the systems that were made with other people in mind, and you are also bending those systems toward the future. You are de facto acting as a representative or a sounding board for people who might be or have felt underrepresented in the past. And just by way of that, you’re also reshaping the industry that you’re a part of.
This article originally appeared in the March 2, 2024 issue of Billboard.
In February, Billy Joel released his first song in 17 years, the emotional “Turn the Lights Back On.” But for his publicist, Claire Mercuri, there is never an off cycle with the 74-year-old legend.
Mercuri, who founded Claire Mercuri Public Relations in 2010, has represented Joel for more than 25 years. They began working together when Mercuri was at Columbia Records, where she rose to vp of media and also executed campaigns for veteran stars such as Bob Dylan, Bette Midler and Ricky Martin. In addition to Joel, her clients include his ex-wife, supermodel Christie Brinkley, and their daughter, Alexa Ray, as well as actresses Lorraine Bracco and Elizabeth Hurley.
A Brooklyn native, Mercuri scored her first music industry job in the 1990s as a personal assistant to KISS’ Gene Simmons and Paul Stanley. “They were wonderful to me — and quite generous,” she says. “I still love them both.”
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Developing long-term relationships with clients past and present is part of what makes the job so meaningful. Joel manages himself, and Mercuri is part of his tight inner circle, many of whom have also been with him for decades. “There is no other artist quite like Billy Joel… [He] remains very much at the top of his game,” she says. “Music should enrich your soul and challenge you to think in new ways. Billy has done this as well or better than any other artist I know.”
Now, as the targeted press campaign Mercuri orchestrated around Joel’s new single — which included stops at The Howard Stern Show and The Late Show With Stephen Colbert — wanes, the next several months promise to keep her busy. On April 14, CBS will air a special capturing Joel’s 100th consecutive performance at New York’s Madison Square Garden as he nears the end of his historic 10-year run of monthly shows at the vaunted venue this summer. Alongside those performances, Joel will co-headline stadium shows with buddies like Sting, Rod Stewart and Stevie Nicks. As Mercuri says, “Billy is always in the conversation.”
This story originally appeared in the March 2, 2024, issue of Billboard.
Irving Azoff’s Iconic Artists Group continues to partner with artists with deep-bench catalogs — announcing on Tuesday (March 5) a deal with Roxy Music frontman Bryan Ferry to acquire half of the suave auteur’s sound recording, publishing, and name, image and likeness rights. The company, which did not disclose financial details of the deal, said it will “develop and expand the renowned artist’s musical legacy to new generations of fans.”
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The deal spans Ferry’s work with glam-turned-sophisti-pop band Roxy Music and his expansive solo career, which combined has yielded 24 albums over 50-plus years. The through-line with Roxy Music is that Ferry wrote almost every one of the group’s songs, from 1972’s art-rock debut to the group’s eighth and final album, the pop-sheened Avalon, at times co-writing with fellow longtime members Andy Mackay and Phil Manzanera. The band’s best known songs include “Love Is the Drug,” “All I Want Is You,” “Virginia Plain,” “Dance Away,” “Avalon” and radio staple “More Than This.”
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Ferry’s solo career ran parallel with his band work, starting with 1973’s These Foolish Things all the way to 2018’s Bitter-Sweet. In the middle there he scored his only UK No. 1 with 1985’s Boys and Girls, which also features one Ferry’s biggest hits in America, “Slave to Love.” (The track was further immortalized when he performed it at Live Aid, with an assist from David Gilmour.)
As for accolades, Ferry was inducted into the Rock and Roll Hall of Fame in 2019 as a member of Roxy Music, and he was awarded a CBE in 2011 for his contribution to British music. Iconic president Jimmy Edwards calls Ferry a “true musical pioneer who blended art, fashion, and rock & roll into a captivating and enduring sound.”
At Iconic, which was co-founded by Azoff and Oliver Chastan, Ferry joins a hall-of-fame roster of acts that includes Rod Stewart, The Beach Boys, Cher, Linda Ronstadt, Joe Cocker and CSN bandmates David Crosby, Stephen Stills and Graham Nash, among others.
Ferry said, “I’m pleased to be working with everyone at Iconic on finding new ways to share my music with the world. I’m excited to see what possibilities unfold.”
SESAC Music Group today (March 5) announced a deal with the Korean Society of Composers, Authors and Publishers (KOSCAP) that calls for KOSCAP to represent SESAC’s repertoire in Korea and for SESAC-owned Audiam to administer KOSCAP’s publishing rights in the U.S.
The deal makes SESAC one of the first big collective management organizations (CMOs) to move its rights out of the established Korea Music Copyright Association (KOMCA) to KOSCAP, a competitor that the government approved in 2014 to increase competition in the market. KOSCAP will represent SESAC’s online and offline performing rights in Korea, and the catalog of the Harry Fox Agency, the SESAC Music Group’s mechanical rights entity, will follow next year.
The Audiam deal calls for that company, which the SESAC Music Group bought in 2021, to collect performing, mechanical and other audiovisual rights in the U.S. on behalf of KOSCAP.
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Charles Park
Although this might seem like just another deal in the alphabet soup world of collective rights management, it highlights the growing competition among CMOs – and how that is leading to different kinds of international deals. In October, SESAC made a deal to have its offline performing rights in Italy managed by Soundreef, a private company just over a decade old, instead of the traditional society Italian collecting society, SIAE.
“Why did we switch?” Alex Wolf, president of international of the SESAC Music Group, told Billboard about the KOSCAP deal. “We’re convinced about the competence and the responsiveness of the management and we’re convinced that we will increase our revenues. This is a bet on the future.”
Just a decade ago, only a few markets had competition among CMOs, which didn’t compete with one another across borders. Since 2014, though, when the European Union passed the Directive on collective management of copyright and related rights and multi-territorial licensing, European societies have had to compete for online rights in the EU, and many other countries have opened up as well. This has led to competition among established organizations, as well as new companies like Soundreef – both to represent writers and publishers and to make deals with foreign CMOs.
“It’s a great honor to partner with SESAC, a global leader with a world-class catalog and one of the premier Performing Rights Management organizations in the world, along with Audiam’s innovative technology to administer our catalog in the US,” KOSCAP COO Charles Park said in the press release announcing the deal.
LONDON — Hipgnosis Songs Fund has cut the value of its portfolio by more than a quarter and told investors that it does not intend to recommence paying dividends “for the foreseeable future” as it focuses on paying down debts.
The London-listed fund, which owns full or partial rights to the song catalogs of Red Hot Chili Peppers, Neil Young, Justin Bieber and Blondie, among many others, announced the updated valuation on Monday (March 4).
It follows a detailed review of the company’s portfolio “on a bottom-up basis” by Shot Tower, which was appointed following a public fallout between the firm’s board and its investment advisor, the Merck Mercuriadis-led Hipgnosis Song Management (HSM), over the fund’s worth.
In a financial filing, Hipgnosis Songs Fund (HSF) said Shot Tower’s preliminary report estimates the fair market value of the company’s portfolio at between $1.8 billion and $2.06 billion (and $1.74 billion and $2 billion after deducting contingent catalog bonuses of just under $60 million).
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Shot Tower gave a midpoint valuation of $1.93 billion, reflecting a multiple of 15.9x net royalty income, which is around 26% lower than the valuation of September 2023.
Hipgnosis Songs Fund said the new valuation was based on a range of criteria, including whether a catalog was made up of publisher, writer, producer or artist’s share of rights royalties. Shot Tower’s report also took into account royalty income streams and administration rights or copyrights due to be returned to the firm in future years, the fund said.
The firm’s cash net revenue (after third party royalty reductions and administration expenses) was $121.7 million for the 12-month royalty statement period ended June 30, 2023, according to Shot Tower’s analysis.
When adjusted solely for the new valuation, the company’s operative net asset value would be approximately $1.17 (92p) per share, compared to the last reported net asset value of $1.7392 (137p) per share at the end of September, the firm reported.
As a result of the decrease, the board said that it would be using free cashflow to pay down debt “and, therefore, does not intend to recommence paying dividends for the foreseeable future.”
In a statement accompanying the filing, Hipgnosis Songs Fund chairman Robert Naylor said the company’s newly constituted board “is making good progress with the due diligence work” underpinning its ongoing strategic review and that the board “remains focused on identifying all options to deliver shareholder value.”
Hipgnosis Songs Fund’s share price initially fell by 11% to £0.56 on Monday morning following the news.
The slashed valuation represents another blow for HSF, which underwent a turbulent end to 2023 and just-as-rocky start to the year.
In October, shareholders voted against the music royalties fund’s proposed $440 million deal to sell 29 catalogues to Hipgnosis Songs Capital – a partnership between investment giant Blackstone and the fund’s investment adviser Hipgnosis Song Management – citing the lack of an “up-to-date” valuation.
The same month’s annual meeting of shareholders also saw a majority of investors vote against a resolution “to continue running the fund in its current form” — a so-called “continuation vote” — commencing a six-month countdown for the board to come up with a plan “for the reconstruction, reorganisation, or winding-up of the company.”
That led to the installation of a new executive board with Naylor replacing Andrew Sutch as chairman, while last month shareholders passed a special resolution that authorizes the payment of up to 20 million pounds ($25 million) to prospective bidders seeking to acquire the fund’s assets. The fund hopes that the enticement of a large fee will help draw potential bidders to acquire some of the company’s catalogs.
February also saw Mercuriadis step down as chief executive officer of Hipgnosis Song Management to take up a newly created chairman role with Ben Katovsky replacing him as CEO.
Shot Tower is due to present its final due diligence findings to the firm’s board later this month.