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The annual Music Biz Conference will move from its current Nashville home to Atlanta in 2025.
Specific dates and venues for Music Biz 2025 will be announced later. The conference will continue in its usual May timeframe.
Music Biz, which attracts more than 2,300 music business professionals each year, has been held in Music City for nearly a decade, and returns this year, from May 13-16.
“We’ve had a wonderful 10 years in Nashville. We love Nashville,” Music Business Association president Portia Sabin tells Billboard. “It’s been such a great place for us to grow and we are so appreciative and are very much looking forward to this year’s conference in Nashville.”
The move was inspired by the September 2022 launch of the Music Biz Roadshow program, which has traveled to cities including Atlanta, Dallas and Miami.
“With the Music Biz Roadshow, we bring our members to different cities across the U.S. for free educational programs for artists and musicians,” Sabin says. “We got inspired by doing that because there are so many great music cities out there in the U.S.”
Atlanta felt like a natural evolution for Music Biz. “When we first brought the conference to Nashville, it was a smaller version of what it is now. We feel like Atlanta has that growth potential,” Sabin adds, noting that music industry professionals from more than 30 countries attend Music Biz each year. “Atlanta has that great international hub airport, which will make it easier for people from abroad to get to [the conference]. We are excited to showcase another great American music city.”
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In 2013, the organization formerly known as the National Association of Recording Merchandisers (NARM) rebranded as the Music Business Association. Following a four-year stint in Los Angeles from 2011-2014, the Music Biz conference has been in Nashville since 2015. The Music Business Association headquarters continues to be located in Nashville.
Beginning in 2025, the Music Biz event will revert to the way it was scheduled in its NARM days when the conference frequently moved to a new city.
“We will be on probably a two-year schedule, staying in a town for two years before going to another town,” Sabin says, noting the conference could potentially be hosted in cities such as Miami and San Diego in the coming years.
“And I’m sure we will be back in Nashville at some point,” Sabin adds. ‘Nashville’s a fabulous city and we are so grateful to have been here for 10 years. We’re looking forward to this year’s conference in Nashville. Atlanta has so much going on in terms of the music industry there, and I think it has somewhat been overlooked in general. It’s a great spot to have the conference and have this important group of people showing up to do business there.”
Recorded music revenue in the United States grew 7.7% in 2023 over the prior year, reaching a high-water mark of $17.1 billion at retail, according to the RIAA. Within that headline number, $14.4 billion — or 84% — was driven by streaming, a figure that was also up 8% over 2022.
It’s the eighth straight year of revenue growth for the U.S. business, and the rounded 8% growth over last year’s $15.9 billion represents an uptick from 2022, when the business grew 6.1% over the prior year. And while the headline figure marks the third straight year that the business has set a record for revenue — previously set in 1999, when revenue hit $14.6 billion prior to Napster taking hold — when adjusted for inflation, it still falls far below that 1999 figure, which would be $26.9 billion at current rates.
Still, the U.S. business has been growing steadily over the past several years, and streaming has settled into being a fairly consistent piece of the revenue pie: This marks the fourth straight year that overall streaming accounted for between 83% and 84% of revenue, showing that streaming and the overall revenue picture are growing in lockstep. Within the streaming category, paid subscription streaming accounted for $11.2 billion, or 78% of all streaming revenue, up 9% over the $10.2 billion it accounted for last year; and the average number of full-tier U.S. subscriptions grew 5.7% to 96.8 million, up from 91.6 million last year.
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However, limited-tier subscription revenue — the bucket into which Amazon Prime, Pandora Plus, fitness services and other paid subscriptions that don’t include access to full, on-demand catalogs falls — dropped 4% to $1.0 billion. Meanwhile, ad-supported streaming service revenue grew 2%, to $1.9 billion, up from $1.8 billion in 2022; and digital and customized radio revenue, which includes services like SiriusXM and SoundExchange distributions, picked up 8% year over year, to $1.3 billion. Synch revenue grew by a similar rate, up 7.4% to $411 million.
In terms of sales, digital downloads continued their slide, with revenue down 12.2% year-over-year to $434.1 million, now representing just 3% of the overall industry. On the flipside, physical sales once again surged, up 10.5% to $1.91 billion (from $1.73 billion last year). That was largely driven by vinyl sales growth, which was up 10.3% year over year to $1.35 billion in revenue — an increase from $1.22 billion in 2022, as units jumped to 43.2 million from 40.5 million. CD sales revenue also grew by double-digit percentages, increasing 11.3% to $537.1 million from a $482.6 million mark in 2022, even as the number of CDs sold fell. The format saw 37 million sales in 2023, down from 37.7 million the year prior, suggesting a rise in average price per unit year over year.
Overall, the percentage breakdown between digital revenue and physical revenue — 89% to 11% — remained essentially the same as it has since 2018, only fluctuating 1% one way or the other in the intervening years. At wholesale, overall revenue grew by 7%, up to $11 billion from last year’s $10.3 billion, marking the second straight year that metric crossed the $10 billion plateau.
For the fifth consecutive year, Australia’s recorded music industry posted growth in 2023 – all thanks to streaming and Aussies’ love of wax.
According to wholesale data published by ARIA, the nation’s record market lifted by 10.9% to A$676 million ($442 million), powered by subscriptions to music streaming brands.
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That rate of growth for Australia, a top 10 market, the IFPI confirms in its newly-published Global Music Report, is in line with international trends.
Spotify, Apple Music, YouTube Music, Tidal, and the full slate of subscription platforms now generate 69% of the industry’s total value, or $467.6 million ($305 million), up by 13.9% year-on-year, reports ARIA, the labels trade association.
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Also reporting gains for 2023 is the space for ad-supported streaming models, up 15.3% jump to $68.3 million ($44 million).
All digital products combined, including downloads and video streams, account for a sum upwards of A$616.1 million ($403 million), a 12% year-on-year lift. In other words, more than 90 cents in the record industry’s dollar is generated by digital.
Vinyl albums are an ongoing sweet spot, posting gains of 14.1% to A$42.1 million ($27 million), a sum more than twice that of the dwindling market for CD albums (A$17 million or $11 million, down 16%), for decades the record industry’s diesel engine. The rate of growth for vinyl, however, appears to be slowing.
An overall strong market report is masking a problem that Australia’s music community is trying desperately to crack — how to break more homegrown in Australia and abroad?
Where the IFPI’s GMR is flush with case studies on the success of Afrobeats, Latin music, K-pop, and blockbuster acts from North America and the U.K., acts from the land Down Under aren’t stealing the limelight.
“While Australia remains the 10th largest music market in the world – and Aussies clearly love music,” comments ARIA CEO Annabelle Herd, “it remains harder than ever for our local artists to reach these audiences.”
ARIA’s end-of-year charts “paint a clear picture of this,” notes Herd, with only four Australian albums impacting the top 100 for 2023, led by INXS‘ hits collection The Very Best (at No. 58), and three singles, none of which were released during the reporting period. The best-placed Australian artist on the year-end singles tally was The Kid Laroi with his 2021 Justin Bieber collaboration, “Stay.”
“Achieving cut-through becomes increasingly difficult for artists as the growth rate of subscription and ad supported streaming models continues to increase year on year,” notes Herd, “while nearly all other growth rates have eased compared to 2022.”
The Albanese federal government listened to the industry’s dilemmas, and, in 2023, activated Creative Australia, the centerpiece of the federal National Cultural Policy, Revive, which its architects hope will turn Australia into a music powerhouse.
Among the government’s promises is the launch of Music Australia, a reimagined national music development agency that would support and invest in the development of Australian contemporary music, and now led by founding director Millie Millgate. The Music Australia Council, effectively the Music Australia board, includes legendary concert promoter Michael Chugg and Future Classics founder and CEO Nathan McLay.
The government’s National Cultural Policy is an ambitious year-long action plan, structured around five interconnected pillars and underpinned by a commitment for new, additional investment totaling A$286 million (US$202 million) — record levels of arts funding. Music Australia alone is funded to the tune of A$69 million ($44 million) over four years.
“We are fortunate that compared to other major global markets, our growth rates paint a favorable picture for the future of music in Australia,” adds Herd. “Music is valuable, it is popular and it is growing. We look forward to working with the industry and government to ensure that message is heard and that value is increasingly used to support our incredible local talent.”
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Spotify has launched a new experiment, offering educational video courses to its U.K. users on subjects including music making, creativity, business and healthy living. The new courses show that Spotify is hoping to expand its reach beyond music, podcasts and audiobooks into a new fourth vertical, but the launch is still in the testing phase.
The videos are provided through partnerships with BBC Maestro, Skillshare, Thinkific and PlayVirtuoso and are available on Spotify’s desktop and mobile apps. They can be found by clicking a new ovular icon at the top of the screen. Two lessons in each course are freely available to both free and premium subscribers, but to access a full course, users must leave the app and purchase additional lessons on a dedicated web page to continue. Spotify will receive a commission on whatever is sold through its platform, according to The Verge.
“Testing video courses in the U.K. allows us to explore an exciting opportunity to better serve the needs of our users who have an active interest in learning,” said Babar Zafar, vp of product development at Spotify, in a blog post announcing the test. “Many of our users engage with podcasts and audiobooks on a daily basis for their learning needs, and we believe this highly engaged community will be interested in accessing and purchasing quality content from video course creators. At Spotify, we’re constantly striving to create new offerings for our creators and users, and having built best-in-class personalized music and podcast offerings, we look forward to exploring the potential of video-based learning on Spotify.”
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The post notes that roughly half of Spotify premium subscribers have engaged with education or self-help-themed podcasts.
Spotify did not immediately return Billboard’s request for more information on whether it’s planning to expand the test to other markets, including the United States.
Daniel Ek, CEO/founder of Spotify, hinted at the company’s interest in expanding into education nearly two years ago during his Spotify Investor Day presentation held on June 8, 2022. “We will firmly cement Spotify as the home for some of the greatest artists and creators and educators in the world,” he said at the time. “I’m not aware of any other company has been successful in taking a multi-business model and multi-vertical approach within one user experience.”
This U.K. test proves that Spotify is still searching for profitability and keen to expand its user base beyond what music streaming can provide. According to MIDiA Research, growth in music streaming subscriptions is expected to slow from double- to single-digits in the coming decade as the market reaches maturity. Plus, the margins made from music streaming continue to be tight.
Alex Noström, Spotify’s co-president/chief business officer, has also hinted at the company’s educational focus in the past, saying at the 2022 investor day presentation: “In the next 10 years, there are additional markets and verticals that we believe are natural fits for our platform and audience…There’s news, sports and education. Those are vast markets [that] we can imagine Spotify playing in… [All] are big consumer markets, sometimes much bigger than music… We have an opportunity to consolidate user’s habits and purchases to Spotify and also expand the pie allowing broader and more convenient access to these new content carrier categories.”
Believe‘s board of directors on Monday (Mar. 25) asked Warner Music Group (WMG) to submit a formal bid for the French music company after stating that French financial regulators found an offer by a group that includes Believe CEO Denis Ladegaillerie violated certain securities rules. WMG said earlier this month that it approached Believe in […]
UK indie promoters Communion Presents and FKP Scorpio UK have merged to form Communion ONE.
Communion was launched as a London clubnight series in 2006 by musicians Kevin Jones from Bears Den, Ben Lovett of Mumford and Sons and producer Ian Grimble. FK Scorpio was a UK affiliate of German concert promoter, founded by Folkert Koopmans in 1990.
Together, the two firms have promoted some of the biggest and most exciting artists from around the globe, from the likes of Ed Sheeran, Noah Kahan, Sam Fender, and Lewis Capaldi, to Phoebe Bridgers, Mitski, TEMS, The War and Drugs and Laufey.
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Communion ONE will be led by a board including FK Scorpio UK’s Daniel Ealam, Communion’s Mazin Tappuni and Scott O’Neill. The non-executive leadership team is formed by Communion Music’s managing director Jamie Emsell, Jones and Lovett, FKP Scorpio’s Koopmans and the promoter Carlo Scarampi as a Partner.
Communion ONE’s senior staff will be rounded out by head of operations Carly Rocket, head of marketing Julie Morgan, head of ticketing Olly Goddard, head of production Rich Cheetham, head of finance Mike Werbowy and head of programming Jack Dedman. Sam Laurence’s promotion company imprint Dollop will also be included in the company, along with promoters Eve Thomas and Hayley Moss.
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“Bringing our two brilliant teams together and combining our shared experience, resources and perspectives is the most natural thing in the world,” company officials said in a statement. “In doing so, we believe that Communion ONE is creating an even more compelling proposition for our existing and future clients. We’ve all had amazing success so far, but in many ways, we’re only just getting started.”
Communion ONE will plug into FKP Scorpio’s European touring network, with offices in 11 European countries and one of the largest festival offerings across Europe. FKP Scorpio sold 4 million tickets across Europe in 2023.
Communion ONE will also be producing a new three-night event series at Bristol’s 15,000 capacity Queen Square beginning in 2025, and will continue to book tvg hospitality’s UK portfolio and its London affiliates Lafayette, Omeara, The Social, and their new partnerships with Village Underground and EartH. The company also plans to expand its outdoor portfolio over the coming year.
Communion Presents’ sister companies, Communion Records and Communion Publishing, will continue to operate independently of Communion ONE.
Paulo Londra has signed a new recording deal with Argentine indie Dale Play Records, Billboard has learned. The new deal will have Londra releasing new music under Dale Play, a label that has specialized in young, urban leaning artists from Argentina and whose roster includes producer Bizarrap, rapper Duki and urban/pop act Nicki Nicole, who all have scored major global hits. As with all Dale Play signings, Londra will be distributed via Sony’s The Orchard.
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Londra, 25, was one of the core pioneers of Argentina’s burgeoning urban and trap movement when he exploded onto the scene in 2019 with his debut album, Homerun. Signed to indie Big Ligas and distributed by Warner, Londra, with a sweet, distinctive voice and look that contrasted with his freestyle rhymes, was an immediate sensation whose music was able to cross over from Argentina to the world. Homerun debuted and peaked at No. 12 on Billboard’s Top Latin Albums and at No. 10 on Latin Rhythm albums.
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After this quick success, however, Londra entered into a lengthy, multi-million dollar dispute with Big Ligas partners Cristian (Kristo) Salazar and renown producer and artist Daniel Oviedo (Ovy on the Drums). Big Ligas alleged breach of contract while Londra filed his own suit accusing Salazar and Oviedo of fraud and negligent representation.
The dispute was finally settled nearly two years later in a Miami courtroom, but until then, Londra didn’t release new music. Terms of the settlement were not disclosed, but both parties issued a statement at the time saying they had “resolved their differences.”
Londra then signed directly with Warner Music Latina in March of 2022 and released his second album, an EP titled Back to the Game, which features collaborations with Ed Sheeran, Travis Barker, Timbaland, Feid and Duki. A first single, “Plan A,” debuted at No. 1 on Billboard Argentina’s Hot 100 chart.
The rapper and singer has been working on new music and is set to release new material in 2024 under Dale Play. He continues to be managed by Buena.
European Union regulators opened investigations into Apple, Google and Meta on Monday, the first cases under a sweeping new law designed to stop Big Tech companies from cornering digital markets. The European Commission, the 27-nation bloc’s executive arm, said it was investigating the companies for “non-compliance” with the Digital Markets Act.
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The Digital Markets Act that took full effect earlier this month is a broad rulebook that targets Big Tech “gatekeeper” companies providing “core platform services.” Those companies must comply with a set of do’s and don’ts, under threat of hefty financial penalties or even breaking up businesses. The rules have the broad but vague goal of making digital markets “fairer” and “more contestable” by breaking up closed tech ecosystems that lock consumers into a single company’s products or services.
The commission has heard complaints that tech companies’ measures to comply have fallen short, European Commission Vice President Margrethe Vestager, the bloc’s competition chief, said at a press briefing in Brussels. “Today, we decided to investigate a number of these suspected non-compliance issues. And as we unearth other problems, we will tackle those too.”
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The companies have been ordered to hold on to certain documents that the commission can access in current and future investigations, she said.
Regulators are looking into whether Google and Apple are fully complying with the DMA’s rules requiring tech companies to allow app developers to direct users to cheaper options available outside their app stores. The commission said it’s concerned the two companies are imposing “various restrictions and limitations” including charging recurring fees that prevent apps from freely promoting offers.
Google is also facing scrutiny for not complying with DMA provisions that prevent tech giants from giving preference to their own services over rivals. The commission said it is concerned Google’s measures will result in third-party services listed on Google’s search results page not being treated “in a fair and non-discriminatory manner.”
Google said that it has made “significant changes” to the way its services operate in Europe to comply with the DMA. “We will continue to defend our approach in the coming months,” Google’s director of competition, Oliver Bethell, said.
The commission is also investigating whether Apple is doing enough to allow iPhone users to easily change web browsers.
Apple said it’s confident that its plan complies with the DMA, and it will “continue to constructively engage with the European Commission as they conduct their investigations.” The company said it has created a wide range of new developer capabilities, features, and tools to comply with the regulation.
The commission is also looking into Meta’s option for European users to pay a monthly fee for ad-free versions of Facebook or Instagram, so they can avoid having their personal data used to target them with online ads. “The Commission is concerned that the binary choice imposed by Meta’s ‘pay or consent’ model may not provide a real alternative in case users do not consent, thereby not achieving the objective of preventing the accumulation of personal data by gatekeepers,” it said.
Meta said it will “engage constructively” with the Commission. “Subscriptions as an alternative to advertising are a well-established business model across many industries, and we designed Subscription for No Ads to address several overlapping regulatory obligations, including the DMA,” it said in a prepared statement.
The commission said it aims to wrap up its investigations within 12 months.
Dasha, the singer-songwriter behind the viral hit “Austin,” has signed a label deal with Warner Records.
“We met with every label, and all of the labels were incredible,” Dasha tells Billboard of selecting Warner Records. “It was a difficult decision, but Warner just felt like they had the most heart. Everyone on that team are genuinely fans of the music. It just came down to a gut feeling. They were so passionate about my songwriting, which is my priority. First and foremost, I’m a songwriter and they champion my storytelling.”
“Dasha is a star,” says Warner Records co-chairman/CEO Aaron Bay-Schuck via email. “She’s a force of nature when she walks in the room, she has real passion, significant talent, clear vision, and really strong music that extends far beyond ‘Austin.’”
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In November 2023, as an independent artist, Dasha released “Austin,” a mesh of vengeful lyrics and immense dance grooves, in which she declares that while she hightails it to Los Angeles, her ex-lover will “still be here, drunk, washed up in Austin.”
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“Austin” spiked on TikTok earlier this year before surging up the Spotify Viral 50 chart. The song now resides at No. 74 on the Billboard Hot 100 and at No. 17 on Billboard’s Hot Country Songs chart, while Dasha is at No. 11 on Billboard’s Emerging Artists chart. The song comes from Dasha’s eight-song project What Happens Now?, which came out Feb. 16. “Austin” is also the soundtrack to a corresponding line dance launched by Dasha via a TikTok video last month. To date, “Austin” has earned nearly 450,000 unique video creations on the platform.
The song is resonating on other outlets as well. “It’s been surreal because the song hasn’t slowed down. Yesterday, we did 2.2 million streams on Spotify alone,” says Dasha, who is managed by Alex Lunt of Type A Management.
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Dasha was raised in San Luis Obispo, California, and is now based in Nashville. She wrote her first song at age 13, inspired by her love of country, pop, rock, and Americana, with influences including Kacey Musgraves, SZA, Tyler Childers and Noah Kahan. Dasha enrolled at Nashville’s Belmont University, but after the COVID-19 pandemic hit in 2020, she returned to California. After releasing the 17-track R&B/pop-oriented album Dirty Blonde in 2023, she reconnected with her love of country music.
She wrote “Austin” in early 2023, with co-writers Adam Wendler, Cheyenne Rose Arnspiger and Kenneth Heidelman.
“Once we kind of got the idea and the chords going, the song flew out in less than an hour,” Dasha recalls. “It just felt natural and everyone I showed that song to after that session was just like, ‘This is going to be a really big song.’ I never doubted it once and no one else did and we were right.”
Warner Records plans to initially take “Austin” to country radio, working in tandem with the promotion team at Warner Music Nashville. This same strategy recently yielded a No. 1 Country Airplay hit for Warner Records artist Warren Zeiders with “Pretty Little Poison.”
“We’ll take this to country radio first, but then we will also take it to pop radio because it is a global song and it deserves that,” Dasha says. “So, I think we are going to work both angles.”
“It’s a two-pronged approach,” Bay-Schuck says. “Obviously, it is everyone’s goal to make ‘Austin’ one of the biggest songs in the world, but never at the sacrifice of telling the artist’s story and solidifying the artist’s proposition. The building of a proper foundation is critical to the mission of never letting a song become bigger than the artist. Our artist development approach will work towards Dasha being accepted and respected by both country audiences and pop audiences, alike.”
It’s not only fans who have taken notice of Dasha’s chart-busting success with “Austin.” She notes that several artists — in the country genre and beyond — have reached out and shown support, but also interest in collaborating.
Dasha says a duet version of “Austin” could potentially be on the horizon. “We’re just trying to figure out what the right collaboration is,” Dasha says. “We’re in no rush, because this song is really just starting, so I think we will wait and see what opportunities come up. I want it to be organic and not a planned business thing — I want to expand the life of the song and give it a new twist.”
Dasha made her television debut of “Austin” on Jimmy Kimmel Live! on March 21. Looking ahead, Dasha will make her debut at California’s Stagecoach Music Festival, with performances at Hangout Music Festival, CMA Fest, Lollapalooza and Country Calling Festival set for later this year.
Though she is now signed with a major label, Dasha praises the independent collective that has helped propel the song thus far, including Type A Management and King Publicity.
“Everything you see now is because of the independent, small team of people we put together who believe in me and the song. As a country artist, to be on the cover of the [Spotify] Pop Rising and all this crazy stuff, has been mind-blowing and bigger than I ever could have imagined. I’m so, so grateful.”
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Music stocks’ performance this week was a microcosm of the entertainment industry this decade, with streaming companies making up the top four performers while legacy broadcasting stocks finished at the bottom of the heap.
Chinese music streaming company Tencent Music Entertainment rose 6.0% to $10.95 following the company’s encouraging full-year earnings results on Tuesday (Mar. 19). Although total revenue declined 2.1%, the online music part of the business is booming. Subscription revenue from QQ Music, Kuwo Music and Kugou Music increased 39.1% to $1.7 billion while the number of subscribers grew by 18.2 million to 106.7 million. Tencent Music shares reached a 52-week high of $11.80 on Thursday (Mar. 21) but dropped 4% on Friday (Mar. 22) following news that Zhenyu Xie, president/chief technology officer, tendered his resignation. Xie will be replaced on the board of directors by CFO Shirley Hu.
Spotify gained 3.9% to $264.95, bringing its year-to-date improvement to 41.0%. On Tuesday, the streaming company released its fourth annual Loud & Clear report, a breakdown of the prior year’s royalty payouts. In 2023, the number of artists who received at least $10,000 from Spotify increased 16% to 66,000 — 2.7 times more than the number who received that much in 2017. The number of artists who earned $1 million or more from Spotify rose 18% to 1,250.
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Two smaller companies posted even larger gains. Anghami shares rocketed 56.8% to $1.74 this week and reached as high as $2.20 after a regulatory filing revealed that Saudi media company MBC Group had amassed nearly a 14% stake in the Abu Dhabi-based music streamer. The investment helped give Anghami some breathing room after the Nasdaq warned in October that the stock faced delisting for closing under $1 for the prior 30 days. Anghami closed below $1 from Feb. 1 to Mar. 7 but has closed above $1 since Mar. 15.
LiveOne jumped 10.9% to $2.04 after announcing on Monday (Mar. 18) that it expects record quarterly revenue with the help of increased Tesla sales, 30 new podcasts and more than $2 million in monthly recurring revenue from clients in its B2B streaming business. Additionally, the company revealed that it repurchased $250,000 worth of stock in the previous 30 days and extinguished $3 million of payables of PodcastOne, the podcast company it spun off in September 2023.
Streaming companies’ gains helped the Billboard Global Music Index rise 1.3% to a record 1,719.66 this week, breaking a two-week skid and topping the previous record of 1,715.81 set the week ended Mar. 1. The 20-company index had an even number of winners and losers.
Major indexes rose to new heights after the U.S. Federal Reserve indicated the central bank still expected three interest rate cuts in 2024 despite a recent increase in inflation. In the United States, the Nasdaq composite rose 2.9% to 16,428.82, a new closing high, and reached an intraday high on Thursday. The S&P 500 finished the week up 2.3% to 5,234.18, even after falling 0.1% on Friday. In the United Kingdom, the FTSE 100 gained 2.6% to 7,930.92. South Korea’s KOSPI composite index rose 3.1% to 2,748.56. China’s Shanghai Composite Index fell 0.2% to 3,048.03.
Broadcasters were at the opposite end of the spectrum. The index’s biggest decliner was iHeartMedia, which fell 7.7% to $1.91. After a sluggish year for national advertising, iHeartMedia executives have predicted 2024 will be “a recovery year” and first-quarter revenue decline will be less severe than previous quarters. Maybe so, but investors have dropped its stock 28.5% year to date.
Two other radio companies were among the bottom four stocks. Cumulus Media shares fell 6.6% to $3.41 and are down 35.9% in the first 12 weeks of the year. Cumulus’ revenue was down 11.4% in 2023, and CEO Mary Berner warned investors in February that “choppy” ad demand limited its ability to forecast in 2024.
SiriusXM, which is optimistic about its redesigned streaming app, dropped 4.2% to $3.88 and has fallen 29.1% this year. Liberty Media, which owns 84% of SiriusXM’s outstanding shares, plans to merge the SiriusXM stock with the Liberty SiriusXM track stock later this year.