Business News
Page: 58
Welcome to yet another edition of Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music. While you’re here, we also have a weekly interview series spotlighting a single executive and a regularly updated gallery honoring many of the industry figures we’ve lost throughout the year.
Victoria (Torie) Mason was elevated to oversee Warner Music Nashville‘s newly rebranded marketing and digital departments, but misplace your reading glasses and you may not spot the change in the WMG veteran’s title. The Nashville-based home of Blake Shelton, Dan + Shay, Ingrid Andress and Randy Travis promoted Mason from senior vp of strategic marketing and analysis to senior vp of marketing and analytics — a subtle tweak but it now means Mason will oversee an expanded marketing division that encompasses artist marketing, digital marketing, analytics, brand partnerships, video strategy and advertising strategy. As part of the changes, the label’s Artist Development team will merge into the wider Marketing department, while the Interactive Marketing team will now be called Digital Marketing. “This new structure will allow us to continue to super-serve our artists and their music with more focus and urgency,” explained WMN co-chair and co-president Ben Kline. Mason joined Warner in late 2011 as director of research and analytics and worked her way up to svp by August 2021.
Trending on Billboard
Elsewhere at WMN, Mary Catherine Rebrovick was promoted from senior director of publicity to vice president of publicity. Rebrovick joined the label in July 2012 as an assistant for then-vp of publicity Tree Paine, who has gone on to work exclusively with someone named Taylor Swift. “Little did either one of us know that 12 years later, I’d be taking that title myself (and she’d be taking the mega title of legendary publicist to the current Queen of Pop),” said Rebrovick on social media, according to Music Row. “Happy full circle anniversary to me.”
More Warner, you say? Tat Tong joined Warner Chappell Music as vice president of A&R and creative, Asia Pacific. The industry veteran joins WCM from Sony Music, where he was A&R director for RCA Records Greater China. In his new role, Tong will lead all things creative in the region and oversee the signing and development of new talent and music-related projects. Tong is also an accomplished producer and songwriter, with credits on tracks by Luis Fonsi, Troye Sivan and CNCO, among others, and he’s currently working on a musical stage adaptation of Crazy Rich Asians. “The APAC music scene is rapidly growing and evolving, and I’m excited to join the Warner Chappell Music team in this role,” said Tong. “I’m eager to leverage my expertise and knowledge of the regional markets to discover and develop exceptional songwriting talent.”
Meanwhile…
Virgin Music Group wants you to know that Justin Bumper Reeve is their senior vp of global sync, overseeing licensing opportunities for VMG artists and labels across film, television, video games, advertising and more. Technically speaking, Bumper has been grinding at Virgin since August 2023, following a highly successful 16-year stretch as founder and head of sync at his boutique sync licensing firm Hidden Tracks, where he negotiated thousands of placements for a roster including Courtney Barnett, Haim, Major Lazer and others. Since joining Virgin last year, Reeve’s sync wins include BTS’s “Dynamite” in the latest Despicable Me movie and bbno$’s “edamame (feat. Rich Brian)” for a Mountain Dew Super Bowl ad, among others. “Bumper is one of the most successful and respected creative sync executives in the business,” said Jeremy Kramer, executive vp of global marketing at Virgin. “He is already proving to be invaluable for our label and artists clients around the world, having already secured syncs with global blue chip brands and some of the most commercially successful films and television shows.”
Kenny Ochoa
Courtesy of Splice
Kenny Ochoa is Splice‘s new senior vp of content, overseeing the music tech platform’s build-out of its catalog of royalty-free, human-made samples. Based in Los Angeles and reporting to Splice CEO Kakul Srivastava, Ochoa’s remit also includes industry outreach and partnerships with artists. Ochoa joins Splice from Snap, where he served as head of music curation and licensing. Earlier in his career, he held senior roles at Warner Music, Sony Music and Sanctuary. “This is a critical time in our industry, so it was vital that we found someone with the relationships, taste and passion to help us build and prepare for the future of music creation” said Srivastava.
Alison Finley, a veteran music lawyer and label executive, joined tech-driven law firm Pierson Ferdinand, LLP as a partner in the corporate department. Finley is fresh off a seven-year tenure at Universal Music Group, where she rose from senior vp to executive vp from mid-2017 to March of this year, with a 20-month stint as the COO of Motown in the middle. At UMG, she oversaw strategy and negotiations for the company including for label ventures, record deals, label distribution, merchandise, vendors and brand partners. At Motown, she oversaw the iconic R&B and hip-hop label’s day-to-day operations. Finley has also served as general counsel at Ultra Music and on the board of trustees of the TJ Martell Foundation. “I have known and admired Alison Finley essentially my entire career, having been on the opposite side of deals from her for more than two decades,” said Steve Sidman, co-chair of PierFerd’s Global Media, Entertainment & Sports practice group. “I much prefer being on the same team as Alison, so the minute I learned of her free agency, I leaped at the opportunity to ask her to join us.”
300 Entertainment promoted Az Cohen to vp of A&R and research, Janelle Gibbs to vp of publicity, and Tashana Ventura to vp of marketing. In their new roles, Cohen will continue to sign and develop new acts, while Gibbs will help those artists with media messaging and storytelling, and Ventura will work with them on partnerships and release strategy. Cohen joined 300 in 2014 and has been instrumental in shaping the company’s A&R structure. Gibbs was hired in 2022 as a senior director and has worked with Gunna, HUNXHO and Tee Grizzley, among others. Ventura joined in 2018 as director of marketing and was promoted to senior director in 2020, also working closely with HUNXHO. “Az, Janelle, and Tashana embody the spirit of 300 Entertainment,” said 300 co-presidents Rayna Bass and Selim Bouab. “They live and breathe music, devoting themselves to their artists and tirelessly supporting their fellow team members. With their respective skillsets, diehard passion, and bold ideas, they truly represent a new vanguard of music industry executives.”
Mallary Birdsong
Universal Music Group‘s merch and brand management arm, Bravado, appointed industry veteran Mallary Birdsong as senior director of brand management. Birdsong will be based in Bravado’s Nashville office and represent their country roster while reporting to Brian Schechter, senior vp and head of brand management, artist relations. She joins Bravado from Make Wake Artists, where she worked with Luke Combs, Josh Abbott Band, Dillon Carmichael and more. Prior to MWA, she held managerial roles at Dallas Fan Fares and BV3. “Mallary’s multifaceted industry experience is exactly what we look for to help bring our artist’s vision to life,” said Schechter. “I couldn’t be happier to welcome her to the team as we continue to build out our presence in Nashville.”
Berklee has found its next president in Jim Lucchese, the former Echo Nest CEO and founding global head of Creator at Spotify. Lucchese, a longtime drummer based in Boston, was most recently CEO of concert curation and artist services company Sofar Sounds. He begins his role as Berklee’s fifth president on New Year’s Day, 2025. Until then, Berklee’s provost, David Bogen, will continue serving as interim president, and Betsy Newman, senior vp of student enrollment and engagement, will remain as interim executive vp. “It is an immense honor to become a part of the Berklee community, an institution that means so much to me personally and has been a singularly positive force for creativity around the world,” said Lucchese.
NASHVILLE NOTES: Big Loud Records added Lisa Smoot as director, secondary promotion. Smoot joins Big Loud following a nearly two-decade tenure with Jerry Duncan Promotions, where she rose from promotions coordinator to vice president. In her new role at Big Loud, Smoot will oversee secondary promotion across the label’s roster of country singles … Bassist-educator David Abdo joined PLA Media as a publicist … Cox Media Group named Brad Smith CFO on a permanent basis after operating for six months as interim co-CFO.
International production company 1stAveMachine appointed music video director Emil Nava, director/founder of Ammolite Studios, to lead its music division for global commercials and music content. Along with his appointment, Nava has also partnered with 1stAve on Ammolite Machine, a new music and culture venture. According to a press release, Ammolite Machine will bring Nava’s “years of expertise” to the “evolving landscape” of music visuals, boasting “a 360 degree creative offering, which supports music artists and brands to connect with culture, technology and creative storytelling.” Nava has worked with Calvin Harris, Rihanna, Ed Sheeran, Dua Lipa and Post Malone, among many others. –Chris Eggertsen
Activist Artists Management welcomed Karly Brecher as an artist manager. Based in Los Angeles, Brecher works closely with The Pretty Reckless and other artists on the Activist roster. The Syracuse grad has nearly a decade of management experience, most recently from a two-and-a-half year stretch at SB Projects and HYBE America, where she worked with Scooter Braun and a roster headlined by Demi Lovato and Ariana Grande. Earlier in her career, Brecher spent several years at Laffitte Management Group. “Karly brings a decade of experience and a proven track record handling day-to-day responsibilities and branding for an eclectic group of global artists,” said Activist founding partner Bernie Cahill.
Opry Entertainment Group added Samantha Kane as artist relations manager and Ariana Cubillos Voegler as artist relations coordinator. Kane and Voegler will both contribute to the development of artist and industry relations at the Grand Ole Opry and at Opry Entertainment Group. Kane and Voegler will report to Jordan Pettit, director of artist relations & programming strategy, and join Jenn Tressler, artist & label strategy senior manager, on the team. –Jessica Nicholson
The Chamber Group promoted Cassandre Souvenir and Desmond Sam to PR manager at the boutique PR and marketing agency. Souvenir’s career path has included stints at Yelp and BET, plus time as a flight attendant, while Sam’s CV includes sales and styling experience at Patricia Field and time as a community director at VFiles. Both are based in NYC and report to CEO Chris Chambers, who said “Desmond and Cassandre have worked very hard for this promotion, strengthened their relationships and continue to find new ways to deliver for our clients.”
RADIO, RADIO: Southern California Public Radio hired Alejandra Santamaria as its new president and CEO. The executive, who recently served as interim president, general manager and VP, director of sales for Univision Los Angeles, succeeds Herb Scannell in the role (THR) … David Kantor announced he’ll be retiring as Radio One‘s CEO at the end of the year.
ICYMI:
Eddie Rosenblatt
Longtime Geffen Records president Eddie Rosenblatt passed away at age 89 … Miles Beard and David Wolter are the new co-heads of A&R at Republic Records … Sony Music U.K. and Ireland chairman/CEO Jason Iley has been announced as this year’s recipient of the U.K.’s Music Industry Trusts Award (MITS) in recognition of his contribution to the record business … and Livelihood Music Co. added hit-makers Jacob “JKash” Kasher Hindlin and Michael Pollack to its team as principals.
Last Week’s Turntable: Big Loud Promotes a ‘Day-One Believer’
Independent and DIY artists using DistroKid can now build a presence on TikTok, faster.
From today, July 18, artists can access a new platform integration that should cut the time it takes to create an official TikTok Artist Account, and upload music and content.
DistroKid members can now create their official TikTok Artist Accounts directly from the DistroKid dashboard, which unlocks “a suite of artist-specific features” like a Music Tab, New Releases, By Artist, Behind the Song, Fan Spotlight, Ticketing and more.
Time is valuable. Through the new partnership, reads a statement, DistroKid members can create a TikTok Artist Account in just a few hours.
“TikTok is excited to partner with DistroKid to make it even easier for millions of artists to access powerful and easy-to-use tools to fuel their growth on TikTok, drive increased consumption of their music and grow their fanbases,” comments Jay Bae, global head of music partnership development at TikTok.
Trending on Billboard
Adds Phil Bauer, president of DistroKid: “It’s now faster than ever for any artist to create their official TikTok Artist Account directly through DistroKid, reducing the process from weeks to just hours.”
Distrokid and TikTok forged a partnership five years ago, in 2019, on an opt-in integration for independent artists, which allows any creator who subscribes to the service to submit their music to TikTok free of charge.
DistroKid members had another route to the ByteDance-owned short-video app through a deal struck that made their music available, pre-cleared, via TikTok’s Commercial Music Library.
Separately, both companies last year struck a deal which made millions of tracks by DistroKid members available on TikTok Music, its premium subscription streaming service for music that’s now in beta in five countries.
Like a lot of independent record shops, Nashville-based Grimey’s New & Preloved Music and Books sometimes offers giveaways for customers, with prizes such as tickets to local shows and vinyl pressings. But given its location in the creative hub of East Nashville, Grimey’s co-owner Doyle Davis says those giveaways have led to some unusual moments.
“We’ll take a picture of the winner and tag them on social media when they pick up their prize,” Davis tells Billboard. “One time, we posted a photo of a guy showing off his prize — and [rock icon and former Led Zeppelin lead singer] Robert Plant was walking up the aisle right behind him. When we posted that [photo], all the comments were like, ‘Robert Plant photo-bombed your guy.’”
Grimey’s has been a hotspot and refuge for music lovers — celebrity or not — for 25 years. The East Nashville store is Grimey’s third location: it was launched in 1999 in Nashville’s Berry Hill area, before moving to 8th Ave. S. and finally to its current location at 1060 East Trinity Lane in 2018.
Trending on Billboard
“John Prine used to shop here regularly, especially at our old location. We were right down the street from [meat-and-three restaurant] Arnold’s, where he would get his meatloaf every week,” Davis recalls, also noting artists such as Kacey Musgraves and Emmylou Harris stopping by Grimey’s over the years.
Grimey’s is housed in a former Pentecostal church that offers a homey vibe, with stained glass windows; arched, wooden ceilings; a performance stage (Davis remodeled the area into a space for more intimate musical performances); and two floors filled with vinyl, CDs, books and more. The 4,000-square-foot space continues to be an essential component of Nashville’s music community, with Davis estimating that roughly 70% of the store’s sales come from vinyl, with the other 30% coming from books, CDs, DVDs, etc.
Based in the heart of East Nashville’s creative community, the store counts Americana as its best-selling music genre, with the store’s best-selling artists being Jason Isbell, Musgraves and Sturgill Simpson.
“We recently did a signing with Kacey and her [2024] Deeper Well album and it was the only signing she was doing for the whole album release cycle,” Davis says. “We had over a thousand people and she signed for four hours. That was the most records of a single new title that I’ve sold in one week. Jason Isbell was my previous record at 850.”
Grimey’s
Courtesy Photo
Davis co-owns Grimey’s with the store’s namesake and founder Mike Grimes, who launched the store in a small Berry Hill-area home. In 2002, Davis, who had been an executive at another Nashville record shop, The Great Escape, joined Grimes as a co-owner. At the time, Davis suggested that they focus on selling new vinyl.
“Nashville had great record stores. The Great Escape was a great record store, but it was all used [records],” Davis says. “If people wanted new records, they either mail ordered them or you bought them at Tower Records. Tower had a pretty lame selection, in my opinion, at the time, and it took them forever to restock something if they sold out of it. Being a real record store guy my whole life, I just thought, ‘There’s a niche we can fill here. We’ll carry all the cool indie music the chain stores don’t carry.’ We really centered on new vinyl, and this was when Steve Jobs had just opened the iTunes store, Napster was on the wane, and they were finding new ways of legally selling digital music — everything was gravitating to no physical media.”
In 2004, Grimey’s relocated to the 8th Ave. S. location, where it quickly became an indie music hub. The live music venue The Basement (founded by Grimes) was located downstairs, while the building at the time also served as office space for Thirty Tigers and indie radio station WXNA. As Grimey’s expanded on 8th Avenue, they leased the building next door and opened the bookstore Grimey’s Too.
At the same time, Grimey’s began supporting artists through in-store performances that allowed bands to promote their new records. In 2008, rock band Metallica recorded the album Live at Grimey’s at The Basement before their performance at Bonnaroo Music Festival.
“We carried it for 10 years until it went out of print,” Davis recalls, also noting that Nashville resident and Americana luminary Isbell once played a show in the back parking lot of Grimey’s, with more than 1,000 people in attendance.
“[Jason] did an in-store performance with us for every solo album he ever released until the pandemic hit, and he wasn’t able to do that one,” Davis recalls. “We had The Black Keys early on when they were still playing clubs. Years ago, the band fun. did an in-store, and then Black Pumas did an in-store performance, and six months later they were huge and on the Grammys. I had always hoped we would get Wilco to play here, and they finally did in November 2019, right before the pandemic.”
After the landlord did not offer Grimey’s a long-term lease on the 8th Ave. location and noted the building would be put up for sale, Grimes and Davis knew they needed to scout a new site for Grimey’s, which led to its current location.
“My real estate agent showed me a photo of the building and it was the right size, it was beautiful, and it was affordable,” Davis recalls, noting that he did have some concerns at the time about relocating to East Nashville, where the area was already home to at least two other record shops, The Groove and Vinyl Tap.
“What I hoped might happen seems to be what happened: that the customers coming over to East Nashville to visit our store would also visit the other stores,” Davis says, noting that in the ‘90s, he visited London’s Berwick Street, which was known as “Record Road” for its large number of record shops. “Each store had its specialty and if you’re an omnivorous music fan, you would hit all the shops. I know from talking to folks that on Record Store Day, for example, lots of people will hit Grimey’s, Vinyl Tap and The Groove, because we’re all in the same neighborhood.”
Paramore + Doyle & Grimey
Courtesy Photo
While streaming rules the modern-day music marketplace, vinyl has seen steady growth over the past nearly two decades, something Davis attributes to the popular Record Store Day that started in 2007. Grimey’s focuses on buying from original source distributors but also uses one-stop distributors, with Davis estimating the shop has approximately 12,600 new vinyl records and 3,000 used records.
“By 2010 or 2011, we were seeing 30% and 35% increases year over year — and that’s broadly, not just in my store,” he says. “Vinyl was back, but it wasn’t mainstream at the time.” Since the pandemic began, Davis says vinyl has “reached a whole new tipping point,” nodding to pop artists such as Taylor Swift and Olivia Rodrigo moving large numbers of vinyl units.
“We’re selling tons of Taylor records and Olivia. For a while, we couldn’t keep enough Harry Styles records in stock,” Davis says. “That’s new to me. We’ve got high school kids coming into the store. We’ve always had some percentage of college students, the early adopter kids. Vinyl was seen as a hipster thing for quite a while, but I don’t see anybody looking at it that way. If anything, it’s seen as a pop trend.”
While Davis does acknowledge commerce challenges in pricing and direct-to-consumer sales, he sees indie record shops as an enduring part of the music ecosystem.
“If you can only afford one record a month, just due to prices, then even the used ones are not cheap,” Davis says. “You’ve always had the dollar bins, but records that were straight to the dollar bin previously are sometimes $5 records. I also see the direct-to-consumer initiatives, but we’ve faced that pretty much most of the way. And there’s an experience in a record store you can’t get online — it’s a physical space, with like-minded people; I love watching my employees interact with customers. If you’re really into this culture, there’s nothing like an independent record store, as far as experience goes.
“Vinyl never went away and it’s here to stay. I do believe that,” Davis says of the future of the format. “We’ve seen steady growth now for well over a decade, and it’s already moved into a new generation. Now you have kids [buying vinyl] whose parents did not grow up with vinyl — their parents were CD and digital natives. Vinyl is a way to slow down. You get the lyrics, the inserts, the art — the artist’s whole vision.”
Next Store: Twist & Shout in Denver, Colorado
Eddie Rosenblatt, the longtime president of Geffen Records from its inception in 1980 through its peak years, died Tuesday (July 16) at a hospital in Santa Barbara. He was 89.
Explore
Explore
See latest videos, charts and news
See latest videos, charts and news
His son Michael confirmed the cause of death was pneumonia.
Rosenblatt played a pivotal role in the rise of Geffen Records, steering the label through its formative years and establishing it as a powerhouse in the music industry. Under his leadership, Geffen Records became synonymous with the success of major artists like Guns N’ Roses, Nirvana, and Don Henley.
Born in Queens, New York, in 1934, Rosenblatt’s journey into the music industry began after a stint in the Army and completing Macy’s management training program.
Trending on Billboard
He moved to Cleveland to work at Cosnat Distributing in the early 1960s, marking his entry into the music business. In 1962, he joined Main Line Distribution, forming relationships with industry giants such as Gil Friesen, Jerry Moss, and Jac Holzman, paving the way for his career at A&M Records and later Warner Bros.
Rosenblatt’s expertise in sales and marketing at Warner Bros., where he worked closely with artists like Joni Mitchell, caught the attention of David Geffen.
Geffen, who managed Mitchell, appointed Rosenblatt as president of Geffen Records when the label was founded in 1980. The label’s initial roster included high-profile signings like John Lennon, Elton John, and Donna Summer, although it was John Lennon’s album, Double Fantasy, released just before his tragic death, that marked its first major success.
Throughout the 1980s and 1990s, Rosenblatt oversaw a roster that included hard rock and alternative acts such as Whitesnake, Weezer, Peter Gabriel, Sonic Youth, and Nirvana.
The label’s success was furthered by the creation of DGC Records, which became a major player in the alternative rock scene with artists like Beck and Hole.
Geffen Records was sold to MCA in 1990 for $550 million, and despite David Geffen’s departure in 1995 to launch DreamWorks SKG, Rosenblatt continued to lead the label successfully.
He was known for his ability to cultivate talent, both among artists and executives. Many of the industry’s top A&R executives and future label presidents, including Gary Gersh, Tom Zutaut, and Wendy Goldstein, got their start under his mentorship.
Mo Ostin, Rosenblatt’s former boss at Warner, once said, “If you think of David as the vision behind Geffen Records, then Eddie is the heart. That label is not just profitable, it’s got hipness and heat, and Eddie is the glue that has held it together all these years.”
In a 1994 Billboard interview, Rosenblatt spoke about Geffen’s success in the alternative rock scene, saying, “We, up to this point, are a rock’n’roll record company. We are not in the urban business. We are not in the country business. We’re not in the classical music business. We are in the rock’n’roll business. We’re just taking advantage of some excellent signings that our A&R department was fortunate enough to get, and some excellent records that those artists have made.”
Rosenblatt retired from the music business following the merger of PolyGram and Universal Music Group. He spent his retirement in Montecito, Calif., where he was an avid tennis player and philanthropist.
Rosenblatt is survived by his four children, Michael, Steven, Peter, and Gretchen, six grandchildren, and one great-grandchild. His wife of 68 years, Bobbi, died in 2023.
In lieu of flowers, the family requests that donations be made to the Sansum Clinic, a nonprofit outpatient healthcare organization, at sansumclinic.org/donate-now.
LONDON – Jason Iley, the long-serving chairman/CEO of Sony Music U.K. and Ireland, has been announced as this year’s recipient of the U.K.’s Music Industry Trusts Award (MITS) in recognition of his contribution to the British record business.
Iley, who was named head of Sony Music U.K. in 2014 following a brief stint as president of Roc Nation Records in New York City, will receive the award on Nov. 4 at a gala ceremony at London’s Grosvenor House Hotel. The event will benefit U.K. charities the BRIT Trust, which is a key founder of The BRIT School, and music therapy charity Nordoff Robbins.
In a statement, Iley said he was honored to be recognized by the MITS award committee and paid credit to “the talented artists I have been lucky enough to work with throughout my career.”
Trending on Billboard
MITS Award committee co-chair Toby Leighton-Pope said Iley’s “influence on the music industry is exceptional.” Co-chair Dan Chalmers said the widely respected executive has long deserved the MITS Award.
“As the longest-standing chair of Sony Music U.K., he has been responsible for breaking some of the biggest British acts of all time. His innovative leadership and steadfast commitment, his incredible work with the BRIT Awards, and overall passion for this industry make him a truly deserving honouree,” said Chalmers.
Previous recipients of the annual MITS award include Lucian Grainge, Ahmet Ertegun, Simon Cowell, Glastonbury festival founder Michael Eavis, Elton John and Bernie Taupin, Annie Lennox, Roger Daltrey, Rob Stringer, Emma Banks and broadcaster and DJ Pete Tong.
Last year’s MITS award was given to Lucy Dickins, global head of contemporary music and touring at William Morris Endeavor (WME) and agent to Adele, Mumford & Sons and Olivia Rodrigo.
Over three decades in the record business, Iley has served in senior roles at Polydor, Island Records and Mercury Records, where he was president from 2005 to 2013 and worked closely with U2, Jay-Z, Elton John, Rihanna, Paul McCartney, Kanye West and Mariah Carey, among others.
In 2013, Iley took over as president of New York-based Roc Nation before returning to the U.K. and Sony Music, the label where he started his career in 1994, the following year.
Since then, Iley has led the U.K. arm of Sony Music to sustained chart success and oversaw the company’s acquisition of leading independent electronic music label Ministry of Sound Records in 2016, as well as last year’s relaunch of Epic Records U.K. (the imprint where Iley started his music career) as a front-line label.
In 2023, Sony Music-signed or affiliated artists topped the U.K. Official Singles chart for a combined 28 weeks, including Miley Cyrus’ 10 weeks at No. 1 with “Flowers” — the top song in the United Kingdom last year with 198 million streams, according to the Official Charts Company.
Other artists on the company’s roster include homegrown acts Calvin Harris, Paloma Faith, Mark Ronson, George Ezra, Robbie Williams and Central Cee, as well as internationally signed artists Beyoncé, Adele, Harry Styles, Miley Cyrus, SZA, Pink and Foo Fighters.
Sony Music U.K. initiatives pioneered under Iley’s leadership include a female-focused A&R Academy and a childcare support scheme aimed at increasing the proportion of women in senior roles. In addition, all senior executives at the company have been trained in managing mental health issues.
In 2020, Iley was awarded an MBE (Member of the Most Excellent Order of the British Empire) in the Queen’s Birthday Honours List for his contributions to music and charity — an honor that he called a career highlight “beyond any expectation I could have had.”
After debuting this past February, the Music Sustainability Summit has announced the date for its second conference in Los Angeles. Focused on creating solutions to the climate crisis within the music industry, the Summit will happen on Monday, February 5. Like this year’s event, the Summit will happen the day after the Grammy awards. A […]
When he’s not obsessed with the double-bass patterns in “A Skull Full of Maggots” and “Hammer Smashed Face,” Cannibal Corpse‘s Paul Mazurkiewicz Jr. contemplates coffee. “Always thought, in the back of my mind, ‘It’d be cool to have a Cannibal Corpse coffee,’” he says. So when Mike Tonsetic, a founder of Concept Cafes, reached out to the death-metal drummer on Instagram and proposed the band-branded Brazilian blend Beheading & Brewing, Mazurkiewicz responded: “Sounds like what I was thinking about for years. Why not?”
Introduced on Halloween 2022 and emblazoned with album cover artist Vince Locke’s image of a disemboweled zombie drinking from a decapitated head, Cannibal Corpse coffee bags have been “selling really well” on tour and online, according to Mazurkiewicz. And it’s part of a new branding formula in heavy music: touring stars from GWAR (“espresso destructo”) to August Burns Red (“revival roast”) aligning themselves with gourmet blends, copious caffeine, black bags and scary artwork.
Trending on Billboard
“We thought it was going to be hell-raisers and beer drinkers shooting us down, and saying, ‘Coffee is stupid,’” says Tonsetic, whose Orlando-based company has also teamed with Ministry, Soulfly and Suicide Silence’s Chris Garza. “But metal fans in their 40s-plus, a lot of them are sober and not just drinking beer. They’re getting into other things, whether it’s coffee or tea.”
Rockers have teamed with coffee companies for years. Iggy Pop customized a blend with Portland’s Stumptown Coffee in 2019, and KISS (of course), Dropkick Murphys and members of Green Day have put out their own brands. While hard-rock bands have historically focused on branding bourbon and other alcohol products, in recent years, the estimated $458 billion coffee industry has come for metal, often through roasters with “death” in their names and skulls in their logos. “Like everything, after a couple happen, everyone starts doing it,” says Cory Brennan, founder of 5B Artist Management, whose clients Slipknot and Babymetal do not have their own blends. “The coffee-metal world is getting saturated, but there are some great ones.”
Metal-branded coffee deals vary. Several sources say they’re 50-50 revenue splits between artist and coffeemaker, but another source adds that expenses for a high-end brew can be as much as $12.50 per bag, so for a $20-25 price point, the coffeemaker might give a well-known band roughly $8, or $5 for a lesser-known artist. “If I do a collaboration, as long as I cover my costs, they get to have the profit,” says Carl Fricker, owner of 24-hour Brisbane, Australia, espresso house Death Before Decaf, which sells blends by rising metalcore stars August Burns Red and Sydney metal band Northlane. “A lot of the bands, as they’re getting on in years, they don’t go out and get smashed anymore. When they get into coffee, they get right into coffee.”
Cannibal Corpse Coffee
Courtesy Photo
“It does really well,” says August Burns Red guitarist Brent Rambler. “We’re big coffee drinkers. At worst, I’ll get some great coffee out of it.” Adds vocalist Keith Wampler, whose band The Convalescence sells its Brazilian hazelnut through Grindcore Coffee Co.: “If you make it gory and put some skulls on it, it’s a little cooler than your average bag of coffee you grab at the store.” (The word “death” can be fraught for coffee companies in the U.S.; when Death by Decaf attempted to expand here, by trying to extend its Australian business name with the U.S. Patent and Trademark Office, New York-based Death Wish Coffee Co. sued for infringement. Death by Decaf settled last December, and the owner says he spent $200,000 on legal fees.)
As for flavor, most metal stars leave aesthetic coffee details to the experts: “I’ve got three options that are pretty extreme in the caffeine count, and that seems to be a huge selling point for a lot of bands,” says Chad Petit, Grindcore’s owner.
But for Grindcore’s coffee bag with GWAR, displaying a cartoon of the band wielding a buzzsaw and giant hammer, the shock-metal veterans insisted on elaborate tastings and feedback. “This is a band that kills people on stage and cuts people’s heads off,” says GWAR co-manager Liam Pesce. “Obviously, they’re going to want the darkest roast and flavor imaginable.” Adds John Bambino, another GWAR co-manager: “I think there was mention of nutmeg in there.”
Vinyl and CD music sales grew 7.9% to £164 million ($213 million) in the United Kingdom in the first six months of 2024, due in no small part to the all-conquering, seemingly unstoppable success of Taylor Swift, according to mid-year figures from the Digital Entertainment and Retail Association (ERA).
Released in April, Swift’s eleventh studio set The Tortured Poets Department is the singer’s fastest-selling album in the U.K., shifting the equivalent of 270,000 units across all formats in its first seven days, according to Official Charts Company (OCC) data.
To date, The Tortured Poets Department has spent eight non-consecutive weeks at No. 1 in the United Kingdom — surpassing Swift’s previous best chart run of five weeks at the summit with 2022’s Midnights — making it the biggest-selling album in the country so far this year by some distance.
Trending on Billboard
Mid-year sales for The Tortured Poets Department stand at 542,000 equivalent units in the U.K. across all formats, just under half of which (251,000) were physical format purchases, according to ERA data for the first 26 weeks of 2024. The Tortured Poets Department additionally sold just under 20,000 digital downloads.
The second highest-selling album year-to-date is The Weeknd’s Highlights with 220,000 equivalent sales units.
Swift was also behind the half-year period’s biggest-selling physical single, “Fortnight” featuring Post Malone, which topped the U.K.’s official singles charts for one week in May, selling more than 16,500 copies on CD, the only physical format it was available on, reports ERA.
In total, Swift had six of the Top 20 best-selling albums across all formats (digital and physical) in the U.K. during the sales period, including fan favorites 1989 (Taylor’s Version), Lover, Midnights and Folklore.
The singer’s ubiquitous chart success helped lift physical format and download music sales to £164 million ($213 million) in the U.K. in the first half of 2024, a rise of 7.9% on the same period the previous year, said ERA CEO Kim Bayley, who also credited April’s Record Store Day with further boosting retailers’ revenues.
ERA’s half-year sales figures do not include music streaming, which account for more than 88% of all music sales in the U.K. ERA said overall music streaming consumption was up 11% year-on-year in the first six months of the year but did not provide value figures.
Breaking down physical format sales, vinyl album purchases were up 13.5% year-on-year to just over £86 million ($111 million), while CD sales showed a 3.2% year-on-year increase to £58 million ($75 million). In total, there were 8.5 million physical albums sold in the U.K. during the period, said ERA.
As a result, growth of physical format and download music sales outpaced growth of video sales (comprising of DVD and Blu-ray sales, video downloads and digital rental), which totaled £214 million ($277 million), up 5.4% year-on-year, not including revenues from video streaming services like Netflix or Apple TV.
Music sales also outpaced equivalent growth of video games (combining physical and digital downloads), which fell by almost 30% year-on-year to just under £350 million ($454 million) due to what ERA called a “soft release schedule” in the first half of the year.
The United Kingdom is the world’s third-biggest recorded behind the United States and Japan with sales of $1.9 billion in 2023, according to IFPI.
Although most music stocks gained value this week, Spotify dropped 4.6% to $302.27 despite the U.S. markets surging to record heights and two new analyst reports that indicated the company’s share price has much room for improvement.
On Wednesday (July 10), KeyBanc increased Spotify’s price target from $400 to $410 on the belief that the market is underestimating the company’s revenue, earnings and gross margin for 2025 and 2026. In addition, Wolfe Research initiated coverage of Spotify with a $390 price target. Given Spotify’s closing price of $302.27 on Friday, KeyBanc’s new price target implies 35.6% upside while Wolfe’s price target implies 29% upside.
There was one Spotify dissenter this week, however. Redburn Atlantic downgraded Spotify to “sell” with a $230 price target — 23.9% below Friday’s closing price. While Redburn’s analysts are impressed with Spotify’s operating momentum, they believe the market “is simply forecasting too much growth,” they wrote in an investor note. In April, Spotify — which will release its second-quarter earnings on July 23 —said it expects second-quarter revenue to be 3.8 billion euros ($4.1 billion), which would be a 19.6% increase over the prior-year period. It also said it anticipated 245 million subscribers, up 11.4% year-over-year.
Trending on Billboard
Spotify also bucked the trend among all stocks, which enjoyed a record-setting week. The Dow Jones Industrial Average and S&P 500 reached all-time highs on Friday (July 12) while the Nasdaq composite hit a new peak on Thursday (July 11). After gaining 0.2% this week, the tech-heavy Nasdaq is up 22.6% in 2024, while the S&P 500 added 0.9% and has gained 17.7% year to date.
Spotify’s fall was a major factor in the Billboard Global Music Index (BGMI) dropping 0.9% to 1,828.20 this week, though a couple of other valuable stocks also played a role even as only six of the 20 stocks lost ground this week. The index’s second-most-valuable component, Universal Music Group, declined 2.2% to 27.40 euros ($29.92) while its sixth-most-valuable component, HYBE, fell 3.9% to 189,700 won ($137.95). Despite this week’s decline, the BGMI is up 19.2% in 2024, just shy of the Nasdaq and ahead of the S&P 500.
Among stocks that saw gains this week was Warner Music Group (WMG), whose share price improved 2.0% to $30.93. On Thursday, Jefferies lowered WMG’s price target to $38 from $43, which implies 22.9% upside over Friday’s closing price. On Friday, Wolfe Research initiated coverage of WMG with a $37 price target, which implies 19.6% upside. Meanwhile, Redburn downgraded WMG from “neutral” to “sell” and has a price target of $23, 25.6% below Friday’s closing price.
Sphere Entertainment Co. led all music stocks by gaining 16.6% to $43.66, bringing its year-to-date gain to 28.4%. On Thursday, Morgan Stanley boosted its price target to $45 from $42, which implies 3.1% upside from Friday’s closing price. The company’s shares got a boost two weeks ago after hedge fund titan Steve Cohen’s Point72 Asset Management took a 5.5% stake. Sphere’s sister company, MSG Entertainment, gained 8.0% to $37.21.
It’s earnings season once again, with Spotify the first music company set to report second-quarter earnings on July 23. Which is fitting — not only is the Swedish streaming giant the most valuable publicly traded music company by market capitalization at $60.4 billion, it’s also an important bellwether for much of the music business.
Music subscriptions will continue to be the driving force for Spotify, other streaming companies, record labels and music publishers. Subscriber gains mean more money flowing through to creators and rights owners, while rising prices are benefitting streaming services and could flow down to creators and rights owners, too — although analysts have mixed opinions on whether price increases have those downstream benefits or simply pad streaming companies’ bottom lines.
Another giant of the music business, Universal Music Group, is up next, with its earnings slated to drop the day after Spotify’s (July 24). Believe and SiriusXM earnings are due the following week (both Aug. 1), while Warner Music Group is set for the week after (Aug. 8). Follow Billboard‘s list of upcoming industry events for more earnings release dates once they’re announced.
Trending on Billboard
On the touring front, for all the hullabaloo about weakened consumer demand and canceled tours and festivals, the live music market is likely to have produced another banner quarter. While everyone’s eyes will be on Live Nation to gauge the health of the business, the concert giant has yet to announce its earnings release date; CTS Eventim, which will report earnings on Aug. 22, is the only promoter to have announced so far.
Here’s what to expect in the upcoming slew of earnings reports.
Subscription gains — but without churn?
The recorded music market is having its cake and eating it, too: subscription prices are increasing, and customers don’t appear to be leaving in droves. Music subscription services are benefiting from price increases — namely Spotify in 2023, with some additional price hikes in 2024 — with little churn. Higher prices and continued subscriber growth will lead to gains in total revenue and average revenue per user (ARPU); Spotify expected 245 million subscribers at the end of June, which would be 6 million net additions in the quarter and a whopping 25 million greater than the 220 million subscribers it had on June 30, 2023. Watch out for any indications that higher prices negatively affected Spotify’s churn rate, however — although the company does not release specific churn data, it will likely warn investors if subscriber losses were greater than expected and are headed in the wrong direction. So far, however, any consumer complaints have been more bark than bite. In another good sign, streaming activity has been healthy, too. U.S. audio streams — by count, not by dollar value — were up 8.1% in the second quarter, according to Luminate.
Payoffs from price increases and cost-cutting
Spotify expects to have operating income of 250 million euros ($273 million) in the second quarter, which would be a nearly 500-million-euro ($545 million) improvement over the 247-million-euro operating loss it saw in the second quarter of 2023. If attained, that big shift from loss to profitcould be chalked up to r Spotify’s decisions in 2023 to raise prices and drastically cut back on its headcount (including a 17% workforce reduction in December). Those moves quickly produced benefits: Gross margin increased to 27.6% in the first quarter of 2024, up from 26.7% in the fourth quarter of 2023 and 25.2% in the first quarter of 2023. The reduced expenses from layoffs also helped operating margin improve to 4.6% in the first quarter — a big gain from the -2% and -5.1% margins it saw in the fourth and first quarters of 2023, respectively. Additionally, Spotify’s second-quarter guidance of 3.8 billion euros ($4.1 billion) of total revenue would be a 19.6% improvement from the prior-year period revenue of 3.18 billion euros ($3.47 billion). ARPU also increased 7% in the first quarter and is likely to improve again in the second quarter.
More advertising weakness
Music subscription services chose a good time to raise prices. Weak advertising revenues have been a recurring theme since music and tech companies began warning investors in 2022, and continued unsteadiness in the advertising market will impact ad-supported revenues for streaming companies, record labels and music publishers. On July 1, Guggenheim lowered its estimate for Universal Music Group’s recorded music ad-supported streaming growth to 10.6% from 11.1% “to better reflect more challenging comparisons” against the prior quarter, as Guggenheim analysts wrote in an investor note. However, that revision was still above the first-quarter estimate of 10.3% due to UMG’s renewal of a licensing agreement with TikTok in May.
Continued strong demand for live music
For all that has been written about fans’ lessened appetites for live music, public companies appear to be in stable conditions. In its first-quarter earnings report in May, Live Nation said that through mid-April, the percentage of large shows booked was up double-digits while concert margins had improved, too. “We are seeing no weakness,” said president/CFO Joe Berchtold, adding that artists who toured in both 2023 and 2024 are seeing better sell-through this year. And with fewer stadium shows in 2024 than 2023, Live Nation will have more concerts in the more profitable arenas and amphitheaters that it owns or operates. Analysts are still bullish on Live Nation in the wake of the Department of Justice’s antitrust lawsuit against the company filed in May: As of this week, 18 analysts have “buy” recommendations on Live Nation, four have “hold” recommendations and only one has a “sell” on the stock. CTS Eventim expects another solid year, too. In April, the German promoter and ticketing company reiterated comments contained in its 2023 annual report that predicted “further moderate sales growth” in 2024.
The Taylor Swift Effect
UMG’s financials will get a boost from Taylor Swift’s latest album, The Tortured Poets Department. Released on April 17 through UMG’s Republic Records, Tortured Poets has remained at No. 1 on the Billboard 200 album chart for 11 consecutive weeks since its April 19 release, with sales boosted in subsequent weeks by additional variants that helped it maintain chart position. In the most recent chart week, for example, two CD versions of the album that fans initially ordered through Swift’s webstore in early June were shipped. In all, Swift’s latest album topped the Billboard 200 for 9 of the second quarter’s 13 weeks and sold 2.4 million units in the U.S., with about 2 million of those coming from CD and LP sales, according to Luminate. That led Republic Records’ U.S. market share to reach an industry-leading 15.72%, up from 12.42% in the first quarter – greater than Warner Music Group. UMG’s total market share in the quarter was 36.37%, up from 34.48% in the prior-year quarter and well ahead of its 33.9% share in the first quarter of 2024.