Business News
Page: 64
On a recent trip to New York, I spoke on a panel discussing the state of the global music industry. During the Q&A, someone asked, “When will the day come that Taylor Swift isn’t the biggest artist in the world?”
Answer: She already isn’t.
Now, maybe it’s a matter of perspective. From a Western vantage point, it’s a valid question. Given Swift’s ubiquitous media coverage, it’s hard to imagine a day when she isn’t at the top of our industry. In the past year alone, she has broken records, won awards, and inspired fans. But her achievements are only one slice of the global picture.
The music industry is increasingly interconnected, with content moving across markets and access to that content expanding in ways many do not see. With that comes the opportunity to reach massive populations from emerging markets, whose focus rests on domestic artists and local language content. I think a future where the next big global star arises from somewhere other than the U.S. is barreling towards us, and they won’t be singing in English.
Trending on Billboard
My confidence here is informed by my home, the United Arab Emirates, which sits at the intersection of Asia, Africa, and Europe, and has a population representing over 200 nationalities. I am deeply embedded in this region and its music industry, and I have firsthand exposure to music’s evolution in these markets, watching the increasing dominance of local language music and recognizing how it is reshaping pop culture. That change is happening quickly across listenership, subscription growth, access to music and more.
Evaluating a superstar from the West against a superstar from the East is not an apples-to-apples comparison. There is important context missing from the raw numbers, particularly in available streaming metrics, which fail to fully represent the consumption in the East or the potential for monetization in the years to come.
The multinational streaming platforms have thoroughly established themselves as the leaders in monetization. For example, Spotify has carved out a reputation as the market leader with over 602 million monthly active users globally, 236 million of which are paying. However, those multinational platforms are relatively new to the MENA region and other emerging markets and are still building a user base. In contrast, domestic streaming platforms in the wider region have had longer to build a strong user base (e.g., India’s Gaana boasts 200 million monthly active users), but their monetization hasn’t caught up yet.
However, if we look at the sheer market size, the opportunity in emerging markets is undeniable. The populations of the U.S. (330 million) and the U.K. (67 million) are dwarfed when compared to India (1.4 billion), MENA (489 million people), Pakistan (243 million), or Nigeria (227 million). Music consumption in some of these markets is already outpacing the West (in rate of growth) and will soon surpass the West (in volume).
The data is there. Emerging markets have been the major driver of global subscription growth since 2021, and Goldman Sachs’s 2024 Music in the Air reports their contribution is expected to reach 70% by 2030. In Luminate’s 2023 report they highlighted that India’s streaming volume increased by nearly half a trillion streams year-over-year vs. 184 billion for the U.S. At that rate, particularly as the U.S. reaches a point of saturation, we could see India surpass the U.S. in consumption this year.
You might think that the increased availability and monetization of streaming platforms in emerging markets would translate to the Taylor Swifts of the West reaching even more listeners. The truth is those listeners increasingly care more about their own domestic stars and regional music culture than what the West exports to them.
YouTube launched globally in 2005 and has long been the established service for streaming and discovering music, thereby more adequately reflecting music listening preferences in the region. If we look specifically at Swift, there is no denying she is massively popular on the platform. On YouTube’s Global Music Charts for April 19-25 (the week her latest album dropped), she sat squarely at #1. However, eight of the Top 10 songs that week were actually non-English releases by artists from around the world. How many of you know the Bhojpuri hit “Maroon Color Sadiya” (which was #3 that same week)? Expand that to the Top 40, and only eight songs are in English. This is only on YouTube; consider the impact of additional domestic streaming platforms, which are even more skewed toward local language artists in each market.
Local language matters; the era of pop music being defined as “Anglo-American” is over. Looking at streams per day in India in 2023, Statista found Hindi represented over 40% versus English’s 25% share. What’s more, vernacular language and regional music, which made up the remaining 34%, was notably the fastest-growing genre from 2020 to 2023. In its 2023 report, Luminate highlighted how the share of English language music declined by 12% globally since 2021, while the share of Hindi music has essentially doubled. Even in the U.S., the share of English language content is down 3.8% since 2021.
The global diaspora which is consuming Arabic, Hindi, and other global languages is in the West too, augmenting the shift I’m describing. The meteoric transformation of K-pop into a global phenomenon is a particularly strong example of this expansion, thanks to groups like BTS, BLACKPINK and Stray Kids. In addition to its huge following in Korea, the genre has swept the West, with Korean being the 3rd biggest language by consumption in the U.S. in 2023, according to Luminate.
So, is Taylor Swift really the biggest artist in the world? Given the change I’ve described in streaming adoption across emerging markets, the importance of domestic platforms, and the sheer fact that on a country-by-country level domestic acts reign, the answer is no. Last time I checked, India, Pakistan, the Middle East, China and most of Africa have their own superstars — and they represent most of the populated world. There’s no telling how high those local artists will climb before their stars eclipse the likes of Swift in ways that become much more obvious to the rest of us.
Spek is the founder/CEO of PopArabia & ESMAA and the executive vp of international & emerging markets at Reservoir. He was recently named to Billboard’s International Power Players 2024 list, having previously appeared on the list in 2021, 2022, and 2023.
Irish rock band The Script signed a global deal with BMG. Managed by Simon Moran and Martin Hall at Hall or Nothing, the group now consists of Danny O’Donoghue and Glen Power following the death of their bandmate Mark Sheehan last year. According to a press release, the band’s global streaming tally stands at 10 billion.
Stockholm, Sweden-based, Venezuelan-born singer-songwriter Omar Rudberg signed to Elektra Records and released his major label debut single, “Red Light,” on May 17. Rudberg was previously in the Scandinavian boy band FO&O before going solo. He’s also known for starring in the Netflix series Young Royals.
TMWRK signed three artists to its management roster: ††† (Crosses), Wavves and Noeline Hofman. The company’s founder, Andrew McInnes, manages ††† (Crosses) alongside Ben Matusow, who also manages Wavves. Hofman, an Americana artist, is managed by senior vp of management Paddy Scace and executive vp/partner Nick Palmacci.
Trending on Billboard
Singer-songwriter Cameron Whitcomb (“The Devil I’ve Seen”) signed with Atlantic Records, which released his latest single, “Rocking Chair,” on May 17. Whitcomb is managed by Todd Dunsmore and John Caton at Fifthline and booked by Matt Runner and Jonathan Insogna at Wasserman.
MNRK Heavy signed Colorado-based hardcore group Fox Lake to its roster for the release of the band’s upcoming album. The group is managed and booked by Travis Porter at Forthright Booking.
“Hard house” producer and DJ Ben Keen, a.k.a. BK, signed to Hannah Laing‘s doof, which released his latest single, “No Fool,” on May 17. BK is managed by Lee Haslam at LGRP and booked by Josh Haygarth at Active Talent Agency.
North Carolina-based country singer Wesko signed to Warner Records/Underscore Works Recordings, which released his debut EP, Lost Boys, on Friday (May 24). He’s managed by Charly Salvatore and Becca Campbell at underscore works.
Mahogany, the music brand and record label behind the Mahogany Sessions video channel, launched digital distribution and artist service platform Mahogany Songs, with Dom Wallace aboard as label & marketing manager. The first signing for the new entity is singer-songwriter Áine Deane. Mahogany Songs will release Deane’s new EP, tales of a twenty something, later this year.
Boston-based indie rock-funk band Bermuda Search Party signed to Nettwerk, which released the group’s new song, “Asking 4 A Friend,” on May 17. The band is managed by Zoe Salvucci at Seven Hills Management and booked by Kameron Salek at Bandit Booking.
BBR Music Group/BMG Nashville signed duo Ryan and Rory. The band, which includes Nashville native Ryan Follesé and North Carolina native Rory John Zak, released its single “Pour Decisions” on Friday (May 24). Ryan and Rory’s self-titled debut EP will release July 26. – Jessica Nicholson
As the subscription streaming music model raises public performance royalties, the big collective management organizations are seeing their best years ever. On May 28, just hours after the Swedish CMO STIM announced a 14.2% increase in revenue, the UK CMP PRS for Music announced that in 2023 it took in £1.08 billion ($1.34 billion based on the 2023 average pound-to-dollar conversion rate), breaking the billion-pound barrier with a 12% increase. It also paid out a record £943.6 million ($1.17 billion).
Explore
Explore
See latest videos, charts and news
See latest videos, charts and news
PRS also brought its cost to income ratio down to 9.2%, a particular focus for CEO Andrea Czapary Martin, who wants to keep it below 10%. Last year it was 9.3%.
Over the last decade, PRS has more than doubled its revenue, which went up by 111% since 2014. That’s an astonishing run for the organization, which turns 100 this year. Its membership also grew by 10,000, an unprecedented rise.
Trending on Billboard
“Our remarkable performance in 2023 is a testament to the team’s hard work behind the scenes of the music industry,” Martin said. “We’re not just surpassing financial milestones at the lowest cost-to-income ratio amongst our peers; we’re orchestrating a significant shift in the music business.
Like some of its counterparts, PRS received the most revenue from online licensing — £366.5 million ($455.5), up 8.5%; the distribution was £360.3 million ($447.8 million), up 23.2. Next came international, which generated £339.3 million ($421.7 million), up 25.9%. Public performance royalties, traditionally the core of a PRO, accounted for £251.7 million ($312.8 million), up 10%.
Although it’s hard to compare CMOs directly, PRS has had some strong years, and its cost to income ratio is enviable. For much of the last decade, it was above 10%. Over the last two years, it has been below that, partly because it can share some costs with the ICE joint venture it runs with GEMA and STIM.
STIM, the Swedish collective management organization (CMO) turned 100 last fall — and its results for 2023 are giving it another reason to celebrate. The organization took in a record-high 3.095 billion Swedish Krona (SEK) ($291.9 million, based on a 2023 average krona-dollar conversion rate), up 14.2% from the previous year, the CMO announced May […]
When the United Kingdom votes on July 4 to elect its next government, business leaders around the world will be closely monitoring the outcome to see what it means for them. For the music industry, the upcoming general election — announced by Prime Minister Rishi Sunak on Wednesday (May 22) — could also lead to major change depending on who wins.
According to the latest opinion polls, the Labour Party is more than 20 points ahead of the ruling Conservative Party, which has been in power for 14 years. Unless Sunak achieves an extraordinary turnaround in the next six weeks, Labour leader Keir Starmer is widely expected to be the next resident of Number 10 Downing Street, most likely with a big majority of Parliamentary seats.
Should that happen, Starmer has said he plans to make a number of reforms that will impact the world’s third-largest recorded music market, touring and regulation of the tech industry, all of which will reverberate beyond the United Kingdom’s borders.
Trending on Billboard
Tougher Rules for Ticket Resale Platforms and Prospect of Future Arena Tickets Tax
In March, Starmer announced that a future Labour government will cap the resale prices of concert tickets and introduce tougher regulations for secondary ticketing platforms such as Viagogo, which has already been subject to numerous investigations and inquiries in the United Kingdom.
The Labour policy would limit the number of tickets individual resellers could sell on resale platforms and give the U.K. competition watchdog greater powers to take “swift” action against services and scalpers who break the rules, Starmer said.
Any change at Number 10 could also have big implications for the global touring business. Earlier this month, a Parliamentary committee called for a new voluntary levy to be added to arena and stadium tickets sold in the United Kingdom to support struggling grassroots music venues.
To stem the tide of small venue closures, the Culture, Media and Sport (CMS) Committee said the voluntary levy should be introduced “no later” than September. If progress is not made, the government should set up a statutory levy, advised the committee, which also called for a cut in sales tax (VAT) on tickets for grassroots music shows.
Whichever political party wins on July 4, it will be expected to respond to the CMS committee report on the grassroots music sector. As for the committees themselves, they all cease to exist after Parliament is dissolved on May 30, although a new bunch will be formed after the election made up of a cross-party selection of MPs. They can pick new topics or industries to investigate — or can choose to build upon the work of their predecessors, meaning Parliamentary interest in the music business is unlikely to go away.
Given the huge contribution the U.K. music industry makes to the country’s economy — £6.7 billion ($8.2 billion) in music sales, concerts, recording studios, touring and music tourism in 2022, according to trade organization UK Music — government leaders will be keen to be seen doing all they can to protect the sector.
Regulating AI and Big Tech
Following the general election, the hot issue of regulating the use of artificial intelligence (AI) is likely to be near the top of the legislative agenda and will continue to be a source of heavy lobbying from the tech and music industries.
The current Conservative government has spent the past several years consulting on the topic but has yet to deliver any firm plans and has generally pursued a light touch “pro-innovation” approach to the regulation of AI.
In 2023, the government quietly shelved a proposal by The Intellectual Property Office (IPO) for a new text and data mining (TDM) exception that would have allowed AI developers to freely use copyright-protected works for commercial purposes (albeit with certain restrictions) following fierce criticism from the music industry.
Since then, there have been repeated calls from music trade groups like labels trade body BPI for the government to follow the European Union’s lead and defend creators, musicians and rights holders from the potential risks of generative AI models.
Earlier this month, the All-Party Parliamentary Group (APPG) on Music called for a comprehensive “pro-creative industries” AI bill that protects the music business from the “threats” posed by the technology. Among its recommendations were banning AI developers from using copyright-protected music for training purposes without consent, as well as the requirement for tech companies to clearly label all AI-generated content.
If Sunak retains power, music executives will be keen to see him urgently press ahead with U.K.-specific legislation around AI and ensure the United Kingdom doesn’t fall behind other countries and markets in regulating the sector.
Labour’s position on AI, as outlined by Starmer last summer, is that they will bring in stronger regulations than the Conservatives, although details are thin on the ground and the party’s stance does appear to have softened in recent months as it attempts to court business leaders and tech executives by presenting itself as a “pro-innovation” government-in-waiting. Labour had been working on an AI strategy document ahead of the general election announcement, which it was expected to launch this month.
Addressing Artists’ and Songwriters’ Discontent Over Streaming Terms
Over the past four years, the United Kingdom has led the way in addressing artist discontent over low payments from music streaming. Since 2020, when the pandemic-enforced shutdown of the live industry brought the issue to the fore, there have been numerous Parliament-led inquiries into the record business, including a review of the major labels’ market dominance by the U.K. competition watchdog.
In December 2021, a bill was debated in Parliament that would have required record companies to pay musicians and songwriters a bigger cut of streaming revenue. It was defeated at the first stage, but the prospect of government intervention in the U.K. music business has seen record companies beef up their public policy teams and divert a huge amount of time and resources into dealing with the various probes.
The heightened scrutiny of the music industry has yet to result in any law changes, but it has increased pressure on labels to improve artist terms and contracts. A government-led working group focusing on creator remuneration recently launched (which insiders say is likely to continue post-election) and the noise around low streaming royalties for many artists is unlikely to die down anytime soon.
Last month, the Culture, Media and Sport (CMS) Committee published a report calling for government ministers to “do more to make sure music makers are paid fairly” and to press ahead with a package of sweeping copyright reforms. The committee’s recommendations included overhauling the revenue split between recording and publishing rights from music streaming, currently set at around 55% for recording and 15% for publishing, to better reward songwriters.
“It’s vital that any incoming administration ensures we deliver on recommendations made by the Culture Select Committee to reset the streaming market and support grassroots live touring,” says Annabella Coldrick, chief executive of the U.K. Music Managers Forum (MMF).
“More broadly, we need a government that values British music, puts it at the forefront of U.K. growth policy, and backs it with a credible music strategy to maximize our industry’s potential both domestically and internationally,” Coldrick adds.
Whether that responsibility falls to Sunak or Starmer will be determined by the British public on July 4. If Labour does win the general election, there’s a chance that two high-profile figures from the music world could join them in government. Dave Rowntree, the drummer for Blur, is running as the Labour candidate for the Conservative-held Mid Sussex seat, while Tom Gray, co-founder of indie rock band Gomez and chair of songwriters and composers body the Ivors Academy, is the party’s chosen candidate for the Brighton Pavilion constituency.
It’s time for another spin around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music. We also have a weekly interview series spotlighting a single executive, if that’s your thing.
Sony Hall, a tech-forward concert venue in midtown Manhattan, introduced a new booking team made up of senior talent buyer Jack McFadden, talent buyer Alli Vega and junior talent buyer Niko Murray. McFadden’s career arc spans three cities — Chicago, NYC and Austin — and several venues and festivals (Union Hall, Austin City Limits and others) where he helped book early shows for an indie rock murders’ row including The National, The Walkmen, St. Vincent, Fleet Foxes and Vampire Weekend, among others. No slouch, Vega spent years booking D.C. venues Songbyrd and DC9 before making the move to NYC, where she joined the team at Bowery Presents. Murray, meanwhile, hails from NYU and has already cultivated experience at the Cara Lewis Group and Sony Music. Blue Note Entertainment Group operates Sony Hall, which officially opened in 2018 but began life in 1938 as the legendary Diamond Horseshoe nightclub. The venue, which retains much of its original design and decor while incorporating the latest Sony technology, is located inside the historic Paramount Hotel.
“This is an exciting moment for Sony Hall and Blue Note Entertainment Group as we strengthen and bolster our booking program, further introducing this iconic New York City venue to the live music industry,” said BNEG president Steven Bensusan. “Jack, Alli and Niko each have different and diverse backgrounds within the industry to complement and enrich our talent buying team.”
Trending on Billboard
Meanwhile…
Loeb & Loeb hired Monika Tashman in the firm’s Nashville office, as partner in the Entertainment department. Tashman joins Loeb & Loeb from Manatt, Phelps & Phillips, LLP. Her expertise includes representing music talent in genres ranging from rock, pop, reggae, bachata and metalcore, as well as representing labels, entertainment-focused businesses and music production companies. She’ll also continue her New York-based practice out of Loeb’s Nashville office. –Jessica Nicholson
Galaxy Label Group, founded by country duo LOCASH, solidified its promotions team with the hiring of four. Joining the label, a partnership with Studio2Bee Entertainment with distribution by BBR Music Group/BMG Nashville, are Kerry Wolfe as vp of promotion, Cheryl Broz as the head of national field promotion, Kristen Brust to handle national promotion strategies, and John Lessard — who is LOCASH’s tour manager — lending his expertise on GLG’s promotion and touring work. All new hires are effective immediately. LOCASH, comprised of Preston Brust and Chris Lucas, is Galaxy’s first signed act.
BMI promoted Gabriella Natali to senior manager of media relations, an elevated role in which she’ll continue to spearhead PR efforts across most music genres (we’re talking pop, rock, hip-hop, gospel, classical, jazz and others). Natali is based out of BMI’s NYC headquarters and reports directly to Jodie Thomas, the PRO’s executive director of corporate communications and media relations. In addition to working on messaging for numerous marquee events, including BMI’s various award shows, songwriter showcases and dedicated stages at festivals like Lollapalooza and SXSW, Natali works with Thomas on PR efforts for BMI’s licensing and industry relations departments. Prior to joining BMI in April 2022 as a media relations manager, Natali spent two years as a publicist at boutique agency Big Picture Media, also in New York.
Lucy Pullin and Virgil Thomas joined UTA as agents in its music crossover division, which works with clients on projects that expand their careers to other mediums. Pullin, previously of ie: entertainment ltd, will be based out of the London office and Thomas, an Endeavor alum, is in Los Angeles. Recent wins by the crossover division include Post Malone’s dip into acting (Road House) and comic book writing, and Recording Academy chief Harvey Mason jr.’s behind-the-scenes work on biopics about Bob Marley and Michael Jackson.
NASHVILLE NOTES: Opry Entertainment Group promoted Anna Lemme to marketing manager for the Grand Ole Opry. In the new role, the Massachusetts native will plan marketing and promotional strategies to continue growing the Grand Ole Opry brand. Lemme has been with the company for five years, most recently serving as an artist & label strategy manager for Opry Entertainment Group … Leadership Music communications and events administrator Lindsay Doheney will leave the post on May 28 to join her husband in a job-related relocation. The organization is seeking a replacement for Doheney … Group Projects welcomed Emma Kiefer as director of A&R, working closely with co-founders Anthony Manker and Cooper Anstett on publishing and management business. She most recently served as A&R manager at Boom Music Group.
Buchalter beefed up its presence in Nashville, adding eight attorneys to its office in Music City — “a vibrant and dynamic legal market,” said Adam Bass, the firm’s president and CEO. Joining Buchalter are Lauren Spahn, Jay Bowen and Lauren Kilgore, from Shackelford, Bowen, McKinley and Norton, along with Rebekah Shulman, Jim Zumwalt, Jacob Clabo, Aaron Steinberg and John Baxter. The Laurens are regulars in Billboard‘s annual list of top music lawyers, and both handle a wide swath of legal and business transactional matters for artists, publishers, writers, labels and more. Shulman, Steinberg, Clabo and Baxter specialize in intellectual property issues, while Bowen’s experience is in high-stakes litigation. Finally Zumwalt represents entertainment clients on a variety of matters. “Jay, Lauren, and Lauren, along with their teams bring a wealth of experience, expertise, and dedication to our firm,” said Bass. “Together, we are poised to make a significant impact in Nashville’s legal landscape and beyond.”
Dom Wallace is the new label and marketing manager at Mahogany, where he’ll oversee release strategy for its label Mahogany Records and its flagship video channel, Mahogany Sessions. His appointment coincides with the launch of Mahogany Songs, the company’s new digital distribution and services platform. Wallace was most recently a senior editor at Spotify, where he helped launch several taste-making playlists, including “Our Generation” and “Fresh Finds UK & IE.”
GAME TIME: Cross-industry veteran Kimberly Knoller is the new chief marketing officer at Earn Alliance, where she’ll spearhead the platform’s mission to connect gamers to games, building fandoms and engaging communities. For the last 14 years, Knoller has built out her own music and tech marketing agency The Knoller Group, where she’s worked with artists, creators, record labels and other companies on brand and monetization-boosting strategies. In the aughts, Knoller put in three years at Warner Records, where she did trailblazing work as vp of direct to fan marketing, e-commerce and innovation. She has also held senior roles at unPaired and PIXELYNX … Metaverse studio Karta, which creates in-game experiential marketing across Fortnite, Roblox and other games, hired Morgan Evans as its new fashion and beauty director, and Sarah Richards as art director.
ICYMI:
Jared Cotter
Jared Cotter was promoted to partner at Range Music, where he manages Paul Russell (“Lil Boo Thing”) and co-manages Shaboozey (“A Bar Song (Tipsy)”) … Jason Miller is leaving operational responsibilities at ELA, the joint venture he launched with CTS Eventim in 2021 … and Tekno joined Mr. Eazi’s independent music company emPawa Africa as an investor and a partner.
Last Week’s Turntable: Texas Official Joins Big Loud
Tekno has formed a new strategic alliance with Mr. Eazi, with Tekno’s Cartel Music label and Mr. Eazi’s independent music company emPawa Africa striking a joint venture and Tekno joining emPawa Africa as an investor and a partner. “With this deal with Tekno and Cartel Music, we are ushering in a new phase of emPawa,” […]
When country singer-songwriter Brett Young celebrated his first Recording Industry Association of America (RIAA) Diamond-certified single for his 2017 hit “In Case You Didn’t Know,” the Nashville party looked a bit different than the typical Music Row shindig. The father of two welcomed not only his wife and daughters, but music executives were encouraged to bring their children as well — with more than 30 kids taking part in the event.
Explore
Explore
See latest videos, charts and news
See latest videos, charts and news
The celebration was also a launch party of sorts for Family Alliance in Music (FAM), a Nashville-based non-profit, which advocates for and supports professionals across all facets of the music industry, including executives and creatives, who are achieving their career aspirations while caring for members of their family units.
Trending on Billboard
FAM was co-founded by a collective of Nashville music executives — Jackie Jones (senior vp of artist and industry relations for the RIAA), Haley Montgomery (senior manager of awards & membership for the Academy of Country Music) and Margaret Hart (YouTube’s head of Nashville industry and label relations).
The organization offers a place of community, education, and support for all families, aiding music industry members who are also parents, caretakers for aging or sick family members, and those who want to start families. FAM’s multi-pronged approach encourages employers to provide clearly defined, comprehensive family benefits and flexible work practices, as well as offering information to employers detailing why such benefits are vital.
“We all have a family,” Montgomery tells Billboard.
The idea for FAM sparked in 2021, after Montgomery invited Jones to a breakfast meeting in Nashville.
“She thought I wanted to do the typical networking meeting, but I said, ‘I would love to talk about your kid,” Montgomery recalls. “You actually post about her [on social media] and you are successful. How does that work?’” At the time, Montgomery had been surveying the music industry around her as she was hoping to start a family.
“I had been looking at this industry that I had put so much of my heart into and I couldn’t help but feel like it wasn’t going to support my full self, which included starting a family,” Montgomery says. “I showed her a survey I’d done across the industry — 25% of companies in the music industry don’t even support the minimal amount of time it takes to heal your body after giving birth. So, to me, that said, ‘This isn’t welcome here.’”
Meanwhile, Jones, who has an eight-year-old daughter, had been having conversations with Hart because they had heard from others in the music industry questioning how to balance family and career.
“Seeing how this is an industry that goes way beyond just the ‘9-to-5,’ and asks so much of those working in it — if the industry wants to truly be inclusive, it has to consider these issues,” Jones says.
“Part of what we’re doing is ripping the blindfold off,” adds Hart, a mother of two. “This is who we are; this is our whole selves.”
According to a survey of employers conducted by the Bureau of Labor Statistics in March 2022, 24% of private-industry employees had access to paid family leave (parental leave and family caregiving leave) through their employers.
There is currently no federal law requiring paid family and medical leave for the private sector, though 13 states and the District of Columbia have laws creating paid family and medical leave programs for eligible workers. In Tennessee, the Tennessee Paid Family Leave Insurance Act went into effect on Jan. 1, 2024, allowing insurance companies to offer paid family leave, which employers can voluntarily choose to purchase for their employees. The insurance would cover the birth or adoption of a child by the employee, placement of a child with the employee for foster care, care of a family member with a serious health condition, or in aiding families of service members of active duty or an impending call/order to active duty.
In surveying 20 music companies, FAM found that more than half offered at least 12 weeks of fully paid leave for birthing caretakers, while 25% supported only four weeks or less of fully paid leave for a birthing caretaker. Some of the top company policies did include aid for IVF, adoption and fertility testing.
FAM advocates for companies in the music industry to offer more comprehensive family benefits including, at a minimum, 12 weeks of fully paid leave for birthing caretakers, six weeks of fully paid leave for family caretakers (those caring for sick or aging family members) and for non-birthing caretakers, as well as offering travel to the nearest compliant state/care in aiding with termination assistance.
In 2023, the organization formed a task force encompassing top executives across the spectrum of the industry, including Shannon Casey (Wasserman Music), Halie Hampton-Mosley (Why & How Management), Morgan Mills (CmdShft), Tiffany Provenzano (mtheory), Rachael Terrell (Paramount), Rachel Wein (Prescription Songs), Dan Wise (maddjett) and Mackenzie Cooper (Triple Tigers).
The task force’s work is centered around four core pillars: education and resources, community, benefits and grants. In helping to increase visibility for parents and caretakers within the music industry, they just held a music industry family meet-up event in Nashville a few weeks ago. The task force is also working on holding a fertility-focused workshop and expanding the organization’s current benefits resource to include recommendations for employers regarding fertility benefits and caretaker leave. FAM is under fiscal sponsorship with the Players Philanthropy Fund (PPF), allowing the organization to receive charitable donations, while working to eventually have its own 501c-3.
“I’ve been so fortunate to work for companies that provided incredible benefits and understanding,” Jones says. “I’ve taken care of a child, I’ve had maternity leave. I’ve now lost a parent — those aren’t things you get over in a week—these are things you have to take time and have grace for.”
“It’s important to have diversity in our workforce,” Montgomery says. “Having people with different lifestyles and backgrounds at the table is going to allow you to reach more people. And it’s good business; it’s such a recruitment and retention tool.”
Hart says that their discussions with various music industry companies has been met with openness and she advises senior executives to advocate for others in their company through encouraging these policies.
“When you can be a senior executive and come into these conversations, make sure that as you protect yourself, that you’re protecting the people coming behind you, that maybe don’t have the influence that you have in the room. It’s not just about getting you the leave that you need — it’s about getting the new employee the leave that they will need if they decide to have a family or need to be a caretaker. We’ve had conversations where someone will say, ‘Oh, my boss told me I can kind of take what I need.’ That’s a lovely sentiment, but ultimately what happens when a coordinator or assistant might need to go on leave, they aren’t protected by the handshake agreement that you’ve just made.”
Jones notes that some of the industry members who have navigated the biggest issues with family and caretaking benefits are the creatives, musicians, and artists, and says they hope to provide grants to aid this segment of the industry: “These are the very people who drive the industry at large. How are we going to help the musicians, the touring teams? Those issues are harder than, ‘Hey, can you change your policies? There is no safety net for a 1099 touring employee.”
Jones adds that making meaningful change in this segment of the industry doesn’t always necessitate a complete policy overhaul.
“I don’t want people to think, ‘They want me to provide maternity leave to my entire road crew, my band.’ It’s about what other things can you do to help make things easier—can you help with shipping breast milk from the road? Or, if someone needs to spend several weeks caring for a sick or elderly family member, can you promise them that their job will still be there? It’s not about the cost; it’s about the culture.
“In the case of women touring, whether in a band or on the road, they are usually in the minority,” Jones continues. “If you are the only woman in the band, how do you speak up? Or you look around and there are those fears of, ‘If I voice this concern, what if I don’t get to be on this tour anymore?’ Or it could be a woman that is a tour manager, or a dad that wants to take time with his newborn, or someone who needs to care for a parent.’”
“We have to be proactive to create a safe space for people to have benefits and resources that are going to be able to keep them in this industry,” Hart says. “It’s a very complicated issue and I don’t want to say, ‘We’re going to fix it,’ but I think we can help make it better.”
Tencent Music Entertainment (TME) stock rose 15.7% to $15.43 after the release of its first-quarter earnings on Monday (May 13), which showed net profit rising 28% to $212 million as music subscription revenue surpassed $500 million and the company’s subscribers rose by 7 million to 113 million. Online music revenue climbed 43% to $693 million, helping offset a nearly 50% decrease in social entertainment revenues to $244 million.
Numerous analysts upped their price targets for TME this week following the company’s earnings release. Jefferies raised TME to $15.40 from $12.00. Mizuho raised its price target to $15.00 from $13.00. HSBC also raised TME to $15.00 from $13.00.
Trending on Billboard
Another Chinese music streaming company, Cloud Music, jumped 11.7% to 105.00 HKD this week after it announced a licensing deal with Kakao Entertainment for distribution in China. Kakao has over 50 “star” artists and 70,000 tracks, according to a press release announcing the pact. Cloud Music has not announced a date for its first-quarter earnings release.
Shares of TME have risen 97.6% over the last 52 weeks and gained 71.3% in 2024. The company (which trades on the NYSE and Hong Kong Stock Exchange) and Cloud Music (which trades on the Hong Kong Stock Exchange) are part of an upswing in Chinese stocks in 2024. After falling in January, the Shanghai Composite Index is up 15.5% since Feb. 2 — far better than the gains of the FTSE 100 (10.6%), S&P 500 (7.0%) and Nasdaq composite (6.8%) over that period.
TME has come a long way since being targeted by government regulators in 2021 for anticompetitive behavior. Its shares traded below $5 for much of 2022 and dropped as low as $3.14 in October of that year.
The 20-company Billboard Global Music Index rose 3.3% to a record 1,847.64, topping the previous high mark of 1,841.66 for the week ended April 5. While there were an equal number of winners and losers, the three top performers had double-digit gains — Cumulus Media was up 18% — while the worst-performing stock, Sphere Entertainment Co., fell 8.1%. Most of the index’s most valuable companies posted gains this week: Spotify increased 2.8% to $302.84, Universal Music Group rose 2.6% to 28.74 euros ($31.31) and Warner Music Group gained 1.3% to $32.04.
Music stocks bested numerous indexes. In the United States, the Nasdaq composite rose 2.1% to 16,685.97 and the S&P 500 gained 1.5% to 5,303.27. In the United Kingdom, the FTSE 100 declined 0.2% to 8,420.26. South Korea’s KOSPI Composite Index dropped 0.1% to 2,724.62.
B. Riley resumed coverage of Reservoir Media on Thursday (May 16) with a “buy” rating and an $11 price target. Reservoir shares rose 0.2% to $8.40 this week. The company will release first-quarter earnings on May 30.
Elsewhere, iHeartMedia dropped 6.2% to $1.21 this week. Guggenheim lowered its price target to $3 from $5 following the radio company’s earnings release on May 9, which prompted the stock to fall 36% last week. While Guggenheim maintained its “buy” rating, it dropped its price target to account for “headwinds at the core broadcast business,” analysts wrote in a May 15 note to investors.
Sphere Entertainment Co. dropped 8.1% to $36.07, bringing its year-to-date gain to 6.1%. The company announced Monday that it bought out the remaining shares of Holoplot GmbH, the German company that provided the 3D audio technology for the Sphere in Las Vegas.
Outside of the Billboard Global Music Index, JYP Entertainment fell 13.4% to 60,000 won ($44.30) following the company’s release of first-quarter earnings after the markets closed on May 10. Revenue increased 15.6% to 136.5 billion won ($100.8 million) but operating profit declined 20% to 33.6 billion won ($24.8 million) and net profit fell 26.3% to 31.4 billion won ($23.2 million). Operating profit and net profit declined due to increases in artist fees, labor costs and commissions at JYP Three Sixty, the company’s businesses that produce merchandise and license artists’ intellectual property.
Another non-index stock, Sony Corp., rose 11.1% to $83.74 following its fiscal fourth-quarter earnings release Tuesday (May 14). Driven by subscription streaming growth and aided by foreign exchange, Sony Music’s yen-denominated revenues jumped 23.5% to $2.85 billion in the quarter and the music division was the parent company’s largest contributor of operating income.
Canadian musicians who worked with Steve Albini are sharing their admiration.
Albini’s phenomenally prolific career included work on an estimated 2,000 albums, including landmark alt-rock records by Nirvana, Pixies and PJ Harvey. A wide range of notable Canadian artists worked with Albini and were quick to respond with effusive tributes to the Chicago-based studio wizard.
Toronto drummer, composer and author Don Pyle worked with Albini as a member of acclaimed Toronto instrumental bands Shadowy Men on a Shadowy Planet and Phono-Comb. Albini was an admirer of Shadowy Men, even sending them a fan letter that helped prompt the band to hire him for sessions that led to the trio’s second album, 1993’s Sport Fishin’: The Lure of the Bait, The Luck of the Hook.
Albini would later work with Dallas Good and The Sadies on The Sadies’ 2001 album Tremendous Efforts and then its 2006 live album, The Sadies In Concert, Vol. 1, recorded at Lee’s Palace in Toronto (Pyle also assisted on the record). Alongside fellow Shadowy Men member Reid Diamond, Beverly Breckenridge and Good (later of The Sadies fame), Pyle was also in the lineup of Phono-Comb, a Toronto band that recruited Albini to work on its 1996 album, Fresh Gasoline.
Trending on Billboard
In an interview with Billboard Canada, Pyle confirms that his late friend Dallas “definitely had a warm relationship with Steve. The Sadies recorded with him on two occasions. I know Steve definitely enjoyed the experience around coming up here and doing The Sadies live album. Doing the Phono-Comb album allowed for more social time and friendship to happen with them. Steve definitely respected who Dallas became.”
Acclaimed Guelph post-rock band King Cobb Steelie worked on material with Albini prior to the release of its second album, 1994’s Project Twinkle, which would later be credited to Bill Laswell as producer.
“He stayed at my house for a week and was a very generous and gracious guest,” group frontman Kevan Byrne tells Billboard Canada. “I think we were one of the first sessions he engineered after In Utero. Steve raved about Dave Grohl’s drumming and insisted that our drummer buy new white-coated Ambassador heads. Then he used a heat gun to break them in.”
Toronto hardcore faves Fucked Up offered up a succinct and poignant tribute on X: “rip steve…you hated our band and made fun of us while we were recording at your studio but you stood for something honest and fair in music and tried to make it a better place in everything you did and there will never be another one like you.”
Head to Billboard Canada for more remembrances and Albini tidbits from KEN Mode, Joel Plaskett, Metz and more.
Feist, Allison Russell, Mustafa Shortlisted for 2024 Prism Prize
The Canadian Academy has announced the top 10 Canadian music videos of the year. The videos, selected from a pool of 300 by a jury of music and video production professionals, have been shortlisted for the 2024 Prism Prize. The award comes with a $20,000 prize.
Singer-songwriter Feist, pop-rock group The Beaches, roots artist and Grammy winner Allison Russell, musician and poet Mustafa, and hip-hop duo Snotty Nose Rez Kids (who took home the prize last year, for “Damn Right”) are all amongst the shortlisted nominees.
Since its introduction in 2013, the Prism Prize has been celebrating outstanding work in Canadian music video production. The shortlist is determined by a jury of more than 120 leading figures in Canadian music, film and media arts. In evaluating the music videos, the jury considers elements such as originality, style, creativity, innovation and execution.
Each of the top 10 finalists is also eligible for the fan-voted Audience Award, which comes with a $2,500 CAD prize for the winner.
A celebration of the Class of 2024 will take place in July, featuring a screening of the top 10 videos and the announcement of the winners.
[embedded content]
The 2024 Prism Prize Top 10 (in alphabetical order):
Blame Brett – Artist: The Beaches | Director: Ievy Stamatov
Borrow Trouble – Artist: Feist | Directors: Mary Rozzi, Colby Richardson, Heather Goodchild & Leslie Feist
Demons – Artist: Allison Russell | Director: Ethan Tobman
feral canadian scaredy cat – Artist: young friend | Director: Sterling Larose & Zachary Vague
I’m Good – Artist: Snotty Nose Rez Kids | Director: Sterling Larose
I Wanna Be Your Right Hand – Artist: Nemahsis | Directors: Norman Wong & Amy Gardner
My Mind At Ease – Artist: Dominique Fils-Aimé | Director: Adrian Villagomez
Name of God – Artist & Director: Mustafa
Of Woods And Seas – Artist: Alaskan Tapes | Director: Andrew De Zen
Revenge of the Orchestra (feat. Magugu) – Artist: Apashe | Director: Adrian Villagomez