Business News
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GEMA, the German collective management organization (CMO), announced Monday (July 24) that it has acquired a majority stake in the SoundAware Group, a Dutch company that provides music recognition services to collecting societies (including those in the Netherlands and Belgium) as well as market research and media companies. SoundAware will continue to operate independently from […]
Billboard is introducing a peer-voted award to run alongside its annual Latin Power Players list of the genres’ most influential executives. This new Latin Power Players’ Choice Award will honor the executive in the genre whose peers believe has had the greatest impact across the music business over the past year, from recording and publishing […]
Billboard is introducing a peer-voted award to run alongside its annual Latin Power Players list of the genre’s most influential executives. This new Latin Power Players’ Choice Award will honor the executive in the genre whose peers believe has had the greatest impact across the music business over the past year, from recording and publishing […]
Over the last three years, the Tony Bennett catalog generated an average of almost $2.17 million in global revenue, not including synchronization, while his estimated share of duets albums with Lady Gaga brought in another $1.22 million for a total of about $3.4 million, according to Billboard’s calculations.
Bennett, who died last week at the age of 96, enjoyed a recording career that extended back to 1952, with some 60-plus studio albums, 11 live albums, more than half a dozen collaborative albums and over 30 compilations, almost all of which were released through Columbia Records. His final album, released in September 2021, was Love For Sale, his second of two collaborative albums with Lady Gaga, and was nominated for album of the year at the 64th annual Grammy Awards.
Overall, Bennett’s solo catalog has averaged almost 122,000 album consumption units annually over the last three years, while his collaborations with Gaga have averaged about 88,000 album consumption units during that time period. Besides the greater volume for his solo output, there is also a greater disparity in individual year performances for the Bennett-Gaga catalog, with that catalog’s album consumption unit count jumping from 19,000 units in 2020 to 175,000 units in 2021, thanks to the release of Love For Sale that year, before falling back to nearly 70,000 units in 2022.
But due to how each catalog performs in the various music formats, the overall dollar volume comes out almost the same for both Bennett’s solo work and his work with Gaga. The Bennett/Gaga albums’ revenue is slightly bigger than Bennett’s solo catalog revenue, coming in at an estimated $2.4 million, vs. his estimated solo revenue of $2.17 million. When split in half, their duets recordings revenue comes out to $1.216 million for each artist.
But the revenue sources for the two catalogs are very different, with physical formats dominating the Bennett/Gaga offering — coming in at $1.75 million in average annual revenue globally, Billboard estimates — vs. Bennett’s solo catalog, with an estimated $450,000 in global revenue from physical formats.
Like most heritage acts, Bennett lags far behind in streaming, averaging 129 million on-demand U.S. streams annually over the past three years, while globally his streams averaged 233.7 million plays. (In other words, U.S. plays comprised 55% of his global streams.) Even though Bennett lags behind most big acts in streaming, that’s more than twice as large as the nearly 60 million average annual streams that the Bennett/Gaga duet albums had. Consequently, Bennett’s solo streams generated an estimated $1.4 million per year vs. the duet albums, which garnered an average of $325,000 in annual revenue over the last three years.
Average annual downloads over the last three years were about the same in terms of revenue, coming in at an estimated $135,000 for the duets albums and $120,000 for Bennett’s solo recordings.
It’s important to note that this article only estimates how much revenue Bennett’s master recordings generate and doesn’t put an amount on his earnings. That’s because there’s no way to know what kind of royalty rate he gets, which could vary wildly. Would it be the 6% paid to artists back in the 1950s and 1960s? The 22% rate most superstars get nowadays on physical product? A higher percentage for digital and streaming? A rate of 50% or higher, since all of his albums have long since recouped? Does Bennett own his Columbia albums like other Sony superstars appear to have negotiated back in the day? And what kind of financial arrangements were made for the recordings with Lady Gaga? All these are questions with answers that remain unclear.
Unlike the revenue estimates in the above story which are derived from annual unit counts, revenue estimates for the Bennett song chart below was derived using 2022’s year-end unit counts for all activity to date since the release of the music recordings, based on format counts generated by the “artist summary” feature in Luminate’s trend reports.
Beatport on Tuesday (July 25) announced its second annual Diversity + Parity Fund, with which the company will award $150,000 to initiatives that expand diversity and equality in dance music. The fund will award two kinds of grants: one that awards amounts between $3,000 to $15,000 to smaller organizations consisting of one to three staff […]
Sony Music Entertainment Germany and nonprofit artist association Music Women* Germany (MWG) have announced the winners of the 2023 Female* Producer Prize. The honor is designed to support and promote the careers of rising female-identifying producers across Germany.
The seven winners — Mimski, Evîn, Kota No Uta, Mona Yim, Aufmischen, Sheyda Minia and Just Honest — were selected from more than 150 applicants by a five-member jury. They will receive a support package consisting of production grants, vouchers for music equipment and a producer workshop at Sony Music Germany’s Circle Studios. They will also be added to the female producer register at Sony Music and NEUBAU Music Management, which will put them in touch with various labels and artists. Additionally, newly added partners Sony Music Publishing and the Female* Producer Collective will offer coaching sessions for the winners.
In addition to the seven selected applicants, a shortlist of 20 applicants will also be added to Sony Music and NEUBAU’s female producer register.
“The great response and the enormously high level of over 150 applications this year have not only shown how overdue the Female* Producer Prize was, but above all, how many highly competent and visionary female music producers there are out there,” said Jovanka v. Wilsdorf, jury member and initiator of the Female* Producer Prize, in a statement. “Visibility develops a radiance that creates measurable success.”
Added Sony Music Columbia Records Germany head of A&R Sarah Schneider, who also served on the jury: “More female and non-binary producers means more perspectives! This is again demonstrated by the outstanding quality of the many applications received. As a record label, we want to apply industry-wide approaches and tools to actively move forward to effect a change in the status quo.”
In addition to Wilsdorf and Schneider, the 2023 jury consisted of Novaa, a producer and finalist for last year’s prize; U.K. music producer, composer, sound engineer and sheWrites co-founder Charlie McClean; Pamela Owusu Brenyah, a freelance curator, creative consultant and project manager who serves as program curator of Musicboard Berlin and board member of Music Women Germany, among other roles; and music producer and songwriter Moses Schneider.
The Female* Producer Prize is supported by Reeperbahn Festival (sponsored by the Federal Government Commissioner for Culture and the Media) and sponsored by Thomann, Ableton, NEUBAU, Female* Producer Collective, Sony Music and Sony Music Publishing.
The award ceremony and workshop will be held in Berlin on September 14.
You can read capsule descriptions of the winners below.
Mimski: Started producing in early 2022, first in Germany and then in England, where she received a warmer welcome as a female producer than in Germany. There she submitted a beat for the Novembars competition, which helped her breakthrough: her first track was played directly on radio shows. She is currently working on her first album, which will be released on the RUNTLIFE Records label and working on an EP with King Kashmere as well as a Female Force EP with several female rappers.
Evîn: A German/Kurdish singer and producer in alternative R&B. Her music combines elements from different genres like soul and hip-hop with her Kurdish roots, giving her a characteristic sound within the German scene. Emotions and experiences, as well as themes like escape, memory culture and belonging can be found in Evîn’s songs, which she writes and produces in her home studio in Berlin. April 2022 saw the release of Evîn’s debut EP, followed immediately by her second EP, It wasn’t even for you, in November 2022.
Kota No Uta: Singer-songwriter and producer who works mainly in the direction of jazz, soul and neo soul. In October 2022 she released her song “Autumn Leaves” in self-production. At the moment she is working on two releases with collaborators and her own EP.
Mona Yim: A Chinese-German music producer, singer and DJ from Hamburg, Germany. Her music combines emotional vocal hooks with her self-produced electronic productions inspired by UK garage, house and electronica as well as influences from her training as a classical violinist and performer. Her debut release in 2022 was followed by further releases on labels such as Ninja Tune and remixes for Glass Animals and DJ Seinfeld, among others. She has played venues such as O2 Academy Brixton, DGTL Festival, Printworks, KOKO and Warehouse Project.
Aufmischen: Producer who started her first steps in the music industry as a drummer, in her studies she wrote contemporary compositions for classical ensembles before she dedicated herself completely to pop music. In 2022 her productions can be heard on the album of poetry artist Dshamilja Roshani, the EP of pop singer Pieke and numerous singles of other artists. More releases are planned for this year, such as the album by artist Elay.
Sheyda Minia: Iranian-born artist who began playing the harp at the age of 8 and became a junior student at the Musikhochschule in Cologne at 13. At 16, she used her first self-earned money to buy an interface microphone and Logic music software so she could finally produce her own beats. At the end of 2021 she was discovered by Mehrzad Marashi the CEO of Impulse-Records GmbH, where she has been working as a producer ever since.
Just Honest: Music has saved producer Just Honest many times, so she had no choice but to bring her songs to life and produce them herself. Hoping to touch, heal and inspire the hearts of others. Her debut single, “Toxic Culture,” has already reached over 1 million streams, and her debut album, No Love No Hate, is about to be released.
Elon Musk said Sunday (July 23) that he plans to change the logo of Twitter to an “X” from the famous blue bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year.
In a series of posts on his Twitter account starting just after 12 a.m. ET, Twitter’s owner said that he’s looking to make the change worldwide as soon as Monday.
“And soon we shall bid adieu to the twitter brand and, gradually, all the birds,” Musk wrote on his account.
The change isn’t surprising given Musk’s long history with the name “X,” says Allen Adamson, co-founder of marketing consultancy Metaforce. The billionaire Tesla CEO tweeted last October that “buying Twitter is an accelerant to creating X, the everything app.”
Musk’s rocket company, Space Exploration Technologies Corp., is commonly known as SpaceX. And in 1999, Musk founded a startup called X.com, an online financial services company now known as PayPal.
“Not sure what subtle clues gave it way, but I like the letter X,” Musk tweeted Sunday.
But the change on Twitter was met with sharp criticism on the social media platform.
The change will be very confusing to a huge chunk of the Twitter’s audience, which has been already souring on the social platform given a slew of other major changes Musk has made, Adamson said.
“They won’t get it,” he said. “It’s a fitting end to a phenomenal unwinding of an iconic brand and business.”
Earlier this month, Musk put new curfews on his digital town square, a move that met with sharp criticism that it could drive away more advertisers and undermine its cultural influence as a trendsetter.
The higher tweet-viewing threshold is part of an $8-per-month subscription service that Musk rolled out earlier this year in an attempt to boost Twitter revenue. Revenue has dropped sharply since Musk took over the company and laid off roughly three-fourths of the workforce to slash costs and avoid bankruptcy.
In May, Musk hired longtime NBC Universal executive Linda Yaccarino as Twitter’s CEO.
Luring advertisers is essential for Musk and Twitter after many fled in the early months after his takeover of the social media platform, fearing damage to their brands in the enveloping chaos. Advertisers have cut back on spending partly because of changes Musk has made that has allowed for more hateful content to flourish and that has offended a wider part of the platform’s audience.
Musk said in late April that advertisers had returned, but provided no specifics.
Musk’s move to change Twitter’s logo to an “X” also comes as Twitter faces new competition from Meta’s new app, Threads, launched earlier this month. It has been seen as an alternative for those who have been upset with Twitter.
Threads is being billed as a text-based version of Meta’s photo-sharing app Instagram that the company has said offers “a new, separate space for real-time updates and public conversations.”
In the first five days of its launch, 100 million people had signed up for Threads, according to a post on Threads by Instagram head Adam Mosseri.
Charles “Chuck” Martin Flood Jr., a longtime Nashville business manager who served as a founding owner at FBMM, has died, Billboard has learned. He was 78. Flood was a prominent figure in Nashville for more than 40 years. Early in his career, Flood worked on the label side of the business, serving in A&R and […]
Shares of SiriusXM soared 49.1% this week due to a “short squeeze” related to a trading strategy involving its parent company, Liberty Media. The stock rose 49.1% to $7.08, turning an 18.7% year-to-date loss into a 21.2% year-to-date gain.
On Thursday (July 22), SiriusXM shares increased 42.3% as 128 million shares were traded — about 6.7 times the average daily trading volume. The price fell 9.3% on Friday to close at $7.08 as trading volume reached 132.9 million shares.
As an article at Barron’s explained, SiriusXM, a heavily shorted stock, has benefitted from investors taking a long position in Liberty SiriusXM Group — a tracking that includes SiriusXM — and a short position in SiriusXM. (A short position is a bet that a stock price will decline. A long position is a bet the stock price will increase.) Those positions would benefit if Liberty SiriusXM Group, viewed as an inexpensive alternative to SiriusXM, was able to narrow the gap to SiriusXM. But SiriusXM shares have risen in recent months, turning the short into a losing bet.
Investors who short a stock must buy back borrowed shares to cover their short position. When a stock has a small public float — as SiriusXM does — demand for a limited number of available shares can drive up the price. This isn’t happening just with SiriusXM: Heavily shorted stocks helped the stock market rally in the first half of the year. “As expected, shorts are getting squeezed in these losing trades and we are seeing short covering in these stocks — helping drive stock prices even higher alongside the momentum long buying we are seeing in these stocks,” Ihor Dusaniwsky, managing director of S3 Partners, told Yahoo Finance last week.
SiriusXM was — by far — the best-performing music stock this week, as the Billboard Global Music Index rose 6.8% to 1,447.32, bringing the year-to-date gain to 23.9%. Eight of the index’s 21 stocks were in negative territory, one was unchanged and 12 stocks posted gains this week.
French music streamer Deezer boasted the week’s second-biggest improvement after gaining 10.3% to 2.58 euros ($2.87). On Thursday, the company announced it had renewed its partnership with telecom company Orange, which will continue to drive customer acquisition in its home market. Under the new partnership, Deezer and Orange will offer new customers six free months of Deezer Premium.
Live music companies also had a good week. Shares of Sphere Entertainment Co. gained another 8.9%. German concert promoter CTS Eventim improved 6.9%. And Live Nation shares rose 2.5% after Oppenheimer initiated coverage of the company with a $110 price target, suggesting the stock has a 14% upside from its $96.84 closing price on Friday.
Sales and streams of Jason Aldean‘s single “Try That in a Small Town” have surged, following controversy that erupted this week surrounding the song and its corresponding music video.
After selling around 1,000 copies of the song each day from July 14 through July 17, according to preliminary reports from Luminate, sales rose after Billboard’s July 18 exclusive that CMT had pulled the video. The song earned 12,000 in sales on July 18, before surging to 108,000 in sales on July 19 and 103,000 in sales on July 20. The latest sales total for the week (July 14-20) is 227,000, according to the preliminary reports.
U.S. official on-demand daily streams of “Try That in a Small Town” also exploded over the past week.
After earning 204,000 official U.S. on-demand streams on July 14, and then dipping to 194,000 on July 15 and 174,000 on July 16, streams rose 24.3% to 216,000 on July 17, then surged 178% on July 18 to 600,000. On July 19, U.S. official on-demand streams of “Try That in a Small Town” skyrocketed to 3.2 million, a 440.2% increase.
The sales and streaming spikes come the same week social media commenters began questioning the song’s lyrics and the video’s imagery — with many calling it racist and anti-protest. “Try That in a Small Town” was written by songwriters Kelley Lovelace, Kurt Allison, Tully Kennedy and Neil Thrasher. The video features Aldean performing in front of the Maury County Courthouse in Columbia, Tenn. — the same location where a lynch mob murdered a Black man, Henry Choate, in 1927 — with an American flag hanging from the entrance. The performance is interspersed with footage of a flag burning, protesters screaming and attacking police in various scenarios as well as looting and robbing a convenience store.
Artists including Sheryl Crow and Margo Price have spoken out against Aldean and/or the song and video, while others, including Aldean’s labelmate Blanco Brown, have defended the singer.
Aldean issued a statement on July 18 that read in part, “In the past 24 hours I have been accused of releasing a pro-lynching song (a song that has been out since May) and was subject to a comparison that I (direct quote) was not too pleased with the nationwide BLM protests. These references are not only meritless, but dangerous. There is not a single lyric in the song that references race or points to it and there isn’t a single video clip that isn’t real news footage- and while I can try and respect others to have their own interpretation of a song with music- this one goes too far.”
In the week since it was released, the official music video for “Try That in a Small Town” has now been viewed more than 9 million times on YouTube. On the morning of July 18, before the controversy broke, it had been viewed around 350,000 times.
In terms of radio airplay, on last week’s Country Airplay chart (dated July 15), “Try That in a Small Town” rose one spot from 26-25, though it declined 2% in audience impressions for the week. On this week’s Country Airplay chart (dated July 22), the song holds at No. 25 but gained 16% to 6.5 million audience impressions in its ninth week on the chart.