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On Saturday night (April 27), Vancouver witnessed Diljit Dosanjh make history. The artist kicked off his Dil-Luminati tour with a sold-out stadium show at BC Place to a crowd of 54,000 people — making it the largest ever Punjabi music concert outside of India.
The show leaned into its historic accomplishment, with an ominous voice preceding Diljit Dosanjh’s entry, “Remember, firsts are always special and what you witness here will never be repeated.”
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In over two decades in the music and film industry, Dosanjh has solidified himself as a global star. Last year, he was the first Indian-born Punjabi singer to perform at Coachella and has recently made strides for international music amassing hundreds of millions of streams on collaborative tracks with Sia, Saweetie and Camilo respectively. More recently, Dosanjh is fresh off the critical acclaim of his performance of the titular Amar Singh Chamkila, a Bollywood biopic about the life and death of the controversial Punjabi singer who was killed at the height of his fame in 1988.
With anticipation palpable in the air, Dosanjh delivered a high-powered 27-song set with charisma and an undeniable star-power that easily captivated the record-breaking audience. It was an unabashed celebration of Punjabi music and culture.
The artist has a deep connection to Vancouver. Several of his popular Punjabi films that accelerated his career like Jatt and Juliet and Honsla Rakh were filmed across Greater Vancouver, making this moment that much more special for fans who have been longtime supporters far before his recent international successes.
“Now, Punjabis have made it to stadiums,” Dosanjh said. “The next generation won’t be able to say that this has never happened before. Now for generations to come, our kids can dream even bigger.”
During his performance of “Vibe,” the singer scooped up a young fan from the crowd who was dressed in signature Diljit Dosanjh attire, inviting him to dance with him. As the boy, understandably intimidated by the size of the crowd in front him, got more comfortable, he broke into dance himself. It was his hopes for the next generation coming to life right in front of him — a child who can now literally see himself on stage performing for a stadium of fans.
Dosanjh’s tour continues with arena dates in Winnipeg, Edmonton, Calgary, Los Angeles and more, and another stadium date at Toronto’s Rogers Centre on July 13. – Jeevan Sangha
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Rising Canadian Stars Chani Nattan and Owen Riegling Make International Moves
Punjabi powerhouse lyricist Chani Nattan is the next signing to Warner Music Canada and Warner Music India’s joint venture, 91 North Records. Nattan will join fellow Punjabi-Canadian artists Karan Aujla, Jonita Gandhi and AR Paisley on the label, which was created to support South Asian artists.
Born and raised in Surrey, B.C., Nattan has already broken through to Punjabi music audiences around the world. In 2021, Nattan teamed up with Inderpal Moga and released “Daku” — a heady Punjabi hip-hop track that has garnered 247 million views on YouTube, and became one of the most streamed songs on Spotify India. With Sukha and Punjabi singer Gurlez Akhtar, Nattan’s “8 Asle” sparked a viral TikTok dance trend and charted on the Billboard Canadian Hot 100.
Nattan marks the signing with the release of his new song “Facetime,” alongside frequent collaborator Inderpal Moga and iconic Punjabi singer Miss Pooja.
Nattan uses a traditional Punjabi duet style, typically consisting of a playful back and forth between a quarreling couple. “Facetime” blends those old-school Punjabi vibes with the hip-hop elements that he is so heavily influenced by, Nattan tells Billboard Canada.
“The beats are different but the heart and soul of it maintains the sound of Punjab and its concepts,” he says. “It’s about honouring our roots while embracing the evolution of our music.”
Meanwhile, Canadian-based management and production company Workshop Music Group has announced a new partnership with talent representation company The Familie to co-manage rising young country singer-songwriter Owen Riegling. The Familie’s client roster includes Machine Gun Kelly and Avril Lavigne and it recently launched a country music division.
Now boasting over 50M global streams for his songs, Riegling won the 2022 Emerging Artists Showcase at the CanCountry mega-fest Boots & Hearts, then signed his record deal with Universal Music Canada. Last year he was selected for Apple Music’s UpNext Program and is now part of Spotify’s Hot Country Artists To Watch and Amazon Canada’s Breakthrough Artists to Watch 2024. – Jeevan Sanha & Kerry Doole
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Toronto Chinese Restaurant Gets a Boost from Kendrick Lamar’s Namedrop
Toronto caught a few strays in Kendrick Lamar’s “Euphoria,” the first of two diss tracks aimed at hometown star Drake. While listing all the things he hates about Drizzy, Kendrick takes a moment to slip into an exaggerated Toronto accent complete with local slang and a surprising reference to a popular late-night Chinatown restaurant: “I be at New Ho King eatin’ fried rice with a dip sauce and a blammy, crodie,” he raps.
CityNews spoke to New Ho King owner Johnny Lu for a TV segment. Playing him the track, they get his live reaction to the nametrack: “I see, Kendrick’s a good guy. Oh my God!” he says.
CityNews also caught up with residents who are fans of Kendrick who made trips just to give the fried rice dish a try. “I came all the way from Markham just to see this fried rice,” one says. “Kendrick Lamar, man. You gotta pay respect to K. Dot, man. Ever since he dropped the diss track I was like, ‘I gotta visit this place.’”
The reference may have had a darker meaning than just fried rice, with some fans believing it was a sly reference to Drake’s 2009 armed robbery. Toronto rapper Sizzlac, who was rumoured to be part of the robbery, once filmed a music video at New Ho King, which may be how the restaurant hit Kendrick’s radar. But New Ho King is reaping the rewards. Since the track dropped, New Ho King has been showered with five-star reviews on Google and Yelp. – Richard Trapunski
Last Week In Canada: Cowboy Junkies Write to U.S. Senators
Independent talent agency 33 & West has hired veteran music agent Christianne Weiss to support the agency’s expansion. As part of her multiyear deal with 33 & West, Weiss is bringing the multiplatinum Grammy-nominated artist Starship to the company’s artist roster, with more to be announced in the coming weeks. Explore Explore See latest videos, […]

Chinese music streaming service provider NetEase Cloud Music entered a licensing agreement with K-pop label JYP Entertainment, granting it the right to digitally distribute JYP’s catalog in China. JYP artists include J.Y. Park, TWICE, Stray Kids, BOY STORY, ITZY, Yao Chen and NMIXX.
TikTok announced a partnership with European ticketing provider CTS Eventim through which artists can now promote their live dates in their TikTok videos and sell tickets via the CTS Eventim platform. The feature is available to any certified artist on TikTok in Germany, with additional markets to follow.
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Warner Music South East Europe launched Balkan Electro, a new EDM-focused label, in collaboration with Ensis Records. Through the deal, Ensis artists can be distributed, upstreamed and marketed through the new label. Warner Music Poland will also collaborate to sign new local talent to Balkan Electro, which will additionally team with Amsterdam-based Spinnin’ Records and the dance-focused teams at Warner Music Central Europe and Warner Music France. The first releases on Balkan Electo are Prisko and TBX’s “Back to 95” (April 19), Melli’s “Losing My Mind” (April 26) and Kevin’s Palacios and Jordan’s Grace’s “Bright As You” (May 10).
The City of El Paso has approved a $30.9 million performance-based incentive agreement to support the creation of Notes Live‘s new $80 million, 12,500-capacity open-air amphitheater in El Paso, Tex., to be named the Sunset Amphitheater. According to a press release, the project will support more than 2,000 direct and indirect jobs with the potential to generate a $5.4 billion impact for the El Paso community. Construction is slated to begin in late 2024 with an opening set for early 2026.
Concert discovery app Songkick teamed up with Black music and culture ticketing and marketing company Shoobs in a deal that will see Songkick list and promote Shoobs events to its 155 million users via its app, website and eCRM. The partnership is designed to boost the visibility of Black culture events and performers including Afro Nation Portugal, Burna Boy and Piano People in the Park.
Ticketing company AXS acquired a majority stake in WRSTBND, a provider of access control, credentialing and point-of-sale solutions for live events and venues. WRSTBND will use the investment to grow its capabilities and offerings to clients while integrating AXS’ Mobile ID technology with WRSTBND’s ecosystem. “[WRSTBND’s] hardware and software technology combined with the scale of AXS’ premier festivals and live event clients, including Coachella, New Orleans Jazz & Heritage Fest, and Hyde Park BST will create the most seamless and cutting-edge access and payment solutions available anywhere,” said AXS chief strategy officer Marc Ruxin in a statement.
Celebrity Coaches, which provides transportation and logistics for live events, acquired Nashville-based entertainment coach leasing company Moonstruck Leasing. The acquisition will add several luxury Prevost motorcoaches to Celebrity’s existing fleet. Terms of the deal were not disclosed.
The Irish Music Rights Organisation (IMRO), an international performing rights organization, partnered with music recognition technology company Audoo to implement its Audoo Audio Meter in select public spaces and retail locations in urban areas across Ireland, with plans to expand it to all business types in the country. The partnership is designed to help promote a more accurate and transparent breakdown of royalty distributions to music creators by recognizing background music being played via Audoo Audio Meteres and reporting the data back to IMRO. Business owners in Ireland can request an Audoo Audio Meter free of charge.
Private equity firm PAI Partners acquired a majority stake in Audiotonix, which designs, engineers and manufactures professional audio mixing consoles, production software and ancillary products. Investment house Ardian (which acquired Audiotonix in March 2020) will retain a minority stake alongside Audiotonix management. The U.K.-headquartered Audiotonix specializes in designing, engineering and manufacturing products that help enable high sound quality for several formats, including concerts, theater shows and sporting events. Its products have been used on tours by artists including Coldplay and U2 as well as at the Super Bowl and Sphere in Las Vegas.
RoEx, a tech startup driving intelligent audio production tools, was awarded a 250,000 pound ($313,000) grant by national innovation agency Innovate UK as part of a funding competition called Creative Catalyst: AI in the Music Industry. The grant will support the research and development of RoEx’s new model, ProStyle, which will provide a platform for mix engineers to partner with RoEx to train a machine learning model that captures their individual mixing style, thereby allowing them to monetize their sonic identity. Through this, the goal is for musicians and creators to have the ability to mix tracks in the engineer’s style using ProStyle.
Full-service entertainment marketing company FlyteVu and Club CMO, a community of more than 1,500 chief marketing officers across 30 cities globally, struck a partnership through which FlyteVu will offer Club CMO members “backstage” access — both in-person and virtually — to FlyteVu-marketed sports, music and pop culture events. Through the partnership, Club CMO members will be offered a closer look at FlyteVu’s industry expertise and knowledge, which they can then take back to their own organizations.
K-pop giant HYBE posted its lowest total revenue in two years as its recorded music segment sank to its lowest level in seven quarters, the South Korean company announced Thursday (May 2).
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HYBE had first quarter revenue of 360.9 billion won ($271.5 million), down 12.1% year over year and the lowest since posting 285 billion won ($214.4 million) in the first quarter of 2022. Operating profit fell precipitously to 14.4 billion won ($10.8 million), down 72.6% from the prior-year period.
HYBE’s share price was barely affected by the slowest quarter in years. The share price initially rose 1.7% to 205,500 won ($149.23) but my midday had fallen to 201,500 ($146.33), down 0.2%. The stock is down 13.7% year to date, however, and fell 12.6% last week following news that HYBE will report the CEO of its ADOR imprint, Min Hee-jin, to the police for “breach of trust and other related allegations.”
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Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of profitability that strips out non-cash items, was 39.8 billion won ($29.9 million), down 45% year over year and the lowest since the first quarter of 2021.
Concerts revenue of 44 billion won ($33.1 million) was up 74.5% year over year. Although that was the biggest year-over-year increase of any category, the first quarter of 2023 was abnormally slow. HYBE’s latest quarter was on par with 45.3 billion won ($34.1 million) of concert revenue in the fourth quarter of 2021, the first quarter the company had performances after COVID-19 restrictions shut down the touring industry.
Recorded music, the company’s largest segment at 40.2% of total revenue, fell 21.3% to 145.1 billion won ($109.2 million). HYBE successfully debuted two new groups during the quarter. Sparkling Blue, the debut EP by PLEDIS Entertainment boy band TWS, sold 260,000 units in its first week for and accumulated 500,000 units in the first nine weeks of release. Girl group ILLIT’s EP, Super Real Me, released through BELIFT LAB, sold 380,000 units in its debut week and reached the 500,000-unit mark in just four weeks. The single “Magnetic” debuted at No. 91 on the Billboard Hot 100 singles chart in April.
Merchandising and licensing fell 11.9% to 60.7 billion won ($45.7 million). Contents fared worse, dropping 29.8% to 61.1 billion won ($46 million).
Weverse, HYBE’s social media platform, saw its monthly active users (MAUs) decline for the second quarter. After reaching a peak of 10.6 million MAUs in the third quarter of 2023, MAUs fell to 10.1 million in the fourth quarter and 9.2 million in the first quarter. Both average revenue per paying user and payment amount fell below levels reached in 2022 and 2023; HYBE does not provide specific numbers for either metric.
This week, Taylor Swift made history in more ways than one with the release of her latest album, The Tortured Poets Department. But perhaps the most mind-boggling of all the records she set was the first-week vinyl sales for the album, which came in at 859,000 — by far the largest sales week for a vinyl album in the modern era, blowing past the second-largest week by more than 160,000 units.
That second-largest week, by the way? The debut frame of her last release, 1989 (Taylor’s Version), which sold 693,000 vinyl copies in the week ending Nov. 2, 2023. In fact, Swift has the top four biggest vinyl sales weeks in history — all of which have come in the past 18 months — and six of the top eight, reflecting not just the industry-wide popularity boom for the format, but her own evolving strategy and emphasis on physical media and fan-focused collectibles.
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For Tortured Poets, Swift released six different vinyl variations (in addition to nine CD versions and four cassette versions), four of which were available widely and two of which were exclusives, one signed iteration through her own web store and one through Target. Of the four widely available, each included a different bonus track, and each have individually sold enough copies to top the vinyl sales charts for the week: the Manuscript edition (342,000); the Bolter edition (85,000); the Black Dog edition (79,000); and the Albatross edition (62,000).
That’s a continuation of the strategy she’s deployed in force since her, for lack of a better phrase, pandemic albums, Folklore and Evermore. And it’s a shining success story for how artists have been capitalizing on the resurrection of vinyl as not just physical art piece but also merch item, as the format has continued to surge for 18 years in a row, having hit 43.2 million U.S. sales in 2023, amounting to $1.35 billion in revenue, according to the RIAA.
Swift’s own career, in terms of album output, has grown along with that trend. Her self-titled debut album was released 18 years ago, in October 2006, a year when vinyl revenue sales in the U.S. were a mere $23.7 million. At that point, vinyl was such a niche market (and Swift was such a new artist) that for Taylor Swift and her second album, Fearless, Swift didn’t even release vinyl editions until May 2016, when they sold 500 copies and 1,000 copies, respectively, in their first week of availability. By the time of 2010’s Speak Now, Swift’s star power was much more formidable, but vinyl was still pretty niche; all vinyl sales in the U.S. that year accumulated $124.2 million, according to the RIAA, and Speak Now moved 500 copies in its first week.
Red, in 2012, was a true breakthrough moment for Swift in terms of her pop career, and the vinyl business had itself added nearly $100 million in value in just two years, to $213.3 million; Red sold 1,000 copies in the first week it came out in the format. Two years later, when she released 1989, the vinyl industry had added another $100 million per year, and the standard vinyl moved 11,000 copies in its first week of availability. For 2017’s Reputation, a slightly delayed street date release led to a 9,000 sale week in what was technically its second week of availability, with Swift still sticking to the standard vinyl option.
It was for Lover that Swift’s strategy first began to change, as she began experimenting with vinyl offerings beyond the standard black record, and the numbers began to really jump. When the album came out on the format in November 2019, it was as a colored double-vinyl, sold exclusively at Target, which helped boost that first-week number to 18,000 copies — at the time, the largest vinyl sales week by a woman since Adele’s 25 during Christmas week 2015 (reflected on the Jan. 9, 2016, chart). By 2019, vinyl sales in the U.S. had reach the half-billion-dollar mark — and the real jump for the format was on the horizon.
The figures for Folklore — 9,000 copies week one — at first may seem like a regression. But the pandemic brought about two competing trends: both an aggressive jump in the popularity of vinyl, and vast, industry-wide supply-chain issues related to the production of it. Since Folklore was a surprise release on July 24, 2020, the vinyl was delayed until November; but Swift sold digital-physical bundles when the album was first released, meaning that the digital sale was counted during the July release week, but when the vinyl finally shipped in November — the first-week availability tracked here — the sales were not counted as vinyl, as they had already been counted as digital. (The chart rules have since changed so they are no longer counted together.) So while Folklore’s first week as a wide release had 615,000 album sales, there’s no clear way of delineating how many of those sales included vinyl copies; and the first-week figure in November, of 9,000 copies, represents the number purchased during that week, when many of Swift’s die-hard fans were receiving the album, though it was not tracked that way.
Nonetheless, Folklore was the first Swift album to really lean in to the vinyl-as-collectible trend, with seven alternate covers in addition to the standard black pressing available. Evermore would follow suit, with another pandemic-related delay helping its first week: The album was released in December 2020, but the vinyl came out in May 2021, allowing for five months of banked pre-orders, and with a collectible tweak: It was available in two green-colored variants and a red-colored Target exclusive, resulting in a then-record 102,000 vinyl sales in its first week of availability.
What followed was the furious slate of re-releases of her older albums, as well as her own new releases, many of which followed similar strategies — and led to truly eye-popping, record-breaking numbers. Fearless (Taylor’s Version), also with a delayed physical release, came with two vinyl versions, a gold variant and a red Target exclusive, leading to a 67,000-copy first week; Red (Taylor’s Version) followed shortly after with two versions, both of which were four-LP sets that sold for $49.99 and led to a 114,000-sale first week, re-setting her own record.
By the time Midnights rolled around a year later, Swift’s playbook was complete: multiple covers, multiple colored vinyl variants and multiple vinyl editions of each album. Midnights had four variant editions sold widely, as well as another as a Target exclusive, while each of the wide releases were also available as signed copies. The result: 575,000 LPs sold in a week. Speak Now (Taylor’s Version), the following July, had three colored variants, one of which was a Target exclusive; 268,000 vinyl sales later, it also entered the pantheon. And 1989 (Taylor’s Version) completed the pre-Tortured Poets set: five color variants, one a Target exclusive with an extra bonus track, and 693,000 LPs sold in its first week.
Since the pandemic year of 2020, vinyl sales in the U.S. ballooned from $820 million to the 2023 peak of $1.35 billion in revenue. And while that’s an industry-wide trend, Swift’s strategies, and successes, have surely had plenty to do with it, too.
SAG-AFTRA members have voted to ratify the 2024 Sound Recordings Code which requires the record labels — Warner Music Group, Sony Music Entertainment, Universal Music Group and Disney Music Group — to abide by its AI safety rules. Notably, these are the first-ever explicitly defined compensation requirements for the release of sound recordings containing AI voices.
With a vote of 97.69% to 2.31%, SAG-AFTRA members, which include actors as well as singers and recording artists, now will receive this protections, effective immediately, for the term of 2021-2026. Now, the term “artist,” “singer” and “royalty artist” under this agreement only can refer to human talent. “Clear and conspicuous” consent is required prior to the release of a sound recording that uses a digital replication of an artist’s voice.
Artists who are replicated are also entitled to receive specific details about the replica’s intended use and to minimum compensation. Compensation for artists must align with the royalty share the artist would earn on other sound recordings under their contract, and sessions singers must receive a minimum of three sides per project. A minimum of 28 hours notice of any recording session for the purpose of creating a digital replica is expected and that session time should be paid as work time.
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Additionally, blanket consent for digital or AI replication is prohibited. Instead, record labels must obtain consent on a per-project basis — a provision which will prevent labels from asking artists to sign away their digital likeness for lengthy terms as part of their deals.
In the year since Ghostwriter’s fake-Drake song “Heart On My Sleeve” brought conversations about AI voices to the forefront, little has been done to actually enforce the protection of artists’ identities. While the federal government is considering a few bills (like the draft NO FAKES Act and the NO AI FRAUD Act) to create a nationwide right of publicity that would create uniform protection for artists’ names, images, and voices, these protections, for now, remain a patchwork of varying state laws that were largely written before artificial intelligence presented new use cases for AI.
“Singers and recording artists have a profound impact on our culture, and I’m thrilled that they’ve achieved a contract that not only recognizes their value with significant wage increases, but also provides them essential protections around artificial intelligence,” said SAG-AFTRA President Fran Drescher. “We celebrate our human performers! I applaud the negotiating committee and staff, the record labels, and SAG-AFTRA members for getting this contract across the finish line!”
SAG-AFTRA National Executive Director & Chief Negotiator Duncan Crabtree-Ireland said, “This contract secures groundbreaking A.I. guardrails while also achieving crucial and substantial wage increases, and other key wins for singers and recording artists. Protecting human artistry will always be SAG-AFTRA’s priority, and I’m heartened that our members have a contract that provides immediate gains and recognizes the importance of human contributions to the industry. I also want to acknowledge Negotiating Committee Chair Dan Navarro and the entire committee and staff for their outstanding and dedicated work in achieving this agreement.”
Sound Recordings Code Negotiating Committee Chair Dan Navarro said, “Members’ feedback played a key role in the formation of this contract and the negotiating committee prioritized the concerns that were most crucial to the singers and recording artists impacted by these terms. We’re proud to have achieved these essential wins in A.I. protections along with substantial wage increases and gains in health and retirement funding.”
Other wins included wage increases and gains in health and retirement funding. To read the full list of provisions, see here.
Concord Label Group has promoted Joe Dent to executive vp of operations and Jill Weindorf to executive vp of marketing, the company announced Tuesday (April 30). Weindorf is based in Los Angeles while Dent is located in Concord’s Nashville headquarters.
The promotions, some of the first under newly-appointed Concord Label Group CEO Tom Becci, aim to modernize Concord’s structure to support an expanding roster of talent while increasing the company’s ability to sign, develop and support artists within the global ecosystem.
Weindorf began her career in marketing at Elektra Records and has spent 17 years at Concord. In her new role, she will lead marketing efforts across Concord’s eight active labels and, in conjunction with Concord’s label presidents, continue to develop career artists globally.
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Dent previously spent a decade at Fat Beats Distribution, where he rose to GM. Since joining Concord, he has led the charge to stabilize the company’s vinyl pipeline during the COVID-19 pandemic, increased its in-house spatial audio capacity and developed a business-to-business (B2B) system for interacting with artists. In his new capacity, Dent will continue to concentrate on improving processes across the active label and back-office teams. He will also build further internal system efficiency and interconnection while working with external partners on capacity, supply chain and process efficiencies.
“Music is about connection and Jill’s ability to devise a marketing strategy in concert with an artist, while considering their priorities, who they are, the place they want to be, and then work tirelessly in support of that plan is unparalleled,” said Becci in a statement. “Having Jill in this role will certainly allow Concord to remain competitive in an increasingly complicated and global market. Joe has an incredible understanding of how to look at a classically messy system, identify areas for improvement, and make real and lasting corrections. I have no doubt that Joe will continue guiding Concord towards further operational efficiencies in support of our artists.”
“My focus has always been the artists and music,” Weindorf said in a statement. “Concord has offered me the opportunity to build long-term trust with so many career artists and I love being part of the journey with them. I’m also excited by our legacy recordings and the depth and historical relevance of our catalog. Many executives don’t get the chance to work across such a wide breadth of repertoire; I have been here for 17 years, and I am still excited by that opportunity every day.”
“What I genuinely appreciate about Concord is that, despite our size, we are still incredibly nimble,” added Dent. “If we believe there is a superior way that we can do things, there is a reasonable chance that we will do it that way. I’m incredibly grateful for the trust that so many amazing artists put in us and I’m excited to continue finding ways we can better support them. This really is a dream come true for a punk from New Jersey.”
A dip in SiriusXM‘s paid subscribers in the first quarter caused the satellite radio giant’s stock to fall by more than 7% on Tuesday (April 30), even as first-quarter revenue beat analysts’ expectations.
The company reported that first-quarter revenue inched 0.8% higher to $2.16 billion — analysts polled by the London Stock Exchange were expecting $2.13 billion — thanks mainly to a 7% uptick in ad sales revenue.
Ad revenue totaled $402 million in the quarter, enough to offset a 1% decline in subscription revenue, which came in at $1.68 billion and contributes nearly 80% of the company’s overall earnings.
A 1.4% decline in self-pay subscribers to 31.58 million customers in the quarter contributed to “slightly higher churn” as an increase in sales of vehicles with existing subscriptions led to those subscribers shifting into unpaid trials, SiriusXM CFO Tom Barry said on a call with analysts.
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Executives reiterated their 2024 guidance and said they expected improvements in their subscription revenue, trial subscriptions and ad revenue in the second half of the year.
Despite the rollout of a new and costly streaming app with features SiriusXM says allow it to tailor content to subscribers, executives faced questions from analysts over what will charge future growth.
“On the business side, it’s really about reinvigorating demand,” SiriusXM CEO Jennifer Witz said on the call. “It’s taking longer than we’d hoped in terms of the rollout of the new platform and our ability to capitalize on improvements in marketing. But the key opportunities to build demand … are clear, across price, discovery and control, and we have this multipronged effort to [drive] these things.”
The company is hopeful that the revamped app, which launched in December and costs $9.99 per month, will attract new subscribers and drive revenue growth.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4% to $650 million. The company’s gross profit edged 0.6% higher to $1.13 billion, while the gross profit margin held flat at 53% in the quarter compared to last year. Total operating expenses held roughly flat at $1.73 billion.
Warren Buffett’s Berkshire Hathaway is a big investor in SiriusXM, having purchased nearly 9.7 million shares worth approximately $44 million last fall and then another 1.9 million shares worth $50 million of its tracking stock earlier this month.
In February, SiriusXM laid off 3% of its workforce affecting around 170 workers at the company, which said the cuts would enable it to invest in content and new technologies.
SiriusXM’s stock closed at $2.92 on Tuesday (April 30), down 7.2%.
Reservoir Media plans to sell an additional $100 million of securities, according to an S-3 filing with the Securities and Exchange Commission on Monday (April 29). The funds may go toward acquisitions, debt repayment, share buybacks and other general corporate purposes, according to the filing.
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The company will often offer common stock, shares of its preferred stock, debt securities, depository shares, warrants, purchase contracts or a combination of these offerings, according to the filing. Reservoir Media currently has an authorized capital stock of 825 million shares — 750 million common shares and and 75 million shares of preferred stock. As of Feb. 5, it had 64.82 million shares of common stock outstanding. No shares of its preferred stock have been issued.
Tapping the market for additional capital now would enable Reservoir Media to benefit from a recent upswing in its share price. Its stock, which trades on the Nasdaq, reached a 52-week high of $9.20 per share on Friday (April 26) — and its highest point since May 4, 2022 — and closed at $9.03 on Monday(April 29), up 26.6% year to date. Reservoir Media went public in 2021 by merging with Roth CH Acquisition II, a special purpose acquisition corporation, or SPAC.
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The company’s pipeline of potential deals was roughly $2 billion in total value, CEO Golnar Khosrowshahi said during the company’s Feb. 7 earnings call. “We remain a highly respected and regarded partner,” she said, “and our proven reputation for being a steward for catalogs through value enhancement initiatives allows us to acquire some of the best assets in the market.”
Since its inception in 2007, Reservoir Media has invested $938 million, according to its latest investor presentation — with $770 million of that amount spent on acquisitions of catalogs and companies. It owns Chrysalis Records, Tommy Boy Music and Philly Groove Records and manages artists through Blue Raincoat Music and Big Life Management.
In February, the company reported first-quarter revenue growth of 19%, to $35.5 million, and raised its guidance for full-year revenue to $140 million to $142 million, implying 15% annual growth at the midpoint.
Country singer Josh Turner, known for hits including “Your Man” and “Would You Go With Me,” has re-signed with longtime label home MCA Nashville. Later this week, Turner will be inducted into the South Carolina Entertainment and Music Hall of Fame. He released the song “Heatin’ Things Up” on Friday (April 26). – Jessica Nicholson
Sister duo Aly & AJ (“Potential Breakup Song,” “Like Whoa,” “Slow Dancing”) signed with UTA for global representation in all areas. Composed of Aly and AJ Michalka, the duo will continue to be represented by Scott Felcher at Felcher & Freifeld, LLP, Joel McKuin at McKuin Frankel Whitehead LLP, Jared Rosenberg at Redlight Management and Andrea Pett-Joseph at Brillstein Entertainment.
British-Brazilian singer-songwriter Liana Flores (“rises the moon”) signed with Verve Records. Flores, who merges bossa nova and folk music, recently toured with Laufey and is ramping up for her first U.S. headlining dates. She’ll release her debut album later this year, preceded by the single “I wish for the rain.” Her booking agents for North and South America are Sam Gans and Wilson Zheng at High Road Touring, with Primary Talent handling the rest of the world.
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Absolute Label Services signed a deal with Universal/Capitol Records Italy for the release of Jack Savoretti‘s first Italian language album. Through the deal, which covers the United Kingdom and Ireland, Absolute will manage the distribution, marketing and promotion of the album, titled Miss Italia (set for release on May 17). Savoretti is managed by Niko Michault and Danielle Livesey at P.U.S.H. Music Management.
Also at Absolute, the company signed a deal to market, promote, distribute and handle synch for a new album from “neo-skiffle” band Fairground Attraction. The album, titled Beautiful Happening and set for release Sept. 20 on band member Mark Nevin’s Raresong Recordings label, marks the first time all four original members of the group — Nevin, Eddi Reader, Simon Edwards and Roy Dodds — have worked together since 1989.
Downtown Neighboring Rights signed singer-songwriter ANOHNI (lead singer of ANOHNI and the Johnsons), whose entire catalog will be represented by the company. She’s been a Downtown Music Publishing client since 2022. The company also unveiled an international agreement with publisher and label Position Music (Welshly Arms, 2WEI, Ryan Oakes) as well as TH3RD BRAIN Records (Emmit Fenn, Zerb).
Singer-songwriter Debbii Dawson signed with RCA Records, which released her new single, “Happy World,” on April 19 ahead of a forthcoming EP. Dawson’s booking agency is Wasserman and her managers are Matthew Kennedy and Rachel Higg at WeManage. She has a co-publishing deal with Warner Chappell Music and Katy Perry‘s Unsub Publishing.
Capitol Christian Music Group signed hip-hop/pop artist gio. The 21-year-old’s debut single, “reality,” was just released. His first EP in conjunction with the label is slated to arrive in the fall. – Jessica Nicholson
Country artist Louie TheSinger signed with UTA for global representation in all areas. Louie released his first single for Universal Music Group, “Brothers,” in January and recently announced his Desperado Tour, which launches in June. – Jessica Nicholson
RECORDS Nashville artist Alli Walker, along with her manager, Brad Turcotte, joined Vector Management. Walker, who just released her new single, “Creek,” becomes part of a management roster that also includes Charley Crockett, Molly Tuttle and Marcus King. – Jessica Nicholson
Universal Music Group Nashville signed singer-songwriter Timothy Wayne. A Franklin, Tenn., native, Wayne is currently a sophomore at LSU and working on his first project. He’s slated to support his uncle, Tim McGraw, for several dates on his Standing Room Only Tour. – Jessica Nicholson