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Amidst new reports about a South Korean investigation into its chairman, HYBE shares fell 6.8% to 266,000 KRW ($192.69) during the week ended May 30. That was the biggest decline for a music stock in a week marked by modest gains and losses.
Reports out of South Korea this week said police in Seoul have resubmitted a search and seizure warrant for HYBE chairman Bang Si-hyuk in an investigation into allegations of fraudulent stock transactions by the music mogul. Bang allegedly misled previous shareholders about HYBE’s intention to go public, which caused them to sell HYBE shares ahead of the company’s initial public offering in 2020. Sources told Yonhap News Agency that Bang netted $291 million in 2020 from deals with private equity firms to share a portion of the gains from HYBE’s IPO.
The 20-company Billboard Global Music Index (BGMI) was unchanged at 2,800.84 as the index had an even number of winners and losers. In a week with a remarkable amount of unremarkable movement, the majority of companies fell within a narrow band between a 2% gain and a 1% loss.
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Music stocks underperformed numerous market indexes. In the U.S., the Nasdaq gained 2.0% to 19,113.77 and the S&P 500 rose 1.9% to 5,911.69. The U.K.’s FTSE 100 climbed 0.6% to 8,772.38. South Korea’s KOSPI composite index jumped 4.1% to 2,697.67. China’s SSE composite was flat at 3,347.49.
But music stocks have posted big gains in 2025. The BGMI is up 31.8%, far surpassing the gains of the Nasdaq (14.2%) and the S&P 500 (up 12.0%). Spotify, the index’s most valuable component, has risen 42.8%. Universal Music Group (UMG), the BGMI’s second-largest company, has gained 17.8%.
The lone music company to report earnings this week, Reservoir Media, rose 7.9% to $7.80. The quarterly earnings released on Wednesday (May 28) showed a 10% revenue gain and a 14% improvement in adjusted EBITDA. Meanwhile, the only company to post a double-digit gain was Cumulus Media, which rose 15.4% to $0.15. Cumulus tends to have wild swings, however, since it was delisted from the Nasdaq on May 2 and began trading over the counter.
iHeartMedia jumped 6.5% to $1.31. Spotify, the BGMI’s fourth-best performer, rose 1.9% to $666.25. Madison Square Garden Entertainment improved 1.5% to $37.11, and UMG gained 1.4% to 28.16 euros ($31.95).
Live Nation fell 5.4% to $137.24, lowering its year-to-date gain to 6.0%. On Thursday, the company fell 2.9% on heavier-than-average trading volume following reports that it canceled concerts at Boston’s Fenway Park by Shakira and Jason Aldean due to safety concerns about the venue’s stage.
Both Chinese music streamers had off weeks that reduced their stellar year-to-date performances. Tencent Music Entertainment (TME) fell 4.0% to $16.82, lowering its year-to-date gain to 50.9%. Netease Cloud Music, the BGMI’s biggest gainer of 2025 at 88.2%, fell 2.9% to 211.20 HKD ($26.94).
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Eminem’s music publisher is suing Meta over accusations that Facebook and Instagram made “Lose Yourself” and other iconic tracks available to billions of users without permission, violating copyright law on a “massive” scale in the pursuit of “obscene monetary benefit.”
In a complaint filed Friday (May 30) in federal court, Eight Mile Style alleged that the social media giant added Eminem’s songs to its music library without the necessary licenses, allowing users to add them to millions of videos that have been “viewed billions of times.”
“Meta’s years-long and ongoing infringement of the Eight Mile compositions is another case of a trillion (with a ‘T’) dollar company exploiting the creative efforts of musical artists for the obscene monetary benefit of its executives and shareholders without a license and without regard to the rights of the owners of the intellectual property,” Eight Mile Style’s lawyer, Richard Busch, wrote in the filing.
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Eight Mile’s lawyers made a point to note that the lawsuit was not about Facebook and Instagram users uploading songs illegally — an issue heavily litigated between tech companies and music firms for years — but about the platforms themselves actively infringing copyrights.
“The rampant infringement of which Meta is guilty is not a case of merely allowing its users to infringe,” Busch wrote. “Rather, this case involves Meta’s knowing infringement of the [Eminem songs] by first reproducing and storing them in Meta’s online Music Libraries, and then distributing them for users to select and incorporate into their own photos and videos.”
Eminem doesn’t own Eight Mile Style, and the rapper is not involved in the litigation. A spokesperson for Meta did not immediately return a request for comment. Reached by Billboard, Eight Mile’s attorney Busch said: “Everything we have to say is in the complaint.”
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05/30/2025
Eight Mile Style is no stranger to copyright litigation. The company spent years suing Spotify over claims that the streamer didn’t secure proper licenses before uploading Eminem’s music to the platform. That case was dismissed last year by a federal judge who said the publisher had waited too long to sue.
At the center of Friday’s lawsuit are the huge libraries of fully licensed music that modern social media platforms provide for users, making it easy to add their favorite songs to their videos and photos. Such catalogs were an attempt to fix the chaotic early days of social media, where users would upload infringing music and sites would take it down if flagged.
The key innovation of those libraries is that they were licensed by rightsholders, but Eight Mile Style says Meta has no such license to include Eminem’s music in the libraries on Facebook, Instagram and WhatsApp.
“The Eight Mile compositions are some of the most valuable in the world, and Eight Mile Style is very protective of these iconic songs,” the company’s lawyers wrote in the lawsuit. “Defendants have enjoyed massive profits at Eight Mile Style’s expense, in an amount to be determined, by copying and making the Eight Mile compositions available to Meta’s billions of active daily users.”
Notably, Eight Mile’s lawyers say they have proof that Meta knew it needed a license for Eminem’s music but had failed to secure one.
The suit claims that in 2020, Meta negotiated a music license with Audiam, a digital rights collection agency, to cover music that appears on its platforms. During those talks, the suit says the social giant “tried to negotiate, unsuccessfully” to include the Eight Mile tracks in that deal — and came away from it knowing “that no license was granted by Audiam or Eight Mile Style as part of those negotiations.”
“Indeed, these facts were confirmed by Audiam prior to this litigation, and Meta has not provided Eight Mile Style with any license authorizing its use of the Eight Mile Compositions, despite repeated requests to do so,” Busch wrote in the Friday complaint. Audiam is not named in the suit nor accused of any wrongdoing.
In her letter on Friday (May 30) announcing she achieved a long-time goal of owning the master recordings to all of her songs, Taylor Swift described herself as “endlessly thankful” to the private equity firm Shamrock Capital that sold Swift their holdings of her early music. In fact, Swift is “so grateful to everyone at Shamrock” that she jokingly said her “first tattoo might just be a huge shamrock in the middle of my forehead.”
Swift has not always spoken so warmly about the California-based investment firm — until they struck the deal she says she’d been seeking for years.
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When news broke in November 2020 that Shamrock Holdings purchased Swift’s Big Machine Label Group catalog from Scooter Braun’s Ithaca Holdings — marking the second time in 17 months that Swift’s first six albums had changed hands — the superstar said “it was the second time my music had been sold without my knowledge.”
In a letter Swift wrote to Shamrock Holdings at the time, which she shared on Twitter, she said she was initially hopeful for her “musical legacy and our possible future together.” But she said she could not partner with them because of certain undisclosed terms that Swift said would enrich Braun, related to her “music masters, music videos and album artwork.”
“I simply cannot in good conscience bring myself to be involved in benefiting Scooter Braun’s interests directly or indirectly,” Swift wrote in the letter.
Braun, who has disputed many of Swift’s assertions in the past, said simply on Friday (May 30), “I am happy for Taylor.”
In Shamrock’s statement after announcing its acquisition back in 2020, the company expressed admiration and respect for Swift’s work and professionalism, describing her as a “transcendent artist” with a “timeless catalog.”
“We made this investment because we believe in the immense value and opportunity that comes with her work,” Shamrock said in a statement at the time. “While we hoped to formally partner, we also knew this was a possible outcome … We hope to partner with her in new ways moving forward.”
At least publicly, that was that for about five years. But behind the scenes, Swift kept Shamrock abreast of her plans to re-record albums, according to statements from Swift. And privately, Shamrock explored selling Swift’s catalog, according to sources.
What prompted the sale now is not known. While Swift’s Taylor’s Versions of four of the albums Shamrock held the original recordings to had pulled some fans away from the originals, Swift’s overwhelming dominance as a global superstar resulted in the catalog held by Shamrock still generating nearly $60 million in average annual global revenue between 2022 and 2024, according to Billboard’s estimates based on Luminate data.
“The way they’ve handled every interaction we’ve had has been honest, fair, and respectful,” Swift wrote in her letter on Friday (May 30). “This was a business deal to them, but I really felt like they saw it for what it was to me: My memories and my sweat and my handwriting and my decades of dreams.”
Shamrock did not respond to requests for comment.
ICMP, the global music publishing organization representing 90% of the world’s commercially released music, has released its first-ever report on global music revenue, documenting the earnings of 16 of the top music markets.
In total, ICMP found that these select markets — United States, the United Kingdom, France, Japan, Germany, Australia, Italy, Spain, Sweden, Canada, South Korea, the Netherlands, Brazil, Mexico, Hong Kong and South Africa — were worth more than $11 billion alone. Because some markets have slightly different accounting periods, the revenue in the report stems from the markets’ last 12 months of completed financial data. Largely, that data is from 2023.
The report helps publishers and songwriters make sense of what trends are building in this sector of the music business and how music lovers across markets are consuming music differently.
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Overall, digital revenue makes up 47.1% of the $11 billion plus in total revenue earned by the 16 markets, while 20.2% of revenue came from synchronization (songs placed in films, TV shows, commercials and video games); 21.5% stemmed from non-digital performance (songs played in restaurants, stores and other public venues); 5.9% came from non-digital mechanicals (songs sold as digital downloads, CDs, vinyl records, cassettes and more); and 4.6% was described as “other.”
In total, 40.9% of overall global publishing revenue was collected directly by publishers, and 59.1% was collected by performing rights organizations (PROs) and other collective management organizations (CMOs), which act as middlemen between licensees and publishers.
Below is a breakdown of Billboard’s top takeaways from the report.
Digital Revenue Dominance Varies Widely Across Markets
Latin music lovers are some of the world’s biggest digital music consumers, according to the report. Mexico’s music publishing sector earns a whopping 70.5% of its revenue from digital sources like streaming services. This makes sense, considering the Recording Industry Association of America (RIAA) reported in April that streaming equates to 98% of total revenue for Latin music in the U.S. on the master recording side.
When it comes to the three East Asian markets considered in ICMP’s report, their digital music consumption was strong but varied fairly significantly, proving music listeners in those markets are far from a monolith. Hong Kong’s revenue was 60% digital, whereas Japan came in at 49.7% digital and South Korea was 47.5% digital.
While Hong Kong is an outlier among East Asian countries, this does not mean that it correlated more closely with its former colonizer, the United Kingdom. In the U.K., digital represented just 41.5% of all publishing revenue.
In the European Union, digital consumption was generally much lower. Italy had just 20.3% of revenue come in from digital sources, while the number was 23.8% in France, 34.6% in the Netherlands, and 35% in Spain, which came in at the high end for the continent but was still relatively low, from a global perspective.
Synch Revenue Correlates to Strong Film/TV Markets
Given their robust film/TV businesses, it should come as no surprise that the U.S. and France had the strongest shares of synchronization in their total publishing revenue pie. The U.S. came in with 23.5% synchronization revenue and France had 18.6%.
Brazil (18.3%), Italy (17.9%), the U.K. (17.7%), Hong Kong (17.3%) and Australia (16.2%) also have strong revenues from synchronization uses. In general, countries that speak English, apart from South Africa, tended to report strong synch revenue shares, possibly due to the ubiquity of globally-distributed originally-English-language TV and film programming.
Countries like South Africa (9.7%), Mexico (9.5%), the Netherlands (9.2%) and Germany (8.8%) had much weaker synch markets, each owing just single-digit shares of their revenue in 2024 to synchs.
The Importance of CMOs Differs Across the World
For every country included in the report, more than half of their revenue was not directly sent to music publishers but through an intermediary CMO. Still, ICMP found that this percentage differed substantially from market to market.
Japan takes in the vast majority of its publishing revenue (84%) through intermediary CMOs — as do countries like South Korea (82.8%) and Brazil (77.2%).
The U.S. music publishers collect the most direct money of all the countries included in the report, with 40.9% going directly to publishers and the remaining 59.1% going through a CMO (like ASCAP, BMI, SESAC, GMR or the MLC). This lower number passing through CMOs might account for CMO regulations unique to the U.S. market. For example, ASCAP and BMI, which collect U.S. performance monies, have not been allowed to collect royalties from movie theaters when songs are played publicly (the “cinema royalty”), even though most other countries do.
To read through the full report, visit ICMP’s website.
Now that all the major music companies have reported earnings for the quarter ended March 31, it’s a good time to reflect on the notable performances in the bunch. Most companies posted good results and showed that music is a reliable business during times of uncertainty, with nearly all trending in the right direction (though companies not mentioned here didn’t necessarily have something to crow about). But because companies naturally experience ebbs and flows — a slow new release schedule or heavy sales of low-margin vinyl records can wreak havoc on market perceptions — the results for any one quarter won’t tell the entire story.
Below, I run down a few notable and/or interesting highlights from the latest earnings releases. For a full recap of earnings reports, refer to Billboard’s 2025 Q1 earnings roundup, which provides quick summaries of music companies’ earnings reports issued from April 29 to May 28. Best top-line revenue growth: 22% by CTS Eventim
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German concert promoter and ticketing company CTS Eventim’s top-line revenue got a boost from its 2024 acquisitions of See Tickets and France Billet, as consolidated revenue jumped 22.0% to 499 million euros ($525 million). Growth of the existing business was “slightly higher” than a strong prior-year period, CFO Holger Hohrein said on the May 22 earnings call. Ticketing revenue improved 16.9% to 214 million euros, a record for the first quarter. Retail tickets sold improved 42.1% to 40.5 million. Live entertainment revenue increased 24% to 292 million euros ($316 million), also a first-quarter record. Best streaming growth, record label: 9.5% by Universal Music Group (UMG)
Subscriptions helped offset a lackluster 2.9% increase in other streaming revenue, including ad-supported streaming, resulting in overall streaming growth of 9.5%. UMG executives have told investors they can achieve long-term recorded music subscription growth of 8% to 10% through 2028. While the figure bounces from quarter to quarter — and has fallen well below the target range — UMG landed above the high end of the target by achieving recorded music subscription revenue growth of 11.5% in the first quarter. The subscription growth was “driven primarily by growth in the number of subscribers, and to a much lesser extent, helped by certain price increases,” COO Boyd Muir said during the April 29 earnings call. Best subscription growth, streaming platform: 16.6% by Tencent Music Entertainment (TME)
TME’s subscription growth dominated the quarter for two reasons. First, average revenue per user improved 7.5% to $1.57, in part from the popularity of the Super VIP tier that costs five times as much as a normal subscription. Second, the number of subscribers grew 8.3% to 122.9 million. With more people paying a higher monthly fee, subscription growth rose to 17%. The ripple effects could be seen elsewhere: gross profit margin rose to 44.1% from 40.9% in the year-ago period, and the percentage of paying subscribers versus all music users improved to 22.1% from 19.6% a year earlier. Most surprising new business segment: Tencent Music Entertainment’s physical music sales.
In the first quarter, TME had a 10-day “head-start presale” of the Teens in Times album Beyond Utopia. TME also sold physical albums for One Hundred Thousand Volts by Silence Wang. For the K-pop artist G-Dragon, TME conducted a presale of light sticks and other products and offered limited-edition merchandise to buyers of his digital albums. Most impactful executive quotes: Sphere Entertainment Co. Executive chairman/CEO James Dolan and Vivid Seats CEO Stan Chia
Two vastly different companies provided contrasting takes on the state of live music demand. Amidst reports of falling international tourism to the U.S., Sphere Entertainment Co. CEO James Dolan downplayed concerns about visits to Las Vegas and attendance at the Sphere venue. Even if tourism took a hit, Dolan explained that “demand exceeds capacity, so we have room to absorb any issues from that.”
On the other hand, Stan Chia, CEO of secondary tickets marketplace Vivid Seats, described a more challenging landscape. The quarter “fell short of our expectations,” he said during the May 6 earnings call. Chia blamed the shortfall on “robust competitive intensity” and “softening industry trends amidst consumer uncertainty.” What’s more, he added, “economic and political volatility has impacted consumer sentiment, and this uncertainty can also impact how and when artists and rights holders go to market.” A 14% decline in revenue, combined with Chia’s comments and the company’s suspension of full-year guidance, caused a 38% one-day decline in Vivid Seats’ share price.
When Chappell Roan accepted her trophy for best new artist at the 2025 Grammy Awards in February, she asked a question that quickly went viral. The pop star used her speech to advocate for livable wages and health care for recording artists, concluding with the line, “Labels, we got you, but do you got us?”
Tatum Allsep, founder and CEO of the nonprofit Music Health Alliance, posted the speech to her Instagram account that night. “THIS!!!! Music Health Alliance has got you, your band, crew, team, songwriters, engineers, etc. #HealTheMusic,” read her caption.
“At first, I was jumping up and down and elated,” Allsep recalls, “and then, after I started reading the articles coming out, I was like, ‘Wait a minute. Chappell lost a record deal in 2020. We were here.’ We could have helped her in two seconds, but she didn’t know. And that’s on us.”
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By Feb. 13, Music Health Alliance and Universal Music Group partnered to launch the Music Industry Mental Health Fund, with the goal of providing mental health services to music industry professionals. The two organizations first started working together during the pandemic, creating a concierge program for UMG artists, songwriters and employees. Yet the Mental Health Fund is the latest step in Allsep’s decadeslong career as an advocate for health care in the industry, and on June 4, she will be honored with the Impact Award at Billboard’s Country Power Players event in Nashville.
“[Awareness] has got to come from the industry internally,” she says. “Just letting people know that we’re a safe space and we exist. All the funds we raise go right back into our programs and services. We want it to be that way, but we also want those that need us to know we’re here.”
How were the Music Health Alliance and UMG able to move so quickly following Chappell Roan’s speech?
We were already working with [UMG], and six months before the Grammys, we had started to talk about doing something in the mental health space. Chappell’s speech [made us say], “OK, now’s the time. This is what we need to do.” It was a great opportunity for the industry, for the label and for us to do something really meaningful at a time when people were listening.
You founded the Music Health Alliance in 2013. Why is it still necessary for an artist like Roan to give the speech she did 12 years later?
It’s not black and white. It’s a complicated issue. You get health insurance by being an employer of an organization — and you can negotiate anything, I understand that. But talking about Chappell specifically, if she was going to be an employee of UMG, they would own her creativity. And that’s suffocating for artists. We’ve got to prioritize their health, and that needs to be equally as important as making sure their vocal cords work when they’re going out.
What kind of uptick in artists reaching out to you did you experience following the formation of the Mental Health Fund?
For February, March and April, it was a 250% increase over last year. And that’s specifically for mental health.
The first Music Health Alliance fundraising event was hosted with Jack Clement for his “living wake” in 2013. What are more recent examples of working alongside an artist to create change?
Dierks Bentley is a great example. We went to college together and started in the music industry the same week. He was in the tape room at [The Nashville Network] and I was the receptionist at MCA Records in the promotion department, and we thought we had arrived. I think we were each making like $12,000 a year. And so, when I started Music Health Alliance, he was one of the first people that was like, “I support this.” About two years in, his team called and they were like, “Dierks wants to provide group health insurance for his band.” And I’m like, “I don’t know anything about group health insurance.” That was over Christmas break of 2016. By Jan. 1, we had a game plan, and by Feb. 1, his band and team were fully insured.
What are the goals for the Mental Health Fund in 2025 and beyond?
Where there’s a gap and a really serious need is for outpatient counseling. Vetting counselors is huge. You can’t just watch a 30-minute video and be music industry-informed. You have to understand the creative brain, and that is not the same. Once [an artist or executive] knows that they can trust us, we can help them for as long as they need.
This article originally appeared in the May 31, 2025 issue of Billboard.
It’s a better-late-than-never Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. Earlier this week, we revealed our annual list of executives driving the success of country music, and today welcomes a first-ever industry-wide Power List for our mates in the United Kingdom.
Big Machine Records promoted Rachel Burleson to senior director of streaming, recognizing her leadership and strategic impact since joining the label in 2021. In her new role, she’ll continue overseeing streaming initiatives for artists such as Tim McGraw, Carly Pearce and Midland. Burleson’s career began at Creative Nation after graduating from Belmont University, where she advanced to manager of records and management, focusing on artist development. At Big Machine, she rose from project manager to director of streaming and was named a 2024 MusicRow N.B.T. Industry Directory honoree. Executive vp and GM Kris Lamb praised Burleson’s platform relationships and influence on the label’s success since coming on board, adding, “Rachel continues to be a trusted voice in the room and a driving force behind our strategy.”
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Hallwood Media promoted Tal Meltzer to chief operating officer, based at the company’s West Hollywood headquarters. Formerly svp and head of A&R and business affairs, Meltzer will now oversee all operations and help drive expansion. Reporting to CEO Neil Jacobson, he has led the development of Hallwood’s record label, publishing and distribution divisions, and expanded its focus to include direct artist collaborations. With a background as both a producer and songwriter, Meltzer blends creative and business expertise, enabling him to scale A&R and marketing teams and boost artist development. “Tal’s deep understanding of both the creative and operational sides of our business has been instrumental to our growth,” said Neil Jacobson, CEO of Hallwood Media. “His leadership and vision will drive our continued success as we innovate in the music industry.”
Wasserman Music expanded its global hip-hop and R&B division with the addition of two new executives. Jazmyn Griffin joins as director on the global festivals team in New York, where she will focus on hip-hop and R&B festivals and help launch a new marketing arm. She brings valuable experience from roles at C3 Presents and Live Nation, where she helped develop major U.S. festivals. Tessie Lammle joins as a Los Angeles-based director and agent, representing a diverse roster of hip-hop and R&B artists. She previously spent nearly a decade at UTA, supporting artists and championing women in music. Wasserman execs praised both hires for their industry expertise and potential to “help fuel the surging growth of our Hip-Hop and R&B division.”
Pelle Eriksson, managing director of Border Music, is stepping down after over 40 years in the music industry. Starting in 1985 at Gothenburg’s FolkåRock record store, Eriksson helped transform it into Border Music Distributions AB in 1992. Under his leadership, Border grew from a local retailer into a leading Nordic indie distributor with offices in Oslo and Copenhagen. A breakthrough came in 1995 with its work to elevate The Offspring’s breakout hit “Self Esteem,” which topped the Swedish charts and helped launch Border into national prominence. Eriksson, a recent addition to Billboard‘s International Power Players list, has championed local and global acts, including First Aid Kit, Yung Lean, Nick Cave and Motorhead. He also played a key role in launching PIAS Nordic and oversaw Border’s acquisitions by Redeye in 2019 and Exceleration Music Group in 2023. His successor, Eric Andrén — Eriksson’s first hire as MD — will now lead the company. “It has been an incredible journey, and now that I am about to hand over, I remember (almost) only the fun times – all the people, the trips, the fairs, the artists, and of course – the records,” Eriksson reflected. “From the arrival of the CD to the digital boom and the vinyl revival, we’ve been there.”
Gutt Law, PLLC launched in Nashville to offer laser-focused legal services for the music and entertainment industries. Founded by Rachel Guttmann, the boutique firm combines legal expertise with industry insight to support artists, songwriters, and producers. Guttmann, a Tulane Law graduate and former partner at Taylor Guttmann, is joined by attorney Victoria Powell, a Belmont Law alumnus specializing in music publishing, and Morgan Brasfield, former Kobalt Music and NSAI executive, now head of operations. Together, they provide personalized counsel on creative rights, contracts and career strategy, guided by their client-first motto, “Go With Your Gutt.” Guttmann shared, ““I’m grateful every day to work with a team that’s as passionate about helping creatives succeed as I am.”
Frontiers Label Group appointed Tim Bailey as its new head of label for international. With nearly 20 years in the music industry, Bailey brings deep experience in both live and recorded music, a strong focus on artist development, and a record of commercial success. He began as a concert promoter in 2006, later producing major livestream events during the pandemic. At Earache Records, Bailey helped lead the label to a historic commercial peak, delivering multiple top-five albums in the UK, including a topper for Those Damn Crows. Founded in 1996 by Serafino Perugino, Frontiers has grown from an indie distributor in Italy to a major global rock label working with Megadeth, Def Leppard and more. Perugino praised Bailey’s forward-thinking leadership, asserting, “As we continue expanding our global footprint through exciting new imprints and artist partnerships, Tim’s leadership and vision will be a huge asset.”
Sara Yazdani was elevated to vp of PR and marketing partnerships at Creativ Company, where she oversees U.S. publicity for clients like 1stAveMachine, Ammolite Machine, SpecialGuestX and MOCEAN. Yazdani has worked on projects featuring Eminem, Ed Sheeran, Big Sean and OK Go, often collaborating with director Emil Nava. Previously, she was a national publicist at Biz 3, representing artists such as Chappell Roan and Ty Dolla $ign. She also held key roles at the Recording Academy, managing Grammy media operations, and at Disney Music Group, where she led campaigns for artists like Sabrina Carpenter. Beyond her agency work, she co-chairs the ThinkLA Entertainment Committee.
BeatBread, a music funding platform for artists and independent labels, announced two key hires to drive its next growth phase. Michelle Greener Goodman joins as head of sales and Zach Koche as director of sales, both based in Los Angeles. Goodman brings a background in sales strategy from Telesign and Granular, while Koche joins from FUGA with nearly 15 years of experience in business development, licensing, and artist management.
Tickets For Good, a platform offering free and discounted tickets to live events, appointed Derek DeVeaux as global chief operating officer amid major international expansion in 2025. With over 20 years in tech and operations, DeVeaux will oversee partnerships, platform delivery and daily operations, reporting to CEO Steve Rimmer. New hires include Jess Nesbitt (ticketing operations), Alex Deadman (communications), and UK-based staff Aaron Taylor, George Webb and Laura Harmer. Music partners for 2025 include Pixies, Yungblud and Robbie Williams, who, alongside Edwin van der Sar, became a TFG ambassador. The platform also launched in the Netherlands and was part of the BPI “Grow Music” accelerator.
SyncIt, a new AI-powered music discovery and licensing platform founded by Nathan Duvall, appointed producer and songwriter Patrick Patrikios as creative director. Known for his work with artists like Britney Spears and Little Mix, as well as brands including Hyundai and YouTube, UK-based Patrikios brings extensive industry experience to guide SyncIt’s creative strategy. The platform aims to propel sync licensing by using AI and intuitive search tools to connect artists with visual creators. SyncIt allows users to search for music using proprietary metadata and technology without training on user music. “In hiring Patrick, we have someone who understands the value of music and sound to a brand,” said Nathan Duvall, Founder and CEO of SyncIt. “He not only brings a wealth of experience working with brands, but a portfolio of names which further cements a solid launchpad for SyncIt.”
ICYMI:
Dean Ormston
Former Mojo Music executive Alan Wallis has launched a new music publishing company, Dynamite Songs, which already holds rights to tracks performed by major artists including Ed Sheeran, Kendrick Lamar, and Papa Roach … Dean Ormston, CEO of APRA AMCOS, has been elected chair of CISAC, becoming only the second Australian to hold the position in the organization’s 99-year history. [Keep Reading]
Last Week’s Turntable: Poo Bear Board
After six years of working at famed Minneapolis venue First Avenue, Sonia Grover, Nate Kranz and the rest of the staff got phone calls one November morning in 2004 telling them to come get their stuff — the nightclub was closing. The legendary venue, best known as Prince’s stomping grounds and the site of his 1984 Purple Rain film, would be shuttering its doors for good.
“We were just kind of told the doors are going to lock, so if you have anything in the building, get your s— and get it out of here,” says Kranz, who serves as First Avenue’s GM.
Just five months earlier, the venue’s original founder, Alan Fingerhut, had fired the club’s longtime management team of Steve McClellan and Jack Meyers, as well as financial advisor Byron Frank, and decided to run First Avenue himself, which ultimately led the club into bankruptcy.
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Kranz and Grover, who is First Avenue’s current talent buyer, got a friend to pick them up in a station wagon and immediately went down to the iconic venue, which was built inside an old Greyhound bus depot, to get their band folders and, most importantly, their “huge OfficeMax style paper calendars,” says Kranz. “We’re like, ‘Look, we have no idea what the hell is going on if we lose that calendar.’”
As Kranz and Grover were scrambling to move the many shows they’d booked to other Twin City venues, other staff were grabbing bits of memorabilia that have not made their way back to First Avenue since. At the same time, the local population went into fight mode.
“It can’t be overstated how much love there is for First Avenue from the local community,” says Kranz, “and that includes our government officials.”
The staff quickly started communicating with Byron Frank, who had made the wise financial decision to purchase the building only four years earlier and stepped up to prevent the venue’s imminent closure. To help in this effort, then-mayor R.T. Rybak (a frequent First Avenue visitor) moved the bureaucracy along at lightning speed — making calls to federal judges, getting the bankruptcy proceedings to move at a record pace, securing a new liquor license and anything else the club needed.
“The mayor was invaluable in being able to tell the city staff, ‘This is not the normal course of business. This is important to the city. This is the heartbeat of our city. You need to move this to the top of the docket,’” says Kranz.
Within two weeks, First Avenue and its attached 250-capacity venue 7th Street Entry were hosting shows again, and the city has remained protective of the cultural institution that Grover calls “a truly special, magical place” and which has hosted such legendary artists as Frank Zappa, Tina Turner, The Kinks, B.B. King, U2 and Run-DMC.
To commemorate First Avenue’s 40th anniversary in 2010, the staff decided to add the now-iconic white stars to the formerly all-black building. The stars — introduced in honor of one of the venue’s former names, Uncle Sam’s — feature the names of bands and artists who have played First Avenue, with some stars left blank for those to come. Grover explains that the staff knew the paint job would be relatively quick and decided not to make a public announcement about the process.
“For a day or so, the building was white or cream colored and, oh, boy, did we learn the hard way that we should have made an announcement beforehand,” says Grover. The paint job was in the local news and all over social media, with community members calling the venue in a panic. “The community feels like…Byron owned First Avenue at the time, but this belongs to all of us, so everyone should have known what was going on.”
The stars are now a tourist attraction for a building whose reputation precedes itself. The distinctly curved building was originally the Northland-Greyhound Bus Depot. The space was designed at the height of luxury travel in 1937, with public phones, shower rooms, air conditioning and checkered terrazzo floors (which remain to this day) in stunning art deco style. Just over 30 years later, the bus depot relocated, and Minneapolis native Fingerhut had the vision to turn the space into a rock club called The Depot in 1970. Later in the decade, it took on the name Uncle Sam’s, but by 1981, it became First Avenue and 7th Street Entry and was led by the partnership of McClellan and Meyers.
Nathan Kranz, musician Bob Mould, Sonia Grover and Dayna Frank.
First Avenue
The 1980s also saw the emergence of one of Minneapolis’ greatest sons, Prince, and in a sense, First Avenue became his venue. Anyone who worked at or frequented the venue has a story of seeing Prince there, says Grover, but “I don’t think people ever took it for granted.”
“The vibe was always different if Prince was in the room,” says Kranz. “It gave [people] the feeling of, ‘Well, s—. I’m definitely in the right f—ing spot right now.’ ”
First Avenue’s current stage is one custom-designed by Prince for the filming of Purple Rain, and Frank added the only VIP space in the venue, the Owner’s Box, to give the superstar a space to watch any shows he attended, with or without notice.
“Every year we go down the list of, ‘What can we do to get better, to improve?’ We’re like, ‘What about a new stage?’ But how do you tear up the stage that Prince personally designed? You don’t,” says Dayna Frank, First Avenue’s current owner. She adds that what makes First Avenue “so special is that mix of authenticity and legacy while still having the highest-class modern amenities, best sound system and best traffic flow in one location.”
Dayna Frank became the steward of First Avenue in 2009 after her father, Byron Frank, had a stroke. More than a decade before her father got sick, Dayna — who had grown up at First Avenue and attended Sunday night dance parties with other Minneapolis and St. Paul teens — moved away. But once he fell ill, “I stepped in and realized how special and irreplaceable it was,” she says. “I wanted to help maintain it and do what I could to keep it active and keep it independent. My dad thankfully recovered, but I had fallen in love with working there and the people there and stayed on after he got better.”
With 16 years under her belt, Dayna still considers herself “a newbie” on the staff. Both Grover and Kranz have more than 25 years at First Avenue, and the venue’s website boasts an entire page dedicated to employees who have worked there for more than a decade.
“We love live music. It’s so fun to be part of it in a behind-the-scenes way,” says Grover when asked about her longevity at the club. When she started in 1998 as an assistant to the booker, the company only ran First Avenue and 7th St. Entry. Now, First Avenue Productions books more than 1,000 shows annually at the additional venues it owns: the 350-cap Turf Club, the 650-cap Fine Line, the 1,000-cap Fitzgerald Theater and the 2,500-cap Palace Theatre, which it co-operates with Jam Productions.
In 2020, as the live music business shuttered due to the COVID-19 pandemic, Dayna doubled down on her commitment to remaining an independent venue when she became the catalyst for the National Independent Venue Association (NIVA). Prior to the pandemic, many indie venues were siloed and viewed each other as competitors in an already thin-margin business. But she had visited indie venues in other cities and gotten to know owners in a non-competitive manner, which led to her reaching out once the pandemic started to create the trade organization.
“If 10 years ago, I had said, ‘Let’s start a trade association,’ there would have been a lot of ‘Why? What’s your angle? Why are you asking me for my economic data?’” says Dayna. “But it was this moment where either we were all gonna survive or none of us were gonna survive.”
Dayna subsequently became the founding president of NIVA, which successfully lobbied for the 2021 Shuttered Venue Operators Grant that provided more than $16 billion in funds to help independent live event venues survive through the pandemic.
“There is something unique about having the ability to control a room or make decisions based solely on what is right for the local community and the local artists and the folks on the ground,” says Dayna of keeping the legendary venue independent. “I’m the only owner. There’s not private equity. There’s no investors. Nate, Sonia and I can do what we feel is right with no outside influences and no ulterior motives. That’s a really wonderful and powerful position to be in.”
Hundreds of entertainment industry leaders, including several from the music world, have signed an open letter issued by the non-profit Creative Community For Peace (CCFP), calling for a rejection of extremist rhetoric and misinformation surrounding the Israel-Hamas conflict.
The letter comes in the wake of the fatal shooting of two young people outside the Jewish Museum in Washington, D.C., during which the assailant reportedly shouted “Free Palestine.” This act, the signatories argue, underscores the real-world consequences of anti-Israel rhetoric.
Signatories include major music industry figures such as Warner Records CEO Aaron Bay-Schuck, former Atlantic Music Group chief Julie Greenwald, Roc Nation’s Andrew Gould, YouTube’s Lyor Cohen, Rhino’s Mark Pinkus and UTA’s David Zedeck, among others. Other signatories include manager/TV host Sharon Osbourne, songwriter Diane Warren, producer Ron Fair, and actors Mayim Bialik and Julianna Marguiles.
Trending on Billboard
The letter responds to a series of open statements from the entertainment and literary communities — including one this week addressed to the U.K. government — that the CCFP says contain false claims and inflammatory accusations. It accuses Hamas, Iran and others of spreading antisemitic propaganda since the Oct. 7, 2023, Hamas attack on Israel, which killed approximately 1,200 people.
In the open letter, the CCFP calls on public figures to reject extremist rhetoric and misinformation targeting Israel and the Jewish people. The letter condemns Hamas, Iran, and their allies for spreading false narratives since the Oct. 7 Hamas attack, accusing them of manipulating well-meaning celebrities into amplifying falsehoods. The letter highlights how such misinformation incites real-world violence, referencing the May 21 killing of two people in D.C. The letter denounces Hamas for endangering civilians and using human shields, while accusing those critical of Israel of co-opting social justice causes to vilify the country. The signatories urge their peers in entertainment to reject falsehoods and work toward a lasting peace.
CCFP chairman David Renzer and executive director Ari Ingel highlighted the urgency of the message and warned that without responsible use of social media platforms by influential entertainers, anti-Israel rhetoric could lead to more violence and antisemitic targeting.
The letter concludes with a call for peace, urging colleagues to stand against misinformation and extremism in order to support a future where Israelis and Palestinians can live side by side in dignity.
The conflict began with Hamas’ attack in 2023. Since then, Israel’s military campaign in Gaza has resulted in an estimated 54,000 Palestinian deaths, according to the Gaza Health Ministry, which does not distinguish between civilian and combatant casualties. The Associated Press reports that of the 58 hostages still held in Gaza, Israeli officials believe about one-third may still be alive.
Read the open letter signed by Greenwald, Cohen, Bay-Schuck and more here.
Taylor Swift announced on Friday (May 30) she has regained ownership of her master recordings from Shamrock Capital, the private equity firm that purchased them from Scooter Braun’s Ithaca Holdings in late 2020. According to sources, Shamrock sold Swift’s catalog back to her for an amount relatively close to what they paid for it — which sources tell Billboard was around $360 million.
In a message on her website, Swift says: “All the times I was this close, reaching out for it, only for it to fall through. I almost stopped thinking it could ever happen after 20 years of having the carrot dangled and then yanked away. But that’s all in the past now… I really get to say these words: All of the music I’ve ever made… now belongs to me. All of my music videos. All the concert films. The album art and photography. The unreleased songs. The memories. The magic. The madness. Every single era. My entire life’s work.”
In her announcement, Swift expressed gratitude and praised Shamrock for how they handled the deal, noting they understood the deeply personal meaning behind the transaction. “My memories and my sweat and my handwriting and my decades of dreams,” she writes. “I am endlessly thankful. My first tattoo might just be a huge shamrock in the middle of my forehead.”
Trending on Billboard
The saga of Swift’s masters goes back to June 2019, when Ithaca purchased Big Machine Label Group, which owned the master recordings to Swift’s first six albums, for an estimated $300 million. Swift’s catalog was worth at least half of that amount, according to estimates at the time. Over the years, Swift has very publicly declared her displeasure with the shuffling around of her masters and, in 2019, began re-recording those Big Machine albums in order to restore control over her songs from a commercial standpoint.
Her re-recording journey began with Fearless (Taylor’s Version) in April 2021, followed by Red (Taylor’s Version) in November 2021. In 2023, she released Speak Now (Taylor’s Version) and 1989 (Taylor’s Version), each topping the Billboard 200 chart. Fans are still anticipating the re-recording of her self-titled debut and her final Big Machine LP, Reputation. Since leaving Big Machine in November 2018, she’s released five additional albums on Republic Records: Lover (2019), Folkore (2020), Evermore (2020), Midnights (2022) and The Tortured Poets Department (2024). She also embarked upon and completed her career-defining Eras Tour, which rewrote the rules of what a concert tour could be, and massively boosted streams and sales of her entire catalog, including the re-recordings.
Swift was not involved in Shamrock’s 2020 purchase of her music. “This was the second time my music had been sold without my knowledge,” she said at the time.
Shamrock’s 2020 statement about acquiring Swift’s catalog from Ithaca emphasized their admiration for her artistry and the value of her music. They described Swift as a “transcendent artist” with a “timeless catalog” and said their investment was driven by belief in the long-term potential of her work. While they had hoped to partner with her directly, they acknowledged and respected her decision not to be involved. Shamrock expressed appreciation for Swift’s professionalism and conveyed interest in collaborating with her in the future.
Although terms of the deal were not disclosed, given that sources close to the negotiations say Swift paid a price close to the $360-million price tag Shamrock paid back in 2021, that would imply Shamrock did not make much, if any, profit off the sale of the assets. However, the financial firm with ties to Disney still made a profit of around $100 million in total over the three plus years it owned the records. The six albums and two live albums that Swift recorded when she was signed to Big Machine generated roughly $60 million a year on average globally from 2022 to 2024, according to Billboard’s estimates based on Luminate data. Distribution, marketing and royalty payments to Swift likely consumed about 50% of that revenue, leaving Shamrock with an annual profit of around $30 million a year.
In 2023, Billboard reported that the re-recordings of Swift’s albums Fearless (Taylor’s Version) and Red (Taylor’s Version) were vastly out-streaming their originals since the new versions were released, with the new Fearless earning three times the equivalent album units as the original, and the new Red as much as 10 times the original.
As of May 22 according to Luminate, Speak Now (Taylor’s Version) has racked up 2.3 million equivalent album units to the original’s 8.6 million U.S. units, despite the latter having a more than 12 year head start; Red (Taylor’s Version) has accumulated 5.18 million equivalent album units to the original’s 9.16 million U.S. units, despite the latter having been released nearly 10 years prior to the re-recording; Fearless (Taylor’s Version) has accrued 3.0 million equivalent album units to the original’s 11.7 million U.S. units, the latter having had a 13-year head start; and 1989 (Taylor’s Version) has earned 4.87 million equivalent album units to the original’s 14.6 million, with a nine year gap in release dates.
Overall, Swift’s catalog has racked up 116.77 million equivalent album units in the United States over the years, according to Luminate, stretching back to her self-titled debut album in 2006. She has sold 54 million albums in the U.S. and generated 70.746 billion streams.
Read Taylor’s full message on reclaiming her masters:
Hi,
I’m trying to gather my thoughts into something coherent, but right now my mind is just a slideshow. A flashback sequence of all the times I daydreamed about, wished for, and pined away for a chance to get to tell you this news. All the times I was thiiiiiiiis close, reaching out for it, only for it to fall through. I almost stopped thinking it could ever happen, after 20 years of having the carrot dangled and then yanked away. But that’s all in the past now. I’ve been bursting into tears of joy at random intervals ever since I found out that this is really happening. I really get to say these words:
All of the music I’ve ever made… now belongs… to me.
And all my music videos.All the concert films.The album art and photography.The unreleased songs.The memories. The magic. The madness.Every single era.My entire life’s work.
To say this is my greatest dream come true is actually being pretty reserved about it. To my fans, you know how important this has been to me — so much so that I meticulously re-recorded and released four of my albums, calling them Taylor’s Version. The passionate support you showed those albums and the success story you turned The Eras Tour into is why I was able to buy back my music. I can’t thank you enough for helping to reunite me with this art that I have dedicated my life to, but have never owned until now.
All I’ve ever wanted was the opportunity to work hard enough to be able to one day purchase my music outright with no strings attached, no partnership, with full autonomy. I will be forever grateful to everyone at Shamrock Capital for being the first people to ever offer this to me. The way they’ve handled every interaction we’ve had has been honest, fair, and respectful. This was a business deal to them, but I really felt like they saw it for what it was to me: My memories and my sweat and my handwriting and my decades of dreams. I am endlessly thankful. My first tattoo might just be a huge shamrock in the middle of my forehead.
I know, I know. What about Rep TV? Full transparency: I haven’t even re-recorded a quarter of it. The Reputation album was so specific to that time in my life, and I kept hitting a stopping point when I tried to remake it. All that defiance, that longing to be understood while feeling purposely misunderstood, that desperate hope, that shame-born snarl and mischief. To be perfectly honest, it’s the one album in the first 6 that I thought couldn’t be improved upon by redoing it. Not the music, or photos, or videos. So I kept putting it off. There will be a time (if you’re into the idea) for the unreleased Vault tracks from that album to hatch. I’ve already completely re-recorded my entire debut album, and I really love how it sounds now. Those 2 albums can still have their moments to re-emerge when the time is right, if that would be something you guys would be excited about. But if it happens, it won’t be from a place of sadness and longing for what I wish I could have. It will just be a celebration now.
I’m extremely heartened by the conversations this saga has reignited within my industry among artists and fans. Every time a new artist tells me they negotiated to own their master recordings in their record contract because of this fight, I’m reminded of how important it was for all of this to happen. Thank you for being curious about something that used to be thought of as too industry-centric for broad discussion. You’ll never know how much it means to me that you cared. Every single bit of it counted and ended us up here.
Thanks to you and your goodwill, teamwork and encouragement, the best things that have ever been mine… finally actually are.
Elated and amazed,
Taylor
Additional reporting by Elizabeth Dilts Marshall and Dan Rys.