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Artists who decided to sell their catalogs in 2023 did a little better, on average, than the year before, according to a new report by Shot Tower Capital, a Baltimore-based investment banking firm that focuses on media and entertainment.
The average multiple of private music publishing catalogs — excluding a small number of iconic catalogs that fetch a premium — increased to 17.2 times net publisher’s share (or gross profit after paying writer royalties) in 2023 from 16.7 times NPS in 2022. Including iconic catalogs, the average multiple decreased slightly in 2023 to 19.2 times net publishers share from 19.4 times NPS in 2022.
While the average multiple improved this year, the 17.2 times NPS average was well below the peak of 20.1 times NPS in 2019, as well as below the 17.9 NPS average for the period spanning 2019 to 2023.
Even so, catalog valuations have held up well amid recent higher inflation rates, Shot Tower explains, even as interest rates — which began to climb in 2021 after falling to historic lows at the onset of the COVID-19 pandemic in 2020 — have tamped down valuations. That’s because buyers’ future growth expectations have increased, due in part to increased upcoming distributions from the Music Licensing Collective — thanks to favorable Copyright Royalty Board rate determinations this year — and the development of new digital sources such as TikTok.
A shift amongst buyers in the catalog market has also brought catalog valuations down from their 2019 peak.
Hipgnosis Songs Fund, the publicly traded investment trust founded by Merck Mercuriadis, was the price-setter from 2018 to 2021. In the latter year, Hipgnosis Songs Fund bought stakes in such catalogs as Neil Young, Shakira and Red Hot Chili Peppers. Before Hipgnosis Songs Fund’s IPO in 2018, the average publishing catalog multiple was 16.2 times NPS in 2017. That jumped to 18.8 times NPS in 2018 and 20.1 times NPS in 2019 and 18.8 times NPS in 2020. In 2022, though, when Hipgnosis Songs Fund was unable to raise more money through additional equity offerings and stopped buying catalogs, the average publishing multiple dropped to 16.9 times NPS. Since 2022, Hipgnosis Songs Management has been employing a more disciplined approach for its privately held fund, Hipgnosis Songs Capital, which is backed by Blackstone, sources tell Billboard.
Shot Tower believes catalog buyers like Hipgnosis Songs Fund and Round Hill Music Royalty Fund — another publicly listed investment trust that Concord acquired in October — now have less influence in current transaction valuations. Instead, large companies are showing their willingness to pay a premium to control rights such as licensing. As interest rates increase, the Shot Tower report states, “yield-focused financial investors have pulled back” and strategic buyers — major labels and publishers — “continue their focus on acquiring quality assets with control where they can impact long-term growth.”
New capital investment will favor the approach taken by these strategic buyers, according to the report. Publishing and recorded music catalogs that provide full control — such as owning 100% of the publisher’s and songwriter’s shares — will continue to be highly valued by strategic buyers. Rights of “marginal quality” catalogs and passive income “are finding less demand.” There’s are good reasons for placing a premium on control: Shot Tower estimates the ability to eliminate third-party distribution and administration costs is equal to an immediate increase in a valuation multiple of 2.0 times NPS or NLS. In addition, having control over a catalog provides opportunities for licensing and new projects with “potential to drive growth far in excess of industry averages.”
While the typical publishing catalog transaction value has leveled off since the 2019 peak, a few iconic catalogs — Shot Tower defines them as exceeding $200 million — approached 30 times NPS in 2023, a level matched in 2021 but higher than amounts paid in 2022. These catalogs go “primarily to an existing label/publisher with highly strategic (and sometimes defensive) reasons for purchasing at above-market prices,” the report explains.
One such iconic recorded music catalog sold for nearly 30 times net label share in 2023, according to the report — a much higher multiple than recorded music deals in previous years. (The report does not name the iconic catalog sold in 2023, but the only recorded music transaction exceeding $200 million that was made public this year was Litmus Music’s purchase of Katy Perry’s catalog for $225 million.) In previous years, iconic recorded music catalogs sold for between 22 times and 26 times net label share, or profit after royalty payments; and distribution, manufacturing, warehousing and shipment costs, but before marketing expenses.
Recorded music multiples — for both iconic and non-iconic catalogs — have risen over time while publishing multiples are consistent with levels seen in the late ‘90s, according to Shot Tower. That’s because the record business’s shift from physical to digital has helped improve record labels’ margins. Shot Tower points to Warner Music Group as an example: In 2010, when physical sales exceeded digital revenues, WMG’s adjusted earnings before taxes, interest, depreciation and amortization margin was 13.4%. By 2023, WMG’s adjusted EBITDA margin had improved to 23.8%. Shot Tower estimates that every 1% shift in revenue from physical to digital and streaming has increased WMG’s EBITDA and cash flow margins by about 25 basis points (a basis point is one-hundredth of a percentage point). If digital sources eventually account for 95% of recorded music sales, margins have the potential to improve another 5%.
Expect similar multiples in the coming years, says Shot Tower. Although its crystal ball is “a bit hazy” — uncertain interest rate and macroeconomic environments make predictions difficult — the firm expects interests to “moderate” in the first half of 2024 and multiples “to remain steady for the foreseeable future with higher-than-projected industry growth being offset by the continued drag of higher interest rates.”
Based on current growth projections, and adjusting for the current interest rate environment, ex-icon publishing multiples will range from 15.9 to 16.7 times NPS over the next four years. That’s in line with prior periods but a slip from the most recent years and well below the peaks from 2018 to 2020. Multiples averaged 16.4 times NPS from 2014 to 2022 but exceeded 18.0 times NPS from 2018 and 2020 and peaked at 20.1 times NPS in 2019.
As for recorded music, Shot Tower expects an average ex-icon multiple of 12.9 to 13.4 times net label share over the next four years. That’s in line with post-2020 trends that saw multiples jump as investors became convinced streaming would be a financial boon to recorded music revenues. Historically, the larger marketing spending associated with master recordings and a lower diversity of revenue streams has caused recorded music to trade at lower multiples to publishing assets. Shot Tower believes recorded music will continue to trade at a discount to publishing multiples despite margins improving as streaming accounts for a higher percentage of recorded music’s revenue mix.
But the value gap has become closer between music publishing and recorded music assets. In 2020, recorded music transactions carried an average NLS multiple of 10.4 times while music publishing transactions averaged an 18.8 NPS multiple that year — with a gap of 8.4 times between them. In 2022, that gap narrowed to 4.3 times, with a 12.4 times NLS multiple for recorded music and a 16.7 NPS for music publishing.
Shot Tower Capital has closed financings and M&A transactions in excess of $16 billion since its founding in 2012. Those have included such deals as the sale of Imagem to Concord, the sales of Phil Collins and Genesis catalogs also to Concord, and Michael Jackson’s estate share of Sony/ATV to Sony. If the Shot Tower principals David Dunn and Rob Law’s entertainment deals from the prior employment at the firms Alex. Brown and and Bear Stearns, respectively, are included, they have closed over 125 media, entertainment and consumer related transactions representing aggregate value exceeding $70 billion, according to the report.
Happy December? It’s time for another Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across the global music industry.
Italian music data platform Musixmatch appointed Rio Caraeff to chief business officer. In his new role, Caraeff will lead business and revenue-driving initiatives and will be responsible for managing relationships with clients, partners, IP owners and other stakeholders at the company, which offers multiple solutions for displaying lyrics in search results, in apps and elsewhere. Caraeff is best known as co-founder and former CEO of music video platform Vevo, where he worked from its 2009 official launch until late 2014. Prior to building Vevo into a video powerhouse, he held a bevy of executive roles at UMG, Sony Pictures and Capitol Records, among other places. In recent years, Caraeff has served as chief commercial officer at spacial audio firm Syng and chief content officer at AR Headset maker Magic Leap. Musixmatch has backing by TPG, Micheli Associati, P101 Venture, United Venture and Piton Capital. “Rio is deeply passionate about the entire music ecosystem and his energy and excitement about his work has enabled his success at some of the most innovative and influential companies in our industry,” said Max Ciociola, Musixmatch founder and CEO.
Jake Kozarec was promoted to partner at Fortress Talent Management, a leading agency representing elite composers and music supervisors including Howard Shore, Philip Glass and Gustavo Santaolalla. Kozarec has been a Fortress mainstay since 2016 and has overseen the careers of composers Lorne Balfe (Top Gun: Maverick) and Matthew Margeson (Kingsman: The Secret Service), among others. “He shares the same values we do – hard work for our clients, good taste and judgment, and integrity – and was a perfect fit from the moment he joined the company,” said Fortress founders Robert Messinger, Rich Jacobellis and Randy Gerston. “We are very excited to see what the future holds.”
Many Fortress clients likely belong to the Guild of Music Supervisors, which just announced their new board of directors and changes to its leadership team. Lindsay Wolfington and Heather Guibert are the guild’s new president and vp, respectively, replacing Joel C. High and Madonna Wade-Reed in the roles. Wolfington and Guibert’s board includes newcomers Jonathan Leahy and Robin Urdang, along with returning members Joel C. High, Howard Pair, Todd Porter, Aminé Ramer, Jennifer Smith, Andrea von Foerster and Wade-Reed, the former vp.
Radio, Radio: Lazy slouch Ryan Seacrest will carry on as host of iHeartRadio‘s On Air with Ryan Seacrest and America’s Top 40 with Ryan Seacrest until the end of 2027, according to a recently minted contract. He’ll also continue working closely with both CEO Bob Pittman and COO/CFO Rich Bressler on major initiatives and hosting several events, namely the iHeartRadio Music Festival … “Rude” Jude Angelini was let go from SiriusXM on Nov. 16 after 19 years as host of The All Out Show on Eminem’s Shade 45 channel. He had been at the satellite giant longer than Howard Stern, who joined up two years later. “I knew I wasn’t a fit for the channel anymore,” he told The Detroit News following his unceremonious firing. “I was in an impossible situation.” … NPR hired Collin Campbell as its new senior vp of podcasting strategy and franchise development. Based in Culver City, Campbell arrives from Gimlet Media, where he was executive editor for new show development. His public radio bonafides include a stint at WNYC, where he helped create The Takeaway and Freakonomics Radio.
ICYMI:
BBR Music Group senior vp of promotion Carson James and senior director of A&R Chris Poole had their positions eliminated by parent company BMG … Day After Day Productions announced the appointment of Christianne Weiss, former APA agent and vp and head of its adult contemporary music division, to serve as svp and head of touring … Diddy stepped down as chairman of REVOLT in the wake of three three sexual assault lawsuits … Former SM Entertainment chief Nikki Semin Han launched a new U.S.-focused K-pop company … and Atlantic veteran Riggs Morales joined the team at Def Jam Recordings as executive vp of A&R.
Amazon without Jillian Gerngross? That’s the new-normal after the respected exec vacated her role as general manager and director of Amazon Music for Europe, Australia and New Zealand after 12 and a half years at the wider company. “It is hard to believe that I have spent nearly 30% of my life with one company,” she observed in a LinkedIn post announcing the move, while thanking Paul Firth, Ryan Redingtoon and Steve Boom for their “unending mentorship and support.” Gerngross scored an Amazon internship in 2010 and soon made it official as a senior marketing manager of traffic for Amazon Fashion. After that dalliance in fashion, she moved over to Amazon Music in March 2013 and never left, taking roles in artist relations, customer engagement and marketing before nabbing her most recent title three years ago. For her efforts, Billboard recognized Gerngross as one of this year’s International Power Players. After her last day at Amazon, she joined tech firm Nothing as vp of marketing.
Entertainment company Neon Coast, founded by music industry entrepreneur and Kane Brown manager Martha Earls, has appointed Janie Whitefield as director of digital. Whitefield will oversee digital strategy for Neon Coast management clients including Brown, Restless Road, Dylan Schneider, Nightly and more. Whitefield previously spent four years as creative director at Venture Music.
Opus 3 Artists absorbed the staff and artists of Magnum Opus Artists into its vocal division, starting in the new year. Caroline Woodfield will hand over the reigns of the division to Nathan Wentworth in April, while MOA artist manager Trevor Newman will return in the same role. Opus 3 Artists’ roster includes instrumentalists, vocalists, conductors, composers, chamber music ensembles, and touring chamber and symphony orchestras. The firm is part of an alliance headed by the San Francisco Conservatory of Music which includes sister artist management company Askonas Holt and recording label Pentatone.
Generative AI music creation platform, label and publisher Boomy reached a distribution partnership with ADA Worldwide, Warner Music Group’s independent distribution and label services arm. Under the deal, Boomy’s A&R team will bring top artists and exclusively curated music from the Boomy roster to ADA. Select Boomy artists will be distributed and marketed across platforms including Spotify, Apple Music and YouTube Music. Boomy artists who will benefit from the partnership include rapper-producer Jelie, German harpist Katirha, Boston-based producer Lightfoot, rapper Paperboy Prince and techno/lo-fi music project Plague of Grackles. Boomy’s AI systems allow human creators to make original music even if they lack professional tools or a formal music-making education.
AI and metaverse technology and content company Futureverse signed with CAA for representation in all areas. The companies will collaborate to open up new opportunities for talent and intellectual property across Web3, the metaverse, AI, virtual games and experiences and more. The announcement follows the unveiling of Futureverse’s JEN 1, a “high-fidelity model” for text-to-music generation and research paper that proposes a strategy to pioneer a new licensing framework compensating rights holders, producers and artists. “Futureverse’s strategic collaboration with CAA has forged a strong alignment in fostering the development of mutually beneficial business models that empower creators with groundbreaking tools and lucrative revenue opportunities. As pioneers in AI, web3 and metaverse infrastructure, driven by a deep appreciation for art and humanity, we see an incredibly bright future for the world of entertainment,” said Futureverse co-founder Shara Senderoff in a statement. Futureverse’s other co-founder is Aaron McDonald.
Through an existing joint venture, CTS Eventim and Sony Music Latin Iberia acquired Punto Ticket in Chile and Teleticket in Peru, expanding the JV’s South American ticketing business, which launched in Brazil in 2016. The acquisitions will provide ticketing systems and related services to concert promoters and venues across both countries. Corporate leadership for the acquired companies will remain intact.
Spotify partnered with mobile provider Orange Middle East & Africa, which will now offer complimentary data bonuses for its customers to access Spotify’s service. “We are aware that data costs continue to be a hindrance for people who would like to stream music, that’s why we are actively working at Spotify SSA on partnerships like this one,” said Jocelyne Muhutu-Remy, MD for Spotify in Sub-Saharan Africa, in a statement. Brelotte Ba, deputy CEO of Orange Middle East and Africa, added that the deal will “contribute to the acceleration of digital inclusion on the continent.” Orange operates in a total of 18 countries across Africa and the Middle East.
HARMAN, a Samsung Electronics subsidiary that focuses on connected technologies for automotive, consumer and enterprise markets, acquired music management, discovery and streaming platform Roon. Described in a press release as “a music player for music enthusiasts,” Roon is available on all popular operating systems and also manufactures a line of hardware server appliances called Nucleus. Roon will operate as a standalone HARMAN business with its existing team remaining in place. HARMAN plans to grow Roon’s open device ecosystem that collaborates with more than 160 other audio brands, delivering audio to more than 1,000 high-performance devices.
Universal Music Group (UMG) signed a deal with Ethiopian streaming platform Sewasew Multimedia, which will now license and market UMG’s music catalog in Ethiopia. “UMG has a long and successful presence in Africa, and given Ethiopia’s rich and vibrant music culture, we are excited to work with Sewasew Multimedia to help grow the Ethiopian music industry to its full potential,” said Ulrik Cahn, UMG executive vp of Africa, Middle East and Asia, in a statement.
Independent digital distributor IDOL signed a global distribution and label services deal with Young Art Records, the L.A.-based label belonging to producer and DJ TOKiMONSTA. Under the partnership, IDOL will handle global distribution and marketing for Young Art Records’ catalog and frontline releases. In addition to TOKiMONSTA, Young Art artists include rapper Cakes Da Killa, Canadian R&B musician Rochelle Jordan and instrumentalist-songwriter duo Daktyl & Benni Ola.
Warner Music Group (WMG) struck a partnership with Ghana-based Small World Records, the label and publisher founded by music entrepreneur and streetwear connoisseur SmallGod. Under the new agreement, Small World will collaborate with teams from WMG, ADA and Warner Chappell Music to elevate Small World’s artist and songwriter rosters worldwide and discover, nurture and elevate a new generation of African talent. SmallGod will continue leading Small World’s operations.
SiriusXM unveiled a new collaboration with Europe’s Radio Monaco to launch the SiriusXM Radio Monaco channel, which will bring artists and DJs from Monte Carlo to SiriusXM listeners in North America. According to a press release, Radio Monaco (originally launched in 2006) is the only music stream originating from Monaco. The channel will broadcast live from Jimmy’z Monte-Carlo and air DJ sets from the parties around the Monaco Grand Prix while featuring exclusive interviews and content with stars from the country’s music scene. Radio Monaco will be available to SiriusXM subscribers across North America.
Spinnin’ Records signed a new joint venture with independent dance label and publisher Kanary Records, run by brothers Alex and Christopher Van den Hoef — also known as production duo DVBBS. Artists on Kanary’s roster include Arkade, Bad Nonn and Dayfive. “We are delighted to join forces with Alex and Christopher, reigniting our relationship from over a decade ago,” said Jorn Heringa, head of A&R at Spinnin’ Records, in a statement. “Both brothers bring deep expertise and knowledge to the table and will work harder than anyone else to develop and drive KANARY to new heights with us. Welcome back to Spinnin’!”
Mozaic.io, a global payments platform that allows co-creators to automatically send and receive split payments, closed a $20 million Series A funding round from Boston-based growth equity firm Volition Capital. Mozaic.io initially focused on payouts for music distributors, artists and collaborators before expanding to serve the entire peer-to-peer creator economy, with a goal of expanding further into the gig and freelance economy. The investment brings the total raised for Mozaic.io to $27.1 million, with existing investment from Rise of the Rest, Maverick Nashville and music industry executive Joe Galante. The funds will be used for new product development and expanding Mozaic’s sales and product teams.
Audoo — a music technology company that allows artists, songwriters, PROs and CMOs to see in real-time where their music is played via the use of proprietary audio meters, enabling them to better collect on public performance royalties — partnered with Abu Dhabi-based music rights organization ESMAA. Through the collaboration, ESMAA will incorporate Audoo’s “Audio Meter” and insights platform into its operational framework, allowing more accurate and transparent data collection and payment distribution for artists and rights holders. “ESMAA is at the forefront of building a modern rights company and through implementing the best technology from Audoo, we bridge the path of identifiable potential income with a system that optimises the use of music recognition in public performance spaces,” said Spek, founder/CEO of ESMAA, in a statement.
Canadian booking agency Paquin Artists Agency (PAA), a division of Paquin Entertainment Group, formed a strategic partnership with Louis Carrière, founder/president of Quebec-based agency Preste. The partnership will deepen PAA’s footprint in Quebec as it opens a new office in Montreal. PAA will also provide key resources to Carrière and his team to export Quebecian talent.
Believe-owned metal label Nuclear Blast announced an exclusive e-commerce partnership with Impericon, a provider of metalcore merchandise and music. Under the deal, Impericon will oversee all of Nuclear Blast’s European e-commerce activities starting in the first quarter of 2024.
Billboard is bringing back its peer-voted Power Players’ Choice Award for 2024, asking members of the music industry across all sectors to honor the executive they believe had the most impact across the business in the past year. Explore Explore See latest videos, charts and news See latest videos, charts and news Voting is now […]
Billboard is bringing back its peer-voted Power Players’ Choice Award for 2024, asking members of the music industry across all sectors to honor the executive they believe had the most impact across the business in the past year. Voting is open to all Billboard Pro members, both existing and new, with one vote per member […]
Full-service music company ONErpm is filling out further with the launch of two divisions, one being a new administration system meant to simplify managing an artist’s day-to-day needs — and the other an updated distribution platform geared for budget-crunched DIYers. Explore Explore See latest videos, charts and news See latest videos, charts and news The […]
Sean ‘Diddy’ Combs has stepped down from his role as chairman for REVOLT. TMZ first broke the story, and Billboard confirms through Diddy’s reps. The news arrives in the wake of Combs’ three sexual assault lawsuits, including one made by his ex-girlfriend Cassie Ventura earlier this month.
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According to a statement made by REVOLT on Instagram Tuesday morning (Nov. 28), the Black music television company aims to continue its mission of creating “meaningful content for the culture.”
“While Mr. Combs has 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,” the statement begins. “Our focus has always been one that reflects our commitment to the collective journey of REVOLT — one that is not driven by the individual, but by the shared efforts and values of our entire team on behalf of advancing, elevating, and championing our culture and that continues.”
Co-founded in 2013, REVOVT currently houses several popular music podcasts including Drink Champs and Yung Miami’s Caresha Please. In a recent digital cover story with Billboard, Diddy spoke on the success of REVOLT.
“[My goal is to] make it not just the biggest Black-owned network but the biggest media company that I can,” he said. I’m not pigeonholing myself. Again, nobody’s going to give us power, and they’re not going to share it with us. That’s why 10 years ago, I named my network REVOLT, because we have to take our quality of life back. There’s so much value and information.”
Earlier this month, Cassie alleged that Combs abused her during their on-and-off 11-year relationship. One day after filing the lawsuit against Combs, which alleged “episodes of horrific abuse” including rape, she settled with the mercurial music star. “I have decided to resolve this matter amicably on terms that I have some level of control,” Ventura said in a statement by her attorney, Douglas Wigdor. “I want to thank my family, fans and lawyers for their unwavering support.”
Combs responded, adding, “We have decided to resolve this matter amicably. I wish Cassie and her family all the best. Love.” No terms were disclosed and the release states that “the parties will have no further statements.”
Last week, Combs was accused of sexual abuse by two more women from alleged incidents stemming from the ’90s. Both suits were filed on Thanksgiving Day, the eve of the expiration of the Adult Survivors Act, which permitted victims of sexual abuse a one-year window to file a civil action suit regardless of the statute of limitations.
Nikki Semin Han is back in business, leading TITAN CONTENT, a new U.S.-based K-pop specialist which has ambitions to disrupt the game.
Headquartered in Los Angeles, with studios there and in Seoul, TITAN is led by a leadership team that’s launched the likes of BoA, Girls’ Generation, SUPER JUNIOR, EXO, The Boyz, TWICE, ITZY and others.
Announced today (Nov. 28), TITAN’s founders and executive team includes K-pop luminaries Semin Han as chairman of the board; CEO Katie Kang; chief performance officer Lia Kim; chief visual officer Guiom Lee; and chief business officer Dom Rodriguez.
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The soon-to-be-launched venture plans to manage artists, develop new K-pop groups, and, in time, produce a raft of music festivals. TITAN will also combine “traditional K-pop training and artist development with Web3 and metaverse innovation,” reads a statement, “ushering in a new era in music and entertainment.” First signings have not yet been revealed.
“Think of TITAN like the Avengers of the K-pop community joining forces to redefine the industry,” comments Semin Han. “With a proven record of elevating global superstars, TITAN’s founders and executives have played key roles in helping shape K-pop and making it a global lifestyle with passionate fans across the world.” Together, “we’re creating a company where artists thrive, fans come first, music takes center stage, and industry disruption reigns supreme.”
K-pop is, of course, riding a global wave. Taking into consideration ticket sales, streams and online chatter, few genres have blown-up quite like it. “It’s undeniable that the genre is having a big year in music,” declares Luminate in its Mapping Out K-Pop’s Global Dominance report. Global on-demand streams (audio and video) of K-pop music topped 90.4 billion in the year to date, up 42.2% from 2022. Japan leads the way with 9.7 billion, according to the report, followed by the U.S. at 9.2 billion.
“By connecting the East and the West, TITAN plans to lead the K-pop revolution on a global scale,” adds Kang. “Not only will we utilize our vast experience and expertise to develop and create beloved K-pop artists and brands, we will also push the industry forward through savvy Web3 disruption.”
TITAN’s initial seed round was led and closed by RW3 Ventures and Raptor Group with Dreamus Company serving as a co-lead investor. Co-investors include Animoca Ventures, Sfermion, Bell Partners AB, Heros Entertainment, Infinity Ventures Crypto, Scrum Ventures, Planetarium, and Avalanche.
Have some more turkey, have some more pie — it’s time for another Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings (and all things in between) across the music industry.
Sony Music Publishing UK promoted a trio of executives in its A&R department: Felix Canetty-Clarke to vp of UK A&R strategy & international research; Sarah Gabrielli to senior director of A&R, UK & Europe; and Saul Fitton to senior director of A&R, UK, effective immediately. Cannety-Clarke joined SMP in 2018 with a focus on research and analytics, and in his new job will continue those data-driven A&R initiatives and extend his focus across operations and strategy, the company said. Gabrielli and Fitton, whose start dates at the company were 2016 and 2020, respectively, will keep on keeping on in terms of driving opportunities for the company’s writers and artists. Since joining, Gabrielli’s portfolio has included beabadoobee, Baby Queen and Jim Legacy, while Fitton’s signees include Pablo Bowman and Bastille, among others. “Sarah, Saul and Felix are the very best talents in the UK,” said David Ventura, president and co-managing director of SMP UK. “Their passion for music, their drive and their unique daily dedication for our songwriters are exemplary. Together they bring the future of our company and with Tim we have been inspired to see everyone recognising their successes and achievements.”
Joshton “Peas” Harris joined Spotify as the head of hip-hop and R&B, artist partnerships, overseeing a team handling artist and manager relationships in those key genres. Harris previously held a similar marketing role at Amazon Music, which he joined in April 2020 following several years in talent management, marketing and other creative work during stops at Cinematic Music Group, Cashmere Agency and EQT Recordings. Over in playlists land at the music streaming giant, Cecilia Winter is the new global hits editorial lead, overseeing programming, editorial strategy and content brand extensions across Spotify’s family of ‘Global Hits’ playlists, including ‘Today’s Top Hits,’ ‘Pop Rising’ and the all-powerful New Music Friday. Previously at YouTube Music, where she rose to music programming manager in her five years there, Winter now reports to J.J. Italiano, the head of global music curation and discovery.
All In the Family: Billboard parent Penske Media Corporation promoted Brooke Jaffe to senior Vice President of public affairs and strategy, effective immediately. Over the span of four years, Jaffe has held a number of roles at PMC, including contributing editor, head of public affairs and communications, and, most recently, vp of public affairs and strategy. In her elevated position, she’ll keep driving impactful communications strategies on behalf of the PMC portfolio, which also includes Variety and The Hollywood Reporter, and she’ll continue to focus on public policy and external relationships. In recent years, Jaffe added oversight of the PR team for Dick Clark Productions and is a core leader for the LA3C festival. Prior to joining PMC, Jaffe held senior roles at fashion tech startup Eight and Bloomingdale’s. Jaffe continues to be based out of LA, where she reports to PMC CEO, chairman and founder Jay Penske.
ICYMI: While the week leading up to Thanksgiving is typically a slow week for HR departments, that was not the case at ChatGPT creator OpenAI, which fired its co-founder and leader Sam Altman under undefined circumstances, then hired him back a few days later after hundreds of employees threatened to quit … In less dramatic news, former CD Baby CEO Tracy Maddux announced he has stepped down from his role as chief commercial officer at Downtown Music Holdings.
Neon Records co-founder Patrick “Smiley” Cleary stepped down as CEO of the UMG-owned dance music label in order to focus on his Peppermint Blue Publishing company. The announcement, first plucked by The Music Network, was made in a memo to staff from Universal Music Australia and New Zealand chief Sean Warner, who noted that UMA’s “long standing partnership with Smiley has been significant and fruitful.” Founded by Smiley and Carl West as a label under Warner Music, the Australian imprint later went to Universal and over the years has worked Milky Chance, Skrillex, Rudimantal and Timmy Trumpet. Neon’s current roster includes Young Franco, Chloe Wilson and Nia Archives, among others. In his memo, Warner said Neon “has become an iconic label in ANZ thanks to [Smiley’s] vision, creativity, and passion, and we will take great pride in continuing to expand and enhance the Neon legacy, that we have all built together.”
Warner Records promoted Atticus George Carroll to vp of business and legal affairs, reporting to head of b&la Julian Petty out of Los Angeles. The Austin native joined WMG in June 2019 as director of business & legal affairs, and got her start in music as an artist before pivoting to practicing law on the business side of things. The move was first reported by Hits.
Nashville-based TV production company C.A.M.P. 615 added Shanna Strassberg as vp of development and strategy. Strassberg arrives from CMT, where she was vp of music and talent. Formed by producer/director Robert Deaton alongside Red Light Management’s Mary Hilliard Harrington and Coran Capshaw, C.A.M.P. recently scored a multi-year deal with CBS to produce its New Year’s Eve Live: Nashville’s Big Bash, which this year will feature Lynyrd Skynyrd, Thomas Rhett and Lainey Wilson. C.A.M.P. partner Mary Hilliard Harrington said Strassberg’s “relationships run deep and her instincts are always dead on. We just have an incredible level of trust with her, and I’m so happy she wasn’t scared to jump into the unknown with us as we build out C.A.M.P.” She can be reached at shannastrassberg@camp615.com.
Last Week’s Turntable: There Was a Minor Adjustment at the Emmys
SYDNEY, Australia — After posting another year of growth, and record revenue and distributions, APRA AMCOS is doubling-down on its call for a tax-offset to kick-start live music.
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The PRO last month posted “very strong” financials for the full-year 2023, with record gross revenue of A$690.5 million ($453 million), up 12% from the 2022 result, and net distributable revenue paid to songwriter and publisher members, affiliates and rightsholders up 11.4% year-on-year to A$595.2 million ($390 million), also a new benchmark — gains that are “indicative of a post-pandemic recovery.”
Those healthy results came with a gut-punch.
Since the start of the pandemic in March 2020, the organization found that 1,300-plus live music venues and stages across Australia were lost, or roughly one-third fewer licensed premises where artists can perform medium to smaller gigs.
At the presentation of those annual results at the APRA AMCOS HQ in Sydney, the organization’s CEO Dean Ormston urged the federal government to commit to a live music venue tax offset to act “as a catalyst in jump-starting live music nationally.”
This week, Ormston and APRA AMCOS reiterated those calls.
“For the current wave and the next generation of music creators to develop their skills and become export-ready, we need to provide them with the resources at home and build a sustainable live music ecosystem,” says Ormston.
A live music venue tax offset, he continued, would revitalize the country’s network of small live music venues.
Meanwhile, the music rights management body has confirmed the make-up of its board, following held two annual general meetings held Tuesday (No. 21) in Sydney.On the APRA board, writers Mark Callaghan and Jonathan Zwartz and publishers Jaime Gough (Concord Music Publishing ANZ) and Matthew Capper (Warner Chappell Music Australia) retained their positions. Jenny Morris and Damian Trotter (Sony Music Publishing) were named as chair and deputy chair of the APRA board, respectively.On the AMCOS board, directors Trotter and Heath Johns (BMG) retained their positions. Karen Hamilton (120 Publishing) is a new director appointment to the AMCOS board, while Philip Burn, chairman and CEO of Hal Leonard Australia, stepped down following ten years as a director, and was thanked for his service and expertise.
APRA and AMCOS board directors are elected by their respective memberships through a secure ballot. The process and results of the elections are audited and verified by APRA AMCOS’ independent auditors, KPMG.
Those elections were held in light of the society’s “Year In Review,” which reported a “dramatic” 400% year-on-year gain in license fees for concerts and festivals to A$31.9 million ($20.9 million), an all-time high, while international income from affiliate societies spiked 17.7% to A$70 million ($45 million), a new record.
Despite inflation and the rising cost of living, Aussie and Kiwi music fans flocked to shows. Notable tours included internationals Ed Sheeran, Elton John and Harry Styles, notes APRA AMCOS, plus Grammy-winning Sydney-EDM act RÜFÜS DU SOL, Crowded House, award-winning NZ acts L.A.B., SIX60 and more.
APRA AMCOS represents over 119,000 songwriter, composer and music publisher members. Click here for its “Year In Review.”