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Jody Gerson, chairman/CEO of Universal Music Publishing Group (UMPG), is set to receive the 2025 Grammy Salute to Industry Icons honor at The Recording Academy and Clive Davis‘ annual Pre-Grammy Gala, which will be held on Saturday, Feb. 1, the night before the 67th Annual Grammy Awards. This is the 50th anniversary of the high-profile event.
Gerson is just the third woman to receive the honor, following Debra L. Lee (2017), then-chairman/CEO of BET Networks, and Julie Greenwald (2023), then-Atlantic Music Group chairman/CEO, who received the award in tandem with Craig Kallman, Atlantic Records chairman/CEO.
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“Jody is an inspirational leader who champions integrity and inclusivity in everything she does and is a revolutionary executive,” Harvey Mason jr., CEO of the Recording Academy, said in a statement. “She has opened doors for and propelled the careers of many of the world’s greatest songwriters, while simultaneously serving as one of the biggest advocates for women in music. We are thrilled to host an extraordinary evening that not only celebrates her remarkable impact but also marks the gala’s incredible 50-year milestone.”
“Jody Gerson is one of the music industry’s most illustrious leaders and I am thrilled that she will be this year’s Salute to Industry Icons honoree,” added Davis. “Jody’s longtime trailblazing commitment to supporting songwriters across the music spectrum as well as her tireless dedication to advocacy, diversity and equality in the music business are exemplary. Artists and the industry at large are fortunate to have a leader with such tremendous insight and passion at the helm.”
Davis originated the pre-Grammy Gala in 1976 when he was looking for a way to celebrate the success of Barry Manilow’s “Mandy,” Arista Records’ first No. 1 hit on the Billboard Hot 100 (and its first Grammy record of the year nominee).
Since joining UMPG in 2015, Gerson has transformed the company into a global powerhouse that owns and administers more than five million copyrights. She leads a global company with 48 offices in 40 countries and more than 850 employees. She made history as the first female chairman of a global music company and the first woman to be named CEO of a major music publisher.
Gerson is a member of Universal Music Group’s (UMG’s) executive management board.
Gerson ranked No. 14 on Billboard’s 2024 Power 100 list. Kristin Robinson, Billboard’s senior writer (publishing), led her essay about Gerson by saying, “As UMPG’s CEO, a National Music Publishers’ Association board member and co-founder of She Is the Music, an organization committed to empowering female creators, Gerson is one of the most trusted voices in music publishing.”
That was backed up with hard facts. From 2013 to 2023, UMPG’s U.S. revenue grew from $900 million to more than $1.9 billion. In that same time frame, the company narrowed the revenue gap between it and market leader Sony Music Publishing from $400 million to $188.5 million.
Gerson received a Primetime Emmy nod in 2021 as an executive producer of HBO’s The Bee Gees: How Can You Mend a Broken Heart, which was nominated for outstanding documentary or nonfiction special. A year ago, she received a Grammy nod as one of the video producers for 2Pac’s Dear Mama, which was nominated for best music film.
Gerson has signed and works with many of the world’s biggest music stars, including Adele, Bee Gees, Bad Bunny, Justin Bieber, Sabrina Carpenter, Lana Del Rey, Ariana Grande, Coldplay, Drake, Billie Eilish, H.E.R., Elton John, Alicia Keys, Steve Lacy, Kendrick Lamar, Post Malone, Maren Morris, the Prince estate, Rosalia, Harry Styles, Taylor Swift, SZA and The Weeknd. She also led UMPG’s acquisitions of the hit-studded catalogs of Bob Dylan, Neil Diamond and Sting, among others.
As a champion for women in music and an advocate for education, Gerson co-founded the global nonprofit She Is The Music. She also serves on boards for the USC Annenberg Inclusion Initiative, The Rock & Roll Hall of Fame, the National Music Publishers Association, New Roads School and Project Healthy Minds.
Gerson jointly oversees Polygram Entertainment, a film and TV development and production division of UMG that produces feature-length films and music-centric series. In 2024 alone, she served as executive producer on a broad array of projects, including Music Box: Yacht Rock: A DOCKumentary; The Beach Boys; STAX: Soulsville, U.S.A.; and Billy Preston: That’s The Way God Planned It. Other recent projects that Gerson executive produced include the aforementioned The Bee Gees: How to Mend a Broken Heart and HBO’s Music Box series. Among her and Polygram’s many projects in development are documentaries on Bernie Taupin and Prince.
In January 2020, Gerson became the first woman and first music publishing executive to be named Billboard’s executive of the year on its annual Power 100 list. She is the recipient of numerous other honors, including Billboard‘s Power Players’ Choice Award; Variety’s Hitmakers Executive of the Year; Billboard‘s 2015 Executive of the Year for its Women in Music issue; Rolling Stone’s “Future 25”; Variety’s Power of Women L.A.; and the 2016 March of Dimes Inspiring Woman of the Year.
The invitation-only Pre-Grammy Gala is sponsored by Hilton, Mastercard and IBM.
Jon Platt, Sony Music Publishing chairman/CEO, was last year’s Grammy Salute to Industry Icons honoree.
Here’s a complete list of previous honorees at the pre-Grammy Gala.
2005: Ahmet Ertegun
2006: Mo Ostin
2007: Herb Alpert & Jerry Moss
2008: Berry Gordy
2009: Clive Davis
2010: David Geffen
2011: Doug Morris
2012: Sir Richard Branson
2013: Antonio “L.A.” Reid
2014: Sir Lucian Grainge
2015: Martin Bandier
2016: Irving Azoff
2017: Debra L. Lee
2018: Shawn “JAY-Z” Carter
2019: Clarence Avant
2020: Sean “Diddy” Combs
2022: Rob Stringer
2023: Julie Greenwald & Craig Kallman
2024: Jon Platt
Independent record labels and publishers are urging regulators to block the acquisition of Downtown Music Holdings by Universal Music Group (UMG) over fears that the deal weakens competition, to the “severe detriment” of artists and fans.
UMG-owned Virgin Music Group announced on Monday (Dec. 16) that it had agreed to buy Downtown Music Holdings for $775 million cash. The deal, which is subject to regulatory approval, bolsters UMG’s share of the music market by bringing a number of independent distributors, publishing and rights administration businesses owned by Downtown under its control. Those businesses include distributors CD Baby and FUGA, publishing administrator Songtrust and Los Angeles-based rights management company AdRev.
UMG’s purchase of Downtown comes two months after it acquired full ownership of European indie label group [PIAS] — a deal that also prompted indie trade groups to issue calls for regulators to intervene.
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“This is another land grab,” said Helen Smith, executive chair of independent labels trade body IMPALA — which represents more than 6,000 indie labels and music companies in Europe, including Beggars Group, Cooking Vinyl, Domino and Epitaph — in a statement about the Virgin-Downtown deal.
“We expect competition authorities in key jurisdictions to carry out thorough investigations and block these deals,” Smith added. She also pressed the European Union’s executive branch, the European Commission, “to set the standard internationally.”
“The cynical use of the Virgin brand, once synonymous with independent entrepreneurship, should not hide the fact that this is about utter dominance and control,” added Beggars Group founder Martin Mills in a statement. “This is another step on the road of UMG’s pretence to be the independents’ fairy godmother,” he continued. “But there’s a wolf under that cape.”
The acquisition of [PIAS] and Downtown in rapid succession by UMG follows a flurry of dealmaking over the past several years that has seen both traditional music companies and outside investors snap up firms, labels and distributors that cater to the fast-growing global independent sector.
Major label acquisitions in that time include Sony Music’s 2022 purchase of artist services company AWAL and Kobalt Neighbouring Rights from Kobalt Music Group. More recently, Sony acquired Spanish label and distributor Altafonte, followed last month by a deal for Greece indie label Cobalt Music.
Meanwhile, Warner Music Group has been steadily growing its recorded music interests in Central and Eastern Europe, buying minority stakes in Croatia’s Dancing Bear Music, Slovenian independent label NIKA and Serbia’s Mascom; and acquiring Dutch label Cloud 9 Recordings.
UMG’s deals for [PIAS] and Downtown followed a decade-long ban on the music giant acquiring certain music companies or catalogs in Europe that expired in September 2022. Those restrictions, imposed by the European Commission in 2012 following the company’s $1.9 billion takeover of EMI, prevented UMG from re-acquiring any of the assets it had sold or re-sign any artists who had signed with labels from which it had divested, such as Parlophone Label Group or Chrysalis, for 10 years.
Although Downtown Music Holdings was founded and is headquartered in New York, the scale of its multifaceted business, representing over 50 million songs across more than 145 countries and spanning publishing, distribution, artist and label services, and royalty administration, makes it a major player in the global indie sector. As such, the company’s acquisition by UMG would create a “fundamental shift in the competitive dynamics of the music market,” warned IMPALA chair Dario Draštata in a statement on the acquisition.
The Brussels-based trade association said the sale of Downtown and [PIAS] would further squeeze the independents in an already highly concentrated market and help UMG move further into the market for distribution and services for labels and artists.
“This means more market share and gives UMG control over the opposition,” said IMPALA in a press release. It added, “UMG suing Believe is another part of the strategy,” referencing last month’s $500 million lawsuit filed by UMG, ABKCO and Concord Music Group against Believe and its distribution company TuneCore that accused them of “massive ongoing infringements” of their sound recordings.
Other executives and organizations voicing concern over UMG’s latest acquisition include global independent music publishers trade body IMPF, which said the potential sale would “ultimately reduce choice for songwriters and publishers alike,” and the U.K. Association of Independent Music (AIM), whose CEO, Gee Davy, said the deal reduces independent routes to market.
“It is vital to uphold a true choice of partners for artists and labels and ensure that negotiating power does not become unbalanced,” said Davy in a statement.
Representatives for UMG did not respond to requests for comment when contacted by Billboard.
To achieve the bright sound in his famous 1965 solo for The Who‘s “My Generation,” John Entwistle bought a cheap Danelectro bass, removed the strings designed by John D’Addario Sr., and transferred them to his Fender. The plan worked until one of the strings broke — and Entwistle had to buy two more Danelectros just for the strings.
Jim D’Addario, who built a multimillion-dollar guitar-strings empire on the foundation of his late father John’s early innovations, tells this story in a 50th-anniversary video series called Jim’s Corner. D’Addario, which sells drumheads, saxophone reeds, pedalboards, earplugs and other musicians’ gear in addition to its signature guitar strings at 3,300 retail outlets, earned $220 million in global revenue last year and employs 1,100 people, has taken a corporate victory lap throughout, combining history with “When You Know You Know” ads starring younger players like Chris Stapleton, Herman Li of DragonForce and Yvette Young of Covet.
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“Most people are very apathetic about their strings, and they usually listen to their teacher, or an artist that’s endorsing the product, to get them to try our strings,” says D’Addario, now chairman of the board of the company he named after his family in 1974. “The ones that know really know ours are better — and consistent.”
In addition to the video series, the company that started with teenaged Jim accompanying his guitar-playing father to music-business trade conventions in the ’60s launched a beer, Eddie Ate Dynamite (GoodBye Eddie), in early December; held a beer-launch party at the time starring a member of the Infamous Stringdusters; and spent much of 2024 releasing limited-edition merch and packages of strings in retro containers.
D’Addario acknowledges the company faces industry headwinds — the musical-instrument business, he says, is declining 2%-3% per year, which affects a company whose guitar strings make up 45% of its business. “People buy a guitar for their kid, and if he doesn’t play, they don’t put it in the attic or the basement anymore. They put it on eBay,” D’Addario says. “Everything a dealer sells, he’s going to compete with that instrument. That has had a very serious effect on the instruments bought at retail.”
But mostly, D’Addario is upbeat, describing the guitar pedalboards his company has spent two years designing, pedalboard power supplies containing USB batteries and coated strings that resist “moisture, perspiration, skin, debris.” Says D’Addario, “We keep an ideation list for each brand. We’ll have crazy things on there. When we have bandwidth, we’ll throw one on the active-project list.” Here, he discusses the company’s past and present in an hourlong Zoom from his home workshop in Farmingdale, N.Y.
What do you hope people learn about D’Addario from the 50th-anniversary campaign events?
It’s not the 50th anniversary of the family making strings, it’s the 50th anniversary of the brand name D’Addario. My dad and my grandfather were afraid to put their name on products. Italians would be discriminated against and it was a difficult name to pronounce. They felt like, in certain markets, it might not be accepted. In August of ’74, I said, “Nah, we’re going to get credit for making certain stuff, and our name’s going to be on it.”
Can you hear when a guitar player on the radio uses your strings?
No, that’s impossible. There are a lot of good strings out there that sound good. It’s very hard to discern that just from listening to it on the radio.
In the early 1990s, a package of strings had an envelope for each of the six strings — a paper envelope for each one, identified for each note, in a vinyl pouch with a fancy label. So there was a minimum of eight pieces of packaging; sometimes there was a little advertisement as well. My daughter Amy was in high school, and they were studying environmental friendliness and recycling and packaging, and I was changing my strings on the bed and I had all this garbage when I was done. She said, “You should really do something about that, that’s really criminal, you’re putting so much junk in the waste-stream just to change a set of strings.”
So it got me thinking. I came up with a system of color-coding the ball end on the string a different color, then coiling those together in one corrosion-resistant plastic bag and having them color-coded, so the silver one is this note and the brass one is this note. It eliminated 75% of the packaging. Since that time, we’ve saved billions of trees and millions of pounds of carbon not released into the atmosphere. That was one of the things that distinguished our strings. That’s one way we can tell onstage if our strings are being used. Otherwise, it’s very difficult. You can put branding on the package but when they’re playing on stage you can’t see it.
What music stars are your most loyal customers?
A lot of jazz guys, like Pat Metheny, who’s a good buddy, and Julian Loge. But there’s also a whole contingent of new people that I might not know. John McLaughlin, Blake Mills, Molly Tuttle, Billy Strings, Chris Thile of Nickel Creek, Sierra Ferrell, a mandolinist [who’s] going to be a superstar — those are the artists that really gravitate to our brand because they know they’re going to get the very best product.
How has the musical instrument market changed since you started?
It’s quite different. We also make drumheads and drumsticks and snare wires and guitar straps and cables. We make drumheads for acoustic drums and drumsticks and other accessories for drummers. The acoustic-drum market is 40-60% of what it was in 2004. Drums have been digitized. Instead of 20,000 drumheads a day, we’re only making 10,000. The other thing is the guitar was really the solo instrument, but it’s not anymore. You don’t hear a guitar solo in every hit; you hear repetitive rhythms and electronic sounds and synthesized sounds.
How much does this worry you?
We’ve seen this so many times — in the early ’90s, it was video games, and for three or four years, the guitar market didn’t have much growth. But then it came back. The acoustic guitar market was in the tank for the whole decade of the 1980s, and “MTV Unplugged” happened, then bingo, the acoustic guitar took off again. It always comes back.
What are your retirement plans, if any?
We don’t want to sell our business. Our family name is on the product. D’Addario strings are like the Titleist of golf balls, like Scotch Tape. When you walk into a music store, 40% to 50% of the strings on the wall are our brand, and that’s in almost every country around the world. I’d have trouble walking into a store and seeing my packaging screwed up or listening to people complaining about the quality.
Hugh Forrest has been promoted to president of South by Southwest, where he will continue to oversee programming and assume full leadership of an organization he’s worked at for 36 years. Previously co-president and chief programming officer, Forrest takes on this new role as Jann Baskett, the current co-president and chief brand officer, prepares to step down on Dec. 31. Baskett will transition into an advisory and project-based role.
As president, Forrest will focus on driving business growth and work closely with the board of directors, which includes co-founder Roland Swenson, Jay Penske (CEO of Penske Media, SXSW’s largest shareholder), and Amy Webb (CEO of the Future Today Institute). Forrest expressed his enthusiasm for leading SXSW into its next phase, emphasizing “the experience of connection, inspiration and discovery that we provide for so many different industries each March” and its role in fostering community globally.
Founded in 1987 by Swenson, Nick Barbaro, Louis Black and Louis Jay Meyers, SXSW has evolved into a globally renowned event in Austin. Swenson, who led SXSW for 36 years, became executive chairman in 2022. Over the past two years, Forrest and Baskett successfully navigated SXSW’s post-COVID recovery, including expanding the festival to Sydney and London.
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Baskett reflected on her time leading SXSW, sharing pride in her contributions alongside Forrest and the team. She praised the event’s mission of supporting creative individuals — “Never has that purpose been more necessary” — and expressed excitement about her ongoing involvement as an advisor. “SXSW continues to be a beacon of light for artists and change makers,” she said.
“I want to extend my gratitude to Jann Baskett for her leadership, commitment, and creative vision as Co-President of SXSW over the past few years,” said Jay Penske. “Her contributions have been key in evolving the festival. Looking ahead, we are confident that Hugh Forrest will continue SXSW’s long tradition of supporting innovators and artists, expanding our global footprint, and building upon the incredible foundation of the world’s premier gathering of creative minds.”
The Executive Leadership Team supporting Forrest includes co-founders Swenson and Barbaro, as well as chief culture & people officer Autumn Amescua, chief technology officer Justin Bankston, chief logistics officer Michele Flores, chiefpartnerships officer Peter Lewis, chief financial officer Leanna Rossman, general counsel Stevie Fitzgerald and executive vice president Darin Klein
Note: Billboard’s parent company PMC is the largest shareholder of SXSW and its brands are official media partners of SXSW.
LONDON — The music business is calling on the U.K. government to robustly protect copyright and “safeguard against misuse” by technology companies in any future regulations governing the use of artificial intelligence (AI).
On Tuesday (Dec. 17), the British government launched a 10-week consultation on how copyright protected content, such as music, can lawfully be used by developers to train generative AI models.
The proposals include introducing a new data mining exception to copyright law that would allow AI developers to use copyrighted songs for AI training, including commercial purposes, but only in instances where rights holders have not reserved their rights. Such an opt out mechanism, says the government proposal, gives creators and rights holders the ability to control, licence and monetize the use of their content – or prevent their works being used by AI developers entirely.
The consultation also recommends new transparency requirements for AI developers around what content they have used to train their models and how it was obtained, as well as the labelling of AI-generated material.
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Policymakers will additionally seek views from stakeholders on the protection of personality and image rights, and whether the current legal framework provides sufficient protection against AI-generated deepfake imitations.
“Currently, uncertainty about how copyright law applies to AI is holding back both sectors from reaching their full potential,” said the Department for Culture, Media and Sport (DCMS) in a statement announcing the consultation. “It can make it difficult for creators to control or seek payment for the use of their work, and creates legal risks for AI firms, stifling AI investment, innovation, and adoption.”
The government said that its proposed changes to copyright law will give clarity to AI developers over what content they are legally allowed to use when training generative AI models and “enhance” creators’ ability to be paid for the use of their work.
Before any new exceptions to copyright law can be introduced, further work would need to take place to ensure transparency standards and the mechanisms for rights holders to reserve their rights are “effective, accessible and widely adopted,” said DCMS.
“This government firmly believes that our musicians, writers, artists and other creatives should have the ability to know and control how their content is used by AI firms and be able to seek licensing deals and fair payment,” said Lisa Nandy, Secretary of State for Culture, Media and Sport, in a statement. “Achieving this, and ensuring legal certainty, will help our creative and AI sectors grow and innovate together in partnership.”
The start of the government’s long-awaited consultation on AI policy comes amid heightened lobbying from both the creative and technology industries. On Monday, a coalition of rights holders, including record labels, music publishers and artist groups, came together to call for copyright protection to be at the heart of any U.K. AI legislation.
The newly formed Creative Rights in AI Coalition, whose members include U.K. record labels trade body BPI, umbrella organization UK Music and the Music Publishers Association, wants policymakers to draw up AI laws that permit a “mutually beneficial, dynamic licensing market” built around “robust protections for copyright.”
The creative industries coalition said any future AI legislation must ensure accountability and compliance from AI developers and tech companies, who it said have thus far been exploiting copyright protected works “without permission, ignoring copyright protections and clear reservations of rights.”
The U.K. creative industries generated around £125 billion ($158 billion) for the country’s economy last year, according to government figures, with the music industry contributing a record £7.6 billion, up 13% year-on-year, of that total, according to UK Music research.
The U.K. is the world’s third-biggest recorded music market behind the U.S. and Japan with sales of $1.9 billion in 2023, according to IFPI. It is also the second-largest exporter of recorded music worldwide behind the U.S.
“Without proper control and remuneration for creators, investment in high-quality content will fall,” said the coalition, which also includes the Association of Independent Music (AIM) and British collecting societies PRS for Music and PPL, as well as trade groups representing photographers, illustrators, journalists, authors and filmmakers.
“Just as tech firms are content to pay for the huge quantity of electricity that powers their data centres, they must be content to pay for the high-quality copyright-protected works which are essential to train and ground accurate generative AI models.”
In a separate statement, BPI CEO Jo Twist said the organization was looking forward to working with the government on developing its AI policy but said it remains the BPI’s “firm view” that introducing a new exception to copyright for AI training “would weaken the U.K’s copyright system and offer AI companies permission to take – for their own profit, and without authorisation or compensation – the product of U.K. musicians’ hard work, expertise, and investment.”
“It would amount to a wholly unnecessary subsidy, worth billions of pounds, to overseas tech corporations at the expense of homegrown creators,” said Twist in a statement. She went on to say that opt-out schemes in other markets similar to what is being proposed by the U.K. government have been shown to increase legal uncertainty, “are unworkable in practice, and are woefully ineffective” in protecting creators’ rights.
The government’s recommendation to introduce a new copyright exception for AI training is an idea that it has floated before – and received strong push back from the music industry to. In 2021, the Intellectual Property Office (IPO) was heavily criticized by artists, labels and publishers for suggesting 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).
Those proposals were quietly shelved by the government the following year but progress on any U.K. legislation governing the use of AI has been slow to arrive. In contrast, the 27-member block European Union, which the United Kingdom officially left in 2020, passed its world-first Artificial Intelligence Act – requiring transparency and accountability from AI developers – in March.
Meanwhile, other major music markets, including the United States, Japan and China are advancing their own attempts to regulate the nascent technology amid loud opposition from creators and rights holders over the unauthorized use of their work to train generative AI systems.
Earlier this year, the three major record companies – Universal Music Group, Sony Music Entertainment and Warner Music Group — filed lawsuits against AI music firms Suno and Udio alleging the widespread infringement of copyrighted sound recordings “at an almost unimaginable scale” Sony Music and Warner Music have additionally issued public notices to AI companies warning them against scraping their copyrighted data.
More recently, in October, thousands of musicians, composers, actors and authors from across the creative industries – as well as all three major record labels – signed a statement opposing the unlicensed use of creative works for training generative AI. The number of signatories has since risen to more than 37,000 people, including ABBA’s Björn Ulvaeus, all five members of Radiohead and The Cure’s Robert Smith.
Three years after Downtown Music sold its 145,000-song catalog — including works performed by Aretha Franklin, David Bowie, Bruno Mars and Beyoncé — the president of its publishing division says it makes more money than it did when it owned copyrights.
That reveal comes amid Monday’s announcement that Universal Music Group’s Virgin Music Group is buying Downtown Music Holdings for $775 million in an all-cash deal expected to close by mid-next year.
Emily Stephenson, who since 2023 has been president of Downtown’s suite of publishing companies (Downtown Music Publishing, Songtrust and Sheer), says her division will generate more than $200 million in revenue in 2024, a 40% increase from last year and a higher gross than it had in 2020, the year before Concord bought its catalog.
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“We are in the middle of extreme growth mode right now,” says Stephenson, who has overseen client acquisition, business development, A&R, rights management and client services for Downtown since March 2023.
Since Stephenson took the lead, the publishing division has signed deals with indie rockers The National, Spirit Music Group and Peso Pluma’s Double P Records. According to the company, it now serves some 2 million songwriters and clients in over 60 countries — more than 40% of them outside the United States — manages over 1.5 million copyrights and has distributed over $100 million in royalties through Songtrust.
Access to additional funds has helped. In May, Downtown announced it secured another $500 million in credit from Bank of America — on top of its previous $200 million credit facility — to finance advances.
“We have been earnestly and aggressively putting that money to work,” Stephenson says, by offering competitive advances without forcing independent creators to give up any rights. As a result, “We think we’re growing at nearly twice the rate of the rest of the industry,” she says.
That growth is one of Downtown’s draws. The combined market share held by independent distribution and music companies — i.e. non-major labels and self-releasing artists — rose to 36.7% in 2023, up from 28.6% in 2015, according to MIDiA Research. As a result, the majors have made acquisitions and investments to defend their market share. Downtown’s scale and position of dominance in this segment made it an attractive way for UMG to grow.
However, Downtown’s growth has also led to customer complaints of long wait times at Songtrust and concerns that the platform is becoming more exclusive. Stephenson says there are no plans to restrict who can sign up for Songtrust, adding that over the past year, Songtrust has cut the average response time to customer complaints from 33 days to 17 hours.
Stephenson, 35, has spent more than a decade at Downtown and previously served as Downtown Music vp of business operations, and she says roughly 70% of the managers in her division have similarly long tenures.
That experience has helped with client retention and led to facilitating opportunities. This past summer, “Parade” by French composer Victor le Masne, a Downtown client, became the official theme song for the Paris Olympic and Paralympic Games. This holiday season, the team landed Griff’s cover of the Willy Wonka & The Chocolate Factory classic “Pure Imagination” in Target’s Christmas campaign.
“We are the only player doing this at scale for indie songwriters globally,” Stephenson says. “I think our future is bright.”
A version of this story appears in the Dec. 14, 2024, issue of Billboard.
In July, six women — Taylor Swift, Gracie Abrams, Billie Eilish, Chappell Roan, Ariana Grande and Charli XCX — cracked the top 10 of the Billboard 200, the first time that had happened since 2019. And when Grammy nominations were announced Nov. 8, six of the eight slots for record, album and song of the year were headlined by women — the second year in a row women had such high representation in the major categories. Women artists are ruling pop music in 2024.
At the major companies that power these superstars, however, women have been leaving powerful roles — moves that have rattled other women fighting for inclusion and influence at the top of the business. Between Universal Music Group (UMG), Sony Music and Warner Music Group (WMG) — the three major music companies — there were four labels that started this year with women CEOs: Capitol Music Group’s Michelle Jubelirer, Atlantic Music Group’s Julie Greenwald, Epic Records’ Sylvia Rhone and UMG Nashville’s Cindy Mabe. Eleven months later, that number has dropped: Rhone, who is also one of very few Black CEOs in the major label system, is the only one left at the coastal majors. And a number of other women left music’s C-suites this year as part of major-label restructurings that impacted both genders.
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It hasn’t been all bad news for women execs: Mabe is still in place at UMG Nashville, and Taylor Lindsey, who had been vp of A&R, will take the chairman/CEO role at Sony Music Nashville at the top of 2025. But the high-profile departures have shaken the confidence of many women music executives, says a high-ranking woman in the industry: “It makes them nervous because people like Julie Greenwald didn’t take shit from anybody. And the message is, ‘Oh my God, look at that. If they can let Julie Greenwald go, anybody can go.’”
The CEOs of the industry’s biggest streaming services, promotion companies and most agencies, meanwhile, are all men; many distribution CEOs are, too. Publishing and Nashville both fare better, but the industry is largely led by men in the top jobs. Most of the top indie labels are led by men as well.
Jubelirer, Greenwald, Rhone, Mabe and former Motown CEO/chair Ethiopia Habtemariam, who left her role at the end of 2022 and was not replaced, either declined to comment or did not respond to requests for comment for this story.
Despite the varied reasons for these departures, the decline in the number of women among music’s top ranks marks a step backwards during a decade that started with the Black Lives Matter movement and the major music companies pledging to better embrace diversity, equity and inclusion efforts. As Andreea Gleeson, CEO of TuneCore, puts it, “There’s not a full effort being made and that’s really dangerous. To drive meaningful change in the diversity of your company, you need to be committed to it. That starts at the top.”
Natalie Prospere, founder and CEO of the label, publishing and live events company Friends Only, says she hasn’t been surprised by the recent exits. “I knew this was going to happen. Nobody actually wants to stand for anything other than posting a black square on your Instagram.”
There are still many women in COO, president, GM and other chief-level or department-head roles across the major label system. But the actual CEOs are still almost all white men. According to Believe, Tunecore and MIDiA Research’s fourth annual “Be The Change” women’s equality in music study, in 2024, 49% of women also believe that the music industry is still “generally discriminative” based on gender. The study also found that women in music are twice as likely as men to discover they are paid less than colleagues in the same or similar roles.
“When you see the scarcity of female executives in the music industry, coupled with the way female executives are treated, how, as a young woman in the industry, can you not question your ability to succeed?” says a female former label executive.
At the labels, Jubelirer was the first to go this year. In February, amid reports that Capitol and its parent company UMG were restructuring, Jubelirer stepped down from her post, which she held since the end of 2021, as Capitol’s first female CEO in its entire 80-year history. Had she stayed, Jubelirer would have been effectively demoted, moved from being the head of her own family of record labels and reporting straight to UMG chairman/CEO Lucian Grainge, to being under the umbrella of the newly formed Interscope Capitol Labels Group (ICLG) and reporting to ICLG chairman/CEO John Janick. She was replaced by Tom March, a British-born executive who most recently led Interscope offshoot Geffen Records.
Then, in September, Greenwald announced her exit from her role at Atlantic Music Group, a company she co-led for 20 years, the latter two as its first female CEO in its own 70-plus-year history, amid a similar restructuring in WMG’s recorded music division. She was replaced by Grainge’s son, Elliot Grainge, the founder/CEO of WMG-acquired label 10K Projects.
These high-profile exits come two years after Habtemariam, chair/CEO at Motown, stepped down from her post when rumors began to circulate that Motown would lose its status as a standalone label and would be reintegrated under Capitol Music Group, which ultimately did happen. While the label’s profitability during Habtemariam’s tenure is unclear, Habtemariam took Motown’s U.S. current market share from 0.85% to 1.30%.
The recent executive departures are even more troubling to some women in the industry given the challenges these women had faced getting to their top posts in the first place. When Steve Barnett retired as Capitol Music Group CEO at the end of 2019, Jubelirer, an attorney who worked her way up over a decade to become COO of Capitol, was believed by many to be the next in line. Instead, the role was given to Capitol Records president Jeff Vaughn. (Under Vaughn, Capitol’s current market share dipped from 7.36% in 2020 to 5.64% in 2021. He was replaced by Jubelirer in less than a year). While market share cannot tell the full story of Capitol Music Group financials at the time, Jubelirer then grew CMG market share by almost a full percentage point from 2022 to 2023.
While Mary Rahmani, CEO and founder of Moon Projects, a joint venture label/publisher with Republic Records/Warner Chappell Music, says she came up in the major label business around “lots of women assistants and coordinators,” there were not many women executives to look up to. “If there were any, they were specifically in PR, radio and sync. I didn’t really see many badass women A&R or marketing executives, and I always wished there were more examples for me.”
Years later, when Rahmani was on maternity leave with her first child, she was cut from the major label she worked for during a sweep of layoffs. Reflecting on the experience now, she says it “wasn’t personal,” but feels motherhood is often a reason why it’s harder for women to climb up the ladder in the way men, even men who have children, do. “It’s for sure a big reason. I think a lot of women in the mid-level phase take a step back once they have a family.”
At Billboard’s Women in Music event in March, Jubelirer accepted the award for Executive of the Year and highlighted another way women face extra adversity in the workplace: their presentation. “Women, do these comments sound familiar?” Jubelirer addressed the crowd. “‘You’re too emotional.’ ‘You don’t have to be so direct when you talk.’ We all know that’s code for ‘Stop being a bitch.’ ‘You should smile more.’ … We know that it takes quite a bit of fortitude to present our true selves in the workplace and rebel against those stereotypes that have been expected of women.”
In some other areas of the music business, women fare better in their share of CEO roles. Though it’s far from gender parity, the publishing sector is a bright spot. Many of publishing’s most respected leaders are women, including Universal Music Publishing Group’s CEO/chair Jody Gerson, who has held her post for a decade, and Warner Chappell’s COO/co-chair Carianne Marshall at the majors and Reservoir Media’s founder/CEO Golnar Khosrowshahi and Peermusic’s CEO Mary Megan Peer at the large independents.
“It’s likely a result of a positive feedback loop,” says Khosrowshahi of the publishing sector. “As more women rise to the top of various publishing entities, that leads to the success of more women [beneath them].”
Ironically, though women artists in country music struggle to make their voices heard on country radio, the presence of female CEOs and chairs is stronger in Nashville. Today, all three major labels in town have women in their highest ranks: Mabe is chair/CEO of UMG Nashville, Lindsey is soon to become chairman/CEO of Sony Nashville, and Cris Lacy is co-chair/co-president of Warner Music Nashville.
The C-suites at the majors do have women among their ranks: Alamo, ICLG, The Orchard and Verve all have women COOs in Juliette Jones, Annie Lee, Colleen Theis and Dawn Olejar, respectively; Julie Swidler is general counsel at Sony Music and Erica Bellarosa holds the same title at Atlantic Music Group; Republic Records counts Wendy Goldstein as president/chief creative officer and Donna Gryn as chief marketing officer; Capitol (Lilia Parsa), Columbia (Jenifer Mallory), Virgin (Jacqueline Saturn), Interscope (Michelle An, Nicole Wyskoarko), Atlantic (Lanre Gaba), 10K Projects (Molly McLachlan), 300 Entertainment (Rayna Bass), ADA (Cat Kreidich) and EMPIRE (Tina Davis) all have women with president or co-president titles; and high-ranking women can be found across the corporate majors and individual labels.
But the path to the chief executive’s office remains an especially challenging one — and even then, some women CEOs say they still feel excluded from the conversations, meetings or other gatherings where decision-making happens in their organizations.
When Greenwald was named Billboard’s 2017 Women in Music Executive of the Year, she spoke of how she hoped her platform could lead to more women executives in the next generation. “I love all the women here who put their hands up and say, ‘Listen, at some point I want your chair,’” Greenwald said. “I want someone to come take this chair. I want women to come in with a tape measure.”
The independent music sector has offered executives like Rahmani, Gleeson, Khosrowshahi, Prospere and Milana Rabkin Lewis, co-founder/CEO of STEM Disintermedia, another path, thanks to the growth of indie music’s market share both in the U.S. and abroad. For Rabkin Lewis, who got her start at UTA before founding the distributor/label, she says she wanted to run her own independent company because “I could be more in control. I also wanted to set a new example, and I wanted to create my own path, which potentially had [fewer] road bumps and hurdles than the perceived corporate path.”
Still, a high-ranking female music executive says it’s essential for the next generation to see women in CEO and chairwoman roles at the major labels specifically because “power comes in P&L responsibility, and there’s a scarcity of women at major labels who have P&L responsibility.” Another adds, “The major labels are the front lines… They’re the ones that set the tone for how the industry is going to proceed.”
Representatives for UMG, WMG and Sony declined to comment or did not respond to a request for comment.
Universal Music Group’s Virgin Music Group said on Monday it agreed to buy Downtown Music Holdings for $775 million cash in a deal that will bolster the world’s largest music company’s slice of the independent music segment. Founded in 2007 in New York, Downtown Music Holdings is the parent company of the direct-to-creator distributor CD Baby, […]
K-pop stocks rebounded this week from a slump caused by the country’s political turmoil. HYBE, which was also dragged down by news of an investigation of its chairman, Bang Si-Hyuk, regarding the company’s 2020 initial public offering, led the group of South Korean music companies by gaining 8.7% to 205,500 won ($143.16), bringing the stock back to its level from one month ago. Elsewhere, YG Entertainment gained 7.2% to 48,250 won ($33.61) to recapture losses from the previous three weeks while SM Entertainment and JYP Entertainment had smaller improvements of 3.3% and 2.6%, respectively.
The 20-company Billboard Global Music Index (BGMI) dropped 1.6% to 2,243.59, marking its first weekly decline in seven weeks. After reaching record highs in each of the previous five weeks, the index was overcome by the losses among 13 of its 20 stocks. The BGMI fared worse than many major indexes. In the United States, the Nasdaq composite gained 0.3% and the S&P 500 fell 0.6%. In the United Kingdom, the FTSE 100 lost 0.1%. South Korea’s KOSPI composite index gained 2.7% while China’s Shanghai Composite Index fell 0.4%.
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The week’s biggest gainer was Abu Dhabi-based music streaming company Anghami. In the absence of any market-moving news or regulatory filing, the company’s shares spiked 17.4% on Tuesday (Dec. 10) on heavy trading volume. On an average day, 80,000 shares of Anghami trade hands. But nearly 3.5 million shares — 5% of the company’s shares outstanding — were traded on Tuesday, and another 616,000 shares exchanged hands over the next two days.
Other than Anghami and K-pop stocks, only two companies posted gains this week. Universal Music Group, the index’s second-largest company, gained 4.6% to 24.46 euros ($25.69), its best closing price since it lost 24% following second-quarter earnings on July 25. Warner Music Group improved 0.3% to $32.52.
Spotify, the hottest music stock of 2024, had a losing week for the first time since September. The streaming company’s share price dropped 3.1% to $483.31, finishing the week 4.6% off its all-time high of $506.47 set on Dec. 4. Still, investors have renewed faith in Spotify after the company improved its margins and bottom line while maintaining the same rapid growth rate before it laid off nearly a quarter of its workforce in 2023. Spotify shares are up 157.2% year to date and the company’s market capitalization briefly surpassed $100 billion a week ago.
Live Nation shares fell 0.6% to $135.95 despite more analysts raising price targets on the concert promoter’s share price this week. Wolfe Research increased its price target to $160 from $152. JP Morgan upped its price target to $150 from $137. And Roth MKM raised Live Nation to $152 from $132. Live Nation’s stock is up 45.2% year to date and is one of the best performers on the BGMI.
SiriusXM had the week’s biggest loss after dropping 14.8% to $24.11. On Tuesday, the company announced guidance for 2025 revenue that would represent a 2% decline from full-year 2024 revenue guidance. The company also revealed it is doubling down on in-car listening and refocusing on satellite radio after its year-old streaming app delivered disappointing results. Following the news, Seaport Global lowered its recommendation on SiriusXM’s stock to “neutral” from “buy.”
In other stock moves, German concert promoter CTS Eventim fell 4.9% to 34.37 euros ($36.10). The company announced this week that it acquired a 17% stake in French ticketing company France Billet. Lastly, New York-based live events company Madison Square Garden Entertainment dropped 8.5% to $34.37 and radio giant iHeartMedia was down 12.3% to $2.29.
What a year it’s been for the music business. With 2024 drawing to a swift close, Billboard put together a series of year-end stories running down the biggest developments in the worlds of record labels, publishing companies, live music, music law, radio, AI and sustainability over the past 12 months. And we certainly weren’t lacking […]