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Trueno has signed a record deal with Sony Music Latin, Billboard can announce. The Argentine rapper and singer, known for his socially conscious lyrics, is a leading force in the hip-hop scene of Latin America. “Joining Sony Music US Latin is a big step in my career! I am very excited to be able to […]
A suspected drug overdose and the forces of nature soured the 2024 Pitch Music & Arts festival, a long-weekend camping festival in Victoria, Australia which wrapped its seventh edition.
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Pill-testing is back in the national headlines after a 23-year-old man, who is understood to have consumed black-market drugs, died after being airlifted to The Alfred hospital in the early hours of Sunday morning.
“Our thoughts are with their family and friends. We have our Crowd Care team on site to support patrons and staff, and are committed to providing support services to those who need them,” reads a statement from organizers.
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The identity of the man, from Niddrie in Melbourne’s northwest, has not been disclosed. “We cannot comment further at this time given the necessity to protect the privacy of those affected,” the statement continues.
As party-goers and their families absorbed the news of a suspected drug fatality, Greens spokesperson Aiv Puglielli called on the state government to “shift gears and finally set up pill-testing” at music events.
“While this Labor government continues to stall,” Puglielli adds in a statement “young Victorian lives are being put at risk.” Even with “pure MDMA we’ve seen how extreme heat can deal a deadly blow. So with untested drugs circulating, this was truly a disaster waiting to happen.”
According to the Guardian, two other men, aged in their 30s and 40s, were taken to East Grampians Health Service suffering suspected overdoses, and are said to be in a stable condition.
Pill testing was trialed at Canberra’s Spilt Milk festival in 2018, paving the way for the Australian Capital Territory (ACT) government launching the country’s first fixed-site health and drug checking service as a six-month pilot in July 2022. That service has now been extended to December 2024.
Victoria’s leadership, however, has no current plans to trial pill testing in the state, though a spokesperson told the Australian Broadcasting Corporation earlier in the year that $21 million of taxpayers’ money is spent each year on harm reduction activities, which include engaging with attendees at festivals and nightclubs.
Pitch is produced by Untitled Group, the largest independent music and events company in Australia, whose festival brands include Beyond The Valley, Sun Cycle NYD, Grapevine Gathering, Wildlands, Ability Fest and more.
Earlier, Untitled scrubbed the final day of Pitch, set for Monday, March 11, as “extreme” heat swept through the state. “Through consultation with authorities,” reads a statement issued by organizers Sunday afternoon, “we have been directed to cancel the remainder of Pitch Music & Arts 2024 in light of an updated extreme fire danger warning issued this afternoon for tomorrow.”
The message continues, “we have consistently followed the guidance of relevant authorities throughout the entire process.”
Though guests weren’t in “immediate danger,” the statement continues, “everyone on site” was encouraged to “calmly pack-up” and move along.
The climate crisis is real, it’s here, and it’s ruined many festivals in this part of the world. According to Green Music Australia, the lobby body for music and the environment in Australia, over 45 music festivals in Australia have been partially or fully cancelled due to weather impacts since 2015. On top of that, notes CEO Berish Bilander, other cultural events have cited rising insurance premiums due to weather as a cause for cancelation.
Add Moomba Festival to that list; organizers scrapped Monday’s parade, due to hazardous conditions.
Following two consecutive sold-out events in 2023 and 2022, Pitch, a celebration of music, arts, and community, brought back a ballot system for 2024.
The event was slated for March 8-12 in Moyston, about 140 miles west of Melbourne, coinciding with Victoria’s Labour Day long weekend.
(WMG) revealed its interest in acquiring the French music company.
Believe shares rose 2.5% to 15.88 euros ($17.38) after WMG announced its interest in the owner of distributor TuneCore, publishing administrator Sentric and such record labels as Naïve and Groove Attack. Last week, Believe announced it had interest from an unnamed party, which caused the share price to exceed the 15 euro ($16.52) per share offer from a consortium led by CEO Denis Ladegaillerie and investment funds EQT and TCV. After the potential suitor was given a name, Believe’s share price rose even more. WMG, which hasn’t made an official offer, said it would pay “at least” 17 euros ($18.60) per share. WMG shares fell 4.4% to $33.93 this week.
With Believe trading at 15.88 euros ($17.38), investors don’t appear convinced that WMG will make an offer at 17.00 euros. Not only would WMG need to pass regulatory scrutiny, the Ladegaillerie consortium has a head start and appears to be moving quickly to close the deal. Last week, the consortium said it waived the board’s condition that an independent expert weigh in on its offer’s fairness to shareholders. WMG’s announcement singled out the maneuver, stating that “WMG considers that such a waiver violates a number of rules of French securities regulations which are meant to protect shareholders (including the sellers and their investors) and the Company, and that the validity of such waiver could be challenged.”
Sphere Entertainment Co. shares rose 10.1% this week to $48.77, adding $127 million to the company’s market capitalization and bringing its year-to-date gain to 43.5%. Three of four live music companies posted gains in an otherwise muted week for music stocks: German promoter CTS Eventim gained 2.2% to 75.10 euros ($82.19), while on Thursday (Mar. 7), Live Nation shares surpassed $100 for the first time since May 2, 2022. The concert giant finished the week up 2.7% to $99.75.
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The 20-company Billboard Global Music Index fell 0.9% to 1,700.37 this week as half the stocks were gainers, nine were losers and one was unchanged. Streaming stocks had an average gain of 4.2% thanks to an 18.4% improvement by music streamer LiveOne. Abu Dhabi-based streaming company Anghami rose 3.2%. The bigger streaming companies lost ground, however. Spotify fell 1.6% to $259.40, a rare stumble for a stock that has gained 38.1% year to date. Deezer shares dropped 0.4% to 2.24 euros ($2.45).
K-pop stocks were down across the board this week. JYP Entertainment, home to Twice and Stray Kids, fell 8.0%. SM Entertainment, home to aespa and Girls’ Generation, dropped 6.5%. HYBE sank 2.3% and YG Entertainment, the company behind BLACKPINK, slipped 1%. The four companies have an average year-to-date loss of 22.7%. HYBE’s 16.7% decline in 2024 is the best of the group. Elsewhere, JYP Entertainment shares have fallen 33.1% and SM Entertainment and YG Entertainment dropped 20.6% and 20.4%, respectively.
Stocks were mixed globally. In the United States, the Nasdaq composite dropped 1.2% to 16,085.94 and the S&P 500 declined 0.3% to 5,123.69. U.S. stocks reached new records on Thursday following comments by Federal Reserve chief Jerome Powell that indicated the central bank will ease interest rates. “If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year,” Powell told the House Committee on Financial Services on Wednesday (Mar. 6).
Stocks ended the week on a down note after Friday’s U.S. jobs report offered mixed messages to investors. Total confirmed payroll rose by 275,000 in February, but at the same time, the unemployment rate rose by 0.2 percentage points to 3.9% and wages rose just 0.1% in February — not necessarily welcome indicators, but perhaps signs that the Federal Reserve can move ahead with future rate cuts without fearing the economy will overheat.
In the United Kingdom, the FTSE 100 fell 0.3% to 7,659.74. South Korea’s KOSPI composite index rose 1.4% to 2,680.35. China’s Shanghai Stock Exchange index improved 0.6% to 3,046.02.
The beloved Just for Laughs festival in Montreal, a vital annual event in the comedy world, has canceled its 2024 edition and laid off about 70% of its staff.
The festival’s managing body, Groupe Juste pour rire inc. (JPR), is facing financial hardships and has sought legal measures to avoid bankruptcy. JPR said the decision is aimed at finding new investors or potential buyers to keep the festival afloat. The challenges leading to this point include the economic strain from the pandemic and other industry hurdles, including rising costs and media mergers. Despite the tough times, organizers hope to come back stronger in 2025.
“The decision to initiate restructuring proceedings was reached after thorough consideration of all options available to the company,” a news release states, “taking into account its very difficult financial situation given the significant changes in our business landscape in recent years.” – Rosie Long Decter
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Billboard Women In Music Expands to Canada in 2024
This June, Billboard Women In Music is expanding to Canada, shining a light on the influential women and gender-diverse talents who are shaping the nation’s music scene. With this expansion, Billboard Canada aims to honor those making significant strides across the industry, from production to live performances.
The music community is invited to participate, with nominations now open. It offers a platform to recognize and celebrate the outstanding contributions of individuals in the Canadian music industry while fostering a more inclusive and diverse musical landscape.
Canadian executive Golnar Khosrowshahi, the founder/CEO of Reservoir Media, one of the biggest independent music companies in the world, is an Executive of the Year hall of famer. This year, she offered this piece of advice: “Pivot to a path that allows for growth equally across your professional and personal lives. You should not have to compromise, but rather be empowered to find the route that allows for the multitudes present in you.” – Richard Trapunski
Music Canada’s Game-Changing Update: Video Streams Now Count Toward Gold and Platinum Certifications
Earlier this week, Toronto-based Music Canada announced a significant update to its Gold/Platinum Program for Single Awards: It will now incorporate official video streams into the certification calculations.
The change celebrates the evolving ways fans engage with music, particularly through video. With this update, video streams from platforms like YouTube, Vevo and Apple Music from Jan. 1, 2020, onwards will contribute to the criteria for Gold, Platinum and Diamond certifications, ensuring that artists who engage fans through music videos receive recognition toward certifications. – David Farrell
4batz has signed a deal with Drake’s label OVO Sound for one EP, according to two executives familiar with the deal. The EP deal is a short-term license, the sources say. A rep for Drake and OVO declined to comment. Multiple labels have been wooing 4batz since his track “act ii: date @ 8” — […]
Grammy-winning singer-songwriter Shelby Lynne has signed with Monument Records and will now be managed by Little Big Town‘s Karen Fairchild, who is stepping into music management.
Led by co-presidents Shane McAnally and Jason Owen as well as general manager Katie McCartney, Monument will reissue Lynne’s 1999 album, I Am Shelby Lynne, on Apr. 5 in honor of its 25th anniversary, with a limited-edition vinyl release slated for the summer.
Meanwhile, Lynne is also working on her new studio album with Fairchild, fellow singer-songwriter Ashley Monroe and producer/engineer/mixer Gena Johnson (Ashley McBryde‘s Lindeville, Chris Stapleton‘s Starting Over).
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Lynne, who moved back to Nashville in 2018, said in a statement, “It’s good to be back in Nashville. Being back in this city has lit me up. I’ve come full circle and I can’t wait to share what we’ve been working on.”
Since issuing her 1989 debut album, Sunrise, Lynne has traversed genres including country, rock and pop with her music. In the early 1990s, several of her songs, including “Things Are Tough All Over,” cracked the top 30 on Billboard‘s Hot Country Songs chart, while her sixth studio album, 1999’s I Am Shelby Lynne, featured the top 20 Billboard Triple A chart hit “Gotta Get Back.” The album also led to Lynne winning best new artist at the 43rd annual Grammy Awards. She has also picked up honors including the ACM Awards’ top new female vocalist accolade. Additionally, she has been featured in movies and TV shows including Johnny Cash biopic Walk the Line.
In addition to Little Big Town, Fairchild has written songs recorded by Kelsea Ballerini and Anne Wilson. In a way, Lynne’s signing to Monument Records marks a full-circle moment for Fairchild as well, as Little Big Town’s 2002 self-titled debut album was released on the label (the group has been with Capitol Nashville since 2008).
McAnally said in a statement, “Artists like Shelby Lynne come once in a lifetime. Her impact on artists and fans alike, including me, has been deep and wide. I’m so proud to be a part of bringing her artistry back to the forefront with new music.”
Fairchild added, “It feels important to reintroduce Shelby Lynne’s genius to a fresh wave of artists and fans. I’m blown away by her profound knowledge of music and the enormity of her talent. Shelby’s uniqueness lies in her extraordinary capacity to delve into human pain and beauty through her powerful voice and storytelling.”
A Los Angeles judge is pressing pause on a bombshell sexual harassment lawsuit filed against Lizzo by three of her former backup dancers, halting all proceedings while the star appeals a recent ruling that allowed the case to move forward.
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In a decision Thursday, Judge Mark H. Epstein ordered the case “stayed” while Lizzo challenges his January ruling, which largely rejected her efforts to dismiss the lawsuit under California’s anti-SLAPP statute — a special law that makes it easier to quickly end meritless lawsuits that threaten free speech.
It’s unclear how long that process will take, but it will be at least several months before the case resumes.
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Lizzo (real name Melissa Jefferson) was sued in August by dancers Arianna Davis, Crystal Williams and Noelle Rodriguez, who claim she and her Big Grrrl Big Touring Inc. created a hostile work environment through a wide range of legal wrongdoing, including sexual harassment and religious and racial discrimination.
In one particularly vivid allegation, Lizzo’s accusers claimed she pushed them to attend a live sex show at a venue in Amsterdam’s famed Red Light District called Bananenbar, and then pressured them to engage with the performers, including “eating bananas protruding from the performers’ vaginas.” After Lizzo herself allegedly led a chant “goading” Davis to touch one performer’s breasts, the lawsuit says, Davis eventually did so.
Repped by Hollywood defense attorney Martin D. Singer, Lizzo fired back in October, arguing that Davis, Williams and Rodriguez filed the case seeking “a quick payday with minimal effort.” He said they had “an axe to grind” against the star because they had been reprimanded over “a pattern of gross misconduct and failure to perform their job up to par.”
Lizzo’s motion to dismiss the case cited the anti-SLAPP statute, which stands for “strategic lawsuits against public participation.” Her lawyers called the harassment lawsuit “a brazen attempt to silence defendants’ creative voices and weaponize their creative expression against them.”
But in his ruling in January, Judge Epstein ruled that the anti-SLAPP law didn’t quite fit all of the lawsuit’s allegations. He tossed out some claims – including a particularly loaded charge that Lizzo fat-shamed one of her dancers – but ruled that remainder of the case could go forward.
Figuring out the proper balance – between protected speech and illegal discrimination – was “no easy task,” Judge Epstein wrote, but he said he had “tried to thread this needle.”
“It is dangerous for the court to weigh in, ham-fisted, into constitutionally protected activity,” the judge wrote. “But it is equally dangerous to turn a blind eye to allegations of discrimination or other forms of misconduct merely because they take place in a speech-related environment.”
It’s that ruling that Lizzo is now appealing. The coming appellate fight will aim to answer tricky questions about the anti-SLAPP statute – a provision that is often used to fight back against defamation lawsuits, not against discrimination lawsuit filed by former employees against their employer.
In statement Friday, the accusers’ attorney Ron Zambrano said: “This case now hinges on appeals. They’ll file, then we’ll cross-file, so the judge has stayed the case for the time being pending those appeals.” An attorney for Lizzo did not immediately return a request for comment.
Just say the name Jennifer Lopez and surely somebody, somewhere, everywhere, will associate her with something: Films, dance, brands, hubby Ben Affleck — and, yes, music. Which is ironic because Lopez has long said music is her first love; it’s what led her to dance and, later, to acting. But as a multi-hyphenate, Lopez has never quite embraced her musicianship as thoroughly as she is now with her current, multi-pronged This Is Me…Now project.
Spearheaded by the album of the same name — her ninth studio album and first in over a decade — the project also includes This is Me…Now, a musical produced by MGM Amazon and streaming exclusively on Amazon Prime; the documentary The Great Love Story Never Told, streaming on Prime Video; and the This Is Me…Now tour, which kicks off June 26 in Orlando and will encompass 30 arena dates in the United States alone.
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“The mindset was, ‘Let’s create a Jennifer Lopez ecosystem that can push out into all the different worlds that she has traversed: her music, her filmmaking, her producing, her acting,” says her longtime manager and business and producing partner Benny Medina. “[What] does a project like that look like and how do you get the attention and placement that you can?”
The album This Is Me…Now, released by Lopez and Medina’s Nuyorican Productions and licensed to BMG, sold 14,000 copies in its debut week last week and debuted at No. 1 on Billboard’s Top Album Sales chart. This Is Me…Now the musical was also released on Feb. 16 and was followed in quick succession by on-sale tour dates on Feb. 22 and, finally, the release of The Greatest Love Story Never Told, which arrived on Feb. 27. Coming up are more tour dates and multiple private listening sessions with fans — just one of many strategies that Lopez and Medina hope will help spread the gospel of This Is Me…Now. Vinyl, for example, which directly ties into the album’s concept of “then and now,” was a key component of its first-week sales, accounting for nearly a third of all copies sold.
Those little details, contained within such a vast picture, are telling. Medina, who began his career as a Motown artist and later worked at Motown Records under Berry Gordy, approaches every project like the multimedia entrepreneur he is.
But after over 20 years working with Lopez — with whom he’s a partner in every one of her ventures — he admits that this project was particularly challenging.
“Everybody starts with the concept of, ‘Wait a second, is this a movie, a film, a long-form music video?’” he says. “It’s not anything you’ve seen and produced. And that was what was really interesting. Here she was, along with her team, working harder than she’d ever worked to write, produce and finish an album. And then writing and producing a film while being followed around to make a documentary. The only person who’s really ever going to stick with you during something like that is yourself and the other people who’ve signed up as a result of an incredible amount of belief.”
Here, Medina — who earns the title of Billboard’s Executive of the Week — breaks down the belief that allowed him and Lopez to pull off This Is Me…Now.
This Is Jennifer Lopez’s first No. 1 in 20 years. How did you do it?
With that amount of time in between a true full studio album release and very few bits of music whatsoever, there was something I found out which was really interesting, and that no record company executives or strategic partners had really thought about: We are not in the current streaming zeitgeist. In reality, her brand doesn’t live in the music world as solidly as it does in the [movie] world because there’s been so much activity on the film side. The very thing that grows you within today’s commerce strategies is the frequency of music; it’s the reason any kid around the block who puts a video on TikTok has a shot. Our goal was to approach this in some ways as a new artist that we were building the algorithm and the relationship with the DSPs and we were going back to radio with the same attitude of, “Listen, give it a shot.”
I think it’s remarkable that such a household name like Jennifer Lopez was willing to do this hard work.
What we’re really trying to do here is start a new journey as to how a legacy artist like Jennifer Lopez can position herself in the marketplace to be able to transact with all the new consumers out in the world who may not have a relationship with her for music, but may only know her as a film superstar.
In terms of the album, vinyl was a big factor in its success. Can you tell us about that?
The great news is that vinyl was having this resurgence and this whole concept was about “then and now.” At that point, we decided to make multiple covers for vinyl and worked to do some specific A&R for the different records. And from there it was to get as many platforms as you possibly could to push out the messaging of This Is Me…Now, any singles related to it, to support the film that was being launched with six of the songs in it, and to push the documentary which was about the making of the project and the mindset.
When I think of Jennifer Lopez, I think of an artist who does many things at the same time. What was different about this project?
We’ve done a lot of those things separately and apart with different partners. We’ve never done a project that encapsulated all of this, and certainly not something as personal as this one. It was from point A to point Z, try to get yourself in every place and position you possibly can, cross your fingers and hope the consumer sees you and engages with you and ultimately wants to consume what you want to put in the marketplace.
You worked with different partners: The documentary is on Amazon, the music via BMG and you worked closely with Apple as a DSP. How did you get everyone to work together?
By going to each platform, speaking with the really super smart people there [and] being really clear in saying: “We want to work with you with this Jennifer Lopez project and start to build her value algorithm and connection with consumers again.” In a way [it was looking at it] much like a new artist, even though we had this global superstar.
What did you learn from this project?
What I learned the most is I’m still so excited about getting down and dirty and in the weeds about creating a new model. It was like taking all of those learnings and putting them all into this modern era. No matter how great or vast the project is, you have to go through certain steps and practices in this era to even put yourself in a position to have a look that turns into consumption and, thus, success. There’s really no way to get around it. I come from an era of, “Let’s get it into the clubs, the streets.” Now, you have to get it out into this massive zeitgeist, and even the biggest artists need to have a program of frequent releases and frequent information.
Today, no matter who you are, from record to record, you have to look at how consumption patterns have changed. How media itself has changed in terms of how much you use it, and thus how engaging your work must be. Our thoughts were, “Let’s make sure we give them a multi-pronged experience.” The musical experience was a trilogy, where every brick was going to be falling forward, but it all emanated from a musical album that was created when Jennifer decided she wanted to speak to her fans again in a voice she hadn’t used for several years.
You have a major tour coming up. In fact, it’s only Jennifer’s third headlining tour ever. Given how successful she is in all realms, why was touring important?
That’s another world that, believe it or not, we’re building for Jennifer Lopez that people are so shocked about. She loves touring. The entertainer is the entertainer. It’s a different type of energy than being on a film set and making movies. It connects you directly to your fans. She speaks so often about being able to look into the eyes of different people who live in different parts of the world and making the connection. She’s actually an artist that’s okay with the meet-and-greet after. She likes to see for herself. And usually, the people who want to meet you after have a story to tell. So, we don’t look at it as a risk, because the flip side is, all of that movie stardom spin has her name out into the world in enough things that people are used to seeing anyway. The idea of getting up and seeing something live in this era was an absolute natural, as well as the fact that we’re looking at what we’re going to be doing in the next five years. And that’s part of our five-year plan: More music, more touring, more live.
You’ve worked with her for 20 years. What’s your secret to sticking together?
I greatly admire, respect and appreciate everything that she can do and that she dreams of doing. And I love a challenge. I’m born of a multimedia world. Where I started at Motown, you had to be able to do it all: Write, produce, and sing and dance, and over the years I personally never saw the difference between whatever studio or soundstage I was walking into because the song or the script will only be as great as the talent. And the song and the script still can be great as well. That’s how I show up every day. Thinking I’m meant to produce art, and results. The secret is our belief and trust in each other. And in my case, I’ve always had the greatest relationship with artists I admire.
In a New Year letter to staff in January, Warner Music Group CEO Robert Kyncl said the company needed to offer better services to the “middle class of artists,” an area being feverishly pursued by his major-label competitors, as well as a handful of independent distribution companies.
This week, WMG revealed it is interested in acquiring French company Believe, which owns a large label services business, digital distributor TuneCore, publishing administration service Sentric and a stable of record labels including Naïve, Nuclear Blast and Groove Attack. WMG said it is willing to pay “at least” 17 euros ($18.60) per share, a premium to the 15 euros ($16.41) per share offered by a consortium led by Believe CEO Denis Ladegaillerie and investment funds EQT and TCV. WMG’s bid values Believe at roughly 1.65 billion euros ($1.8 billion).
WMG’s interest in Believe doesn’t come as a surprise. The middle class of artists Kyncl referenced wants alternatives to traditional recording and publishing deals — and WMG needs the tools to give those artists what they want.
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While WMG can likely bring greater value to Believe’s assets as well, a Believe deal “solves a real stack problem for [WMG],” says Matt Pincus, founder and CEO of MUSIC, a venture with investment bank Liontree. A full “stack” — a tech term that refers to all the technologies and skills required for a project — would allow WMG to serve a more complete range of artists. Presently, WMG’s product offering is missing a distributor for self-published artists, says Pincus, that provides a level of artist services between a do-it-yourself distribution deal and a record label contract. That would augment WMG’s ADA, which distributes indie labels, and create a funnel to bring rising artists into WMG’s system.
Kyncl need only look at how his competitors are serving middle-class artists. Following the rise of iTunes, some independent distributors were eventually acquired by other major labels that wanted to distribute music on a greater scale. Sony Music has The Orchard, a digital distributor acquired in 2015, and AWAL, an artist-development company acquired from Kobalt in 2022. Universal Music Group acquired digital distributor Ingrooves in 2019 and folded it into its artist- and label-services division, Virgin Music Group in 2022. TuneCore, founded in 2006 to allow artists to access a new era of digital stores and services, was acquired by Believe in 2015.
The majors’ emphasis on label services is an acknowledgement that today’s marketplace is a mix of traditional artist deals, do-it-yourself independent artists and everything in-between — distribution deals, joint ventures, licensing deals, profit-sharing arrangements and releases from independent artists backed by a major’s label services provider. Budding superstars often want independence but need the majors’ global infrastructure and expertise. “What really makes a difference in this world is to do what [CEO] Brad [Navin] and the Orchard did with the Bad Bunny record [Un Verano Sin Ti],” says Pincus. “They really helped break that record worldwide.”
Believe would also provide WMG a publishing solution for those same independent artists. “When you consider that Believe also acquired Sentric publishing, this brings together master and publishing for many of these indie artists,” says Vickie Nauman of advisory firm CrossBorderWorks. “That also opens up opportunities for new synch licensing models that otherwise fragmented rights do not allow.”
Geography is another aspect of Believe’s business that could be attractive to WMG. Although the majority of Believe’s revenue comes from Europe, it has employees in more than 50 countries and has a presence in fast-growing markets such as Indian — where it invested in two record labels, Venus and Think Music — and Indonesia. Approximately 27% of Believe’s total revenue in the first nine months of 2023 came from Asia-Pacific and Africa, a 17.4% increase from the prior-year period.
Developing markets have great potential for a couple reasons, Kyncl explained Wednesday at the Morgan Stanley Technology, Media and Telecom 2024 conference. In the Middle East, for example, markets that have young populations, an underdeveloped subscription market and lack collection societies “will see quite a lot of value appreciation.” Developing markets are increasingly becoming music exporters, and Kyncl believes that provides WMG with an arbitrage opportunity. “Let’s say if you have Indonesian content that’s traveling to America,” he said. “It’s a smart place to put money because it’s [going] from a low ARPU country to high ARPU streams [in a developed market].”
An acquisition is hardly a done deal, though. To date, WMG has only expressed an interest in Believe. WMG is playing catch-up, too: The consortium attempting to take Believe private has lined up blocks representing nearly 72% of share capital — enough to “prevent a competing bidder from acquiring control,” according to Believe’s ad-hoc committee — although WMG’s higher bid could change that. An acquisition would require regulatory approval, too, and there is likely to be pushback from music companies and trade associations such as the UK-based Association of Independent Music against further industry consolidation.
But, setting aside the potential roadblocks, WMG would be a good fit for Believe. Sony Music and UMG are both larger than WMG, already have Believe-like companies and would thus face more regulatory scrutiny. The 1.65 billion-euros ($1.8 billion) price tag is in what astronomers call the “Goldilocks zone” for habitable planets’ distance to their suns: It’s too expensive for many independent companies but affordable enough for WMG.
SM Entertainment’s publishing subsidiary, Kreation Music Rights (KMR), announced it has signed 86 songwriters to its roster since launching in September. The fast-growing music publisher also announced plans to expand into Europe and North America. The company says its “top priority” is to recruit top songwriters around the globe, not just writers within SM Entertainment’s […]