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In December 2021, when Michelle Jubelirer became Capitol Music Group chair/CEO — and Capitol’s first female chief executive in its 80-plus-year history — she didn’t take much time to dwell on her historic accomplishment: She had a flailing company to save.
“The challenges [I inherited] were plentiful,” Jubelirer admits. CMG faced a falling market share, staff turnover, pandemic challenges and an unwieldy artist roster. “The truth is,” she says, “a lot of change happened in a short period of time.”
Many believed Jubelirer, then CMG’s COO, was destined for Capitol’s top job the year prior. By that time, her résumé already included a stint at a white-shoe law firm, years in legal affairs at Sony and nearly a decade as an artist lawyer for acts like Nas, Pharrell Williams and Frank Ocean — plus almost a decade in Capitol’s top ranks. When her longtime mentor, Steve Barnett, stepped down as CMG chair/CEO at the end of 2020, Jubelirer seemed to some to be a natural choice to replace him. But Universal Music Group (UMG) chairman/CEO Lucian Grainge handed the role to Capitol Records president Jeff Vaughn instead. (In the shift, Jubelirer was elevated to CMG president/COO.) When Vaughn assumed his new role, the company was already on shaky ground; under his leadership, it continued to falter.
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After less than a year as CEO, Vaughn left the company, and Jubelirer was elevated to the post. With her guidance, the label group’s fortunes quickly started to change. At a time when minting new superstars is harder than ever, the company won a bidding war (alongside 10K Projects) in fall 2022 for Ice Spice, who would become the defining breakout star of 2023. It also topped the Billboard Hot 100 with queer anthem “Unholy” by Sam Smith and Kim Petras, worked with Universal Music Enterprises to bring back The Beatles with the artificial intelligence-powered single “Now and Then,” achieved TikTok virality with Doechii’s “Block Boy (What It Is)” (in a new partnership with Top Dawg Entertainment) and reinvigorated the art of the music video — which has declined in popularity in recent years — with Troye Sivan’s creative clips for “Rush,” “One of Your Girls” and “Got Me Started.”
Those successes didn’t insulate CMG from impact amid UMG’s widespread restructuring in 2024, though. On Feb. 1 — shortly after Jubelirer’s interview for this story — UMG revealed much of its plan: Its frontline label system would be split beneath one East Coast executive (Republic’s Monte Lipman) and one West Coast executive (Interscope’s John Janick), Grainge explained in a letter to staff. The restructure would have moved Jubelirer, who was reporting directly to Grainge, under Janick. Six days later, Jubelirer wrote a heartfelt message to her staff announcing her exit, effective immediately.
“When I joined Capitol, I made a stringent promise to myself,” Jubelirer said in a Feb. 2 speech at an Entertainment Law Initiative event in Los Angeles. “The day I stopped changing the record company more than it was changing me would be the day I would walk away.”
As she finalizes the details of her exit from UMG, Jubelirer declined to discuss her future plans — or Capitol’s. But whether she stays in the label business, goes into management or does something else entirely, her impact on Capitol and its artists is clear. “She’s the fiercest when it comes to protecting artists,” says Jody Gerson, chair/CEO of Universal Music Publishing Group (UMPG) and Jubelirer’s longtime friend. “She’s not afraid to fight for what she believes is right.”
“I’m so honored to have worked with such a great woman and boss like Michelle,” Ice Spice says. “She always believed in me and supported my vision from the very beginning. I’m so grateful for her and all that she has done.”
Jubelirer with her son, Stone.
Yuri Hasegawa
What are some of your biggest wins over the last two years?
First and foremost, I think the biggest win is the incredible team. And what we’ve been able to do in two short years, I think it’s the fastest turnaround of a record label. And quite frankly, we’ve been able to sign a diverse roster of artists and modernize the label while prioritizing artists and ensuring that each artist gets uniquely what they need.
How do you balance Capitol’s storied history and what you want it to represent today?
Given that it has been in existence for 80-plus years, it wasn’t lost on me that I was the first woman chair/CEO. And that’s not a great fact, let’s admit, for all women. But the reality is the grandeur of the company and its [previous] artists’ paths are not the focus. The focus is the new, fresh artists that we are breaking day in and day out.
How has your background at Capitol helped you as chair/CEO?
It’s kind of funny: I think I’ve been leading the company all along in my 11-plus years here. [When I became CEO], I knew all of our team, I knew all of the artists. That really helped. But first and foremost, the most educational piece for me was before I got to Capitol, when I was an attorney. In my heart of hearts — no matter what my title is or where I work — I am an artist advocate at my core. That’s who I am. That’s the thought I bring every single day to my job.
What was your first move as CEO to course-correct Capitol?
The three primary pillars I worked on were signing a diverse group of artists, ensuring that the company was reorganized in a way for artists to interact with labels in the way that fans interact with artists and ensuring that artists were prioritized in a way that was right for them specifically.
Capitol Records/10K Projects signee Ice Spice was one of 2023’s biggest breakout stars. What sets her apart?
There’s no question about it: She is the breakout artist of 2023. I don’t think anyone could argue otherwise. And getting into business with her [has been] incredibly exciting and motivating. Ice is a girl’s girl, and she surrounded herself with strong women and signed with strong women. I’m just one of them. She signed with [UMPG’s] Jody Gerson on the publishing side. She has made the right choices in her career every step of the way, from her look to her flow to her collaborations. She knows exactly who she is, and she’s unwavering about it.
What is the key to label success today? You’ve had new successes in the last year while many labels have struggled to break any artists.
Ultimately, everything is about the artist and the team of people. We have those both in spades. I mean, it was incredible to see the fact that we were the No. 1 TikTok label for 2023. Who would have thought that a year or two ago for Capitol Music Group?
Did you always dream of being a record-label CEO?
My dad died when I was 3 years old. I watched my mother struggle to figure out how to take care of our family. Music got me through all of the hard times. Unlike our artists, however, I had zero talent, and I knew it from a young age. (Laughs.) I wasn’t getting into music based on any talent that I had.
My father was a lawyer, and I knew that financially I needed a way to take care of myself. So I went to law school, graduated with a lot of debt and became a mergers and acquisitions lawyer at a big white-shoe law firm in Manhattan. If you know anything about me, you know that I am not the conservative type; I often wear a “F–k you” belt. I didn’t really fit in at the white-shoe law firm, but I had a plan to go into the music industry.
As soon as I paid off my loans, I got a job as a lawyer at Sony Music. I was there for two years, and I did not love being a cog. I had been in New York City for 10 years at that time and was ready to try Los Angeles. I was also dating a guy in Los Angeles, and that was part of the reason that I moved — as I tell you that, I see the feminism seeping outside of my body, but that’s true.
When I got to L.A., I called all the lawyers I had negotiated against who were artists’ attorneys and met Peter Paterno. I got a job working for him [at the firm now known as King Holmes Paterno & Soriano] and told him that for one year I would service his clients, and then I would have all my own clients after that.
While that may seem like bravado, that came to fruition. I became a partner there after three years and practiced law there for nine years, representing artists. Then I met Steve Barnett, who was co-head of Columbia Records at the time. We negotiated against each other in a deal for Odd Future and Tyler, The Creator. He said, “You pantsed me in that deal, you pantsed Columbia in that deal. If I ever go somewhere else, you’re going to be my first hire.” And it happened. I was his first hire [when he became CMG CEO].
Yuri Hasegawa
How did he convince you to move to the label side?
I always dreamed of running a record label from when I was 12 years old. I didn’t know if it would ever happen because, quite frankly, I absolutely love representing artists and the artists that I had. When Steve approached me, believe me, I put him through the wringer. I asked him every hard-hitting question I could as I decided whether I could still be myself and be an artist advocate within the system.
Ultimately, I chose to make the transition for two reasons. No. 1: I felt like now, more than ever, artists and record labels need to partner with each other. And you need an artist advocate within the label in order for an artist to feel truly comfortable and at home. No. 2: I felt like I could make a bigger change at a record label than I could make being an artist attorney.
In your career, have you faced adversity or discrimination that your male counterparts haven’t?
Since I entered the music industry as a lawyer, I’ve been afforded a shield that many women in the music industry don’t have. Because of that I have been protected from a lot — because, quite frankly, people are afraid of lawyers.
But the reality is, when I started as a lawyer, I didn’t have that shield. In one of my first annual reviews at [my first law firm], I was wearing a white shirt. I’m someone who always wears black, and the partner giving me my review took his water bottle [and] sprayed it on me. You can imagine what he could see. Then he said, “All right, we’re ready for your review now.” At the time, I folded my arms and just plodded on and let him give me his review. I did nothing about it. I beat myself up to this day that I did nothing about it because I’m sure he then did that to multiple women after me. Now I will not be quiet when things like that happen around me.
This story will appear in the March 2, 2024, issue of Billboard.
AMC Theatres beat Wall Street expectations, reporting fourth-quarter revenue of $1.10 billion, up from $990.9 million in 2022 and a net loss of $182 million, compared to a net loss of $287.7 million in 2022.
For the full year, the theater chain reported total revenue of $4.8 billion, up from $3.9 billion in 2022. Net loss improved to $396.6 million, up $577 million from a year earlier.
AMC Theater CEO Adam Aron said that “literally all” of the increase in revenue in the fourth quarter was driven by Taylor Swift and Beyoncé. Total attendance in the fourth-quarter grew to 51.9 million, up 4.7% from a year ago.
“What is particularly noteworthy is how much AMC benefited from our trailblazing industry leading efforts with our highly successful distribution of two concert movies Taylor Swift: The Eras Tour and Renaissance: A Film By Beyoncé,” Aron wrote in the press release. “Despite a diminished box office overall, in the fourth quarter compared to the same quarter a year ago, AMC’s revenue grew by 11.5 percent and AMC’s adjusted EBITDA almost tripled. Literally, all of that increase in AMC’s Revenue and EBITDA is attributable to our having shown these two movies in our theatres in the U.S. and internationally.”
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On the earnings call, AMC Theatres management said it is introducing a new version of its Nicole Kidman commercial.”
“Before every movie starts, and starting March 1, we’re going to show three different, 30-second Nicole Kidman commercials before the movie starts on a rotating basis,” Aron said.
A spokesperson later clarified that the spots are not “new ads or sequels” but “never-before-seen-in-theatres versions of the original, iconic ad.”
Aron said the company’s “phones have been ringing off the hook” with requests from musical artists and that the theater chain will have more concert movies “later in 2024 and/or 2025.”
Aside from these two films, fourth-quarter domestic industry-wide box office was down 35% versus 2019, as the industry continues to deal with lingering impact from the dual strikes. Still, Aaron said he believes the strike impacts will starts to ease up this spring.
“AMC believes that the box office will start to strengthen again as soon as this coming month of March, in some of the summer months and especially in the latter third of this year. And over the medium term, we are both bullish and optimistic. With all the caveats that no one’s crystal ball is perfect, we currently expect that the industry box office in 2025 will grow by $1 to $2 billion, or more, in size over 2024,” he said.
Due to the impact from the strikes, which Aron reiterated he believes is “temporary,” AMC has “tightened” its operating hours, cut costs, “right-sized” its theater portfolio, as in adding two new high performing theaters and closing nine underperforming locations, and “pushed the innovation envelope in merchandise and food & beverage sales,” Aaron wrote. Part of off-setting the strike impact was also establishing a new revenue stream through the distribution of concert movies.
The company also conducted several stock exchange agreements at the end of 2023 to pay down some of its debt. In the full year 2023, AMC reduced the principal balance of its debt by $448.1 million.
“Given AMC’s proven ability to thread the needle in coping with one Herculean challenge after another, we are confident in our company’s future,” Aron said.
Still, during the call, Aron addressed the pain he believes is felt by his retail shareholders noting that “it was not a good year” for them. He added that he is a shareholder in the company too and has also felt their pain, but will now be taking an added step.
Last week, Aron said he recommended to the AMC Board of Directors that for 12 months, starting now, his target compensation be reduced by 25% versus the previous year’s target.
“I am a shareholder. I am holding. I’m not selling. I ride with you,” Aron said. “So when you do well financially with AMC, I will too. But if you’re hurting from that investment, I believe that I too, should be hurting with you as well.”
At the end of the call, Aron addressed the retail investors who have helped prop up the stock, noting that “it was not a good year,” for them, and to whom he said he had promised “straight talk” on what’s happening at AMC.
He said he also wanted to address the “garbage information floating around Twitter, YouTube and other corners of the internet about AMC,” including the “hubbub and litigation” that surrounded AMC and the Delaware Courts in 2023 and further dilution of their shares by selling preferred equity units in Aug 2022 or APES. The cash from these sales was necessary to keep the cash afloat, he argued.
“We did, in dilution, what was absolutely vital for your company to do to get through the many challenges that were thrown our way,” he said.
He also addressed a conspiracy theory about the management team at AMC.
“It’s disappointing how many people out there typing into their Twitter feeds that the management team at AMC is somehow actively working against the interests of our real retail shareholders, and standing nefariously on the side of evil,” Aron said, pointing to this quarter’s results.
“One doesn’t launch popcorn to the home, or blaze new trails with innovative concept movies that have been incredibly profitable and reputationally enhancing for AMC, if one is trying to undermine our company’s success,” he added.
Still, even after that outreach, the stock continued falling 9 percent after the call Wednesday.
This article was originally published by The Hollywood Reporter.
The Swedish company Pophouse has been a player in the rights market since 2022. Led by former Universal Music Sweden chief Per Sundin, they backed ABBA’s Voyage show in London, and acquired rights from Swedish House Mafia and Avicii.
Now the company has announced its first deal with a U.S. artist, the rainbow-haired pop icon Cyndi Lauper. The deal includes the majority share of Lauper’s publishing as well as her royalties from her recorded music. Lauper has sold more than 50 million records worldwide, with hits including “Girls Just Want to Have Fun” and “True Colors,” and she has writing credits on some of her biggest hits, including “Time After Time” and “She Bop.” (The deal does not include her Broadway music, which includes the hit show Kinky Boots.) The share acquired by Pophouse was not disclosed.
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Pophouse, which was founded in 2014 by investor Conni Jonsson and ABBA frontman Björn Ulvaeus, is known for trying to add value to its rights acquisitions with creative productions and installations, including ABBA Voyage in London, which uses virtual “ABBAtars” in a live musical show. It also operates the “Avicii Experience” museum in Stockholm, and it is working with KISS on its next avatar show.
The deal announcement says that Pophouse will “create new content and experiences to enrich Cyndi Lauper’s catalogue for fans old and new,” although it does not provide specific details. As an ‘80s icon, though, Lauper would be ideal for a show or a museum that could appeal to a broad audience worldwide. Fans just want to have fun, after all.
“Pophouse has impressed me with their commitment to maintaining and developing my professional life’s work and ensuring its legacy,” Lauper said in the press release about the deal. “Their creativity and vision, combined with my continued involvement via our unique joint venture is what is most exciting to me.”
Pophouse did not say whether the deal includes name, image and likeness rights, although it will work with Lauper on a joint venture, which presumably has the permissions it needs to create installations or experiences around the pop star’s career. “We set ourselves apart through our emphasis on artist and brand development so that we can nurture the value of our investment,” Sundin said in the press release, “and we are pleased Cyndi endorses our vision for her remarkable catalogue of work.”
Universal Music Group’s revenue reached 3.21 billion euros ($3.45 billion) in the final period of 2023, up 9% year-over-year (up 15.6% in constant currency) as the company’s non-subscription streaming growth slowed again and its record labels got a boost from strong physical sales and licensing.
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Spotify’s price increase helped drive the recorded music division’s subscription revenue up 8.9% (up 15% at constant currency, which removes the effects of foreign exchange rates) to 1.14 billion euros ($1.22 billion). As a percent of recorded music revenue, subscription revenue increased to 47% from 46.7% in the prior-year quarter.
Non-subscription streaming revenue declined 1.3% as reported (increased 5.6% at constant currency) in the quarter, however. That followed a 1.4% decline (a 5% gain at constant currency) in ad-supported streaming revenue in the third quarter. Ad-supported streaming “remains strong” but the ad market recovery “has not been uniform” and UMG is “cautious” about near-term growth, CFO Boyd Muir said during Wednesday’s earnings call. The soft streaming revenue was not affected by UMG’s decision in early February to pull its catalog from TikTok, which accounts for 1% of UMG’s annual revenue.
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Sales were strong elsewhere in the recorded music division, though. Physical revenue of 447 million euros ($481 million) was up 10.6% (up 17.0% at constant currency). Licensing and other revenue of 410 million euros ($441 million) was up 26.5% (up 34.0% at constant currency). Downloads and other digital revenue declined by 49.2% (45.8% at constant currency), but at 32 million euros ($34) accounted for just 1.3% of recorded music revenue in the quarter.
Universal Music Publishing Group’s fourth-quarter revenue of 576 million euros ($620 million) was up 8.7% (up 15.4% at constant currency). Digital revenue of 339 million euros ($365 million) was up 26.0% (36.1% at constant currency). Sync revenue of 70 million euros ($75 million) was up 18.6% (up 25.0% at constant currency). Mechanical revenue of 31 million euros ($33 million) was up 24.0% (up 29.2%). Performance revenue fell 19.1% (15.8%) to 123 million euros ($132 million).
Top sellers in the quarter were Taylor Swift, The Rolling Stones, Drake, Jung Kook and Stray Kids.
For the full year, UMG’s revenue of 11.1 billion euros ($12 billion at the average exchange rate for the year), up 7.4% as reported and a 11.1% increase at constant currency that removes the effects of foreign exchange rates. That’s similar to the 13.6% revenue growth at constant currency reported in 2022, but well below the as-reported growth of 21.6% that includes foreign currency exchange.
Adjusted EBITDA of 2.37 billion euros ($2.6 billion) was up 11% (up 14.6% at constant currency). Unadjusted EBITDA of 1.81 billion euros ($2 billion) was down 10.8% (down 7.8% at constant currency.) Unadjusted EBITDA eliminates the effects of the Copyright Royalty Board’s Phonorecords III ruling and a 15-million euro ($16 million) legal provision.
In the recorded music division, full-year revenue of 5.7 billion euros ($6.2 billion) was up 6.6% (up 10.2% at constant currency) and physical revenue of 1.38 billion euros ($1.49 billion) was up 14.3% (up 19.4% at constant currency). Licensing revenue of 1.17 billion euros ($1.27 billion) was up 9.5% (up 13.6% at constant currency).
Full-year publishing revenue of 1.96 billion euros ($2.12 billion) was up 8.7% (up 12.3% at constant currency). Digital revenue of 1.13 billion euros ($1.22 billion) was up 8.5% (up 12.5% at constant currency). Mechanical revenue of 108 million euros ($117 million) was up 11.3% (up 14.9% at constant currency). Performance revenue of 416 million euros ($450 million) was up 12.1% (up 15.9% at constant currency).
At constant currency, UMG’s fourth quarter improvement was similar to the other two major music groups. Warner Music Group was up 17.5% to $1.75 billion and Sony Music was up 16% to 358.2 billion yen ($2.5 billion). Smaller companies have also posted similar growth rates.
Strong album sales by K-pop groups Seventeen, Tomorrow X Together and New Jeans helped Korean music company HYBE enjoy record revenue of 2.18 trillion won ($1.67 billion), up 22.6%, in 2023, according to the company’s latest earnings report.
HYBE’s album sales from its Korean artists nearly doubled to 43.6 million last year from 22.2 million in 2022, while album sales accounted for 44.6% of total revenue, up from 31.1% the prior year. In Korea, Seventeen led the way with 15.9 million album sales (HYBE’s earnings release cited numbers from Circle Chart, which tracks sales only in Korea). Tomorrow X Together sold 6.5 million albums and NewJeans sold 4.3 million albums.
Streaming revenue got a boost from the company’s acquisition of Atlanta-based hip-hop label Quality Control in February 2023. Revenue from HYBE’s U.S. record labels — Quality Control as well as Big Machine Label Group — grew 70% to 150 billion won ($114.9 million) and accounted for nearly half of HYBE’s streaming revenue growth for the year. Streaming revenue from the company’s Korean labels outside Korea also performed well last year, increasing 102% to 107 billion won ($81.9 million). Within Korea, streaming revenue from those labels increased only 64%, however, to 41 billion won ($31.4 million).
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Concert revenue increased 39.1% to 359.1 billion won ($275 million) and accounted for 16.5% of total revenue, up from 14.5% in 2022. Much of that was due to volume, as HYBE had 125 concerts from seven touring artists in 2023 compared to 78 concerts from four touring artists in 2022.
Most other revenue sources declined year-over-year. Ads and appearances fell 12.3% to 141.9 billion won ($109 million). Merchandise and licensing dropped 17.7% to 325.6 billion won ($249 million). Content sank 15.1% to 289.9 billion won ($222 million). One bright spot was fan clubs, which increased 35.9% to 91.2 billion won ($70 billion).
Company-wide gross profit improved 19.7% to 1 trillion won ($773 million), lower than revenue’s 22.6% growth rate because cost of sales rose 25.2% (gross profit is sales minus cost of sales). Sales, general and administrative expenses increased only 17.7%, however, which helped operating profit improve 24.9% to 295.8 billion won ($227 million). Net profit soared 288% to 186.5 billion won ($143 million).
Korea’s share of HYBE’s revenue increased from 33% in 2022 to 36% in 2023. Japan’s share of revenue also increased, from 28% to 31%. North America fell from 32% to 26% despite the addition of Quality Control.
The Weverse social media platform ended the year with 10.1 million monthly active users (MAUs) in the fourth quarter, down from an all-time high of 10.6 million MAUs in the third quarter but well above the 8.5 million MAUs in the fourth quarter of 2022. Weverse finished the year with 122 artist communities, up from 71 at the end of 2022.
The American Federation of Musicians has reached a tentative agreement with the Alliance of Motion Picture and Television Producers as of Friday.
The agreement, which concerns basic theatrical motion picture and basic television motion picture contracts, comes with “historic breakthroughs” on streaming residuals and protections against AI, according to AFM. The agreement is unanimously recommended by the bargaining committee.
While AFM leadership said they could not comment on the exact details in the contract, they confirmed that the tentative deal language includes streaming residuals for musicians for the first time.
“This agreement represents a major win for musicians who have long been under-compensated for their work in the digital age,” said AFM International President and Chief Negotiator Tino Gagliardi. “We have secured historic breakthroughs in streaming residuals, established critical guardrails against the misuse of AI, gained meaningful wage increases and other important gains. This agreement represents a watershed moment for the artists who create the soundtracks for countless film and TV productions.”
The tentative agreement must be approved by AFM International Executive Board and then will next be submitted for ratification by roughly 2,000 members working under the contracts.
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The deal came after a first round of negotiations from Jan. 22 through Jan. 31 and then a second round that began Feb. 21 and lasted until the early hours of Feb. 23. The negotiations took place at the Sherman Oaks offices of the AMPTP.
AFM held a rally outside the offices on the first day of negotiations, with members from several other entertainment unions attending to show their support. The tentative agreement comes just ahead of the March 4 start date for negotiations between the AMPTP and the International Alliance of Theatrical Stage Employees and the Hollywood Teamsters.
“I want to congratulate our AFM Fair Share for Musicians bargaining unit members for their unwavering commitment to fighting for a contract that fairly compensates them for their invaluable contributions to film and TV and protects them in the ever-changing film and television industry,” Gagliardi concluded. “We were not alone in this negotiation, and we were proud to have the full backing of fellow unions: SAG-AFTRA, Writers Guild of America, IATSE, and the Teamsters. It was yet another powerful reminder that when we have solidarity in the labor movement, we can achieve great things. We also would like to thank Carol Lombardini, president of the AMPTP, as well as the AMPTP and its member companies, for helping bring these negotiations to a successful conclusion.”
This article was originally published by The Hollywood Reporter.
Cumulus Media led all music stocks this week by gaining 20.2% to $4.70 after the radio broadcaster announced it had employed a “poison pill” to ward off a Singapore-based investor.
In January, Renew Group Private Ltd increased its stake in Cumulus Media from 5.2% to 10.01%. To protect the best interests of all Cumulus shareholders, the board of directors explained, the company chose to enact a “limited-duration shareholder rights plan” that would dilute Renew Group’s equity if it exceeds a 15% stake. In justifying the move, Cumulus said Renew Group has investments in other media companies, including a direct competitor to Cumulus.
Music stocks were broadly up this week as the Billboard Global Music Index improved 1.5% to a new high of 1,684.49. The index is up 9.8% in the young year and has gained 38.4% over the past 52 weeks. Of the index’s 20 stocks, 13 finished the week in positive territory, six lost value and one was unchanged.
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Stock markets around the world reached new highs this week, too. In the United States, the Dow reached a new closing high of 5,088.80 on Friday (Feb. 23) after surpassing 5,100 for the first time earlier in the day. The Nasdaq composite also reached a new high on Friday and finished the week up 1.4% to 15,996.82. The S&P 500 improved 1.7% to a new closing high of 5,088.80. Japan’s Nikkei 225 index reached an all-time high on Thursday (Feb. 22), finally surpassing the previous record reached in 1989 when the Japanese economy was the world’s envy.
Music streamer LiveOne was the second-best performing music stock of the week after its shares jumped 17.9% to $1.71, bringing its year-to-date improvement to 22.1%. With no other music stocks posting double-digit gains, the next best performance came from Chinese music streamer Cloud Music. Its shares rose 4.1% to 90.95 HKD ($11.63) as Chinese stocks finished the week strong after hitting a five-year low in February. In an attempt to bolster the market, Chinese regulators this week established trading restrictions such as limits on short-selling and institutional investors.
Spotify shares gained another 4.0% this week to close at $256.10, bringing its year-to-date gain to an impressive 36.3% (which has added approximately $13.4 billion to its market capitalization). On Wednesday (Feb. 21), the company announced the creation of a new music advisory agency, AUX, that will connect brands with artists. The inaugural campaign matches Coca-Cola with DJ-producer Peggy Gou in what the company called “a long-term partnership that will span live concerts and events, social media content, a branded playlist, and on-platform promotional support.”
Live Nation shares finished the week up 2.2% to $95.32 and rose 2% on Friday following the company’s encouraging fourth-quarter earnings release. Morgan Stanley raised its price target from $110 to $120 in part because Live Nation said it expects double-digit growth in adjusted operating income in 2024 thanks to a busy touring schedule in its high-margin amphitheaters. “This is going to be a great year,” president/CEO Michael Rapino said during Thursday’s earnings call.
Radio broadcaster iHeartMedia was the index’s biggest loser of the week after dropping 12.5% to $2.32. The company will announce its results for the fourth quarter of 2023 on Feb. 29.
Paul Hourican announced on Thursday (Feb. 22) that he was leaving TikTok, where he served as global head of music operations. “After four and a half amazing years and with a lifetime’s worth of memories and achievements in the bag, I have made the decision to move on from TikTok,” Hourican wrote on LinkedIn. He […]
Beyoncé’s Chart Hit Is Also a Win for Canadian Songwriters
This week, Beyoncé became the first Black woman to top Billboard’s Hot Country Songs chart with “Texas Hold ‘Em.”
There are some surprising Canadian connections. The song is co-written and co-produced by Ontario-born writer/producer Nathan Ferraro, who co-produced the track with Killah B and Beyoncé. Two other Canadian songwriters also participated in the runaway hit: Megan Bülow (who records and performs as bülow) and Elizabeth “Lowell” Boland (a.k.a. Lowell).
Ferraro was in an alt-rock band called The Midway State that had some success in Canada in the late 2000s. A signing to Interscope as a teenager brought him to Los Angeles, where he splits time with Toronto (his signing with the label also led to a collaboration with a then up-and-coming Lady Gaga).
After writing for mostly Canadian artists, including Carly Rae Jepsen and Jessie Reyez, Ferraro had a modest hit with bülow in “Not A Love Song,” which started their collaboration as songwriters. He also wrote with Lowell (signed to Canadian label Arts & Crafts), with the two forming a songwriting team that picked up steam in 2022 when they collaborated on the Charli XCX song “Yuck.”
“[The collaboration] works well for us,” Ferraro tells Billboard Canada. “We’re such good friends and we know each other’s strengths and weaknesses. I think we all have a lot of mutual respect, so we have a lot of confidence together and that allows us to take risks. We’ve written probably 100 songs together.”
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But none of their credits have been as big as “Texas Hold ‘Em,” which could become a breakthrough for Ferraro and his collaborators.
“Honestly, since I was 14, I had the vision that I would write songs that could have a major impact,” he says. “And it’s pretty delusional because it’s just so, so far away. I grew up in Collingwood, Ontario. But you put one foot in front of the other and write lots and lots of songs and don’t give up.” – Richard Trapunski
Neil Young’s New Album FU##IN’ UP Includes Live Recordings from Intimate Toronto Venue The Rivoli
Canadian icon Neil Young is adding to his immense discography with a new release this spring: a live album titled FU##IN UP. The album, featuring Young’s longtime band Crazy Horse, consists of nine live recordings from 2023 and is set for a limited edition two-LP release this April in partnership with Record Store Day.
According to the album’s credits, it was recorded at Toronto’s Rivoli club, meaning it likely captures Neil Young & Crazy Horse‘s secret show at the venue last November.
At that show — supposedly a private birthday party for Canada Goose CEO Dani Reiss — the band performed most of its 1990 album Ragged Glory, according to reports that generated a lot of buzz when they appeared online days later. FU##IN’ UP features primarily songs from Ragged Glory, with new titles taken from lyric fragments. (“Over and Over,” shared as a single, is now “Broken Circle.”)
The album features performances from Crazy Horse members Billy Talbot on bass, Ralph Molina on drums, and Nils Lofgren and Micah Nelson on guitar and piano, while Reiss is credited as a presenter.
To tease the album announcement, Young previously shared a version of “Cinnamon Girl” recorded at the Rivoli on his site, Neil Young Archives. “This version of Cinnamon Girl is an example of the energy captured as the horse road through the RIVOLI club in Toronto Nov 4, 2023,” the post reads.
Neil Young and Crazy Horse will be returning to Toronto to tour the new album, though this time at a venue with a higher capacity: They’ll play Budweiser Stage on May 20, as part of their 2024 Love Earth Tour — their first major tour in a decade. – Rosie Long Decter
Tanya Tagaq Plays a Pivotal Role in True Detective Season Finale
The new season of True Detective wrapped up this past weekend, and timed with the tense final episode, HBO also released the show’s gripping soundtrack. Inuk artist Tanya Tagaq, one of the most celebrated contemporary musicians in Canada, contributed to seven songs on the soundtrack and made appearances in the show itself.
Subtitled Night Country, the fourth season of the HBO detective show takes place in the fictional town of Ennis, Alaska. It stars Jodie Foster and Kali Reis as Liz Danvers and Evangeline Navarro, two police officers trying to figure out how the recent bizarre deaths of six scientists are linked to the murder of Iñupiaq activist Annie Kowtok. Through its mystery framing, the show explores themes like colonial violence, environmental destruction, and missing and murdered Indigenous women.
While the score was primarily composed by British composer Vince Pope, Tagaq’s vocal work and throat singing add power to his compositions. Tagaq is listed as a featured artist on six tracks on the soundtrack and is the sole artist credited on “Tanya’s Lullaby,” a beautiful composition where Tagaq’s voice is layered to ghostly effect.
Tagaq had an impact on the series in more ways than one. She appears as an actress in the show, playing a doula, and her family’s names also provided inspiration for two of the series’ characters: Danvers and Navarro visit a fisherman named Oliver Tagaq in one episode, while Navarro also periodically spends the night with a sweet bartender named Qavvik, a version of Tagaq’s daughter’s name. Tagaq thanked season four showrunner Issa López for including the names in the show.
“Oliver Tagaq and Kavvik. Kavvik is my youngest daughter’s name. Thank you @IssitaLopez for including our names in #TrueDetective” she tweeted. – Rosie Long Decter
It’s time for another quick spindle around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music. Ever ponder, “who is music’s most influential lawyer?” Here’s your chance to vote for Billboard‘s Top Music Lawyers Power Players’ Choice Award, honoring the attorney whose industry peers believe had the most impact in the past year.
Erica Bellarosa is Atlantic Records‘ new head of business affairs and general counsel, effective Feb. 26. Based in New York City and reporting to Atlantic Music Group chairman & CEO Julie Greenwald and Atlantic Records chairman & CEO Craig Kallman, Bellarosa is a 19-year veteran of the storied label and most recently occupied the post of evp of business & legal affairs. In her elevated role, the Yeshiva University alum will head up the label’s business/legal affairs and contract administration departments. The promotion is right on the heels of former general counsel Michael Kushner moving up to parent Warner Music Group as its senior vp, deputy general counsel of business and legal affairs after 25 years with Atlantic. Greenwald and Kallman said: “At Atlantic, we nurture executive development as much as artist development, so it’s been great to watch Erica develop into a powerhouse leader over the past two decades. An invaluable asset to our team and a passionate advocate for our artists, she has a deep understanding of the music and legal landscape, along with second-to-none negotiating skills.
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Global talent agency Wasserman Music welcomed four new executives to its ranks. They are: Josh Dick, an NYC-based vice president who brings more than 20 years of experience and several clients, including Flatbush Zombies. In Nashville, Jonathan Insogna also joins as a vice president. The 17-year WME veteran has a client list that includes Morgan Wade, Yola, Cam Whitcomb and Drew Erwin. Londoner Rebecca Prochnik joins as a director and will represent artists including AJ Tracey, Black Lips, Calibre, Ghetts, Paranoid London and others. Finally, Gideon “Shay” Royale joins as a director based in New York. A former financial advisor, he’ll lead the agency’s growth in the Afro-music space, and mind a roster that includes Victony, Black Sherif, Gabzy, Blxckie, melvitto and WurlD. “Their unique backgrounds and experience will help to drive Wasserman Music’s accelerating growth across global territories, emerging genres, and innovative new ways to serve our valued clients around the world,” commented Lee Anderson, evp and managing executive.
A2IM president and CEO Dr. Richard James Burgess announced that the indie trade body’s longest-serving staff member, Sheryl Cohen, will be stepping down later this year. Cohen joined A2IM in 2010 as operations manager and worked her way up to head of strategic planning, her current role. Her boatload of responsibilities includes program curator of Indie Week, which has doubled its programming under her watch, plus she handles the organization’s mentorship program, co-writes grants and did we mention she’s the current acting CFO? In candid fashion, Cohen explained her reasoning behind taking her professional life into a different direction. “As I turn 55, I am looking at the next chapter of life with profound gratitude and excitement for what’s to come,” she said. “It’s not a mid-life crisis, but rather, in the words of Chip Conley, a mid-life chrysalis. I am creating an opportunity to transition to a new career where I can serve the other communities and passions in my life, and hopefully continue to make a positive impact.” Cohen’s last day will be Friday, Aug. 2.
The Country Music Hall of Fame and Museum promoted five staff members. Grace Cavanaugh has been upped to director of event services and catering. Cavanaugh has more than 15 years of experience in the event industry and joined the museum in 2015. Kelsey Reiner has been named associate director of event sales; prior to joining the museum, Reiner worked as event sales manager at the Loveless Café/Loveless Events. Daniel Lonow has been promoted to Haley Gallery director; he has been with the museum for nine years. Elek Horvath, who joined the museum in 2000, has been promoted to associate director of collection access. Michael McCall, a 17-year museum veteran, has been promoted to associate director of editorial. In this role, he will assist in managing the development of written content for the museum’s exhibitions, books, public programs, website, social media and educational materials. He previously served as senior museum writer-editor and has curated more than 20 exhibitions, hosted numerous museum programs, as well as co-edited the second edition of The Encyclopedia of Country Music. –Jessica Nicholson
Create Music Group named Carl LeGrett to senior vp of A&R and music publishing at the company, effective immediately. Since joining CMG as an intern in 2018, LeGrett has quickly established himself as a trusted partner to up-and-coming songwriters and producers, with a client role that has collaborated on dozens of hits by Ice Spice, Lil Durk, Megan Thee Stallion and Bad Bunny, among many others. Founder and CEO Jonathan Strauss said LeGrett’s “deep entrepreneurial spirit led him to identify a need in the marketplace and his dogged determination helped him win the confidence of music’s most prolific producers and songwriters. His ability to think outside the box and discover untapped talent and trends has made him a true leader and we look forward to his continued success here at Create Music Group.”
BOARD SHORTS: The Mechanical Licensing Collective announced six appointments to the org’s advisory committees, including three additions to the Dispute Resolution Committee (songwriter David “DQ” Quiñones, Spirit Music Group’s Consuelo Sayago and Vydia’s Matthew Skiba), one to the Operations Advisory Committee (Concord Music Publishing’s Lidia Kim) and two new faces (songwriter “Bruce” Waynne Nugent and Sony Music Publishing’s Dale Esworthy) on the Unclaimed Royalties Oversight Committee. Committee terms last three years … Music community startup We Are Giant added William Morris Endeavor co-head of Nashville Becky Gardenhire to its board of directors. She’ll act as a strategic advisor to WAG founding CEO Andy Apple and his team on their efforts to expand the music platform’s footprint in the always-growing Nashville market. Gardenhire joins the recently added AEG Presents exec David Rappaport on the board.
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Moonbug Entertainment hired former Spotify executive Courtney Holt as the children’s content factory’s first-ever global head of music and strategic audio initiatives. A spoke in the Candle Media wheel, Moondug creates and distributes your favorite children’s YouTube channels, namely Cocomelon and Blippi. The Los Angeles-based Holt will focus forging strategic partnerships with artists and building out the company’s music label. Holt joins Moonbug after a five-year run as Spotify’s head of talk partnerships, editorial and global markets. Prior to that he exec’d at Maker Studios, where he worked with eventual Candle co-founder Kevin Mayer. Earlier in his career, Holt held positions at MySpace, MTV and UMG.
Thomas Jamois was appointed managing director of Wise Music France, where he’ll manage all office staff and the company’s regional publishing houses, including Première Music, Éditions Alphonse Leduc, Campbell Connelly, Les Editions Transatlantiques, Bleu Blanc Rouge, Choudens, Le Chant du Monde and Musique des Anges. Jamois arrives at Wise Music Group from Velvetica Music, a publishing indie he founded in 2011. Prior to that, he was head of music publishing and synch at Naïve for seven years. “I’m delighted to have Thomas join the Wise Music family, and I look forward to working with him to lead our French and Francophone business forward with continued catalogue acquisitions and high-profile signings,” said Wise Music chief Marcus Wise.
NASHVILLE NOTES: Full-service marketing agency FlyteVu welcomed Brooks Parker as vp of business development and Purvi Patel as account director. Parker has more than a decade of artist management experience, and most recently worked in experiential marketing at Nashville-area agency Streamline. Patel was most recently president and head of partnerships of media agency Claima Stories, with prior stops at Alice’s Table and Reebok, where she worked on influencer-focused strategies … Kings Hill Music named two-time Dove Award-winning recording artist Billy Gaines as director of A&R for the label. “I have a deep-seated desire to help artists use their gifts to fulfill their calling from God,” said Gaines, who is also signed to KHM … Briana Galluccio joined One Country as director of promotion & partnerships … River House Artists promoted Kayla Adkins to creative director of publishing from creative manager.
The Core Entertainment, known for a roster that includes clients Bailey Zimmerman and Nate Smith, named Dan Dymtrow as general manager and Jamie Sudhalter as senior director of A&R. Dymtrow most recently served as executive manager at Maverick Music and head of music at tech startup Curio. Sudhalter most recently served as senior director of A&R at Mercury Records. The Core Entertainment was co-founded by Kevin “Chief” Zaruk and Simon Tikhman in 2019, and focuses on cultivating talent in music, sports, film, television, and technology. In 2023, The Core expanded beyond talent management into the record label space with a partnership with UMG’s Lucian Grainge. –JN
ASM Global appointed Karin Sinclair as the new GM of Södra Teatern, one of Sweden’s oldest active theaters. Sinclair joins ASM from Scandic Hotels, where she was revenue manager for the Swedish chain’s 85 hotels.
ICYMI:
Pulse Records hired Tim Glover as president of A&R. He was previously executive vp of A&R at Interscope Geffen A&M, where he ran point for the label’s two-handers with Dreamville and LVRN … NTWRK is acquiring Complex from Buzzfeed, which purchased the media company in 2021 for $300 million. NTWRK co-founder/CEO Aaron Levant — who co-founded ComplexCon with Complex founder Marc Ecko in 2016 — will become CEO of the new company.
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