Business News
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If it’s Friday, you know it’s high time for another spin around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music.
Keychange U.S., a non-profit organization championing gender equity and inclusion across music, added four new members to its board of directors: Andreea Gleeson (TuneCore), Christine Osazuwa (Measure of Music, Shoobs), Jessica Sobhraj (Cosynd), and Matthew Yazge (Whitman Insight Strategies). Additionally, Keychange U.S. hired YouTube and Reddit veteran Maria Gironas as its new general manager, working closely with the board on its stateside initiatives. Founded in 2017, Keychange focuses on empowering women and gender minority artists and industry pros. The organization’s goal is to reshape the music industry to make it more inclusive. Keychange’s Gender Equality Pledge has been signed by more than 650 global music organizations. The U.S. expansion of Keychange was launched in June 2022 with funding from TuneCore and its Paris-based parent Believe.
“After launching the gender equality study, BE THE CHANGE three years ago, it was important that we continued to support the mission of the report, namely, to see the industry move towards more equitable and diverse representation across genders. That’s what led us to Keychange,” said Gleeson. “Witnessing the impact of what Keychange has been able to achieve in Europe and the many lives it has influenced, it became apparent that we needed to bring similar efforts to the US. I’m honored to be named US Chair for the Board of Directors. Together with the rest of the illustrious board, I am excited to continue to drive impact, both globally and locally, for women and gender-expansive individuals, be they developing music creators or rising executives.”
South Korean tech conglomerate Kakao, owner of Kakao Entertainment and a majority stakeholder in K-pop company SM Entertainment, appointed Shina Chung to be its next CEO. She currently runs the company’s venture arm. When Chung officially takes over the mothership in March, she’lll be Kakao’s first female chief executive and has already signaled change is afoot at the perpetually embattled company. “I will carry out active and responsible management,” Chung said. “I will not miss this opportunity for change because Kakao does not have much time.” Her appointment arrives a month after Kakao and its former chief investment officer were indicted for stock manipulation related to its pursuit of SME earlier this year. Kakao owns the country’s dominant chat app, KakaoTalk, and subsidiary Kakao Entertainment owns Starship Entertainment, home to K-pop megastars Monsta X, as well as South Korea streaming app Melon. In August, Kakao Entertainment and SM Entertainment revealed their plans to create a North American joint venture by the end of this year.
Ming Lu was appointed to the newly created role of vice president of artist development and entertainment strategy at Universal Music Greater China. Ming Lu’s job will be to build up opportunities for the label’s Chinese-language roster and facilitate opportunities for artists across film, TV, gaming and other sectors. Ming Lu joins Universal from Warner Music, where he most recently served as a senior director. Prior to WMG, he put in five years as director of artist management at Modern Sky.Based in Beijing, Ming Lu will report directly to Timothy Xu, chairman and CEO of UMGC. “With his keen insights on youth culture and strategic approach in the entertainment businesses, Ming Lu will be instrumental to drive the innovation and growth at the very heart of our business – providing the full spectrum of services and utmost opportunities for artists,” said Xu.
All in the Family: Veteran journalist Raina Kelley is VIBE‘s new editor-in-chief. Starting Jan. 2, Kelley will oversee the editorial direction and vision of the 30-year-old VIBE brand as it begins a new chapter as part of the portfolio of its sister publication Variety. She’ll work closely with Variety co-EICs Ramin Setoodeh and Cynthia Littleton, who’ll expand their remits as editorial directors of VIBE. The NYC-based journalist was most recently vp and EIC of Andscape, the ESPN vertical devoted to covering the intersection of Black culture and sports. She assumed the leadership role in May 2021 after serving as managing editor of the site (then called The Undefeated) for five years. Prior to The Undefeated, she served as deputy editor at ESPN The Magazine. Vibe joined the Penske Media portfolio — which also includes Billboard and The Hollywood Reporter — through its 2020 joint venture with MRC. “We’re thrilled to welcome Raina to the Variety family,” said Setoodeh and Littleton. “Raina brings with her an incredibly rare set of skills and experiences across politics, sports and media. She will be instrumental in maintaining VIBE’s unique voice of authority and infusing her perspective into all of our initiatives. We look forward to VIBE’s exciting evolution ahead.”
Agency Briefs: Creative Artists Agency (CAA) announced 16 promotions to agent. Those promoted include Gabrielle Fetters, Megan Glendinning, Justin Gorkowitz, Evan Greenberg, Leilani Houston, Alex Hubert, Hannah Kaiser, Ashley King, Kyle Margolis, Peppa Mignone, Max Miller, Khalil Roberts, Sarah Phillips, Cami Potter, Jack Upton, and Connie Yan to agent or executive. (Dave Brooks) … GOA Music & Speakers (Greg Oliver Agency, Inc.) has expanded and elevated its staff, with Tim Robinson joining as an artist agent, and David Richt being promoted from booking coordinator to artist agent. GOA Music currently represents Big Daddy Weave, Tasha Layton, Rhett Walker and more. (Jessica Nicholson)
Death Row Records hired UMG veteran Kat MacLean Daley as the revamped label’s first vp and head of publishing, effective immediately. No surprise, MacLean Daley reports directly to DRR owner Snoop Dogg and is based in Los Angeles. In her new role, she’ll handle day-to-day operations and focus on building on Death Row’s publishing prowess, plus expand the label’s catalog and roster. She joined UMPG in July 2017 in the business and legal affairs department, and worked her way up to director of music sampling and business development. “Kat’s already a legend in the world of clearances and publishing, and her drive and discipline was what I wanted to bring to Death Row,” said Snoop. “The talent that has been a part of Death Row for over 30 years deserves to have their songs heard, but also to be properly licensed and paid as songwriters and producers. I know that Kat is the right person to take care of our history, while also helping us write the story for the chapters to come. There’s a Kat in the Dogg house now.”
Board Shorts: The Country Music Association elected its board of directors for 2024, with new board members including Austin Neal (The Neal Agency), Shannan Hatch (SESAC), Mike Harris (UMG Nashville), Jeffrey Hasson (UTA), Annie Ortmeier (Triple Tigers Records), Rachel Whitney (Spotify), Brent Daughrity (Gallagher), Deana Ivey (Nashville Convention & Visitors Corp), Michelle Tigard Kammerer (Amazon Music), Adam Weiser (AEG Presents), Stephen Parker (NIVA) and John Zarling (615 Leverage + Strategy). The board officers for 2024 will be Kella Farris, chairman (Farris Self & Moore, LLC), Jay Williams, president-elect (WME), Jennie Smythe, president (Girlilla Marketing) and Ben Vaughn, secretary/treasurer (Warner Chappell Music Nashville) … Former Stone Temple Pilots manager Steve Stewart joined the advisory board of Sonar Media, a new music, social media, and streaming mobile platform … Former AOL and Univision-ary Kevin Conroy joined the advisory board of American Weekend Entertainment, parent of Gen Z influencer network Music Daily.
ICYMI:
Warner Music Nashville appointed Stephanie Wright as senior vp of A&R … WME announced detailed departmental changes relating to A&R and bookings … Scott Hendricks (pictured) will be leaving Warner Music Nashville at the end of the month … The National Independent Talent Organization (NITO) hired Nathaniel Marro as its first managing director … and Datwon Thomas was named executive producer of talent for Dick Clark Productions (DCP).
Global creative audio network Squeak E. Clean Studios named Chris Clark and Michael Gross (MG) co-managing directors of the U.S. At the same time, Hamish Macdonald will step aside as global managing director of the company, which creates soundtracks and sound designs for ads, film and TV, but he’ll continue to oversee Squeak E’s operations in Australia. Clark joined the Squeak squad in 2020 from ad giant Leo Burnett, while MJ is two years in after a tenure at someplace called “Google.” Macdonald said he is “so proud of this announcement,” adding, “It is such an incredibly exciting next stage in Squeak E’s growth and a much deserved promotion to two great leaders. Both Chris and MG have all the talent, skills and drive to handle the role of MD independently, but as they both bring insights steeped by equally impressive backgrounds from different sides of the industry, they are the dynamic duo to lead this incredibly talented team into the stratosphere.”
Radio, Radio: Partridge Family star Danny Bonaduce retired from Seattle radio this week after 12 years at classic rock station KZOK. Bonaduce, who said he’ll take it easy in Palm Springs but keep a place in his “beloved Seattle,” said recently that he has hydrocephalus, a neurological disorder caused by a buildup of fluid in cavities deep within the brain … Australian radio legend Richard Kingsmill announced his retirement after a 35-year reign as a champion of music at Triple J radio. “His dedication and passion for supporting Australian music and musicians has shaped our industry,” said APRA AMCOS in a statement. “An absolute a radio her. Big bravo.”
Warner Music Group veteran Barry Landis launched Pivot Music, a new label offering scoring and licensing services for filmmakers and music supervisors. Pivot’s general manager of operations is Ben Jones, a graduate of Belmont University’s Curb College of Music Business. “I’m excited for this new approach to the music industry,” says Jones. “The models for business are constantly changing and being at the frontlines of these shifts is crucial.”
Anastasia Brown departed Visionary Media Group (VMG), where she has been chief content strategist since 2020. Brown’s role centered on directing the creation and allocation of all digital and physical content across platforms for VMG’s music, film, television and scoring projects. Her 30-year career includes roles as a music supervisor, artist manager, music publisher, film/soundtrack/TV producer, author, TV personality, A&R/label executive and content creator at companies including Firstars Management in Nashville, Ark 21 Records, the Nashville Convention & Visitors Corporation and Warner Nashville. She earned a Grammy nod for her role as music consultant on the 2011 Footloose remake and served as an on-air judge on the USA Network series Nashville Star from 2005 to 2007.
Experiential entertainment company Mycotoo promoted Cirque du Soleil alum Michael Wilder to director of production and hired Jessica Herrera as director of business development. Wilder has 25-plus years of experience under his belt, and recently spearheaded Mycotoo’s production for the fan activation for Netflix’s “Stranger Things: The Experience.” Herrera has 16 years of economic development experience and was previously the director of econ dev for the city of El Paso, Texas. Mycotoo CEO Seth Cover: “Their unparalleled expertise and track record of success will be undoubtedly valuable in enabling us to deliver live experiences that bridge entertainment, human connection, and inspiration to audiences worldwide.”
Executive Turntable: Spotify’s UK Boss Departs
Warner Music Group has partnered with British health tech start-up MediMusic to trial “music as medicine” to help relieve pain, anxiety and stress. MediMusic will conduct research testing in several closed randomized controlled trials in both the United States and the United Kingdom that will deliver playlists from the Warner Music catalog to patients and sample groups to observe how they respond to the music in real-time.
“MediMusic’s proprietary algorithms extract the relevant features from the digital DNA of a piece of music, resulting in a fingerprint for healthcare use,” according to a press release, with the help of artificial intelligence, machine learning and patient data. The company then automatically creates personalized 20-minute playlists and plays the music through a streaming device called the MediBeat and a pair of headphones. Patients wear a heart rate monitor on their wrists to monitor the physiological effect of a piece of music.
The release states that initial trials conducted by MediMusic and the UK National Health Service using the MediMusic technology reduced the heart rate of anxious dementia patients by 25%.
Secretly Distribution announced new global multi-year deals with Danger Mouse‘s 30th Century Records, the catalog of singer-songwriter David Gray and Madlib‘s Madlib Invazion. Secretly will support all of 30th Century Records’ new music and back catalog, including vinyl reissues. For the Gray catalog, the company will work with Bella Figura Music to provide the catalog with global digital support and vinyl reissues. And for Madlib Invazion, Secretly will handle distribution for Madlib and the rest of the label, including new music from Madlib expected next year.
Additionally, Secretly announced multi-year contract renewals with three longtime label partners: Captured Tracks, Rhymesayers Entertainment and Run for Cover.
SoundCloud announced partnerships with dance label Helix Records and hip-hop label Payday Records to offer expanded global artist services for emerging electronic and hip-hop artists identified by SoundCloud for a potential signing with one of the labels.
ASM Global and Voltus, a distributed energy resource platform and virtual power plant operator, struck a partnership through which ASM Global-managed venues will be paid for energy reduction efforts across all venues located in wholesale and regulated power markets in the United States. Earlier this year, the ASM Global Acts Foundation announced a plan to convert the company’s venue portfolio into the world’s most sustainable, which includes reducing energy consumption by 25% by 2030 from this year’s baseline and becoming carbon neutral by 2050.
Colorado Springs, Colo.-based live entertainment company Notes Live entered into a non-binding letter of intent for a business combination transaction with wine producer Fresh Vine Wine, a company listed on the NYSE American stock exchange. The two parties expect to negotiate and enter into a definitive agreement before the end of January; Notes Live is planning to seek shareholder approval for the transaction at a meeting scheduled for Jan. 31.
The final closing is expected in the second quarter of 2024, subject to closing conditions including approvals by NYSE American of the continued listing of the combined company’s common stock after the closing. The combined company’s common stock would trade on the NYSE American under the ticket “VENU” following the closing.
Notes Live currently operates two entertainment campsites in Colorado Springs and Gainesville, Ga. and is also developing luxury amphitheaters in Colorado Springs; Broken Arrow and Oklahoma City, Okla.; and northern Texas. According to a press release, “The parties expect that the owners of Notes Live would own a substantial majority of the issued and outstanding shares of Fresh Vine common stock on a post-transaction basis, which may be in excess of 90%.”
The Feldman Agency is teaming with Tennis Canada to launch The Bowl at Sobeys Stadium, a new open-air concert venue in Toronto. Located on the York University campus, the Bowl will accommodate up to 9,000 guests and feature private lounges and an onsite restaurant.
Lucas Thomashow, former senior vp at Avex, announced SANA, a new label that will be a joint venture with recently launched artist and label services company Santa Anna (led by Todd Moscowitz and Lee L’Heureux), Sony Music and independent label LISTEN TO THE KIDS (founded by Conor Ambrose). SANA’s partnership with Santa Anna will encompass distribution, marketing and promotion, while the A&R and marketing teams at LISTEN TO THE KIDS (which partnered with Santa Anna in January 2023) will work with SANA on the strategy and development of the label. SANA will be based in LISTEN TO THE KIDS’ studio and offices in L.A.
Production company Jesse Collins Entertainment has signed with CAA for representation. The company, which boasts three divisions — specials, unscripted and scripted — is next slated to produce the 75th annual Emmy Awards. The company’s credits include the American Music Awards, BET Awards, Becoming a Popstar, Cardi Tries, American Soul and The New Edition Story. Founder/CEO Jesse Collins and president Dionne Harmon executive produce all Jesse Collins Entertainment programming; the company has a multi-year, non-exclusive overall deal with Paramount Global.
Lyric licensing and data solutions company LyricFind and music metadata leader Music Story extended and expanded their multi-year relationship. The broader partnership allows Music Story to help further LyricFind’s commercial reach by selling the company’s services to customers in the United States and globally. Prospective customers can also tap Music Story’s U.S. and international metadata services.
“By making Music Story an extension of LyricFind’s services, we’re taking a major step forward in unlocking the power of metadata to help more people discover and enjoy the music they love with lyrics while ensuring that songwriters and copyright holders are fairly compensated for their incredible work,” said LyricFind founder/CEO Darryl Ballantyne in a statement.
B2B streaming media service Tuned Global partnered with the new “artist-centric” streaming platform Sona to help launch Sona’s music service and marketplace, sona.stream. Tuned Global will provide content delivery, tools and reporting services for Sona under the deal, including its content delivery and APIs that will allow fans to create playlists and launch radio stations based on their favorite artists (beginning in 2024).
Co-founded by artist/producer TOKiMONSTA and Laura Jaramillo, Sona allows fans to stream music for free without subscriptions or ads but also to buy SONAs, or digital twins of specific songs that share future streaming rewards with their owners. Artists can choose which songs to auction as SONAs, while fans can purchase songs as SONAs to earn 70% of that song’s future streaming rewards on the Sona platform.
Beats marketplace BeatStars has partnered with software developer Resonant Cavity, creators of the popular mobile studio and vocal effects app Voloco, to integrate with Voloco beginning in January. “Our collaboration with BeatStars will bring the best beat catalog into the most powerful mobile recording studio,” said Patrick Flanagan, CEO/founder of Resonant Cavity, in a statement. “As artists experience studio-quality vocals from Voloco over top-tier beats from BeatStars producers, they’re going to be inspired to create something exceptional.”
UnitedMasters has officially launched in Nigeria, Billboard can exclusively announce. The global music distribution platform aims to connect independent African artists to the global stage.
With UnitedMasters’ premium music distribution services, innovative technology and first-of-its-kind artist marketing solutions, Nigerian artists will be able to upload and distribute their music to global media parters — such as Spotify, Facebook, Instagram, Apple Music, YouTube, Snap and TikTok — as well as critical African services, like Boomplay, Audiomack, Muska, Music in Ayoba, Anghami and Joox.
“UnitedMasters’ move into Nigeria is the next logical step in making independence the standard setting for the music industry all around the globe,” UnitedMasters CEO Steve Stoute said in a statement to Billboard. “While we’re active in a number of exciting markets around the world, Nigeria is simply second to none when we talk about talent density and untapped potential, both for individual artists and the Naija diaspora as a whole.”
UnitedMasters offers tailored music distribution plans for artists, from the “Debut” tier with 90% royalty retention to “Select” tier, which includes unlimited music releases and brand collaborations. For the special Nigerian launch, UnitedMasters will introduce reduced pricing, with the “Select” tier at 20,000 NGN/year, as part of its commitment to accessible, high-quality music distribution for all independent artists in Nigeria.
“Nigeria is already a musical powerhouse, and our role is to ensure that the cultural command it enjoys today becomes an economic and political annuity for generations to come,” said Stoute. “Our promise that you can shape the future of music without sacrificing your ownership is critical to establish in Nigeria, while artists from around the world seek to emulate the success of these Naija heroes. As we see it, winning with, not just within, Nigeria is the one move that will accelerate our cause in every market.”
Nigerian American rapper Tobe Nwigwe and Nigerian producer Sarz are already on the platform. In June, Billboard exclusively announced that UnitedMasters was partnering with Sarz and his 1789 imprint in efforts to discover, develop and empower the next generation of African artists and producers. Sarz recently released his “Happiness” single, featuring Asake and Gunna, via 1789 and UnitedMasters ahead of his new album, which is due in 2024. “Happiness” arrived three months before his previous “Yo Fam!” single with Crayon and Skrillex.
As part of the launch, Nwigwe and Sarz will perform during a “Live from Lagos” concert on Thursday (Dec. 14) in collaboration with Don Julio, with VIPs being served Don Julio 1942. In the coming months, Don Julio and UnitedMasters will continue working together by unveiling a series of programs aimed at spotlighting independent Nigerian artists and making strategic investments in the future of Nigerian music. UnitedMasters will utilize the brand partnerships they already have with Don Julio, Coca Cola, the NBA and more, while simultaneously building relationships with brands on the ground to support local artists and contribute to the prosperity of the Nigerian music industry.
“Don Julio partnerships are often driven by cultural truths. Don Julio has organically been a part of the Afrobeats scene for years, so when we were looking for meaningful ways to enter into the Nigerian market, the UnitedMasters launch was an obvious choice,” added Sophie Kelly, svp of global tequila and mezcal at Diageo. “This partnership will begin in December, but ultimately expand Don Julio’s presence in the music scene of Nigeria throughout 2024.”
In less than two months, the-ever first North American music industry climate summit will happen at the USC Campus in Los Angeles. Today (Dec. 14), the event is announcing a robust list of speakers and programming for the day-long event.
Happening Feb. 5, the Summit will feature speakers including Lindsay Arell, head of sustainability at ASM, Maggie Baird the founder of Support + Feed, John Fernandez, the director of the Environmental Solutions Initiative at MIT, Adam Gardner, the co-founder and Co-Director of REVERB (and also the guitarist and vocalist for Guster), Garrett Keraga, the senior manager of sustainability, policy & advisory at ClimeCo, Cassie Lee, the CEO of Sound Future, Michael Martin, the CEO and founder of r.World & Effect Partners, Amy Morrison, the president & co-founder of the the Music Sustainability Alliance, Lesley Olenik the vice president of touring at Live Nation and Jake Perry, the director of operations at C3 Presents.
Other speakers will represent companies including TAIT, CES, Coca Cola, Overdrive Energy Solutions and Rock-it Global. Additional speakers will be added before the event. Panels will be moderated by GreenBiz Chairman & Co-founder Joel Makower and address climate-related problems specific to the music economy including carbon emissions from fan travel, waste management, clean energy options and much more. See the complete Summit program below.
The Music Sustainability Summit is being produced by The Music Sustainability Alliance, an organization that provide science-based solutions, business case analyses, best practices, and tools for operational change across the industry. Tickets for the event — running 9 a.m. to 5:30 p.m. — are available on a sliding scale between $25 and $200 and are available now.
“We welcome all, the climate curious and the climate experts,” Music Sustainability Alliance co-founder and president Morrison said upon the Summit’s announcement. “There will be something for everybody.”
Music Sustainability Summit 2024 Program
Our Place in the World, Welcome from the MSA: Get grounded in space in time with Amy Morrison and Michael Martin, co-founders of the MSA, and Joel Makower, founder of GreenBiz – the most vital resource for greening the economy on the planet.
What’s the Problem?, The New Music Sustainability Basics: Emissions and waste are hard to measure, so we’ve gotten the experts to do it for us. MIT presents an overview of the music industry decision makers from a sustainability lens, showing us where to place our emphasis – ClimeCo brings a holistic picture of the problems we face, based on interviews from players across the music landscape. Finally, Cassie Lee from Sound Future shows us how to leverage the power of live events as a catalyst for climate innovation.
The Artist-Activist Spectrum, Artist Discussion: You’re small, you’re huge. You’re an activist first, you’re an artist first. Most likely, you’re somewhere in between. Join artists from all over the spectrum as they speak openly about the challenges, anxieties, and joys of climate action. And learn how to most effectively support them in their quest for impact.
What We Eat Matters, Food, Carbon, and Equity: “Plant-based eating is the single biggest way to reduce your impact on the earth.” – Univ. of Oxford. This conversation will explore how the music business can set precedent for other industries. From catering, to concessions, to community outreach, we will shine a light on how to eat more sustainably for the planet and each other. This conversation will show the opportunities artists and the music industry have, to shift to a more equitable food system and how they can impact local communities.
That’s Trashy!, Waste Management: It’s the most visible problem in the live music industry: millions of plastic cups, food containers, and pounds of food waste. No one likes it, it’s expensive, and there’s a solution. Join the people engineering the future of zero waste venues, and hear directly from waste haulers and concessionaires about the pain points of the transition.
Dark Days for Diesel, New Horizons for Power: Diesel generators are like the gas-powered leaf blower of the music industry: dirty, loud, and carbon-polluting… but familiar and reliable. As clean energy technologies become more widely available, festivals are leading the way in innovative power solutions to shift the industry away from fossil fuels. Meet the experts battery-powering the revolution and learn how you can hop on the train before it leaves the (solar-powered) station.
Haul it All, Freight, Trucking, Logistics, and Shipping: Whether you’re touring with a convoy of 18-wheelers, a fleet of cargo planes, ocean freight or just an acoustic guitar, getting all your gear from place to place is top-of-mind from an emissions perspective. Learn how to design cleaner, less-wasteful touring from the ground up and what artists and tours are doing today to reduce their environmental and social impact.
The Elephant in the Car, Fan Travel: It sucks, and no one wants to talk about it: anywhere from 50 – 90% of the music industry’s emission problems come from fan transportation. Like it or not, we generate the demand, and that means we’re responsible for the planes, trains, and automobiles that get people to the show. How do we even get started? From shuttle programs, to incentivizing mass transit, to lobbying for clean energy, it’s time to bite the bullet and build a livable future for our fans and ourselves.
Our Voice, Our power, Climate Communications and Fan Engagement: We’re musicians and music business professionals, not scientists. So let’s learn how to use our best weapons – our voices – to fight climate change. Learn from climate communication experts about the most effective ways for musicians and their teams to talk about climate – without fear of getting canceled.
Processing: What Just Happened?, Moderated Group Discussion: Joel Makower of GreenBiz leads us in conversation. Now that you’ve got the lay of the land, it’s time to put it all together. Meet with your new (and old) partners on the journey. Ask questions about your place on the road to zero emissions. If you’ve got questions, chances are, you’re not the only one. In this session, the audience has a chance to join the discussion and inform what’s next.
Where do we go from here?, Onwards and upwards with the MSA: Learn what’s next for the MSA and others in the industry, including plans for getting together to help each other along, and shared resources for maintaining a high level of impact.
Argentine singer-songwriter Maria Becerra has signed with Wasserman Music for representation worldwide (except in Mexico, Chile and Argentina), the talent agency announced on Thursday (Dec. 14). She will be represented by agents Juan Toro and Ryan Soroka. The deal caps off a significant 2023 for Becerra who in May signed a label deal with Warner […]
Hulu has scrapped a reality show that was to follow Sean “Diddy” Combs and his family, according to a new report in Rolling Stone. Though it’s not clear when Hulu stopped making the show, the report comes after multiple allegations of sexual assault and abuse were lodged against the rapper and entrepreneur over the past month.
The project, which reportedly had a working title of Diddy+7, was being produced for Hulu by James Corden‘s production company, Fulwell 73, which also works on The Kardashians. A source with knowledge of the situation tells Billboard the show was in its nascent stages and is not currently in production.
Combs has been sued for sexual assault by a total of four women, including his longtime romantic partner, R&B singer Cassie, who accused him of rape and physical abuse, among other allegations. Though that case settled the day after it was filed, Combs was subsequently sued by three more women, all Jane Does, who say the hip-hop mogul sexually assaulted them. In the most recent case filed, the woman says she was “sex trafficked” and “gang raped” by Combs, former Bad Boy Records president Harve Pierre and another man in 2003 when she was 17. A separate case over that alleged incident was filed against Pierre and Bad Boy alleging sexual assault.
Combs has strongly denied all of the allegations; on Dec. 6, he released a public statement that said in part: “Sickening allegations have been made against me by individuals looking for a quick payday. Let me be absolutely clear: I did not do any of the awful things being alleged. I will fight for my name, my family and for the truth.”
In the aftermath of the allegations, Combs stepped down from his role as chairman at Black music TV company REVOLT on Nov. 28. The company simultaneously released a statement saying that while Combs “had previously no operational or day-to-day role in the business, this decision helps ensure that REVOLT remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people throughout this country and the African diaspora.”
According to Rolling Stone, a total of 23 brands have severed ties with Combs’ e-commerce marketplace Empower Global, which officially launched in July, since the allegations came out. The outlet also reports that in the wake of the lawsuits, liquor company Diageo — with which Combs has been embroiled in a bitter legal battle over his DeLeon Tequila brand for months — filed a request asking a judge to deny Combs’ request to control a $15 million marketing budget for DeLeon, which would entail his image appearing in new ads for the spirit.
Combs released a new album, The Love Album: Off the Grid, in September via his Love Records imprint.
If you or someone you know has experienced sexual violence and need support and/or resources, reach out to RAINN and the National Sexual Assault Hotline (800-656-HOPE) for free, confidential help 24/7.
Most corporations would love to rake in revenues well over $1 billion in a single year. In 2023, Taylor Swift has done it — and plenty more — by herself.
Billboard estimates that the 2023 Time Person of the Year honoree has grossed approximately $1.82 billion in music sales and royalties, concert tickets, merchandise sales at concerts and movie ticket sales in 2023 through Dec. 7.
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That figure represents the total amount generated in these handful of segments of Swift’s business career, not the amount she personally pocketed. Because none of this financial information is publicly available, Billboard calculated music royalties based on data from Luminate, concert ticket sales using publicly available information and her concert merchandise revenue was estimated based on Billboard’s reporting.
While impressive, $1.82 billion isn’t even the entirety of the income Swift has derived from her music career. Billboard left many items out of the calculations due to the inaccessibility of data, including synchronization royalties for her music’s use in advertisements, films and television shows, sponsorships, and merchandise sales from her website and licensing deals.
To put Swift’s year in perspective, she took in more than the $1.4 billion global gross of the motion picture Barbie. She exceeded the $1.6 billion fetched last year by the auction of Microsoft co-founder Paul Allen’s art collection of works by the likes of Vincent van Gogh, Georges Seurat and Gustav Klimt. And it’s almost four times the 2022 annual revenue of Deezer, a publicly traded music streaming company with 9.4 million subscribers. In fact, she grossed more than every record label besides the three majors.
Spending on tickets and concert merchandise accounted for the lion’s share of Swift’s business this year. Swift’s The Eras Tour generated approximately $900 million in ticket sales in 2023. That figure is based on Billboard’s estimate that Swift sold 3.3 million tickets to 53 concerts in the U.S. at about $250 per ticket. An additional 13 shows in Latin America likely earned another $60 million to $75 million from 750,000 ticket. At those concerts, Swift sold an estimated concert merchandise sales of $132 million of merchandise. Her per-show average merchandise sales at roughly $2 million, based on Billboard’s reporting.
Swift’s music grossed an estimated $536 million from streaming royalties, purchases — tracks, digital albums, CDs, LPs and cassettes — and broadcast radio play through Dec. 7. Swift is this year’s leading U.S. artist in terms of on-demand audio streams, album sales and track sales.
Sales and streams accounted for roughly 86%, or $461 million, of her recorded music revenue. Most of that money was collected by her label, Republic Records, and the owner of her Big Machine Music Group catalog, Shamrock Capital. These amounts include the gross amount from music purchases (CDs, LPs and downloads) and includes mechanical royalties paid by record labels to songwriters and music publishers.
Swift’s songwriting catalog generated an estimated $75 million from streaming and radio play. (Publishing royalties from streaming are not counted in the recorded music gross revenue. Unlike the mechanical royalties from purchases, mechanical royalties from streams are not passed through record labels.) The radio royalties are paid to Swift’s performance rights organization, BMI, and will be distributed to Swift, her co-writers and the various music publishers and administrators that have rights to the compositions.
Additionally, Taylor Swift: The Eras Tour movie has an international gross of $250 million, according to Box Office Mojo. In the U.S., the movie grossed $179 million and debuted at No. 1 with first-week ticket sales of $95 million to $97 million. Depending on the production costs, the movie could be a financial boon for Swift considering she circumvented the traditional Hollywood distribution system and made a deal directly with AMC, the country’s largest movie theater chain. Additionally, the film is now available to rent on streaming and Swift retains the rights to license to a streaming service — both of which will earn her even more money.
Swift’s true economic impact is far larger than her gross sales outlined here. Many experts have been thinking of Swift’s business as the center of a larger economic impact that expands like concentric circles around her fans’ insatiable demand and willingness to travel to experience her concerts. The U.S. Travel Association stated in September that it believed The Eras Tour’s total economic impact will exceed $10 billion. Swift’s tour reached 20 U.S. cities and her fans averaged $1,300 of spending on travel, hotel stays and food. The association figures Swift’s fans spent about $5 billion in those destinations. Including indirect spending by others “who came to join the action around the events but did not actually attend the shows,” the association estimates the total economic impact is twice the $5 billion of direct spending. Another estimated found that her six sold-out shows at SoFi Stadium in Inglewood, California, alone brought an estimated $320 million to the Los Angeles area’s gross domestic product, according to the California Center for Jobs & The Economy and California Business Roundtable.
SiriusXM will merge its publicly traded stock with a Liberty Media tracking stock to create a single, streamlined public stock, the company announced Tuesday (Dec. 12). The deal — a piece of financial engineering rather than an overhaul of the companies’ organizations — will create a new public company that continues to use the SiriusXM brand.
SiriusXM and Liberty Media laid out numerous benefits of the transaction: a simplified equity structure; enhanced trading liquidity; a larger float (a larger percentage of outstanding shares on the market); the elimination of a multi-class stock structure; greater strategic flexibility; and greater potential for inclusion in stock indexes.
Investors have had two ways of investing in SiriusXM: the SiriusXM stock that trades on the Nasdaq and Liberty SiriusXM Group (LXSM), a “tracking stock” created by majority shareholder Liberty Media. (A tracking stock is a stock that depends on the financial performance of a specific business unit or division.) LXSM accounts for 84% of SiriusXM’s 3.84 billion outstanding shares; SiriusXM’s public shareholders own the remaining 16%.
On Sept. 26, with SiriusXM’s typically stable stock price down 26% year to date, Liberty Media announced a proposal to merge the two stocks. As detailed Tuesday, Liberty will separate Liberty SiriusXM Group by creating “SplitCo,” which will holds all LXSM assets and liabilities. SplitCo will immediately acquire SiriusXM in an all-stock transaction to form “New SiriusXM” with one class of common stock. New SiriusXM is expected to continue to be traded on the Nasdaq under the familiar stock ticker SIRI.
Former LXSM shareholders will get 8.4 shares in New SiriusXM for each share of LXSM and will own 81% of the post-merger company’s outstanding shares. Former SiriusXM shareholders will own the remaining 19%.
The new company will have a leverage ratio of 3.9 at close and a target leverage ratio of 3.0 (net debt to earnings before taxes, interest, depreciation and amortization). New SiriusXM has secured financing commitments up to $1.1 billion to fund the refinancing of a LXSM loan and an exchangeable bond. The companies told investors share buybacks will take less priority until that target leverage is reached.
“This combination will create value for all stockholders by eliminating the tracking stock structure, enhancing liquidity and allowing former LSXM stockholders to participate directly in the ongoing performance of SiriusXM,” said Greg Maffei, Liberty president/CEO, in a statement. “SiriusXM commands the largest paid share-of-ear in the car and has proven itself as an incredibly successful and profitable business. We are confident SiriusXM will continue to create value by building on its resilient business model to execute its strategic initiatives.”
“We are pleased that the Special Committee of our Board of Directors has reached this agreement with Liberty Media, which will allow SiriusXM to enter its next phase of value creation,” added Jennifer Witz, CEO of SiriusXM. “In a highly fragmented audio entertainment industry, SiriusXM has differentiated itself as the leading audio entertainment provider by creating an experience centered on our high-quality, premium, human curated radio that is more relevant than ever. In doing so, we have built a profitable business that is poised for continued success.”
The deal is expected to close in the third quarter of 2024 and is subject to regulatory approvals and a majority vote of Liberty SiriusXM Group shareholders. The transaction has been approved by Liberty Media’s board, a SiriusXM special committee and SiriusXM’s board of directors. The deal will be tax-free to Liberty SiriusXM Group and SiriusXM shareholders, except for cash received instead of fractional shares.
SiriusXM’s stock price has dramatically improved since September thanks to news of the merger plan as well as a 10% increase in its dividend in October. Shares of SiriusXM rose 5.6% to $5.30 following Tuesday’s announcement, reducing its year-to-date deficit to 9.2%.
True to its title, Brenda Lee‘s “Rockin’ Around the Christmas Tree” — which just notched its second straight week at No. 1 on the Billboard Hot 100 — brings in some serious green over the holiday season.
Billboard estimates that in 2022, the enduring holiday hit racked up $2.7 million in master recording revenue for Lee and her label, Universal Music Group, and $1.274 million in publishing revenue, totaling nearly $4 million, on the strength of 464 million on-demand streams and 25,000 track downloads.
So far this year, Billboard estimates the master recording has garnered $1.6 million in revenue and about $700,000 in publishing revenue, or $2.3 million total, on the strength of 301 million on-demand global streams and 16,000 track downloads.
In the United States last year, “Rockin’ Around The Christmas Tree” generated nearly 1.75 million song consumption units (track downloads and on-demand streaming), while it has so far accumulated 967,000 song consumption units (and, within that, 301 million on-demand streams) in 2023.
But there’s still plenty of holiday season left — and when you compare the 49-week period that has elapsed so far this year with the same period in 2022, it’s clear that “Rockin’” is on track to surpass last year’s total. The song’s 967,000 song consumption units to date in 2023 is far ahead of last year’s 807,000 song consumption units (and 195 million streams) at the same point. (Luminate doesn’t compile global song consumption units).
“Rockin’ Around the Christmas Tree” was solely written by the late Johnny Marks, whose publishing company, St. Nicholas Music, would get the publishing revenue. Marks wrote a number of other holiday favorites including “Rudolph the Red-Nosed Reindeer,” “A Holly Jolly Christmas,” “Silver and Gold” and “I Heard the Bells on Christmas Day.”
The above estimates don’t include whatever royalties come in from licensing the song to Christmas compilation albums; while the publishing total doesn’t include whatever revenue is generated from cover versions.
Datwon Thomas has been named to the newly created role of executive producer, talent, for Dick Clark Productions (DCP). In his role, which takes effect immediately, Thomas will be part of DCP’s in-house talent team, collaborating on talent strategy, relations, bookings and creative, leveraging his experience from his 13-year stewardship of VIBE. Thomas will work out of both the New York and Los Angeles offices.
Thomas will also assume the role of editor-at-large of VIBE, supporting big-picture strategy for the brand. In addition, he will maintain his role as PMC’s vice president, culture and media, building diversity initiatives and programs for the company.
“I am thrilled to start this new chapter in my media and entertainment career,” Thomas said in a statement. “My time as editor-in-chief of VIBE has been incredibly rewarding. I would like to thank my staff of all eras for their hard work and support. Entering this new role is a valued achievement and one I take as an honor. I have been consulting with the DCP team for years, and during that time, my love of the rush of live television has grown. I look forward to getting even more involved in all aspects of great projects with amazing talent.”
“We’re very excited to have Datwon bring his experience and unmatched expertise in hip-hop and R&B to DCP,” Jay Penske, chairman, founder and CEO, Penske Media, and CEO, Dick Clark Productions, said in a statement. “His deep relationships and innate creative sensibilities will be instrumental in shaping the future vision of DCP’s world class portfolio of shows.”
Most recently, Thomas served as VIBE’s editor-in-chief. During this time, he pioneered new initiatives for hip-hop and R&B media and created platforms to showcase and discover emerging and established artists.
Since 2019, Thomas has worked closely with the DCP team as a consulting producer for flagship programs including the American Music Awards, Billboard Music Awards, Academy of Country Music Awards and Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest.
Prior to VIBE and PMC, Thomas held positions as the editor-in-chief of hip-hop’s street authority, XXL Magazine, and founder/editorial director of XXL Presents Hip-Hop Soul, among other posts.