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From Celine Dion to Joni Mitchell and Allison Russell, Canadian artists made a big splash at the Grammys last weekend.
But there’s one Canadian music executive who also cleaned up. She may be the wealthiest, most influential, yet under-the-radar woman in the country’s music industry: Golnar Khosrowshahi of independent publishing and management company, Reservoir Media.
Among the 10 Grammy honours for Reservoir Media is Joni Mitchell at Newport, who won in the folk album category. The legendary singer-songwriter also made her Grammy performance debut. Following a brain aneurysm in 2015, Mitchell had stopped performing, but in 2022 she made a triumphant comeback at the Newport Folk Festival, bringing her living room jam sessions — Joni Jams — to the festival stage. At the awards, she took the stage accompanied by frequent collaborator Brandi Carlile, cello and violin duo SistaStrings, and Canadian Allison Russell on clarinet.
The NYC-based Reservoir firm has offices in L.A., Nashville, Toronto, London and Abu Dhabi and signed Mitchell to an all-encompassing global music publishing admin deal in 2021.
Notably, Reservoir is owned by the Iranian-Canadian Khosrowshahi family, who founded and then sold the Future Shop home electronics chain to Best Buy in 2001 for $580M. Reservoir is run by daughter Golnar, a classically trained pianist with impeccable business credentials.
The music firm now represents 150,000 copyrights and 36,000 master recordings that include the Tommy Boy and Chrysalis catalogues.
In addition to Joni Mitchell, Reservoir also represented winners by boygenius, SZA and Killer Mike. – David Farrell, Rosie Long Decter and Richard Trapunski
Charlotte Cardin Tops 2024 Juno Awards Nominations
Charlotte Cardin has earned the most nominations for the 2024 Juno Awards. The breakthrough Montreal pop singer-songwriter got six nods, including artist of the year, album of the year and pop album of the year (99 NIGHTS), single of the year (“Confetti”) and TikTok Fan Choice. She’s also nominated for songwriter of the year.
Daniel Caesar and TALK follow with five nods each. Allison Russell, Aysanabee, Connor Price, Lauren Spencer Smith, Tate McRae and DVBBS each received three nominations.
The nominations were announced on Feb. 6 in a press conference at the CBC Building. Comeback artist Nelly Furtado, who’ll be performing as well as hosting the broadcast ceremony, was a surprise guest at the nominees announcement. She also received a nomination for “Eat Your Man,” her collaboration with Dom Dolla, for dance recording of the year.
Punjabi-Canadian artist Karan Aujla, a cover star for Billboard Canada’s inaugural digital cover, was also nominated for breakthrough artist of the year and announced as a performer at the Junos ceremony at the Scotiabank Centre in Halifax on March 24. He follows fellow cover star AP Dhillon, who played the first full Punjabi performance at the awards last year. Joining Aujla as performers will be country breakout Josh Ross and singer-songwriter TALK.
Another Punjabi-Canadian artist, Shubh, is nominated for the TikTok Fan Choice, a fan-voted award, along with Aujla, Cardin, Ross, Caesar, DVBBS, Tate McRae, ThxSoMch and Walk off the Earth.
McRae’s “greedy,” which has topped the Billboard Canadian Hot 100 multiple times, is also nominated for single of the year, along with Cardin’s “Confetti,” Caesar’s “Always,” LU KALA’s “Pretty Girl Era,” and TALK’s “A Little Bit Happy.”
Nominated with Cardin for album of the year are Néo-Romance by Alexandra Stréliski, NEVER ENOUGH by Daniel Caesar, Mirror by Lauren Spencer Smith and Lord of the Flies & Birds & Bees by TALK.
Cardin, Caesar, Smith and McRae, all relatively young artists, are all nominated for artist of the year as well, along with the legacy artist of the category, Shania Twain.
The Junos will be broadcast live on CBC from Halifax’s Scotiabank Centre on Sunday, March 24. Tickets for the show and the JUNO Week events are on sale at ticketmaster.ca/junos. The majority of the awards will be presented at The Juno Opening Night Awards the night before the main ceremony on March 23.
Find the full list of nominations here and interviews from the red carpet at ca.billboard.com – Richard Trapunski
How Canadian Music Took Over 2024 NHL All-Star Weekend
Toronto was alive with music at the 2024 NHL All-Star Weekend – not just on the ice, but all around the city. As the hockey spectacle returned to the city for the first time since 2000, and to Canada for the first time since 2012, the multiple-day event brought live music from major stars including Nelly Furtado, the Kid Laroi and Diplo.
As the stars of the game played each other in skills competitions and 3-on-3 hockey, music was an integral component. Each of the four teams chosen by an NHL player was co-captained by a celebrity: Tate McRae, Justin Bieber, Michael Bublé and Will Arnett. They weren’t just there to sit on the bench, but they helped choose each team at the player draft on Thursday night (Feb. 1). Bieber even helped out with the players’ on-ice warm-ups.
“We went all-in [with music] this year,” said Steve Mayer, the NHL’s Chief Content Officer. “We’re so happy that we have what represents not only the best in the NHL coming here, but in our minds, the best in Canadian music. And being here in Canada with seven Canadian teams, we better know our Canadian music.”
The headliner of this year’s NHL All-Star Game was one of the biggest artists in the world. McRae comes from a hockey family, and the sport’s culture is a major part of her current image. So it felt natural to see her perform on three different stages on the ice in a glittery top with six dancers and the production value you might see at a big award show.
“For the past year or two years now, I feel like I’ve fully immersed myself in the hockey world,” McRae told Billboard Canada.
Michael Bublé said he’s proud seeing what McRae has accomplished and called her before the game.
“I told her I was happy for and proud for her,” he remarked. “And as a Canadian, it made me happy to see another young Canadian breaking through….Honestly, we’re kind of dominating music right now. We are sending a ton of artists out there, and we’ve already got a ton of career artists out there. This little place made a bunch of great ones.”
The star factor revved way up on Thursday night (Feb. 1), when Justin Bieber played an invite-only concert at the 2,500-capacity venue History, his first gig in over a year. Diplo, The Kid Laroi and Nelly Furtado also played at concerts over the weekend, but Bieber’s was the one that captured the most headlines and social media attention in a set that spanned his whole career. – Richard Trapunski
Last Week In Canada: Drake’s OVO Sound Partners With Santa Anna
It’s time for another quick whirl around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music. Are you asking yourself “Hey, Wha’ Happened?!” amid this week’s overhaul at Capitol Music Group? Here’s a rundown. When you’re done processing that, get a readout of the most powerful people in the music biz with the latest Power 100 list.
Merlin, the global digital licensing agency for the independent music industry, has spent the last few months enhancing its finance, data analytics, software and member operations teams with numerous new hires and promotions.
Experienced financial controller Carol Zuma-Hall, formerly finance lead at Platoon and head of finance at The Orchard, joined Merlin to oversee its technical accounting and compliance related finance activities. Merlin’s new director of insights is Martin Vovk, following a dozen years at Sony Music. He’ll conduct in-depth data analysis and manage insights communications. Following a lengthy stint consulting for Merlin, Gary Watson made it official by taking the director of data operations role, where he’ll manage data flows and data visualization projects. Reporting to Watson will be Maria Lavric, who was appointed manager of data operations. She’ll handle non-financial trends data and other reporting. Matthew Price was right for the data engineer role and will develop what Merlin calls its “Data Lake,” which processes nearly 1 billion rows of data daily (FUN!!!). Joining the team as a paralegal is Emillia Walsh, who’ll scrutinize copyright infringement claims and just overall enhance the organization’s legal apparatus. Molly Kempen is the new royalty reporting coordinator, responsible for processing statements and keeping deadlines.
“The expansion of our multi disciplinary data analytics team this year is a testament to Merlin’s ongoing commitment to delivering value,” said Charlie Lexton, Merlin’s COO. “Each new Merliner brings a unique set of skills that are instrumental in our evolution. We are excited to see their contributions enhance our operations, improve our data capabilities, and further strengthen our relationships with Merlin’s global membership and digital partners.”
Data crunchers aside, Merlin also welcomed Simon Stride last year as a development manager, overseeing software projects from soup to nuts. Over at member operations, Alice Moss joined as senior manager, focusing on day-to-day support of Merlin’s members and working on ways to address operational issues between members and digital partners. Finally, Mariah Mu and ex-intern Ben Sperling have joined as coordinators on the member and partner success team. It should be noted that Mu is based in Bangkok and serves as the Merliner contact for members and partners in the entire Southeast Asia region.
“The integration of Alice, Mariah, and Ben into our Member & Partner Success team marks a significant enhancement in our capability to serve our members effectively,” said Jim Mahoney, svp of member & partner success. “Alice’s experience, coupled with Mariah’s knowledge of the digital and Southeast Asian marketplace and Ben’s keen approach to process improvement and communications, creates a dynamic synergy. This team embodies our commitment to excellence, ensuring that each member and partner experiences the full benefit of Merlin’s expansive network and resources.”
Meanwhile…
Warner Music Denmark promoted industry veteran Karen Vincent to general manager of the Copenhagen-based imprint. She reports to Mark Fry, president of Warner Music Nordics. In her capacity as marketing director, a role she’s held since 2017, Vincent has worked campaigns for regional artists including Christopher, Gobs and Nicklas Sahl, among others, and also has assisted in global releases from the likes of Bruno Mars and Dual Lipa. Prior to WMG, Vincent was senior product manager at Copenhagen Records while concurrently working as the global publicist for Danish rockers Volbeat. At the dawn of her music career, Vincent held gigs at Sony Music and EMI Music as well. “It’s great news that Karen has agreed to run Warner Music Denmark,” said Fry. “She’s been an indispensable part of the team, crafting incredible campaigns for local, regional and international artists, and I can’t wait to work with her as we continue to support the best Danish creative talent.”
Reactional Music, the maker of an interactive music engine for video games, hired Epic Games veteran Ben Lumsden as head of business development, Unreal. In his new role, Lumsden will oversee Reactional’s work developing partnerships across music, games and creator worlds, focusing on use cases built on the Unreal games engines developed by Epic Games. Speaking of… at Epic, he rose to senior business development lead in support of the company’s media and entertainment operation in Europe. Prior to Epic, he worked in virtual production on films and games such as District 9, Star Wars: The Force Awakens, Avengers: Age of Ultron and Godzilla, among others. He is also an accomplished composer for films. “Music and creativity needs great tech and creative minds to enable the new generation of music delivery, consumption and creation,” said Lumsden. “The consumer is more sophisticated, more creative and they spend more time in digital worlds. Music and audio has such an important role to play in the new era of gaming and creator worlds as consumption habits change to become part of these digital worlds.”
Noble Steed Music, the artist management company and label that boasts an “intuitive and patient approach to artist career development,” hired industry veteran Evan Levy as senior manager and content director. He arrives from Amazon Music, where he managed audio content for the last two years. Levy is tasked with building out the company’s content team, which will develop music-centric media, podcasts, social content and more. He’ll report to NBS founder Jason Spiewak. Prior to Amazon, Levy held key leadership positions at SiriusXM Pandora, CBS Radio, ABC News Radio and MTV Networks. “We are thrilled to welcome Evan to the Noble Steed Music family,” said Spiewak. “Evan’s expertise and creative vision will undoubtedly elevate our content and reinforce our commitment to delivering exceptional entertainment experiences to the masses.”
Curb Records‘ national director of promotion Mike Rogers is set to retire, effective March 1. Rogers, a 35-year radio promotion veteran, has been with Curb Records since 2002 and was previously part of the promotion team at CBS/Sony. Rogers shared: “[Curb Records chairman] Mike Curb’s belief in me these last 21 years was unparalleled. I was and always will be proudest of all we have accomplished in my time at Curb. You entrusted me to give your music its best shot and I hope I made you proud. To have actually learned from a legend will always be a crowning achievement in my career. Now, it’s time to ‘do some life’ with my wife, Laura, and our two daughters, all of whom sacrificed a ton as I lived out that road life as a radio promotion rep.” –Jessica Nicholson
UTA promoted 104 individuals across 25 departments, including music and comedy. In the interest of brevity, let’s stick to music, where the agency upped Grace Cunningham, St. John Faulkner, Sammy Gardiner, Anastasia Klochkivska, Taylor Krebs, Joe Marino, Matt Popper, Ashley Ramos, Katie Sexton, Evan Steinberg, Tyler Stimmel and Kingsley Williams to coordinator. UTA also promoted Tom Grainger, Alexis Lesko, Tom Matthews, Lolo McCluskey, Sheq Milli and Jamie Waldman to agent. The company stressed that a majority of those elevated to agent emerged from UTA’s Agent Training Program, adding that women constituted more than 50% of the promotions announced.
RADIO, RADIO: Warner Music Nashville bumped Andy Flick up to national director of radio, effective immediately. Flick, a longtime Sony pro who joined WMN in 2021 as regional manager, radio (North), will continue reporting to vp of radio Anna Cage. In the last three years, Flick has worked campaigns for Dan + Shay, Gabby Barrett and Zach Bryan, among many others … Happy retirement to NPR OG Linda Wertheimer … Canadian media conglomerate Bell Media is selling 45 of its 103 radio stations across the country because it lacks viability.
Lina Tebbs was named director of UK Production Music for Warner Chappell Music, reporting to UK managing director Shani Gonzales. She takes over for Kate Alderton, svp of operations and finance, who has been running the department for the last two years. In her new role, Tebbs will be tasked with scouting ways to service WCMs giant catalog to the film, TV, radio and advertising industries in the UK. She and her team will also work with other like-minded teams around the globe on cross-market opportunities. Tebbs arrives from Felt Music, where she was global head of business development and marketing. Prior to joining Felt in 2019, Tebbs held leadership roles at Audio Network and EMEA. “With Lina at the helm of our operations in the UK, the team will have a fresh outlook and exciting new ideas for how to build on our brand and further grow our roster and relationships,” said Gonzales.
Stem, the 9-year-old music distribution and payments platform, awarded four of its key leaders with promotions this week. Atop the table is Seth Faber, who was upped from svp of artist & label strategy to general manager of the company. In his elevated role, Faber will oversee artist marketing/development, commerce, international, customer success, content operations, brand marketing and product. Todd Perry is now vp of artist and label relations, hip-hop & R&B. Previously head of artist & label relations, hip-hop & R&B, Perry is credited with signing Veeze and for his work Jeezy’s latest album. Natalie Sellers, who joined Stem in 2018, is assuming the role of senior director of artist & label commerce & partnerships, where she’ll work to expand the company’s network of partners and create marketing and development opportunities. Finally, Lexi Roney was promoted to director of brand marketing following her time as marketing manager at Stem. As director, Roney will be responsible for leading and expanding all branding and partnership initiatives for Stem Distribution. The company said Faber and Perry will continue to report to president Kristin Graziani, while Sellers and Roney frame up to Faber.
CSW Publicity amped up its music division with the hiring of Heidi Anne-Noel as senior vp of music publicity. She’ll work alongside evp and founder Cara Woodnicki on all things music. Anne-Noel joins CSW from BMF, where as a vp she oversaw campaigns for clients including ONErpm, Awich, Abigail Barlow and others. Prior to BMF, she was at SiriusXM/Pandora and earlier at Capitol Records, where she worked closed with Katy Perry, Capital Cities, Sky Ferreira and others. Woodnicki comments, “Heidi is an incredible asset to any team and one of the best publicists I know, I’m beyond thrilled to be working alongside her again, this time at CSW.”
Derek Patten has returned to agency EastCoast Entertainment as director of artist services. Patten’s first spin at ECE was in 2018, when he helped lay the framework for the department he now leads. His background experience covers several professional areas including film (The Foot Fist Way) and live entertainment (Royal Caribbean Cruise Line). “We are delighted to have Derek with us again,” shares ECE’s President, John Wolfslayer. “His wealth of experience and unwavering dedication to the success of artists make him an invaluable asset to our team.”
Pophouse Entertainment, the creative production company co-founded by ABBA’s Björn Ulvaeus, announced a slew of promotions and new hires. Linda Höljö has been named COO, Natalia Fontecha is head of capital raising and investor relations, Sophie McKibbin is head of business and legal affairs, while Ryan Amstad is head of new production development, and Jon Spalding commercial director. Over at Mamma Mia! The Party, the souped-up uber-immersive dinner theatre production in London, Sophie Arendt has been appointed managing director.
BOARD SHORTS: Worldwide Independent Network, a support group for independent music trade groups, welcomed five new members to its board: Dario Draštata (Dallas Records, Croatia), Fran Sandoval (IMICHILE, Chile) and Marty Ro (Sound Republica, South Korea) as directors, together with Alejandro Varela (S-Music, Argentina) and Sridhar Swaminathan (SIMCA, India) as observers. Zena White and Maria Amato were reappointed as Chair and Treasurer, respectively … Dewei Zheng resigned as a non-executive director of Chinese music platform Cloud Music (formerly NetEase Cloud Music), effective Feb. 15.
David J. Krystal, whose orchestration work can be heard in The Flash, IT, Shazam! and Hidden Figures, among others, recently launched his own company to support his work: David Krystal Music Service. In an announcement, Krystal’s company looks to “synthesize the rich tradition of classic Hollywood scoring and orchestration with the fast-paced and powerful blockbuster film scores of today” and pledges “meticulous attention to detail.”
ICYMI:
Capitol Music Group chief Michelle Jubelirer announced her abrupt exit this week … and a day later Tom March, then-president of Geffen, was named her successor. Lillia Parsa (pictured) was also brought in from UMPG as co-president of CMG … Warner Music chief Robert Kyncl telegraphed a 10% staff reduction … which resulted in the exit of Warner Chappell Australia’s longtime managing director … Ricardo Chamberlain was been named COO of Marc Anthoney’s Puntilla Music … The Nashville Songwriters Association International (NSAI) selected its leadership for the coming year … and Eliza Tew is director of brand partnerships/talent manager for Clay Busch’s new agency, SiX18 Media.
Last Week’s Turntable: Crypto.com Arena Is Secure
With a slate of new artists and a recently launched North American joint venture, SM Entertainment’s revenue reached 250 billion won ($189.5 million at the period’s average exchange rate) in the fourth quarter of 2023, down 3.4% year over year and 6.1% lower than the third quarter, the company announced Wednesday (Feb. 7). Operating profit dropped 51.7% to 10.9 billion won ($8.3 million) while the company posted a net loss of 19.7 billion won ($14.9 million) compared to a 1.9 billion won ($1.4 million) net profit in the prior-year period.
The company attributed a decline in revenue from its concert-related subsidiaries to smaller-sized concerts and a decline in its content-related subsidiaries to “slow business conditions.” SM Entertainment’s share price rose 0.2% to 73,000 won ($54.77) after the earnings release.
SM Entertainment sold 5.6 million albums in the fourth quarter, up 40% from the prior-year quarter; NCT 127’s album Fact Check sold 1.86 million units and aespa’s Drama EP sold 1.26 million units. As for concerts, NCT Wish performed 24 shows in nine cities in Japan ahead of its debut album’s release later this quarter. SHINee performed for 80,000 fans at four concerts in Japan. NCT 127 had six concerts in Seoul, Korea with a total attendance of 60,000.
For the full year, SM Entertainment released 64 albums that sold a record 20.1 million units, and its artists performed at 340 concerts around the world. RIIZE, the first boy band launched under the company’s new multi-production system — an organizational structure introduced in 2023 to break from the previous system that relied solely on founder and ousted chief producer Lee Soo-man — sold more than 1 million units of its debut album, Get a Guitar, which was released in September.
“The multi-production system, which is the core part of our SM 3.0 strategy, has been operating successfully since its introduction last year, and active musical activities are underway under the guidance of each production SM director,” CEO Jang Cheol Hyuk said during Wednesday’s earnings call. The system is meant to speed the introduction of new artists and material by providing other leaders with decision-making powers.
Looking ahead to 2024, SM Entertainment will launch four new artists: NCT Wish, virtual artist naevis, an unnamed girl group and a U.K.-based boy band. The company also plans to release global albums for major artists at least once a year and expand the scale of global concerts, Jang said.
In the first quarter, SM has EPs from NCT Dream, TEN, Taeyong and Wendy, while NCT 127 is performing 13 dates in Japan, Indonesia, the Philippines, Thailand and Macau. The second quarter will see a new album from aespa and EPs from Red Velvet, RIIZE, SHINee, SUHO and WayV, as well as 15 concert dates for NCT Dream in Korea, Japan and Southeast Asia. Other artists including MINHO, TVXQ!, Super Junior-L.S.S., SHINee, TAEmin and aespa each have a handful of shows in the first or second quarter.
SM Entertainment also expects to see results from its North American partnership with Kakao Entertainment. The two companies are “working to establish and expand local partnerships for artists,” said Jang. He pointed to the joint venture’s strategic agreement with Moon & Back, a U.K.-based entertainment and TV production company, that will cast a five-member boy group in the United Kingdom and perform songs sourced from KMR, SM Entertainment’s new music publishing subsidiary.
Worldwide Independent Network (WIN), the organization that brings together local independent music trade bodies across the globe, taps five new board members, while ratifying the reappointment of its chair and treasurer.
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Dario Draštata (Dallas Records, Croatia), Fran Sandoval (IMICHILE, Chile) and Marty Ro (Sound Republica, South Korea) are among the new directors named to the 20-strong WIN board, announced Thursday, Feb. 8. The other new faces are Alejandro Varela (S-Music, Argentina) and Sridhar Swaminathan (SIMCA, India), who are named as observers.
The trade association gives “warm thanks” to outgoing members Francesca Trainini (PMI, Italy), Jeffrey Chiang (Fluxus, South Korea) and Oliver Knust (IMICHILE, Chile).
Renewed each year, the board is comprised of independent music company and trade association representatives from around the world, appointed by WIN members on a geographical basis.
The organization rings in the changes this year by creating a new international structure based on five regional blocs: North America, Latin America, Europe, Asia and Australasia, a move that reflects “diversity of languages, genres and cultures that make up its membership,” reads a statement.
Meanwhile, Zena White (Partisan Records, U.S.) and Maria Amato (AIR, Australia) are reappointed as chair and treasurer, respectively. Melbourne-based Amato, the CEO of the Australian Independent Record Labels Assn., in 2022 became WIN’s first female chair and the organization’s first from the southern hemisphere.
“I am grateful to be given the opportunity to continue as chair of WIN and my congratulations go to our five new board members,” comments White in a statement. “Our North Star is to strengthen the sector by having an independent music trade association in all countries where there is a commercial music business. The new regional bloc structure reflects our purpose to connect as many territories as we can. I am particularly proud of WIN’s work with groups in Latin America and Asia-Pacific on their specific agendas, as well as adding associations in India, Paraguay and Bulgaria to our membership.”
The organization launched in 2006 and became a trade association in 2016, serving as a global coordination and support body for the independent sector, and representing thousands of music companies and professionals worldwide. Its focus is on long-term development and sustainability.
Each year, WIN commissions and publishes the WINTEL market report that measures the economic and cultural impact of the independent music sector globally.
Next up, White and Noemí Planas, CEO of WIN, will join reps from member associations in other Latin American countries to visit Guadalajara, Mexico in late February and early March for the FIM GDL conference and to host an independent labels summit and WINHUB networking gathering.
WIN board for 2024:North America
Garry West (Compass Records, U.S.)
Gord Dimitrieff (Aporia Records, Canada)
Jason Peterson (GoDigital Media Group, U.S.)
Richard Burgess (A2IM, U.S.)
Zena White (Partisan Records, U.S.)
Observer: Tony Kiewel (Sub Pop, U.S.)
Latin America
Francisca Sandoval (IMICHILE, Chile)
Sandra Rodrigues (ABMI, Brazil)
Observer: Alejandro Varela (S-Music, Argentina)
Europe
Dario Draštata (Dallas Records, Croatia)
Gee Davy (AIM, UK)
Geert De Blaere (N.E.W.S., Belgium)
Jörg Heidemann (VUT, Germany)
Mark Kitcatt (Everlasting Records, Spain)
Observer: Helen Smith (IMPALA, Europe)
Asia
Marty Ro (Sound Republica, South Korea)
Takuya Yamazaki (IMCJ, Japan)
Observer: Sridhar Swaminathan (SIMCA, India)
Australasia
Maria Amato (AIR, Australia)
Observer: Dylan Pellett (IMNZ, New Zealand)
Vinyl Group now has a fourth pillar.
Following the completion of its acquisition of The Brag Media, the Sydney-based music and tech specialist doubles-down on its mission to build revenue and integrate its new asset.
As previously reported, the transaction is funded with a new investment by billionaire WiseTech Global founder and CEO Richard White, by way of an A$11 million ($7.5 million) placement and debt facility, uniting the only music specialist company listed on the Australian Securities Exchange (ASX) with the market leader in premium youth content and events.
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“Our real mission or vision that we all have in the company is to empower and power all facets and parts of the music ecosystem,” Vinyl Group CEO Josh Simons tells Billboard.
When the group, previously known as Jaxsta, prior to a rebrand in early December, spotted an opportunity with The Brag Media, “we also knew that the company was going to evolve into more of a portfolio music company,” Simons continues.
Prior to the purchase, Vinyl Group’s portfolio was built on the three pillars of its music credits business Jaxsta; the leading music industry social-professional network and talent marketplace Vampr; and Vinyl.com, the online record store. The Brag Media, with its range of titles including Rolling Stone AU/NZ, Variety Australia, Tone Deaf and trade title The Music Network, is its fourth pillar.
Vinyl.com is a “very fast growing ecommerce platform, it speaks to the fan,” Simons continues, “but a huge part of connecting the dots here is connecting fans as creators, and media and events and everything that The Brag does, fills that gap.” When the opportunity came across the table, and “when we knew what direction they were boldly headed in, it made a lot of sense and got us excited very quickly.”
The amalgamation of both business presents “some really obvious low hanging synergies,” he explains, pointing to sales synergies between Vampr and The Brag Media as one example, “but broadly speaking, it plugged a hole in this broader flywheel of servicing all participants in the music ecosystem.”
People, product and process – “that’s really always my focus,” explains Simons.
The co-founder of Vampr, Simons was elevated from chief strategy officer to CEO in June 2023, succeeding Beth Appleton, who stepped down as CEO with immediate effect.
“Revenue, cost efficiency and profitability remain the top priorities for Jaxsta,” Simons commented at the time of his ascension, “and I look forward to building on the current momentum.”
The agenda remains the same.
“The headline KPI was four quarters of consecutive revenue growth and moving towards profitability,” Simons says. “Under my tenure, we’ve released three quarters of performance. And in each quarter, we’ve averaged 204%, quarter over quarter.” The Brag deal “turbo charges that”.
The completion of the acquisition was confirmed with a statement Feb. 1, when stock was trading at $0.063. At the close of trading today (Feb. 8), VNL stock was trading at $0.066, for a market cap of $41.73 million.
Prior to the deal going through, The Brag Media bolstered its executive team with a triumvirate of appointments. Dane Robertson returned to the company in the newly-created role as head of client and event partnerships in Australia and New Zealand, following a stretch at media firm Pedestrian Group. Also, Denise Barnes joined as client projects director following six-plus years with lifestyle site Man of Many, most recently as head of branded content, and Anan Salvarinas joined the team as senior creative strategist, following two-and-a-half years with LADbible Australia, including a recent run as senior creative (brand).
This year is an “important” one for the business “as we focus on integrating The Brag Media into Vinyl Group’s properties as well as continued strong growth of our technology products,” explains Simons in the Feb. 1 statement to the ASX. “We now have a very clear path to profitability.”
Warner Music Group (WMG) revenue reached a record $1.75 billion from October through December, the company announced Wednesday (Feb. 7). That’s up 17.5% from the prior-year quarter (up 15.9% at constant currency), as both the recorded music and publishing divisions posted their best-ever quarterly revenues.
With Spotify and other streaming services having raised prices in 2023, WMG’s digital revenue increased 16% and streaming revenue grew 16.6%. The company also posted gains in physical sales, licensing revenue and music publishing performance royalties, though the company saw declines in recorded music artist services and expanded rights revenue. Net income rose 55.6% to $193 million and operating income improved 33.6% to $354 million.
“These results reflect the impact of our chart-topping artists, hit-making songwriters, iconic catalog, and laser focus on execution by all our teams,” CEO Robert Kyncl said in a statement. “As we deliver our plan to accelerate our growth, we are becoming more efficient, increasing operating leverage, and freeing up more funds to invest in music and tech, which in turn will drive further sustainable growth.”
Moments after WMG released the quarter’s results — an earnings call will take place Thursday morning (Feb. 8) — news broke that the company will eliminate its staff by 10%, primarily through the sale of owned and operated media companies such as Uproxx and HipHopDX. The company will also eliminate its in-house ad sales function and plans to wind down its podcasting brand, The Interval, as well as social media publisher IMGN. The reductions will free up $200 million in cost savings that can be reinvested elsewhere, Kyncl wrote in a memo to staff obtained by Billboard.
WMG shares were up 6.4% to $36.19 in after-hours trading following the late afternoon release of earnings results and staff reductions.
Excluding three extraordinary items, WMG’s revenue growth was 12.1% (10.6% at constant currency). A previously disclosed licensing agreement extension for an artist’s catalog added $68 million of revenue and a digital licensing agreement renewal added $27 million to the quarter. The termination of a distribution agreement with BMG resulted in $13 million less revenue than the prior-year quarter.
Recorded music revenue improved 16.6% to $1.45 billion on the success of Zach Bryan, Bruno Mars, the Barbie soundtrack and Jack Harlow, whose track “Lovin on Me” first reached No. 1 on the Billboard Hot 100 singles chart in December and recently spent its fourth non-consecutive week atop the chart dated Feb. 3. The segment’s digital revenue grew 13.1% to $908 million while physical revenue climbed 15.8% to $154 million. Licensing revenue jumped 84.5% to $179 million.
Music publishing revenue grew 21.6% (19.7% at constant currency) to $304 million thanks to a 32.2% improvement in streaming revenue and a 31.5% gain in digital revenue. Mechanical royalties — which are tied to downloads and physical purchases — rose 7.1% to $15 million. Publishing’s synch revenue was flat at $39 million as lower commercial licensing activity in the United States was offset by the timing of some legal settlements.
WMG’s margins improved nearly across the board in the quarter. Company-wide, the company’s operating margin rose 2.5 percentage points to 20.3% and its adjusted operating income before depreciation and amortization (OIBDA) margin rose 3.3 percentage points to 25.8% (and was flat excluding BMG’s termination, the license extension and digital license renewal). Recorded music’s adjusted OIBDA margin rose 4.4 percentage points to 28.5% and its operating margin improved 3.1 percentage points to 25.9%. The publishing division’s operating margin rose 1.1 percentage points to 20.7% while its adjusted OIBDA margin declined 0.5 percentage points to 28.3%, due primarily to the impact of exchange rates.
Gains in recorded music and improved digital royalties helped Reservoir Media’s revenue increase 19% to $35.5 million in the fiscal third quarter ended Dec. 31, the company announced Wednesday (Feb. 7).
Strong results in the quarter allowed Reservoir Media to raise its guidance for its full fiscal year ending March 31. Guidance for full-year revenue increased from a range of $133 million to $137 million to a range of $140 million to $142 million, implying 15% annual growth at the midpoint. Adjusted guidance on earnings before interest, taxes, depreciation and amortization (EBITDA) increased from a range of $50 million to $52 million to a range of $53 million to $55 million, which would be a 16.5% year-over-year improvement. Reservoir Media also raised its guidance when it released its previous earnings in November.
The results “demonstrate our ability to manage the business and deploy capital to further grow our portfolio,” CEO Golnar Khosrowshahi said during Wednesday’s earnings call. “Along those lines during the quarter, we continued to invest in our business, with an emphasis on further diversifying our portfolio across various music genres.”
Recorded music revenues grew 32%, to $10 million, inclusive of catalog acquisitions. The segment’s digital revenue grew 26% to $6.6 million while physical revenue rose 51% to $1.7 million. Synch revenue doubled to $800,000 and neighboring rights royalties gained 16% to $1 million.
Publishing revenue dominated total revenue, though, improving 15% to $23.1 million. Publishing’s digital revenues grew 30% to $13.9 million and synch revenue gained 9% to $4 million. Performance, mechanical and other revenue fell from the prior-year quarter.
Synch revenue from both segments was affected by the writer and actor strikes in 2023, explained CFO Jim Hendlmeyer. A “very promising” ad market helped synch revenue during delays in TV and film production, he added.
The quarter was also helped by Reservoir Media’s numerous signings and acquisitions, including Theo Katzman, the founding member of Vulfpeck and a collaborator with such artists as Carly Rae Jepsen and Teddy Geiger. In December, Reservoir signed singer-songwriter grentperez, for whom it handles administration and creative aspects with its Australian sub-publisher, Mushroom Music. In October, the company signed a global publishing deal with Joe Walsh. Its last announced acquisition was the catalog of Arthur “Boogie” Smith in November.
Reservoir highlighted Grammy success for the songwriters and producers on its roster. Among the winners was best folk album winner Joni Mitchell, who signed a publishing administration deal with the company in 2021. Killer Mike, who signed with Reservoir in 2022, won in three rap categories: Best Rap Song (“Scientists & Engineers”), Best Rap Album (Michael) and Best Rap Performance (“Scientists & Engineers”). Elsewhere, Khris Riddick-Tynes’ collaboration with SZA, “Snooze,” won best R&B song and Blue Raincoat Music client Phoebe Bridgers had a hand in four awards, including best rock song, with her group boygenius.
Shares of Reservoir Media increased 6.1% to $7.26 early Wednesday morning before falling to $6.49, down 5.1%, by midday.
Since Laura Gonzalez lost her job as a Spotify software engineer in December, when the streaming giant cut 1,500 employees in its third round of 2023 layoffs, she has struggled to reassert herself in a shifting music business.
As companies like Universal Music Group and BMG downsize for strategic purposes, Gonzalez has observed through job listings and interviews — that public-relations, media and streaming jobs are thinning out while the social-media and ticket-sales sectors remain more or less robust. “It is scary, I’m not going to lie,” says Gonzalez, a San Diego singer and guitarist who fronts shoegaze band Memory Leak. She adds that the “competition is insane,” noting she spent her one-year Spotify career building revenue streams for artists beyond royalties. “I found myself having to study and refresh on topics I had not thought of since I was in university — data structure and algorithms.”
From the point of view of music-business job-seekers, the employment landscape has taken a recent turn into the unknown. For the last several years, boosted by streaming growth and a spike in demand during COVID-19 home quarantine, labels, DSPs (digital service providers) and other streaming-focused companies were expanding and hiring. But UMG’s chairman, Lucian Grainge, has warned staff for months that the world’s biggest label is on the brink of severe cost-cutting.
For that reason, according to Pieter Wolter, founder of The Music Recruiters, an Amsterdam-based company that recruits people in the music business and connects them to job opportunities, job-seekers with music-business experience in human resources, finance or other transitional skills might consider recession-proof sectors such as health insurance. He expects music-business job growth in artificial intelligence, data analytics and the metaverse, but perhaps not imminently.
“It’s not like all these people who are laid off will be able to transition easily into those areas. This will depend on network and experience,” he says. “It’s clear the music industry is changing. There’s not a single area where I’m aware of super-strong hiring, like you could have seen in the past at digital distributors — or technology bursts you sometimes see.”
There are bright spots in the industry. Jon Loba, BMG’s new president of frontline recording, declared last month that he would immediately start beefing up his A&R team in Los Angeles. (In October, the Berlin-based label and publisher laid off 30 staffers as part of what CEO Thomas Coesfeld called “a strategy for future growth.”) And record-setting tours by Taylor Swift and Beyoncé have helped to create “lots of great growth opportunity for years to come” on the live side, Michael Rapino, president/CEO of Live Nation, told investors last August.
“Jobs will look different and there will be more competition, but I don’t think we need to completely freak out,” says Andreea Magdalina, Coachella’s community director and founder of shesaid.so, a music-business community of women and nonconforming gender people that hosts an online job portal. “What’s tough is people looking for jobs right now, because things are shifting really quickly. The market is going through a consolidation phase.”
For now, though, online recruiters are seeing bleakness in the business. (In addition to recent layoffs at DSPs and labels, music journalism has taken a devastating hit, with Conde Nast downsizing Pitchfork and newspapers such as the Los Angeles Times firing entertainment writers and editors.) Recent music-related opportunities on ZipRecruiter, according to Julia Pollak, the company’s chief economist, have been in teaching, therapy or junior-level positions.
“There’s not tremendous growth happening in these industries,” she says. “The sort of high-paying music-manager kind of roles that are the most attractive are in very short supply.”
Noticing the same trends over two months of unemployment, Gonzalez has broadened her job search: “I’m hopeful that I can find something where I can make an impact, whether it’s in the music industry or a different industry. It’s all a learning path.”
LONDON — Hipgnosis Songs Fund’s shareholders have voted overwhelmingly in favor of passing a special resolution that authorizes the payment of up to 20 million pounds ($25 million) to prospective bidders seeking to acquire the fund’s assets.
The special resolution was approved by 99.9% of the fund’s shareholders at an extraordinary general meeting held in London on Wednesday (Feb. 7), according to a regulatory filing.
It gives Hipgnosis Songs Fund‘s (HSF) board of directors the power to pay a fee capped at £20 million to any prospective bidder or bidders making a “bona fide” offer or offers to acquire one or more of the company’s subsidiaries which own music assets, and/or some of the fund’s music rights on favorable terms. The fee is meant to reduce the risk of making an offer for Hipgnosis Songs Fund’s music catalogs by providing “significant protection” against their due diligence and acquisition costs.
In a statement, Robert Naylor, chairman of Hipgnosis Songs Fund, thanked shareholders “for their continuing support” and said the company’s board “remains focused” on its strategic review, “under which it is looking at all options to deliver shareholder value.”
The London-listed fund, which owns full or partial rights to the song catalogs of artists ranging from Justin Bieber, Neil Young, Bruno Mars, Jimmy Iovine, 50 Cent, Shakira, Blondie, Justin Timberlake, Lindsey Buckingham and many more, hopes that the enticement of a large fee will help draw potential bidders.
In October, shareholders voted against the music royalties fund’s proposed $440 million deal to sell 29 catalogues to Hipgnosis Songs Capital – a partnership between investment giant Blackstone and the fund’s investment adviser Hipgnosis Song Management – citing the lack of an “up-to-date” valuation.
October’s annual meeting of shareholders also saw a majority of investors vote against a resolution “to continue running the fund in its current form” — a so-called “continuation vote” — commencing a six-month countdown for the board to come up with a plan “for the reconstruction, reorganisation, or winding-up of the company.”
That led to the installation of a new executive board with Naylor replacing Andrew Sutch as chairman in November.
Last year wrapped with Hipgnosis lowering the value of its music portfolio following what Naylor described to investors as a strained relationship with its investment advisor, the Merck Mercuriadis-led Hipgnosis Song Management (HSM), over the catalog’s worth.
This year has so far begun on an equally rocky footing with the fund’s board of directors calling into question HSM’s ability to field competitive bids for its assets.
A major sticking point is the investment advisor’s call option, which gives it the right to purchase the company’s portfolio if its contract with the fund is terminated with less than 12 months’ notice, among other scenarios. The fund’s board contends that Hipgnosis Song Management’s call option harms its ability to receive competitive bids.
Last week, Mercuriadis announced that he will be stepping down as chief executive officer of Hipgnosis Song Management to take up a newly created chairman role with Ben Katovsky replacing him as CEO.
Hipgnosis Songs Fund’s share price was roughly flat at 65 British pence ($0.84) following Wednesday’s extraordinary general meeting.
The Nashville Songwriters Association International (NSAI) has selected its leadership for the coming year.
Lee Thomas Miller has been selected to serve as president, while Jenn Schott will serve as vp of the organization. Outgoing president Steve Bogard, who previously served as NSAI president from 2006-2012 and was elected to the role again in 2017, is the longest-running president in NSAI’s history. Bogard chose not to seek another leadership term, though he will continue serving on NSAI’s board of directors.
The results of the general election also include new board member Trannie Anderson joining for a first term, while 10 current board members were re-elected to two-year terms: Steve Bogard, Chris DeStefano, J.T. Harding, Byron Hill, Josh Kear, Jamie Moore, Jon Nite, Liz Rose, Jenn Schott and Emily Shackelton. Meanwhile, Roger Brown was re-appointed to a one-year term as legislative chair, while Rhett Akins and Caitlyn Smith were re-appointed to the organization’s “artist writer” board positions for one-year terms and Brett James was re-appointed to a one-year term in the industry liaison role.
The new additions join existing board members Miller, Kelly Archer, Sarah Buxton, David Hodges, Jessie Jo Dillon, Tim Nichols, Josh Osborne, Rivers Rutherford, Anthony L. Smith, Troy Verges and Parker Welling, whose terms expire in 2025.
“Steve Bogard led NSAI through complicated trials where we sought higher streaming rates, the Music Modernization Act, and many challenges as we sought to improve compensation for American Songwriters,” said NSAI executive director Bart Herbison in a statement. “Every songwriter in the United States owes him a handshake and thank you for his work and the thousands of hours he sacrificed. We are also glad to welcome Lee Thomas Miller who has served as President previously and is a proven, effective advocate. And Jenn Schott who will serve as NSAI Vice-President after years of experience on our board and Executive Committee.”
NSAI Board elections happen in two phases: voting by the NSAI professional songwriter membership and appointments by the NSAI board of directors. The board terms begin each year at the April meeting.