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Universal Music Group (UMG) chairman/CEO Lucian Grainge released his annual New Year’s memo to staff on Monday (Feb. 3), about a month later than usual owing to the wildfires that broke out in Los Angeles in early January.
In the 3,113-word letter, Grainge retreaded much of the same ground covered in his 2023 and 2024 New Year’s addresses and his presentation at the company’s Capital Markets Day in September, including mentions of “Streaming 2.0,” “responsible AI,” “artist-centric” approaches, “super fans” and more.
Grainge began the letter by noting UMG’s accomplishments over the last year, including breaking new artists like Sabrina Carpenter and Chappell Roan, working with Taylor Swift — the most streamed artist globally on Spotify, Amazon and Deezer — and Apple Music’s Artist of the Year Billie Eilish, adding that “achievements like these don’t just happen.”
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“Those achievements were greatly assisted by our continuing self-reinvention, reshaping our organizational structure,” wrote Grainge, referring to the widespread restructuring of UMG’s recorded music division in 2024 that led to layoffs. “Within months we were operating with greater agility and efficiency. We then saw something exceptional take place.”
As the largest music company in the world enters 2025, Grainge reminded his staff that UMG is still a “relative minnow” compared to the trillion-dollar tech companies it calls its partners. Still, he noted that UMG was successful in ushering in its “artist-centric strategy,” a term he introduced two years ago to describe UMG’s efforts to better monetize music and to limit gaming of the systems.
“Not only do we want to ensure that artists are protected and rewarded, but we’re also going after bad actors who are actively engaged in nefarious behavior such as large-scale copyright infringement,” he wrote. In the last year, UMG forged new deals with TikTok, Spotify and Amazon to aid in those efforts. Also in 2024, UMG sued AI companies Suno and Udio and music distributor Believe to prevent what Grainge called “large-scale copyright infringement.”
Grainge then detailed his plans to influence and set the ground rules for “Streaming 2.0” — or “the next era of streaming” — with UMG’s partners. He pointed back to new agreements with Amazon and Spotify as major wins, adding, “We expect that similar agreements with other major platforms will be coming in the months ahead.”
He also discussed the company’s goal of finding ways to “accelerat[e] our direct to consumer and superfan strategy,” building on past moves like its strategic partnership and investment in NTWRK and Complex. “This year will see us expanding our product offerings to fans, as we continue to redefine the ‘merch’ category and create superfan collectibles and experiences,” Grainge wrote.
He also noted the company’s focus to “aggressively grow our presence in high potential markets,” whether that’s through A&R, artist and label service agreements or mergers and acquisitions. In the last year, UMG has managed to work towards this goal by announcing that Virgin had entered an agreement to acquire Downtown Music Holdings, purchasing the remaining share of [PIAS] and partnering with Mavin Global in Nigeria.
“The reason so many independent music entrepreneurs actively seek to partner with UMG when they have more alternatives than ever before is that we provide what they’re seeking… After all, we’re not a financial institution that views music as an ‘asset,’” he wrote. “And we’re not an aggregator that views music as ‘content.’ We are a music company built by visionary music entrepreneurs. For us, music is a vital — perhaps the vital — art form.”
Grainge ended on a high note, writing, “Let me leave you with this: Some will try to disrupt our business or criticize us. That we know. It comes with being in the most competitive market that music and music-based entertainment has ever seen, and it comes with being the industry’s leader and primary driving force. But our vision and our ability to consistently execute gives us the momentum to continue to succeed and grow.”
Read Grainge’s full New Year’s note to staff below.
Dear Colleagues:
When I wrote my first letter about the L.A. fires, I said that my annual New Year’s note would have to come later than usual. And so here it is…
Last night’s Grammy awards served as a perfect metaphor for our company’s performance in 2024—breaking new artists and taking our superstars to new heights. In fact, last night, UMG artists and songwriters brought home more Grammys than ever before in our history. You can read more about that here.
Thanks to your day-in, day-out dedication and hard work, we accomplished so much together in 2024 and are positioning ourselves for another great year of success. I’ll sum up some of UMG’s stunning achievements last year and give you a glimpse of what we plan for this year. Our company’s fundamental building block is artist developmentand in 2024, investment in new talent continued to produce spectacular results around the world. Consider the following facts: that UMG broke the two biggest artists in the world last year in Sabrina Carpenter and Chappell Roan; Taylor Swift was the most streamed globally on Spotify, Amazon and Deezer; and Apple Music named Billie Eilish its Artist of the Year. And that a UMG recording artist who is also signed to UMPG as a songwriter had the No. 1 song globally on the year-end lists for both Apple Music (Kendrick Lamar) and Spotify (Sabrina Carpenter). Or that UMG had four of the Top 5 artists globally on Spotify with Taylor Swift (No. 1), The Weeknd, Drake and Billie Eilish; eight of the Top 10 albums (Taylor Swift’s The Tortured Poets Department at No. 1); five of the Top 10 songs (Sabrina Carpenter’s “Espresso” at No. 1), and six of the 10 Most Viral songs (Lady Gaga and Bruno Mars’ “Die With A Smile” at No. 1). Or consider that in the U.S., UMG had all Top 3 label groups according to Billboard (Republic, Interscope and Universal Music Enterprises) not to mention four of the Top 5 artists and eight of the Top 10 albums, including all of the Top 5 – Taylor Swift (No. 1 and No. 2), Morgan Wallen, Noah Kahan and Drake. And on YouTube, six of the Top 10 songs (Kendrick Lamar at No. 1) and two spots on the Trending Topics Top 10 across all content categories in 2024 (Kendrick Lamar and Sabrina Carpenter). You can read more of our remarkable achievements around the world at the end of this note, but as you can already see, in 2024, our momentum only grew. Also, these were achievements not only by a few superstars, but also by dozens of artists from around the world—both developing and established—performing in multiple genres, styles and languages. Achievements like these don’t just happen. They are the culmination of maintaining a clear vision of who we are, what we do and where we’re going, then executing on that vision, maintaining momentum and, of course, at the heart of it all, having some absolutely incredible music to work with. And last year those achievements were greatly assisted by our continuing self-reinvention, reshaping our organizational structure, re-building our teams and refining our strategy. A vision which boldly and, when necessary, quickly adapts to an ever-changing world. For example, in early 2024 we executed on our vision to realign our U.S. label structure, and within months we were operating with greater agility and efficiency. We then saw something exceptional take place: UMG had its best U.S. performance in six years, according to Luminate. I’m confident that our realignment will yield still further momentum around the world and that the achievements of our artists and songwriters—as well as UMG’s success—will reach new heights.In 2024, we continued to lead the media industry in our embrace and advancement of “Responsible AI.” Three recent examples of that initiative include our agreements with SoundLabs, ProRata and KLAY—companies that are taking unique approaches to the rapidly evolving AI space through new technologies that provide accurate attribution and tools to empower and compensate artists.Our leadership also includes our commitment to the enactment of Responsible AI public policies, fighting back against so-called text and data mining copyright exceptions and other misguided and ill-intentioned proposals that would enable what I will euphemistically call the unauthorized exploitation of creators’ work. Instead, we will work towards legislative “guardrails” to ensure the healthy evolution and growth of AI that mutually serves creators, consumers and responsibly innovative technology players.In my note last year, I said that 2024 would see us once again attracting the brightest entrepreneurs, expanding our existing relationships with other such talents and investing more resources into providing a full suite of artist services businesses to independent labels around the world. And we did exactly that. We acquired the remaining share of [PIAS] two years after taking an initial stake in the company and brought its highly respected co-founder Kenny Gates into our family. And we grew our geographic footprint. One example: our partnering with and investing in Mavin Global, whose founders Don Jazzy and Tega Oghenejobo continue to lead that company as well as, going forward, all of UMG’s business in Nigeria.Just last month, Virgin announced it entered into an agreement to acquire Downtown Music Holdings, which includes FUGA, Downtown Artist & Label Services, Curve Royalties, CD Baby, Downtown Music Publishing and Songtrust.The reason so many independent music entrepreneurs actively seek to partner with UMG when they have more alternatives than ever before is that we provide what they’re seeking: the most innovate creatives and finest resources that will advance the careers of their artists and achieve their financial goals within a culture that respects artists and their music. After all, we’re not a financial institution that views music as an “asset.” And we’re not an aggregator that views music as “content.” We are a music company built by visionary music entrepreneurs. For us, music is a vital—perhaps the vital—art form. Artists and the music they create are our lifeblood. We’re proud both to invest in businesses that can and do support today’s leading music entrepreneurs and to advocate for the policies and practices that are designed to protect and grow the entire music ecosystem.And finally, one of 2024’s announcements of which I am proudest is the formation of our Global Impact Team, whose mission is to enact positive change in our industry and in the communities in which we serve. This cross-functional group of executives brings a deep understanding of our global organization and will develop and execute strategies to tackle a variety of critical issues, including: equality; mental health and wellness; food insecurity and the unhoused; the environment; and education. By dovetailing seamlessly with our goals and those of our artists, we can promote and even catalyze beneficial and authentic changes where they are needed. Recently, in the wake of the terrible Los Angeles wildfires, the Impact Team mobilized, offering support to those affected, activating a multi-pronged relief effort to help both our own employees and the broader L.A. communities.Before I get to what lies ahead for 2025, let me first provide you with some context as to the enviable position UMG holds.UMG is a global creative enterprise at the center of an ecosystem of hundreds of digital partners. And while we’ve consistently been the music industry’s leader since the advent of the streaming era—an era whose dawn we were instrumental in ushering in—the leadership posture among our DSP partners has undergone some significant changes. For example, one of our fastest-growing subscription partners, YouTube, is also one of the most recently launched. We expect more inevitable jockeying for the leadership position among standalone platforms as well as among the music services that are divisions of trillion-dollar valuation tech companies.But, even though we are a relative minnow in comparison to a trillion-dollar tech company, the music of our incredible artists and songwriters enables us to exercise outsized influence on the global stage and serve as a critical catalyst in fostering a truly competitive commercial marketplace for music. We will keep using our position to promote a healthy and sustainable music ecosystem that benefits all artists at all stages of their careers.Now to 2025 … starting with our artist-centric strategy:When we introduced that strategy two years ago, we immediately went to work with our partners to make it a reality. In a matter of months, we reached agreements in principle on a number of issues: increasing the monetization of artists’ music; limiting the gaming of the system by protecting against fraud and content saturation; and focusing on the value of authentic artist-fan relationships, inspiring the development of more engaging consumer experiences, including specially designed new products and premium tiers for superfans. Platforms as diverse as Deezer, Spotify, TikTok, Meta and most recently Amazon, have adopted artist-centric principles in a wide variety of ways—principles that benefit the entire music industry from DIY to independent to major label artists and songwriters.Our work in driving these artist-centric principles will continue in 2025. Not only do we want to ensure that artists are protected and rewarded, but we’re also going after bad actors who are actively engaged in nefarious behavior such as large-scale copyright infringement. To that end, we’re setting forth the best practices that every responsible platform, distributor and aggregator should adopt: content filtering; checks for infringement across streaming and social platforms; penalty systems for repeat infringers; chain-of-custody certification and name-and-likeness verification. If every platform, distributor and aggregator were to adopt these measures and commit to continue to employ the latest technology to thwart bad actors, we would create an environment in which artists will reach more fans, have more economic and creative opportunities, and dramatically diminish the sea of noise and irrelevant content that threatens to drown out artists’ voices.In September, during our Capital Markets Day presentation, I described what would constitute the next era of streaming—Streaming 2.0. Built on a foundation of artist-centric principles, Streaming 2.0 will represent a new age of innovation, consumer segmentation, geographic expansion, greater consumer value and ARPU growth.I’m pleased to report that the Streaming 2.0 era has arrived. We recently announced a new agreement with Amazon that includes many of these elements, and just last week, we announced a multi-year agreement with Spotify. We expect that similar agreements with other major platforms will be coming in the months ahead. In 2025, we’ll also be reaching out in new ways to engage fans. In addition to listening to their favorite artists’ music, fans want to build deeperconnectionsto artists they love. Last year, in accelerating our direct-to-consumer and superfan strategy, we formed a strategic partnership and became an investor in NTWRK and Complex to build a premium live-video shopping platform for superfan culture. This year will see us expanding our product offerings to fans, as we continue to redefine the “merch” category and create superfan collectibles and experiences. Some of this will be done through our current partners and some through our own D2C channels, which we will continue scaling to meet the massive appetite of fans. After years of working to aggressively build a healthy commercial environment for artists and music—one in which we have reached approximately 670 million subscribers—we will be laser-focused in 2025 on continuing to expand the ecosystem and improve its monetization. As we did in 2024, this year we will continue to aggressively grow our presence in high potential markets through organic A&R, artist and label services agreements, and M&A.The work that lies ahead of us will bring challenges, no doubt about that. But we will meet those challenges with pride and a sense of privilege, because no other form of creative expression is more fundamental to human existence than music. By that, of course, I mean real music created by human artists. So let me leave you with this:Some will try to disrupt our business or criticize us. That we know. It comes with being in the most competitive market that music and music-based entertainment has ever seen, and it comes with being the industry’s leader and primary driving force. But our vision and our ability to consistently execute gives us the momentum to continue to succeed and grow. Our global worldview and the internal competition fueled by our entrepreneurial spirit breeds innovation. Our passion for finding new and better ways to bring music to the world will keep us ahead of competitors and new entrants alike. We’ll continue to do what we do because what we do and how we do it is impossible to replicate. Our culture and our people—you—are our superpower.I can’t wait to see and hear what this year brings, and I am thrilled to be on this journey with you.Let’s go!Lucian
A ticketing reform law meant to clean up the concert industry has been revived in the U.S. Senate after nearly becoming law at the end of last year.
Originally introduced by representative Gus M. Bilirakis (R-Florida), the Transparency in Charges for Key Events Ticketing Act (TICKET Act) would introduce a number of reforms to the ticket-buying process. That includes rules to increase pricing transparency, which would require sports teams and concert promoters to clearly and prominently display the full price of a concert ticket, with fees and taxes added, so that the price they first see is the price they pay at checkout.
The TICKET Act died with the end of the 2023-2024 congressional term but has been reintroduced in the U.S. Senate by senators Eric Schmitt (R-Missouri) and Ed Markey (D- Massachusetts). It heads to the Senate Commerce Committee on Wednesday (Feb. 5) for a hearing.
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The TICKET Act would also mandate refunds for canceled events, ban speculative ticket sales and crack down on the unauthorized use of venues, teams and artists on resell sites designed to confuse fans. Born out of the bungled Taylor Swift ticket sale for her record-breaking Eras Tour — which was crashed by scalpers and billions of bots trying to buy up tickets to flip for profit — the TICKET Act passed the House Energy and Commerce Committee in December 2023 and passed the House in June of last year in a 344 to 24 vote. The bill was even included in the first iteration of the end-of-year Continuing Resolution spending bill signed by former president Joe Biden at the end of last year before eventually being pulled from it.
Whether or not the TICKET Act ends up on President Donald Trump’s desk, one of its key tenets — all-in pricing — was solidified in December by the Federal Trade Commission (FTC) when it announced a rule change tackling “junk fees.” The so-called Junk Fees Rule — which also applies to hotel rooms and airline fees — requires total price disclosure including fees for any event tickets listed for sale on the internet.
“People deserve to know up-front what they’re being asked to pay — without worrying that they’ll later be saddled with mysterious fees that they haven’t budgeted for and can’t avoid,” former FTC Chair Lina M. Khan said on Dec. 17, hours after FTC commissioners announced the rule change.
The TICKET Act isn’t the only bill designed to create a more hospitable ticketing marketplace for consumers — though some have claimed that violators of existing laws aren’t being held to account. In September, the National Independent Talent Organization (NITO) sent Khan a letter urging her to begin enforcing the 2016 BOTS Act, which prohibits scalpers from using technology that circumvents “a security measure, access control system, or other technological measure used to enforce ticket purchasing limits for events with over 200 attendees.” The Sept. 9 letter claimed NITO members had attended a ticket resale conference and “observed a sold-out exhibition hall filled with vendors selling and marketing products designed to bypass security measures for ticket purchases, in direct violation of the BOTS Act.”
In July, songwriter and music industry analyst Chris Castle wrote that the BOTS Act has only been enforced one time since its 2017 passage. He went on to argue that the government needs to focus on enforcing its existing laws before moving on to a new regime of legislation that will ultimately go “under-enforced.”
The directory business hasn’t changed much in the last 50 years, but a group of young entrepreneurs are looking to shake things up with the help of artificial intelligence.
Promoters and booking agents have long relied on printed and bound phone and email directories for connecting with the tens of thousands of venues that make up the global touring network. Booking a 25-date tour might require contacting more than 100 venues and clubs for calendar availability, creating reliable demand for companies like Pollstar, VenuesNow and groups like the International Association of Venue Managers to print and publish an updated version of their database each year.
Updating these directories can be a huge undertaking, requiring hundreds of phone calls, emails and queries by the publisher’s staff. Entrepreneur Benji Stein, founder of Booking-Agent.IO, believes there is a better way and his new plan could revolutionize the way valuable information, such as professional contact details, is compiled and monetized by publishers.
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Booking-Agent.IO’s data comes from regularly scraping the websites of major venues, and then analyzing and rating that data using AI tools. Contacts for each venue are cross-checked in real time against a number of databases including LinkedIn, Hunter.IO and Apollo, he said, and “searches specifically for the talent buyer of that venue, providing users with an email score” to rate the likely accuracy of the lead.
“We started building this tool a number of years ago, before the prevalence of ChatGPT,” Stein said, noting “it’s basically a search engine for talent buyers and for venues,” adding that “it allows you to see venues on a regional basis with information like capacity, upcoming events and social media links.”
Stein said he expects most current Booking-Agent.IO users to fit into the DIY category and are either self-represented or working with artists without a full-time agent. When available, BookingAgent.io also includes contact information for other positions like production manager and marketing director.
Pricing is $49.99 per month for the basic membership, which comes with unlimited searches and 100 contacts per month. Booking-Agent.IO also offers enterprise subscription plans and only charges users for contacts that are accurate.
“If you book a show with the tool, it essentially pays for itself,” he said.
Challenging Pollstar’s dominance and market share seems unlikely in the long-term, but Stein says when it comes to data accuracy, he believes Booking-Agent.IO has a long-term advantage, noting that print directories eventually become outdated and need to be replaced. As users look to purchase a more recent edition of their booking directory, Stein hopes buyers will increasingly seek out an alternative and find Booking-Agent.io.
“We’re very fresh. It’s a new tool,” Stein says. “Up until now, there’s been nothing like it and we’ve gotten really positive feedback from the kind of music industry people that we’ve onboarded.
SYDNEY, Australia — As Groovin the Moo disappears from the events calendar for the second successive year, a call for urgent assistance from the federal government.
Last Friday, Jan. 31, news broke of GTM’s decision to sit out its second successive year, joining Splendour In The Grass from the sidelines.
“It’s disappointing to see that Groovin the Moo, one of Australia’s longest-running touring festivals, will not be going ahead in 2025,” reads a statement from Olly Arkins, managing director of the Australian Festival Association, which counts GTM among its members.
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Regional festivals like GTM “play a vital role in connecting audiences with live music outside of major cities, providing opportunities for artists, local businesses, and festival workers,” the statement continues.
“But like many events across the country, the rising costs of production and ongoing challenges in the industry have made it increasingly difficult to operate.”
AFA’s Arkins says now is the moment for government to pump much-needed funds into “Revive Live,” part of the government’s National Cultural Policy, Revive, which launched in 2023.
The cancelation “highlights the urgent need for the Federal Government to extend Revive Live funding to ensure festivals of all sizes can continue to thrive. Festivals are essential to Australia’s cultural and economic landscape, and we look forward to seeing Groovin the Moo return in the future.”
Last Friday, festival producers Fuzzy shared the news no one wanted to hear. “Groovin The Moo won’t be happening in 2025,” reads a statement posted on social media, “while we work on finding the most sustainable model for Australia’s most loved regional touring festival.”
The message continues, “We will really miss seeing the smiling faces of all our beloved Moo Crew – and that means YOU! In the meantime, which artist would you most like to see on a GTM lineup?”
It was a similar story a year earlier, when organizers canceled the 2023 show due to poor ticket sales. That fest had been announced with a bill featuring Alison Wonderland, DMA’S, Jet, Armani White, GZA & the Phunky Nomads, the Jungle Giants and more.
GTM’s point of difference is in its route around the country, visiting primarily regional centers and bypassing Australia’s big three east coast cities (Sydney, Melbourne, Brisbane). The 2023 run was scheduled to start April 25 at Adelaide Showground, then visit sites in Canberra, Bendigo, Newcastle, Sunshine Coast and wrap up May 11 in Bunbury, Western Australia.
Established by Cattleyard Promotions, GTM’s first festival was held on April 2005 in Gloucester, New South Wales.
Through the years, a who’s who of edgy rock, pop, hip-hop and electronic music have graced its stages, from Vampire Weekend and Silverchair to Disclosure, The Darkness and many more.
GTM made international headlines in 2018 when its Canberra leg trialed pill testing, a first in Australia. A second trial was conducted in 2019, with more than 230 festival-goers reported to have used the pill-testing service, and seven substances were found to contain the potentially lethal n-ethylpentylone.
Researchers said the trial worked, and similar models are being rolled out at festivals in other states.
When the pandemic shut borders, grounded travel and social distancing became the norm, the festival brand halted its 2020 and 2021 events.
Australia’s colorful festivals marketplace is struggling under the weight of pressures coming at every angle, from the cost-of-living crisis, to the soaring price of securing talent and crew, changing ticket-buying behavior and more. Bluesfest director Peter Noble has described the troubles punishing the festivals industry as an “extinction event” – not everyone will survive, but life will go on and evolve.
Approximately 900 people joined a town hall meeting hosted by Burning Man Project on Saturday (Feb. 1) with the organization’s CEO Marian Goodell, along with other staffers, making myriad announcements regarding the 2025 event, including information regarding a tiered ticketing system with new prices.
The town hall happened after months of fundraising efforts by Burning Man Project — the nonprofit behind the annual gathering in Nevada’s Black Rock Desert and other Burning Man-related initiatives –after it reported a $10 million deficit due, as Goodell explained to Billboard in November, 2024 tickets not selling as forecasted.
The financial issue was compounded when Burning Man 2024 failed to sell out for the first time in many years. In November, Goodell said all ticket tiers saw decreased sales in 2024 and estimated that attendance was down by roughly 4,000. As such, in the latter part of 2024, Burning Man spent months trying to raise $20 million (with 2024’s $10 million deficit added to $10 million the organization typically raises every year) through a subscription program that encouraged Burners from around the world to make monthly donations to Burning Man Project.
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In the Saturday meeting, Goodell noted that the organization did not meet this fundraising goal, although she did not announce how much money was raised. (Goodell did note that a December campaign to raise $3 million was a success, and elaborated on the organization’s financial picture in a recent blog post.) She added that Burning Man Project “did manage to reduce our internal spending and budget by 9%… and will continue to tightly manage operating expenses and capital expenses across the organization.”
Goodell and the team then unveiled a revamped ticketing program, with new and updated price tiers. Tickets for Burning Man 2025 will start at $550, with prices scaling up from there — $650, $750 and $950m and more.
Tickets will be sold in three separate public sales, with the first happening on Feb. 12. Tickets in this sale (dubbed the “Today Sale”) will be $550, $650, $750, $950, $1,500, and $3,000, plus applicable taxes and fees. Registration for this sale opens on Monday (Feb. 3), with the sale offering a limited number of tickets available at each price. The Burning Man site notes that “$550 and $650 tickets are expected to sell quickly.” The meeting did not address how many tickets will be available at each price point.
Since 2022, Burning Man’s main sale tickets cost $575, an increase from $475 in 2019. (Burning Man didn’t officially happen in 2020 or 2021 due to the pandemic.) Therefore, many 2025 main sale tickets will be sold at a higher price than in previous years. In the meeting, Goodell emphasized that making new tiers (with ticket tiers previously offering no tickets between $550 and $1,500) provides more pricing options than ever before and “helps keep ticket prices affordable”
Beyond this first sale, the annual Steward’s Sale will happen on March 5, with these tickets going to camps, art installations, art cars, and groups supporting organizational initiatives having access to attending the event. The Stewards Sale has its own ticket price allotments reserved unrelated to other ticket sales.
Another ticket sale (dubbed the “Tomorrow Sale”) will happen at to be determined date and include ticket tiers based on ticketing availability following the “Today Sale.” A final sale (the annual “OMG sale”) will happen in July and offer any remaining tickets across all the price points.
Meanwhile, two new programs — the “Renaissance Program” and “Resilience Program” — will debut with the goal of bringing networks and groups to Black Rock City and brings people affected by natural disasters and geographical conflict, respectively. More information regarding these programs will be announced in the coming weeks and months.
Goodell alluded to backlash over the recent fundraising campaign among factions of the global Burning Man community, saying that “with the event selling out every year, we [previously] didn’t need to explain that tickets do not cover the event cost and that philanthropy is needed, but the game has changed, and we should have brought you along better on this journey and we appreciate you sticking with us… We are learning and improving, reducing bureaucracy and red tape, and we hope that you see and feel this in how you engage with us and one another.”
The meeting featured presentations from several members from Burning Man Project, with operations director Charlie Dolman explaining several new processes, including an expedited process to acquire the vehicle passes that allow Burners to drive through the event. Burning Man will also issue new “decommodification guidelines” meant to, as Dolman said, address “cultural issues,” along with a more organized ingress and egress system. (In previous years it’s taken some attendees roughly 12 hours to leave the event.)
“Over the last last few months we’ve gotten a lot of feedback from a lot of people, and I just want to say that we’ve heard you, and honestly even when it’s been uncomfortable we’ve kept our eyes and ears open. We want that feedback,” Dolman said, continuing that “in places we’ve overcomplicated things and we’ve made things too bureaucratic maybe, and that’s no fun. That has all been done with good intention… but also it became not fun, so we needed to course correct.”
Later in the presentation, Goodell also noted a new attempt to push back on costs related to the Bureau of Land Management, with fees from the organization typically coming in at $8 million. “I think we’re going to see some improvements in costs with the BLM,” she disclosed.
In a banner week for music stocks, record labels and music publishers posted gains after Universal Music Group (UMG) signed a new licensing deal with Spotify and Amazon announced further price increases for its music streaming service.
UMG gained 11.2% to 26.94 euros ($27.91) after the company announced it renewed its licensing deal with Spotify for its record labels and music publishing. According to the company, the agreement will allow for “new paid subscription tiers,” such as Spotify’s anticipated high-priced superfan offering, and bundling of music and non-music content. UMG also got a boost from news that Amazon is raising prices on its Amazon Music Unlimited on-demand service in the U.S., U.K. and Canada. After the week’s gain, UMG had recovered nearly all of the 24% decline it suffered after its second-quarter earnings results showed lower-than-expected streaming growth.
Morgan Stanley analysts called it “an important and positive week” for investors in companies that operate in the music streaming space. Warner Music Group (WMG) rose 6.7% to $31.80 as investors likely assumed the company will follow UMG and negotiate a mutually beneficial licensing deal with Spotify later this year. Both Believe and Reservoir Media rose 2%.
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Spotify rose another 7.5% to a new record closing price of $548.55 after multiple analysts raised their price targets and the streaming giant emerged victorious in a U.S. court case over a tactic employed to lower its royalty obligations. The streaming company’s stock reached as high as $560.36 on Friday (Jan. 31), valuing the company’s market capitalization at approximately $111 billion. More analysts hiked their price targets ahead of Spotify’s earnings call on Tuesday (Feb. 4). Deutsche Bank increased its Spotify price target on Monday to $550 from $535, while Citi raised it to $540 from $500.
Music stocks have produced strong gains just one month into the new year. This week, the 20-company Billboard Global Music Index (BGMI) rose 6.4% to a record 2,447.97. Just two of the index’s 20 stocks lost ground while one was unchanged and 17 posted gains. The index’s third-straight weekly gain was the best of the year and the best single-week performance since the BGMI gained 6.8% in the week ended July 21, 2023. Just 31 days into 2025, the index is up 15.2% and is outpacing major indexes such as the Nasdaq composite (up 1.6%), S&P 500 (up 2.7%) and FTSE 100 (up 6.1%).
Aside from Spotify, other streaming companies posted large gains. LiveOne, the week’s greatest gainer, jumped 20.8% to $1.45 after CEO Robert Ellin announced — from President Trump’s The Mar-a-Lago Club — that LiveOne had surpassed 700,000 Tesla users, half of which are free, ad-supported users. Chinese music streaming company Cloud Music also improved, with its stock up 8.4% to 112.20 HKD ($14.40), after the company announced it had reached a “preliminary” agreement with K-pop company SM Entertainment to keep the K-pop company’s catalog at the platform. Paris-based Deezer rose 9.6% to 1.26 euros ($1.31). Abu Dhabi-based Anghami improved 4.2% to $0.75.
SiriusXM rose 9.3% to $24.01 after the company’s fourth-quarter earnings on Thursday (Jan. 30) showed a drop in revenue and subscribers but gross margins and earnings before interest, taxes, depreciation and amortization (EDITDA) that were in line with guidance. For full-year 2025, SiriusXM expects slight declines in both revenue and adjusted EBITDA but an increase in free cash flow to $1.15 billion from $1.02 billion in 2024. Ahead of the company’s earnings, Deutsche Bank lowered its price target to $25 from $28.
Sphere Entertainment Co. shares rose 8.5% to $46.60, with Guggenheim raising the company’s price target to $69 from $64 and maintaining its “buy” rating. Sister company MSG Entertainment, which will announce earnings on Thursday (Feb. 6), rose just 0.1% to $36.34.
iHeartMedia had the week’s largest decline, dropping 8.3% to $2.22, after posting gains in previous weeks. iHeartMedia shares are up 12.1% year to date.
A Louisiana federal judge has finalized an unusual legal decision that says American copyright termination rules apply not just stateside but also across the globe, unswayed by warnings that it will cause “destabilization of long-settled business practices” in the music industry.
Ruling on a dispute over the 1963 rock classic “Double Shot (Of My Baby’s Love),” Judge Shelly Dick said Thursday that songwriter Cyril Vetter could win back full copyright ownership to the track from publisher Resnik Music Group via termination — an important federal provision that allows artists to take back their rights decades after they sold them away.
What makes the ruling notable is that Judge Dick said Vetter could recapture rights to the song “throughout the world,” not just in the U.S. That’s a big departure from the status quo under longstanding legal precedents, which say that reversions apply only to the American market and have no effect on rights in foreign countries.
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Resnik has warned that such a decision will be deeply disruptive to the music industry. In court filings, the company has argued it will “upend” existing practices and could even violate international treaty obligations: “The result would be chaos … rather than the orderly system that the nations of the world have in fact developed over more than a century.”
Music attorneys have also taken notice. Tal Dickstein, a prominent litigator at the law firm Loeb & Loeb, wrote in August that Judge Dick was “breaking with existing precedent” by extending the power of termination overseas. Eric J. Schwartz, an attorney at the firm Mitchell Silberberg & Knupp, said the ruling would be a “major upheaval” if upheld (though he said that “seems unlikely”). Bill Hochberg, another longtime music attorney, went much further, saying the “Double Shot” case could “radically revolutionize the way the music business runs” and might be “financially devastating” for large entertainment companies.
The ruling for Vetter — largely explained in an earlier decision last summer and finalized in Thursday’s judgment — is likely to be challenged at a federal appeals court; defense attorneys already attempted to file an appeal at an earlier stage in the case. An attorney for Resnik did not immediately return a request for comment on the ruling on Friday (Jan. 31).
If it were to be adopted in courts across the country, Judge Dick’s approach would be a boon for songwriters and their heirs. Under existing precedent and practices, publishers often continue to own foreign rights even after a U.S. termination, giving them potential veto power over cross-border projects and a bargaining chip in negotiations with the artist. Under the new ruling, songwriters would get back all of their rights, not just their American copyright.
For Tim Kappel, the attorney who represented Vetter in the case, that’s exactly the point — helping songwriters truly get the artist-friendly protections that federal lawmakers envisioned when they created the termination right in the 1970s.
“The [ruling] is consistent with Congress’ intent to provide creators with a second chance to benefit from the fruits of their labor,” Kappel tells Billboard. “There’s a fundamental fairness to that result that Mr. Vetter is dedicated to defending.”
Asked about the cries of “chaos” from his opponents, Kappel called those claims “speculative and fairly alarmist.” As to whether the ruling will “destabilize” music industry practices, he said those practices might just be ripe for disruption.
“A court is not bound to interpret the Copyright Act so as to conform to comfortable business practices,” Kappel said. “In fact, to the extent these business practices rely on misguided legal theories that prevent artists and writers from receiving the full benefit of their termination rights, we believe such practices are rightfully destabilized.”
Warner Bros. Discovery on Friday (Jan. 31) entered into a joint venture with Cutting Edge Group, an investor and manager of niche media music rights, aimed at generating more revenue from its massive catalog of iconic film and TV songs, including the Harry Potter and Lord of the Rings franchises.
Cutting Edge, which works with wellness music for hotel spas and orchestral renditions of pop songs for shows like Bridgerton, will jointly manage the new business, while Warner Bros. Discovery will keep creative and operational control of the catalog. Global asset manager DWS Group co-invested and sponsored the transaction with Cutting Edge.
Warner Bros. Discovery previously explored selling part of its catalog and hired famed entertainment attorney Allen Grubman to shop it for as much as $1 billion. The launch of a company dedicated to exploiting the catalog of more than 400,000 compositions and song cues signals its potential value is even higher.
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The catalog spans almost 100 years of copyrights, including music from the DC Comics movies, Rebel Without a Cause, The Exorcist, A Star is Born, Blade Runner and Shawshank Redemption; and hit TV shows like Friends, Game of Thrones, The Big Bang Theory, Two and Half Men, Succession, The White Lotus, The West Wing, ER, Full House, Sex & The City and Gossip Girl.
Warner Bros. Discovery was formed in 2022 through the merger of AT&T’s WarnerMedia Unit and Discovery Inc. Universal Music Publishing Group will continue to administer the works from Warner Brothers, HBO and Turner Networks, while the works from Discovery and Scripps will continue to be administered by Sony Music Publishing.
“This partnership … is the perfect way to expand access to our unparalleled music library while honoring our long history of strong creative oversight and protecting the integrity of the works and artists,” Paul Broucek, Warner Bros. Discovery’s president of music, said in a statement.
Cutting Edge head Philip Moross said the joint venture was the result of years of work.
“This truly is an iconic assembly of catalogs created over almost a century by one of Hollywood’s original studios and to have the opportunity to invest in and manage this JV alongside WBD is an incredibly exciting prospect for us,” Moross said.
Cutting Edge said last year it secured a $500 million credit facility from Fifth Third Bank, Northleaf Capital Partners and other banks.
January is not even over and 2025 already feels like a peak year for animosity toward Spotify — and that’s saying something given the criticism the company has attracted since emerging in 2008 as a potential savior for a piracy-riddled music industry. Even though music and commerce have always been uncomfortable partners in a marriage of necessity, the relationship has never been sourer.
Call it “the Spotify paradox.” Streaming — led by Spotify — has made the music business the biggest it’s been in 25 years, allowed unsigned artists to reach fans around the world, revived the popularity of local language music and enabled artists to sell their catalogs at valuations unthinkable a decade earlier — and yet discontent has never been greater. Industry revenues are soaring, but many artists and songwriters are struggling and angry.
Part of the disgruntlement can be explained by simple math. There are more songs by more artists chasing a finite amount of listeners’ attention. Spotify had a catalog of 35 million songs at the end of 2017, according to its F-1 filing. At the end of 2023 — the latest count available — Spotify had over 100 million tracks and 5 million podcasts. That’s nearly a threefold increase in catalog in just six years. And although its subscribers grew more than threefold to 236 million from 71 million over that time span, Spotify’s success at keeping its listeners engaged is such that the per-stream royalty — the metric people associate with economic health and fairness — is lower than that of its peers. (See Liz Dilts Marshall’s recent article that ranks streaming services by per-stream royalties, according to a report from catalog investor Duetti.) Global recorded music revenues have improved greatly over that time span, rising 81% to $28.6 billion in 2023 from $15.8 billion in 2017, according to the IFPI.
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But as industry revenues have consistently grown, individual artists — whose numbers are growing fast because barriers to entry no longer exist — don’t feel like they’re receiving a fair share of the bounty. Discontent is so noticeable because, in part, there are more artists to complain. Three decades ago, it required a record contract to enter the commercial music world. Today, anybody can do it. Luminate tracked an average of 99,000 new tracks uploaded to DSPs per day in 2024. That’s about 36 million new tracks competing for listeners’ attention each year. On Spotify alone, 5 million artists had a catalog of at least 100 tracks, according to the company’s latest Loud & Clear report.
Of course, per-stream payouts could be improved if Spotify encouraged people to listen less, thereby reducing the number of songs paid out from a fixed pool of money and raising the average per-stream royalty. With less music streamed, the average payout would shoot well beyond its current 0.3 cents per stream. But that would be counterproductive. In the streaming world, growth comes from keeping people engaged and, ultimately, turning them into paying subscribers. Turn away listeners and they could end up at social media platforms, where payouts are even skimpier, or broadcast radio, which pays artists and record labels nothing.
Many people see that royalties from purchases are fairer than streaming royalties, but listening and buying habits have changed how the money flows. As more people streamed more often, artists and songwriters received less money from old formats. In the fourth quarter of 2017, AM/FM radio accounted for 48% of Americans’ time spent listening to audio while streaming (including YouTube and podcasts) took a 26.5% share, according to Edison Research. By the fourth quarter of 2023, AM/FM commanded just a 36% share, while streaming (including podcasts) accounted for 45%. (Including audiobooks, which are both streamed and downloaded, that number rises to 48%.) Owned music’s share of listening — a.k.a. sales of CDs, vinyl and downloads, which fell sharply over that time span — dropped from 13% in 2017 to 4% in 2023. Also, in the streaming economy, new artists are competing for royalties with older songs. In the U.S. in 2024, catalog music (defined as more than 18 months old) accounted for 73.3% of total album equivalent consumption, according to Luminate.
Much of the discontent over Spotify, however, is less wonky and more human. The company’s actions have become widely seen as antithetical to the artists it claims to support. A turning point came in December when Harper’s ran an excerpt from Liz Pelly’s Mood Machine, a book that reveals, among other things, how Spotify bought music from nameless musicians to infuse some playlists — namely background music such as “chill” where brand names aren’t necessary — with cost-saving alternatives to professional musicians who would receive royalties for each stream. This alleged use of “fake” musicians has been reported in music circles for years, but Pelly’s book, in part because of its deep reporting and previously unknown details, captured mainstream attention rarely attained by a music industry topic that doesn’t involve Taylor Swift.
The Harper’s article, and Pelly’s ensuing book tour, spawned a flood of reviews and reaction articles about how Spotify devalues music, hurts artists, gives users a poor listening experience and is an algorithm-driven song-picker that provides its users only an illusion of choice. But the onslaught of Spotify coverage at old-school media is nothing compared to the countless videos uploaded to YouTube over the years. Enter a search phrase such as “Spotify hurts artists” or “Spotify royalties” and you can wade for hours through such topics as Spotify’s change in royalty payouts (“Spotify no longer paying artists for streams in 2024?”) and explainers on royalty accounting (“Spotify doesn’t pay artists….this is why”).
Contributing to the storm clouds was Spotify’s scheme to lower its royalties to songwriters and publishers. Last March, Spotify incensed the songwriting community when it adopted a lower mechanical royalty rate by contending its premium subscription tier’s music-and-audiobook offering qualified for a reduced royalty rate granted to bundles of digital services. Unsurprisingly, the publishing community, including numerous Grammy songwriter of the year nominees, said they wouldn’t attend Spotify’s Songwriter of the Year Grammy party, which ended up being canceled in the wake of the fires in Los Angeles. Earlier this week, a U.S. court agreed with Spotify, saying the federal royalty rules are “unambiguous” and rejecting the Mechanical Licensing Collective’s lawsuit arguing that Spotify was not actually offering a bundle of services.
Writing the biggest checks of any streaming service doesn’t get Spotify out of this paradox. This week, Spotify announced it paid $10 billion to the music industry in 2024, a tenfold increase from a decade earlier. That figure implies Spotify generated nearly 20% of the global music copyright, assuming 2024 saw an 8% increase from Will Page’s latest estimate of $45.5 billion in 2023. As Spotify’s payments to the music industry increased tenfold over the last decade, streaming’s growth helped compensate for declines in CD and download sales, and global recorded music revenues more than doubled from 2014 to 2024. But, again, aggregate industry gains don’t capture the experiences of individual artists who feel cheated by streaming economics.
Help could be on the way — someday. If it’s higher per-stream royalties artists want, then changing how royalties are calculated could make a difference. Currently, a streaming service pays royalties by divvying up all users’ subscription and advertising revenue amongst all the tracks streamed during a given month. Whether or not you listened to Taylor Swift, your subscription fees go into the same pile of money funded by Swift’s fans. An alternative method that has gained some traction is a user-centric approach that pays artists from each individual listener. Under this scheme, a listener’s subscription fees, or advertising revenue, goes only to the artists that person streamed. That’s a more favorable approach for album-oriented and niche artists and less appealing for popular songs that get repeat listens. So far, only SoundCloud has adopted the user-centric model.
Artists’ royalties also stand to benefit from efforts to clean up streaming services’ catalogs. Spotify and Deezer have signed on to Universal Music Group’s plan to reward professional musicians by demoting “functional” music and incentivizing distributors to crack down on fraud. Deezer has removed tens of millions of low-quality tracks, and anti-fraud measures may explain why the number of daily new tracks uploaded to streaming services fell about 4% in 2024, according to Luminate. But not all artists feel like they are benefiting from these changes. Spotify’s move to limit royalty payments to tracks with at least 1,000 streams was widely seen as harmful to developing artists (as seen in this column on the streaming threshold from Ari Herstand).
The Spotify paradox may never end, but artists can adjust to their new environment. In 2014, Swift’s catalog was removed from Spotify by her record label, Big Machine Label Group. Earlier that year, Swift had penned an op-ed for The Wall Street Journal that argued “music should not be free” and urged artists to “realize their worth and ask for it.” Her entire catalog returned to Spotify and other streaming platforms in 2017. Did the economics of streaming change during Swift’s three-year hiatus? No, not really. Licensing deals may have extracted marginally better terms for artists and record labels, but streaming royalties are still a fraction of a cent per stream. One thing that changed was that more of Swift’s fans became subscribers to Spotify, Apple Music (which launched in 2015) and other streaming platforms. Today, free streaming still exists, and a stream is still worth a fraction of a cent, but Swift is a case study in how to cultivate a vibrant streaming business while reviving the lost art of album sales.
At this point in his career, Bad Bunny is way beyond breaking records. In 2020, he became the first artist to notch a No. 1 on the Billboard 200 with an all-Spanish album, and he’s the only one to repeat the feat — not one, not two, but four times.
Now, Bad Bunny’s latest album, Debí Tirar Más Fotos, has spent two weeks at No. 1 on the Billboard 200 — and it currently seems poised to notch a third consecutive week atop the tally. Of his four No. 1 albums on the all-genre chart, it’s now the second longest running at the top spot; his 2022 set, Un Verano Sin Ti, collected the most weeks there with 13 non-consecutive weeks.
This week, Debí Tirar Más Fotos is also No. 1 on Billboard’s Top Latin Albums chart, and the song “DtMF” is No. 1 on the Billboard Global 200 chart for the second consecutive week. Bunny, in fact, occupies more than half the top 10 on the Global 200. On Billboard’s Hot Latin Songs chart, nine of the top 10 songs are Bunny’s, including “DtMF” at No. 1.
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It’s an astounding showing, even for an artist as big as Bad Bunny. It’s also worth considering that Debí Tirar Más Fotos debuted at No. 2 on the Billboard 200 following an incomplete debut tracking week due to his decision to release the album on a Sunday — Jan. 5 — in anticipation of the Jan. 6 celebration of Three Kings Day, which is a big deal in Puerto Rico and ties with the album’s love of Puerto Rico theme.
But Bunny quickly made up for lost time with a blitz of finely-tuned and very creative publicity efforts that ping-ponged from the U.S. to Puerto Rico, including his stint co-hosting The Tonight Show alongside Jimmy Fallon, playing a surprise concert at a New York subway station, co-hosting a morning news show in Puerto Rico and surprising local podcaster Chente Ydrach with Puerto Rican parranda.
The final flourish was announcing a 21-date residency at Puerto Rico’s Coliseo de Puerto Rico, with the first several dates available exclusively to Puerto Rican residents.
A major architect in Bunny’s marketing and promotional strategy is Monica Jiménez, director of marketing and brand partnerships at Rimas’ Bad Bunny Division.
Jiménez, who worked with brands like Coty and Procter & Gamble before joining Bunny’s label and management company, works together with Rimas CEO Noah Assad on everything Bad Bunny and was pivotal in executing the artist’s complex vision. The success of Debí Tirar Más Fotos earns her the title of Billboard‘s Executive of the Week.
What exactly was your role in this album’s roll-out?
One of my duties is understand and bring to life the vision of the artist for the album. Benito is an artist who fully immerses himself in the many facets of a release process, including marketing, and it’s crucial to achieve what he visualizes for the project. I usually bring together the amazing ideas of the entire team and also look for new ideas to ensure a robust and strategic plan. I also focus on implementing the plan so it meets expectations, but above all, so it truly represents Benito’s essence as an artist and conveys the message of the project.
So, what was this message? And what was the overlying strategy for the album?
The strategy was telling a story through nostalgia and taking a message of love and appreciation for our upbringing, regardless of where or what that upbringing was. With this album, we underscored our pride for Puerto Rico, and we wanted the whole world to feel this same pride. That’s what we’ve presented in all our storyline and in everything we’ve done inside and outside the island. I think that’s what’s pushed such a special connection between the album and its listeners.
We’re closing in on a third consecutive week at No. 1 on the Billboard 200, more than any other of Benito’s albums except for Un Verano Sin Ti. What do you attribute that success to?
DEBí TiRAR MáS FOToS has been a very special project. I think the entire world has seen and understood the essence of what the album wanted to communicate: Benito’s love for his culture and for his Latin people. I believe this has made the reception to the album different [from other albums].
This feels like more of a passion project than any of Benito’s previous albums. Do you think that has had an impact on people’s obsession with it?
Definitely. Benito has always been very vocal about his commitment and love for Puerto Rico. But here, he’s devoted an entire project to his island — not only conceptually but also musically, betting on root genres and on young, local talent like Los Sobrinos [the band on the album, made up of students from Puerto Rico’s Escuela Libre de Música] and Los Pleneros de La Cresta. It’s made people look at the project from another point of view and value it even more.
Benito did more promo for this album than any other. Why? And how did you convince him to do it?
I truly think his connection with the project made everything flow easier. He wanted to do it that way, to support the release in the way he did. The key is ensuring that what we do resonates with him, with his personality as an artist and with his vision. Once we have that, everything is easier.
Can you give me examples of marketing strategies that you thought were particularly effective?
Our strategy to reveal the song names generated a lot of buzz. We collaborated with Google Maps and Spotify, and as part of the collaboration, coordinates for each song on the album’s tracklist were revealed on Spotify, encouraging fans to dive into Google Maps for hidden clues. We not only looked for a different, interactive way to do this, but it led to many people discovering different places on our island.
Another major effort was the short film released prior to the album. The story it told [of an older man, played by filmmaker and actor Jacobo Morales, who reminisces of his life and love for Puerto Rico] was a great preamble to the album. It was an emotional, well-done piece [directed by Bad Bunny himself] that connected with many people in and out of Puerto Rico. Plus, those short previews of different tracks that were included in the video opened up an enormous conversation on social media on what people could expect from the album.
Does it surprise you that such a Latin album is the most consumed in the U.S.?
More than a “Latin” album, it’s about the [Puerto Rican] rhythms that make up the album. I’m definitely positively surprised, and as a Puerto Rican, it fills my heart. It’s a huge step for music as a whole.
What’s next with this album?
We never stop. There are many things coming up around the album. Plus the residency in Puerto Rico, which is something historic and will definitely be special for everyone who comes to visit and enjoy.