Business News
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For the first time, Billboard is expanding its peer-voted Power Players’ Choice Award globally, asking music industry members from all sectors across the world to honor the international executive they believe had the most impact across the business in the past year. Voting is now open to all Billboard Pro members, both existing and new, […]
(WMG) revealed its interest in acquiring the French music company.
Believe shares rose 2.5% to 15.88 euros ($17.38) after WMG announced its interest in the owner of distributor TuneCore, publishing administrator Sentric and such record labels as Naïve and Groove Attack. Last week, Believe announced it had interest from an unnamed party, which caused the share price to exceed the 15 euro ($16.52) per share offer from a consortium led by CEO Denis Ladegaillerie and investment funds EQT and TCV. After the potential suitor was given a name, Believe’s share price rose even more. WMG, which hasn’t made an official offer, said it would pay “at least” 17 euros ($18.60) per share. WMG shares fell 4.4% to $33.93 this week.
With Believe trading at 15.88 euros ($17.38), investors don’t appear convinced that WMG will make an offer at 17.00 euros. Not only would WMG need to pass regulatory scrutiny, the Ladegaillerie consortium has a head start and appears to be moving quickly to close the deal. Last week, the consortium said it waived the board’s condition that an independent expert weigh in on its offer’s fairness to shareholders. WMG’s announcement singled out the maneuver, stating that “WMG considers that such a waiver violates a number of rules of French securities regulations which are meant to protect shareholders (including the sellers and their investors) and the Company, and that the validity of such waiver could be challenged.”
Sphere Entertainment Co. shares rose 10.1% this week to $48.77, adding $127 million to the company’s market capitalization and bringing its year-to-date gain to 43.5%. Three of four live music companies posted gains in an otherwise muted week for music stocks: German promoter CTS Eventim gained 2.2% to 75.10 euros ($82.19), while on Thursday (Mar. 7), Live Nation shares surpassed $100 for the first time since May 2, 2022. The concert giant finished the week up 2.7% to $99.75.
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The 20-company Billboard Global Music Index fell 0.9% to 1,700.37 this week as half the stocks were gainers, nine were losers and one was unchanged. Streaming stocks had an average gain of 4.2% thanks to an 18.4% improvement by music streamer LiveOne. Abu Dhabi-based streaming company Anghami rose 3.2%. The bigger streaming companies lost ground, however. Spotify fell 1.6% to $259.40, a rare stumble for a stock that has gained 38.1% year to date. Deezer shares dropped 0.4% to 2.24 euros ($2.45).
K-pop stocks were down across the board this week. JYP Entertainment, home to Twice and Stray Kids, fell 8.0%. SM Entertainment, home to aespa and Girls’ Generation, dropped 6.5%. HYBE sank 2.3% and YG Entertainment, the company behind BLACKPINK, slipped 1%. The four companies have an average year-to-date loss of 22.7%. HYBE’s 16.7% decline in 2024 is the best of the group. Elsewhere, JYP Entertainment shares have fallen 33.1% and SM Entertainment and YG Entertainment dropped 20.6% and 20.4%, respectively.
Stocks were mixed globally. In the United States, the Nasdaq composite dropped 1.2% to 16,085.94 and the S&P 500 declined 0.3% to 5,123.69. U.S. stocks reached new records on Thursday following comments by Federal Reserve chief Jerome Powell that indicated the central bank will ease interest rates. “If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year,” Powell told the House Committee on Financial Services on Wednesday (Mar. 6).
Stocks ended the week on a down note after Friday’s U.S. jobs report offered mixed messages to investors. Total confirmed payroll rose by 275,000 in February, but at the same time, the unemployment rate rose by 0.2 percentage points to 3.9% and wages rose just 0.1% in February — not necessarily welcome indicators, but perhaps signs that the Federal Reserve can move ahead with future rate cuts without fearing the economy will overheat.
In the United Kingdom, the FTSE 100 fell 0.3% to 7,659.74. South Korea’s KOSPI composite index rose 1.4% to 2,680.35. China’s Shanghai Stock Exchange index improved 0.6% to 3,046.02.
The beloved Just for Laughs festival in Montreal, a vital annual event in the comedy world, has canceled its 2024 edition and laid off about 70% of its staff.
The festival’s managing body, Groupe Juste pour rire inc. (JPR), is facing financial hardships and has sought legal measures to avoid bankruptcy. JPR said the decision is aimed at finding new investors or potential buyers to keep the festival afloat. The challenges leading to this point include the economic strain from the pandemic and other industry hurdles, including rising costs and media mergers. Despite the tough times, organizers hope to come back stronger in 2025.
“The decision to initiate restructuring proceedings was reached after thorough consideration of all options available to the company,” a news release states, “taking into account its very difficult financial situation given the significant changes in our business landscape in recent years.” – Rosie Long Decter
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Billboard Women In Music Expands to Canada in 2024
This June, Billboard Women In Music is expanding to Canada, shining a light on the influential women and gender-diverse talents who are shaping the nation’s music scene. With this expansion, Billboard Canada aims to honor those making significant strides across the industry, from production to live performances.
The music community is invited to participate, with nominations now open. It offers a platform to recognize and celebrate the outstanding contributions of individuals in the Canadian music industry while fostering a more inclusive and diverse musical landscape.
Canadian executive Golnar Khosrowshahi, the founder/CEO of Reservoir Media, one of the biggest independent music companies in the world, is an Executive of the Year hall of famer. This year, she offered this piece of advice: “Pivot to a path that allows for growth equally across your professional and personal lives. You should not have to compromise, but rather be empowered to find the route that allows for the multitudes present in you.” – Richard Trapunski
Music Canada’s Game-Changing Update: Video Streams Now Count Toward Gold and Platinum Certifications
Earlier this week, Toronto-based Music Canada announced a significant update to its Gold/Platinum Program for Single Awards: It will now incorporate official video streams into the certification calculations.
The change celebrates the evolving ways fans engage with music, particularly through video. With this update, video streams from platforms like YouTube, Vevo and Apple Music from Jan. 1, 2020, onwards will contribute to the criteria for Gold, Platinum and Diamond certifications, ensuring that artists who engage fans through music videos receive recognition toward certifications. – David Farrell
4batz has signed a deal with Drake’s label OVO Sound for one EP, according to two executives familiar with the deal. The EP deal is a short-term license, the sources say. A rep for Drake and OVO declined to comment. Multiple labels have been wooing 4batz since his track “act ii: date @ 8” — […]
BMG acquired the catalog of Cologne, Germany-based record label Coconut Music. The deal includes the recorded rights of singer Haddaway, whose 1993 single, “What Is Love,” became a massive global hit and reached No. 11 on the Billboard Hot 100. The deal gives BMG 100% control of the track, which was also sampled in Eminem‘s 2010 hit “No Love” featuring Lil Wayne. The song was also covered in 2023 by David Guetta, Anne-Marie and Coi Leray as “Baby Don’t Hurt Me.” Additionally, it was a cornerstone of the recurring Saturday Night Live sketch “Roxbury Guys” and its 1998 film adaptation, A Night at the Roxbury.
The acquisition also includes tracks by Bad Boys Blue, London Beat and Wolfgang Petry. Coconut Music was founded in 1981 by Karin Hartmann and Tony Hendrik.
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The Coachella Valley Music & Arts Festival announced a partnership with NFT marketplace OpenSea to launch Coachella Keepsakes, a series of three collections that will serve as an “all-access pass” to some of the festival’s exclusive experiences and products, according to a press release. Using the Avalanche blockchain network, each of the collections will pair collectible Coachella IP artwork with real-world benefits, including exclusive access to areas including the VIP Rose Garden and Oasis Lounge as well as limited edition Coachella merchandise, VIP passes and more. The first release in the series, dubbed the VIP Pass + Oasis Lounge Keepsake, was released on Mar. 5; it provides owners with a 2024 VIP festival pass and the new Oasis Lounge. The second release in the series, the Canvas Welcome Box Keepsake (available Mar. 25), will offer access to unique merchandise, digital content, access to the Rose Garden and more; that one will be available starting Mar. 25. The third and final drop will include an artist collaboration, with details to be revealed in late March.
A consortium led by the Persianas Group and the Nigerian Sovereign Investment Authority — an independent investment institution of the Nigerian federation — is partnering with Oak View Group and Live Nation on a proposed 12,000-capacity arena in Victoria Island, Lagos, Nigeria. Other partners on the $100 million project include Tunde Folawiyo, managing director of the Yinka Folawiyo Group; Nigerian investment fund Adino Capital; and MBO Capital. Upon completion, the venue will become the first dedicated arena in Nigeria. It is expected to create more than 1,500 direct and indirect jobs.
Warner Music Group (WMG) expanded its agreement with Tips Industries Limited (Tips Music), one of India’s leading music labels. WMG has been exclusively distributing Tips Music’s catalog since 2020. Under the new agreement, WMG will spearhead the commercial and distribution responsibilities for all of Tips Music’s frontline and catalog music, spanning 23 Indian languages and more than 30,000 songs. Tips owns the “lion’s share” of Bollywood film soundtracks from the 1990s, according to a press release.
The U.K. office of Believe signed a long-term, global label solutions deal with indie label Bella Union that encompasses new Bella Union releases and select catalog. In addition to all-format physical and digital distribution, Believe will provide services including synchronization; digital service provider and retail editorial and marketing partnerships; strategic release management; unique digital expertise and in-house technology; video and audience development; and ongoing advance funding. Bella Union’s current roster includes Beach House, Father John Misty and Ezra Furman.
Hook, a music platform that allows fans to legally remix popular songs to use on social media, extended its seed round, bringing on additional investments from Natalie Massenet and Nick Brown‘s Imaginary Ventures in addition to a group of strategic music and social media industry investors and advisors. The new investment brings the company’s total seed round to $3.5 million, adding to the original funding led by Point72 Ventures and Edgar Bronfman Jr.‘s Waverley Capital.
Collaborative music creation platform BeatConnect secured $2.25 million CAD ($1.67 million) in funding ahead of its relaunch. The round was supported by music and tech investors including Sfermion, FICC, Anges Québec and Triptyq Capital. The relaunch, slated for the spring, will amount to an overhaul of BeatConnect’s multiplayer Digital Audio Workstation (mDAW) that will incorporate gaming elements into its music production capabilities.
ADA and Warner Music Australia signed a global distribution deal with Americana label Cheatin’ Hearts Records, which is home to Australian country, folk and blues music. Founded by Luke Woods and Aaron Curnow, the label has put out albums by Henry Wagons, Melody Moko, Watty Thompson and more. The first music to be released under the deal is from Tasmanian singer-songwriter Claire Anne Taylor.
Independent digital distributor and artist and label services company IDOL has signed new deals with Le Plan Recordings and Old Soul Music. IDOL expanded its deal with New York-based Le Plan to provide global digital distribution and marketing for all of its catalog and frontline titles along with physical distribution for new releases. Its deal with North Carolina-based Old Soul, recently launched by Austin Hart (a.k.a. producer L’Orange), encompasses global distribution and marketing.
The dispute over the YouTube Music union, whose 43 members were abruptly laid off last week while one was testifying during an Austin City Council meeting, largely depends on the definition of “contractor.” Because they are not permanent, full-time employees, “their project on YouTube Music has ended,” according to a rep from their employer, information-technology subcontractor Cognizant, and “the contract expired at its natural end date.”
Independent contractors, according to Kate Bronfenbrenner, Cornell University’s director of labor education research, are “not under the regulatory state,” so they lack basic workplace protections. “Whether it’s labor law, health and safety or race discrimination, independent contractors have almost no rights in our economy,” she says. “So employers say, ‘We want to make as much money as possible — let’s make all our employees temporary employees.’”
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The 43 YouTube contractors, who work for Cognizant and Google to oversee content for the music-streaming service’s 80 million subscribers, voted unanimously almost a year ago to form a union under the auspices of Alphabet Workers Union-CWA. They’ve complained of hourly wages as low as $19 and a lack of sick pay and benefits. And they say Google has not been willing to bargain with them; in January, the National Labor Relations Board ruled that Google’s refusal to do so was illegal and must “bargain on request.” (An appeal is pending.)
In a statement, Google spokeswoman Courtenay Mencini repeated that Cognizant, not Google, is “responsible for these workers’ employment terms.” On Cognizant’s side, Jeff DeMarrais, chief communications officer, says “nobody was laid off” from YouTube Music and the contractors have seven weeks of paid time to “explore other roles within the organization.”
Sam Regan, a YouTube Music data analyst who is on the union’s organizing committee, responds that his team’s project was “never considered as temporary” and the Cognizant moves are, in fact, layoffs, as opposed to reassignments to different areas of the company. “Our team was fired and we had no notice, no warning, that we were going to get laid off,” he says. “It was cold, ruthless, dehumanizing, inhumane. The practice of tech companies laying off large swaths of people without notice is indicative of a pretty sick orientation towards workers in our culture.”
Regan and Katie-Marie Marschner, a subject matter expert on YouTube Music’s charts team until last week, accuse company managers of forcing them to leave their office without giving them a chance to remove their belongings. The office was a “total destruction zone,” Marschner says, alleging company employees and on-site security refused to let them remove certain personal items. “The experience was traumatic for a lot of us,” Regan adds.
Members of the YouTube Music team had been scheduled to testify before the Austin City Council on Feb. 29 to ask city officials to help convince Google to negotiate with their union. But as data analyst Jack Benedict was speaking, Marschner received a text saying her entire team was fired. Shaken, she interrupted the colleague’s speech — a moment captured in a video clip that went viral. Watching the clip afterwards, Marschner says, has been surreal and traumatic. “It’s such an insane experience opening my phone and that’s the first thing I see — myself talking, and not just talking, but the sound of my voice and the pain and shock,” she says.
Marschner accuses Cognizant and Google of “union-busting” and says the team members were “fired illegally.” And Cornell’s Bronfenbrenner is skeptical of Cognizant’s assertion that the temporary employees had a “natural end date” of Feb. 29. “There are a whole lot of questions about that,” she says. “From everything I’ve read, there wasn’t a certain date. And if there was an uncertain date, the employer can’t say their contract just ended and they can’t be laid off.”
Reached at home, Marschner says she plans to continue pursuing union recognition for her team: “We’re not done with this. We’re very much ready to keep the fight going.”
In honor of International Women’s Day (March 8), Believe and Tunecore have released their fourth annual collaborative report Be The Change: Gender Equity In Music.
Prepared by MIDiA Research and featuring a forward by Melissa Etheridge, the report aggregates responses from 4,146 creators and professionals in the music industry. This research was done through an online global survey translated into 14 languages and executed in November and December of 2023.
Of these respondents, 64% were men, 32% were women and 6% were gender expansive, with this segment indicating that they identify as nonbinary, agender, transgender or other. One-on-one interviews were also conducted with women and gender expansive creators in the U.S., South Africa, France, Mexico, and India.
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Among the key findings, the survey found that — despite some recently documented gains for women in music creation and representation — women and gender expansive people are far more likely than men to experience the music industry as “generally discriminative” based on gender, with 49% of women and 41% of gender expansive individuals expressing this belief, compared to only 16% of men.
Age plays a factor in regard to this finding, with Gen Z less likely to perceive gender discrimination than older generations. 31% of 16-24-yea- old women view the industry as generally discriminative based on gender, compared to 54% of 25-34 year olds and 42% of women 55 and older. The report notes that this finding “could reflect improving conditions” but could also be a function of younger women not yet being in the industry long enough to experience discrimination.
The study also found that three in five women in music have experienced sexual harassment, and that one in five have experienced sexual assault.
More than 70% of women who have these experiences do not report them, the study says, “due to fear of retaliation and not believing anything would change being the most common reasons.” The study also notes that 53% of men who witnessed sexual harassment and/or assault did not report it, with 37% of these men saying that they “did not feel it was their place.”
Additionally, 56% of women who reported sexual assault responded that their claims were ignored or dismissed. The study found that nearly one-third were told to “keep quiet about it” while 12% were terminated from their job after reporting an incident.
As such, the study states, “the burden is on women to adapt their behavior to avoid misconduct, rather than on perpetrators and the wider industry to stop it happening in the first place.”
In terms of money, the study found that women and gender expansive people “are twice as likely as men to discover they are paid less than colleagues in the same or similar roles.” Identity compounds this issue, with 49% of women of a marginalized race or ethnicity having learned they’re paid less than colleagues. The study advises that the pay gap “is likely even more widespread than these statistics indicate, as individuals may be subjected to unequal pay without knowledge of it.”
There were more positive outcomes from the study as well. The report states that over the last two years, one-third of the people surveyed saw a decline in harassment. Nearly half say their confidence and self-motivation improved over that same timespan, and around a third said opportunities for career progression and promotion have improved. 28% said that diversity of staff has increased and 31% say recognition has increased.
Regarding the key factors in driving positive change, the women and gender expansive individuals surveyed reported that more diversity in positions of power, pay transparency and stronger enforcement are the most crucial factors in shifting the landscape. The study continues that “women and gender expansive individuals lack trust in industry executives to implement change, so many are being the change themselves.”
The report also explores topics like attitudes towards emerging technologies, finding the respondents feel “a mix of curiosity and unease” about the advancement of tech like AI. It also speaks to the challenges of algorithmic demands, saying that “social platforms are increasingly important for music distribution and marketing, which means catering to what algorithms prefer. This ironically limits diversity in presentation, even as it promotes diversity in substance. The pressure to package artists’ identities into palatable, bite-sized social clips can also be damaging. Spotlighting an artist’s age, sexuality, or gender identity in headlines, posts, and marketing strategies may drive engagement and inspire others, but can reproduce existing biases and stereotypes.”
The study also breaks down respondents by region — Asia Pacific, Europe, Middle East and Africa, Latin American and the Caribbean and North America — finding, among other things, that 65% of women in North America frequently experienced pressure to look good, “the highest of all the regions.”
It’s time for another spindle around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music.
Global advertising and communications company Havas appointed Damien Escobar as its first-ever global chief music officer, effective immediately. Based in New York City, Escobar’s role is to provide insights into strategy and production in support of brands looking to enhance their storytelling with music. His agency experience includes serving as svp of music and culture at Havas unit Arnold Worldwide, though Escobar is perhaps best known in music circles as an accomplished — and chart-topping — violinist. Just last year, his song “Taboo” spent two weeks at No. 1 on Billboard’s Smooth Jazz Airplay chart, and he scored a No. 1 on both Classical Albums and Classical Crossover Albums charts with 2017’s Boundless. Escobar’s pre-solo group Nuttin’ But Stringz placed third in the 2008 season of America’s Got Talent and the “hip-hop violinist” and former child prodigy was later profiled on NBC’s TODAY show. At his new gig, Escobar reports to Donna Murphy, global CEO of Havas Creative Network and Havas Health & You.
“Damien is a creative and innovative force in the industry—and we’ve seen how his multifaceted talents have already shaped and elevated campaigns for some of our biggest brands,” said Murphy. “He is at the heart of contextualizing the sound with the visuals; amplifying the story the brand wants to tell through music. This role will allow him to help continue creating these stories for all our Havas clients.”
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Meanwhile…
Warner Chappell Music appointed Lisa Li as managing director of China. Based in Beijing and reporting to Arica Ng, president of Asia Pacific, Li will be responsible for leading all of WCM’s operations in China, while also collaborating with other teams across Asia to strengthen the Warner brand in the region. Having Li’s back will be Mar Ma, who has been appointed director of A&R at the publisher. Prior to joining WCM, Li served as head of business development at Warner Bros. Discovery in China. She’s also held senior roles at HBO China, Disney Interactive and others. Ma’s CV includes a decade of experience that includes stops at both Warner Music China and Universal Music Publishing China. “Lisa’s strategic mindset, leadership skills, and passion for the entertainment industry make her the ideal person to capitalize on the tremendous growth opportunities in China,” said Ng.
UMG Nashville named David Friedman to the newly-created role of vp of national promotion and strategy. Friedman oversees all strategic elements of UMG Nashville’s promotion operation. Friedman most recently led the MCA Nashville promotion team. “Over the past year, the UMGN promotion department has evolved, and having someone with David’s vast experience running point on our overall radio strategy makes the department stronger,” UMG Nashville evp/COO Mike Harris said in a statement. “Having his expertise at the center is a natural fit, and I’m really excited for David and to see where he can take this new role.” –Jessica Nicholson
Warner Records promoted Josh Reich to senior vp of Top 40 promotion. The Chicago-based radio veteran, who reports to evp of promotion and commerce Mike Chester, will lead the label’s pop promotion department in efforts to promote Warner singles across 170 pop radio reporters. Reich has been with Warner since 2011 and was most recently vp of Top 40 promotion & digital strategy. He had past stops at WXRT/Chicago, A&M Records and RCA Records. “Josh is a well respected promotion executive who brings outstanding depth and knowledge to his position. “[Reich’s] reputation and results are first-class, matched only by his ability to close,” said Chester. “He truly embodies our culture of artist development and I’m thrilled to have him leading our pop efforts at this exciting time in our label’s history.”
Online recording studio and music publishing platform Tunedly made two major changes at the top. Co-founders Chris Erhardt and Mylene Besancon are no longer chief executive officer and chief creative officer, respectively, replaced with Ben Jackson and Katja Glieson in the key roles. “This change at the top promises to inject new energy into Tunedly, leveraging Jackson’s extensive industry experience and Glieson’s creative prowess to drive the platform forward,” the company said. Launched in 2015, Tunedly connects songwriters and other music creators with session musicians for professional music production and music publishing services. Jackson is a music producer with “deep industry knowledge” while Glieson comes bearing a track record of success as a social media content creator. While no longer CEO, Erhardt will remain a member of the board and focus on launching TunedCoin. Besancon, meanwhile, has already taken the reins as CEO of song personalization platform Bring My Song To Life.
Photo Credit: Quadir Thomas
Dina Marto joined UTA as an executive in the global agency’s music division. She is based in Atlanta and will report directly to partner and co-head of UTA Atlanta Rob Gibbs. Prior to UTA, Marto founded and ran Twelve Music & Studios, where her client list over the course of a decade included Theron Thomas and Polow Da Don, as well as labels including Atlantic Records and Maybach Music Group. She also previously worked with L.A. Reid at Island Def Jam, where she A&R’d albums by the likes of Young Jeezy, Nas, Rick Ross, Janet Jackson, LL Cool J and more. She also co-founded C & D The Agency in 2020, a women-led marketing agency dedicated to empowering minority women. Gibbs commented that Marto’s “deep connections in the city’s music scene will undoubtedly open doors and create new opportunities for our clients.”
The Grand Ole Opry promoted three executives in its ranks. Nicole Judd has been elevated to associate producer, show development, contributing to the development/production of all Opry shows in addition to serving as a programming liaison for various internal and external teams. Judd has been with the company 17 years, most recently serving as Opry marketing manager. Gina Keltner has been promoted to associate producer, talent. Keltner, who marks her 25th year with the Opry, will book more than 200 Opry shows per year, as well as other events and initiatives. Audrey McGrady, who has been with the Opry since 2017, has been promoted to talent manager, managing all talent-related show advancement for Opry shows and contributing to various aspects of show production and programming strategy with the Opry programming and artist relations team. –Jessica Nicholson
Nettwerk Music Group welcomed Talia Rubino as vp of global sync, a role where she’ll spearhead creative strategies to maximize sync opportunities for Nettwerk artists, writers and labels. Rubino has racked up 16 years of experience in sync licensing, first with Warner Music on the label side before a highly accomplished 10-yeare run in publishing at Warner Chappell Music. “Her extensive experience in artist development and facilitating licensing opportunities makes her an invaluable asset to our leadership team,” noted Nettwerk president and COO Simon Mortimer-Lamb. “Nettwerk’s ethos is artist-first, career forward, and Talia’s skills align perfectly with that promise.”
Diversified Production Services, the live entertainment event producer behind such shows as the Global Citizens Festival, iHeartRadio Music Festival and the Roots Picnic, hired live events veteran Darren Pfeffer as president. The New York City-based exec is coming off more than six years at MSG Entertainment, where he rose to evp of MSG Live. Prior to that, put in a mere 21 years at iHearMedia, where as svp of music and entertainment marketing he led the company’s live entertainment division. According to RAMP, DPS also announced that co-CEO Dave Meyers will transition to a senior advisor role at the company.
NASHVILLE NOTES: Go West Creative promoted Eileen Valois (pictured) to president and CEO of the full-service creative and events agency. Valois joined GWC three years ago as president and chief operating officer following a lengthy and accomplished career in experiential brand building being an all-around “intuitive disruptor,” the company said. Congratulate her at eileen@gwcg.com … SMACKSongs promoted Carly Sater to creative manager. Sater joined the company in 2019. Her day-to-day responsibilities include signing and developing songwriters, booking writing sessions and creating opportunities for writers … Boutique artist services label Twelve6 Entertainment promoted Travis Myatt to president and general manager, and also elevated Willow Belenski to project manager and Alaina Maggart to the new role of creative manager, Twelve6 Publishing … Black River Entertainment svp of promotion Mike Wilson has left the company after more than a decade, telling Music Row “it’s now time to move on to a new challenge.”
Position Music added industry veteran Jay Moore to its executive team as vice president and head of investments, reporting to president and CEO Tyler Bacon out of Position’s Los Angeles offices. As vp and hoi, Moore will lend an analytic hand around label and publishing signings and catalog acquisitions. Prior to joining Position, Moore was chief investment officer at Ditto Music. He has also worked in a senior director capacity at Kobalt Music. “The ability to quickly analyze and price deals is a crucial piece of ultimately closing them,” said Bacon. “We are immediately seeing the benefit of his work in the current pipeline, along with the work he did on our recent Gesaffelstein acquisition.”
The Syndicate scooped up BMG veteran Alina Akhmadullina as director of label services in its quickly-expanding label services/project management department. The year-old division already works closely with Round Hill Records, Rhino, Loosegroove Records, Dine Alone and Vydia, among others. At BMG, Akhmadullina rose to senior marketing manager during a five-year stretch in which she worked on campaigns for Slash, Billy Idol, Karen O, Godsmack, Hollywood Undead and Run The Jewels. “Alina brings a depth of knowledge, unparalleled enthusiasm, and a loaded range of skills to The Syndicate,” said Rob Gross, svp of label services. “As we build out the Label Services/Project Management division and offerings, Alina will be a pivotal force behind our upward build and growth.” The LA-based Akhmadullina can be reached alina@thesyn.com.
740 Project, the marketing firm and record label fresh off wins for its work with Killer Mike and Ye, elevated Nancy Liu to partner and Jacolyn Carrasco to vp of marketing. Liu has spent the past two years as president of the marketing firm and, as partner, joins co-founders Jesse “Punch” Edwards, Rahim Wright and Charley Greenberg with that title. 740 is fast approaching its 10th year and currently boasts a tight relationship with Quality Control artists Lil Baby, Migos and Lil Yachty, as well as Megan Thee Stallion, J Balvin and Travis Scott.
RADIO, RADIO: MCA Nashville elevated UMG veteran Miranda McDonald to vp of promotion, leading all radio initiative for the label’s roster. She arrives from UMG Nashville, where she was vp of national promotion and worked across multiple teams, including at MCA, Capitol and Mercury … Shari Roth joined Big Loud Records as vp of multi-format radio, effective immediately. She most recently served as national director of radio accounts at Warner Music Nashville for eight years … Speaking of, Warner Music Nashville expanded senior vp of radio Kristen Williams’ role, making her vp of radio and commercial partnerships.
Tixr appointed Stéphane McGarry to the role of vp of partnerships and country manager as the ticketing platform looks to expand its “already robust roster of partners” across Canada. McGarry arrives from AudienceView, where he was vp of sales. Prior to that, he was Crowtorch’s president of Canadian operations. Tixr already has a robust portfolio in the Great White North, including deals with Sonic Concerts, Cowboys Music Festival, Game Con Canada and more. Robert Davari, co-founder and CEO of Tixr, said McGarry has “consistently added value to every organization he’s touched, and collaborating with him has been on my agenda for years.”
BOARD SHORTS: Music tech platform Hook announced its inaugural group of outside advisors: DJ/producer KSHMR; SNAP head of music partnerships Manny Adler; venture capitalist Abe Burns; Downtown Music Holdings founder & chairman Justin Kalifowitz; Hundred Days founder & co-president Ben Klein; and Reed Smith managing partner Gregor Pryor … SOLID, aka the Society of Leaders in Development, announced its 2024 board of directors, led by president Rio Van Risseghem (The Orchard), vp Zach Green (Green P&M), secretary Melissa Flaxman (Black Box) and treasurer Lizzy Stone (Wiles + Taylor & Co). See a full list here.
ICYMI:
Steve Berman is vice chairman, Annie Lee is COO and Geoff Harris is CFO at the newly conjured Interscope Capitol Labels Group, encompassing Interscope, Geffen, A&M, Capitol, Blue Note, Priority, Verve and Motown … The Ivors Academy named Roberto Neri as its new CEO … Black Music Action Coalition co-founder Willie “Prophet” Stiggers (pictured) joined the founders board of the Neil Lasher Music Fund at Caron Treatment Centers … and Capitol Music Group co-president Arjun Pulijal stepped down after 11 years at the company.
Last Week’s Turntable: Luminate Focuses on Indie Retail
Black Music Action Coalition (BMAC) founder Willie “Prophet” Stiggers has joined the founders board of the Neil Lasher Music Fund at Caron Treatment Centers, which provides financial assistance to music workers for drug and alcohol addiction treatment. With Stiggers in the fold, BMAC and the fund will work together to help address the stigma of […]
JKBX, a promising music investment platform that allows songwriters and recording artists to sell their royalties to investors, opened its doors for business on Wednesday (March 6), bringing music industry veterans and high-profile investors into the nascent world of fan-powered music financing.
Founded in 2023 by Sam Handel and John Chapman of venture capital and private equity firm Dundee Partners, JKBX had been waiting for approval from the U.S. Securities and Exchange Commission.
Its numerous investors include such companies as Spotify, Live Nation, YouTube, Red Light Management and Bertelsmann Digital Music. Additional backing came from Galaxy Digital, Valor Equity Partners and Tyler and Cameron Winklevoss, sources previously told Billboard. According to a June filing with the SEC, JKBX had raised $16.1 million since January 2023.
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The company is headed by Scott Cohen, who built The Orchard into an independent distribution powerhouse and was Warner Music Group’s chief innovation officer from 2019 to 2022. Sam Thacker, a former independent singer-songwriter, is the chief operating officer. Whitney-Gayle Benta, previously the global head of artist & talent relations at Spotify, is the chief music officer. Scott Shipman, a veteran of such tech companies as eBay and Dapper Labs, is the chief legal officer.
JKBX sells royalty shares only to qualified purchasers as defined in Regulation A under the Securities Act. A qualified purchaser must satisfy one of four tests: has a net worth, or joint net worth with a spouse, exceeding $1 million (excluding the value of the primary residence, furniture and automobiles); has earned income exceeding $200,000 in each of the two most recent years, or exceeding $300,00 with a spouse’s income; has a professional certification or credentials for accredited investor status; or is a family client.
Regulation A allows JKBX to bring retail investors to an asset class that has rarely been open to anyone other than institutional investors. “Now that JKBX has secured qualification from the SEC for its offerings, the game changes substantially, and we can expect retail investors to get excited about the chance to own a piece of the music they personally connect with and gain exposure to this non-correlated alternative asset class,” Joe Gawronski, president and CEO of Rosenblatt Securities and a JKBX advisor, said in a statement.
JKBX currently lists 85 projects — 69 of which involve Ryan Tedder, the songwriter and producer best known as a member of the group OneRepublic. Tedder is a songwriter or producer on tracks by Adele, Jonas Brothers and Diplo that are offered on the platform.
At least initially, JKBX isn’t working directly with Tedder and other musicians. Instead, the company’s deals are with record labels, music publishers and catalog funds that own the copyrights behind the royalties offered on the platform. Tedder sold a majority stake in his publishing catalog to KKR in 2021 for a reported $200 million.
The current share prices produce approximately 3.5% return based on the information given on JKBX’s “offerings” web page: price per share, number of shares offered and annual royalties for either the last two or three full calendar years.
For example, JKBX is selling 200,000 shares of “Counting Stars,” written by Tedder and recorded by OneRepublic, for $31.37 apiece. The site gives royalties — songwriter royalties for mechanical, synch, public performance and other income sources — for two years: $261,497.39 in 2022 and $180,839.00 in 2021. With a share price of $31.37 and average annual royalties per share of $1.11, an investment in “Counting Stars” produces an expected annual return of 3.52%.
Share prices on JKBX are currently fixed, meaning a song’s return will fluctuate based on the amount of royalties paid out, not an increase or decrease in the price. JKBX intends to launch a secondary marketplace in 2024, according to the site’s FAQ section, that will allow investors to re-sell their shares.