Business

18 Jun 2024

Justin Timberlake Arrested, in Custody After Alleged DWI

Justin Timberlake was arrested on suspicion of driving while intoxicated in Sag Harbor, New York on Monday night (June 17). According to CNN, a spokesperson for the Sag Harbor Police Department confirmed that Timberlake, 43, remained in custody as of Tuesday morning (June 18) while a rep for the Sag Harbor Justice Court told the network that the singer is slated to appear in court today.

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A spokesperson for Timberlake had not returned Billboard‘s request for comment on the incident at press time.

According to People, the Sag Harbor PD is expected to release a statement on the arrest later today. The magazine quoted an unnamed source saying that Timberlake was arrested on DWI charges after having dinner in the area and was reportedly pulled over after leaving a restaurant on his way to a friend’s house.

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Timberlake is in the midst of his tour Forget Tomorrow world tour, which is slated to hit the road again on Friday (June 21) with the first of two shows at the United Center in Chicago; the most recent date on the outing was a June 15 show at the Kaseya Center in Miami. Earlier this month, JT stopped a show at the Moody Center in Austin, Texas when he spotted someone in the audience who seemed to be in distress and asked security to check on the person.

As the band kept playing, security walked into the crowd and Timberlake requested that the house lights be brought up so they could see where the problem was. “House lights up, thank you. Sorry everybody, one second, one second. We need some assistance here about five rows back,” Timberlake said with concern. The audience member appeared to be okay and Timberlake dove right back into his performance of “Cry Me a River.”

This is a developing story and Billboard will update it as more details emerge.

18 Jun 2024

Fat Beats Appoints Warner Music Veteran Chris Atlas to President

Chris Atlas has been named president of Fat Beats. The appointment of the music industry veteran comes as the legendary distributor and retail brand celebrates its 30th anniversary this year. 

In his new role at Fat Beats, New York-based Atlas will be setting the course for the company’s future. Along with business development and marketing, his oversight includes building industry relationships, expanding the company’s market presence and identifying new growth opportunities.

In announcing Atlas’ appointment, Rostrum Pacific COO Jonathan Partch noted the executive  was “someone we have admired for many years. Having him join Fat Beats as president at this important time of growth at Rostrum Pacific is beyond exciting. He brings incredible leadership, vision, insight and experience. I can think of no better person to lead and continue building the legacy of this great company. With Chris at the helm, we are putting our great partners in the best position to succeed.”

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Atlas brings two decades of music industry experience to Fat Beats. He most recently served as executive vp, urban music & marketing at Warner Records — promoted to that position in 2022 following a three-year tenure as the label’s senior vp, head of urban marketing. Prior to that, he held key executive roles at Tommy Boy Records, Cornerstone Promotion and Def Jam Recordings. Since arriving at Fat Beats, Atlas has recruited artists such as Talib Kweli, Large Professor, Pete Rock and Rsonist.

Speaking with Billboard, Atlas called his new appointment “a full circle moment. When I started in the business at Tommy Boy, Fat Beats was not only the go-to record store but also a brand that had such an affinity and reputation for hip-hop. Now 20 years later, I’m appreciative and thankful to be a part of leading this very historic brand into its next era. It’s about how we continue to evolve the brand in terms of strategic alliances that will allow us to live on other platforms in terms of branding, digital and marketing opportunities — expanding Fat Beats’ presence not only on a domestic level but on a global level as well.”

Rostrum Pacific acquired Fat Beats earlier this year. The multi-faceted entertainment company’s portfolio also includes Rostrum Records and catalog marketing agency SpaceHeater.

18 Jun 2024

UMG Partners With SoundLabs to Create Personalized AI Voice Models for Artists

Universal Music Group has announced a new partnership with SoundLabs, a “responsible” AI music tools company, to provide AI music editing tools to UMG talent. This includes a real-time personalized AI voice clone plug-in, called “MicDrop,” due to launch later this summer.

The SoundLabs AI-powered music editing tools (AU, VST3, AAX) hook up to all major digital audio workstations (DAW), including Logic, ProTools, Ableton and more, to let musicians clean up their vocals, make changes, and even shape-shift their voices in the click of a button, thanks to AI technology. With MicDrop, UMG artists can create their own AI voice models, but these custom models will exclusive to their creative use, not available to the general public.

The news falls perfectly in line with the company’s “responsible” AI strategy, laid out by UMG CEO and chairman, Lucian Grainge, at the beginning of 2024. As he stated in a January memo to staff, obtained by Billboard, Grainge wrote that even though some experts viewed AI as “a looming threat,” UMG’s view was that AI would be “presenting opportunities” for the company. “Just as we did with streaming, we went out to turn those opportunities into reality.”

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He went on to explain his two-prong approach to embracing what he called UMG’s “responsible AI initiative.” First, he would lobby for “guardrails,” or public policies to protect artists’ name, image, voice, and likeness from wrongful impersonation and other “basic rules.”

Second, Grainge set out “to forge groundbreaking private-sector partnerships with AI technology companies,” which now includes its deal with SoundLabs. “In the past, new and often disruptive technology was simply released into the world, leaving the music community to develop the model by which artists would be fairly compensated and their rights protected,” Grainge continued. “In a sharp break with that past, we formed a historic relationship with our longtime partner, YouTube, that gives artists a seat at the table before any product goes to market, including helping to shape AI products’ development and a path to monetization.”

SoundLabs was co-founded by Grammy-nominated producer, composer, software developer and electronic artist BT. After a 25-year career, working with David Bowie, Madonna, Sting, Death Cab for Cutie, Peter Gabriel and Seal, he turned to software development to create new music tools to help producers innovate. Over the years, his software products — including patented audio plugins like Stutter Edit, BreakTweaker (iZotope), Polaris, Phobos (Spirfire Audio) — have generated $70 million in gross sales.

The company’s other co-founders — Joshua Dickinson, Dr. Michael Hetrick and Lacy Transeau — are all aligned with BT on an “artist-first” approach to making AI music tools. As a press release from UMG about the partnership states: “SoundLabs was founded with a foundational respect for intellectual property rights and is focused on helping artists retain creative control over their data and models.”

“It’s a tremendous honor to be working with the forward-thinking and creatively aligned Universal Music Group. We believe the future of music creation is decidedly human. Artificial intelligence, when used ethically and trained consensually, has the promethean ability to unlock unimaginable new creative insights, diminish friction in the creative process and democratize creativity for artists, fans, and creators of all stripes. We are designing tools not to replace human artists, but to amplify human creativity,” says BT.

Chris Horton, svp of strategic technology at Universal Music adds: “UMG strives to keep artists at the center of our AI strategy, so that technology is used in service of artistry, rather than the other way around. We are thrilled to be working with SoundLabs and BT, who has a deep and personal understanding of both the technical and ethical issues related to AI. Through direct experience as a singer and in partnership with many vocal collaborators, BT understands how performers view and value their voices, and SoundLabs will allow UMG artists to push creative boundaries using voice-to-voice AI to sing in languages they don’t speak, perform duets with their younger selves, restore imperfect vocal recordings, and more.”

17 Jun 2024

Songtradr Names Alex Rigopulos and Priyanka Khimani to Board of Directors

Songtradr welcomes to its board of directors Alex Rigopulos, co-founder of Harmonix and the studio’s director at Epic Games, best known as the maker of “Fortnite,” and veteran music lawyer Priyanka Khimani, managing partner at Khimani Associates, as the B2B music company embarks on its next phase of growth and development.

Rigopulos brings a wealth of experience from his extensive career in the video game and entertainment industry. A co-founder of Harmonix, acquired by Epic Games in 2021, Rigopulos was instrumental in the development of “Guitar Hero,” “Rock Band,” and “Dance Central,” game-changers in the way music intersected with interactive entertainment.

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Rigopulos’ “deep understanding of both music and technology will be invaluable as Songtradr continues to expand its global footprint,” reads a statement.

Meanwhile, Khimani is one of South Asia and MENA’s most influential music entertainment lawyers, her talents highlighted in Billboard’s 2023 Women In Music special. As managing partner at Khimani Associates, she has represented such clients as AR Rahman, AP Dhillon, Divine, Reservoir Media, Warner Music Group, Snap Inc and Netflix, and has been “a formidable advocate for intellectual property rights and creative talent,” reads a statement.

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Khimani’s expertise in entertainment law and her commitment to protecting creative works “align perfectly with Songtradr’s mission to empower artists and rights holders worldwide,” the licensing platform’s statement continues.

Adds Paul Wiltshire, CEO of Songtradr, “Alex’s visionary approach to integrating music, technology, and video games, along with Priyanka’s extensive rights knowledge and dedication to the creative community, will provide strategic insights and strengthen our leadership as we continue to innovate and grow in the global music marketplace.”

These new appointments of Rigopulos and Khimani to the Songtradr board, where they join Lindsay Nahmiache, Helge Steffen, and Wiltshire, reaffirms its “commitment to leveraging top-tier expertise to drive forward its mission of powering the world with music,” the corporate statement continues.

Songtradr made headlines in September 2023 with the acquisition of Bandcamp, a crucial commerce platform for independent musicians, buying the business from Epic Games.

The plan, Wiltshire said at the time, was to “introduce the opportunity of licensing” to Bandcamp artists who are interested in seeding their music to various brands and platforms. “We think that alone is a really big piece, and we want to get that right,” Wiltshire added. “That will create a lot of opportunity for the independent market and the artists on there.”

17 Jun 2024

Consortium Acquiring Believe Now Owns Over 85% of Shares, Stock to Be De-Listed from Indexes

The consortium acquiring French music company Believe has acquired 85.04% of share capital and 73.27% of voting rights in a tender offer that ends Friday (June 21). Believe owns digital distributor TuneCore, publishing administration service Sentric and such record labels as Naive, Nuclear Blast and Groove Attack.

The bidding company is a consortium led by Believe CEO Denis Ladegaillerie and two of its major shareholders, EQT and TCV. The consortium announced a takeover bid in February at 15.00 euros ($16.10), a 21% premium over the prior closing price. It wants to take over Believe “so that it can better execute on its value-creation plan and accelerate the scale-up of an independent player supporting artists and label clients,” according to an offer document. With control of Believe, the bidders hope to “further grow and consolidate its position as leader in the French and European markets.”

Warner Music Group was briefly interested in acquiring Believe in March and estimated a bid of “at least” 17 euros ($18.24) per share, which would have valued Believe at 1.65 billion euros ($1.8 billion). The pursuit was short-lived, however, and Warner dropped out of the running in April. 

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Believe shares may continue to trade on the Euronext Paris exchange once the tender offer results are published on June 25. The consortium does not plan on implementing a mandatory squeeze-out for shares not tendered by minority shareholders. But because the free float — shares not held by insiders that can be publicly traded — has fallen below 15%, Believe will be de-listed from some stock indexes. 

Following the Believe board of directors’ meeting on April 18, the consortium acquired a large block of shares from venture capital firms XAnge and Ventech. Prior to the acquisitions, TCV was the largest shareholder with 41.1% of share capital, while Ladegaillerie owned 12.5%, private equity firm Ventech owned 12.0%, XAnge owned 6.3% and roughly 3.8% of shares were held by a strategic holding fund and in treasury shares. Free float was 24.4%. 

17 Jun 2024

Lasso Signs With WK Entertainment for Management, Reveals U.S. Tour Dates & Teases New Album

Lasso has inked a management deal with WK Entertainment, the company tells Billboard.

The signing entails a comprehensive 360 contract — supporting the Venezuelan singer-songwriter in touring, brand partnership strategies, A&R and marketing at a global level — under the leadership of WK Entertainment GM Andres Gomez. 

“I have always been a fan of the artists that WK manages,” Lasso (real name: Andres Vicente Lazo Uslar) said in a statement. “I’ve always thought of it as a far reached goal and to be able to form part of their roster is still unbelievable. I’m very excited for everything that is to come, for all the changes for my music and my career.”

“I am thrilled to be able to work with Lasso and support his creative vision in this new chapter,” Gomez added. “He is an artist who has become one of the industry’s most respected live performers — a singer-songwriter who will continue to push the boundaries of the contemporary pop genre for years to come.” 

Kolm added, “We are very excited to be a part of this new phase in his career.”

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Lasso simultaneously unveiled the dates for his first U.S. tour dubbed Quedarse Solo Para Siempre (translation: “staying alone forever”). Promoted by Live Nation, the 15-date stint kicks off Sept. 11 in San Francisco and wraps Oct. 26 in Houston (see more below). General tickets go on sale on June 19 at 10 a.m. local time via LassoMusica.com.

In addition, Lasso revealed that his fifth studio album is set to release this fall. Its 13 tracks will include the previously-released singles “Bilingües” with Mau y Ricky and the Micro TDH-assisted “No Escuches Esta Canción.” 

Recognizing Lasso’s talent and versatility, Hans Schafer, senior vp of global touring at Live Nation, added, “We see a bright future for him […] and are excited to develop a tour showcasing his unique sound to his dedicated followers and new audiences.”

Lasso released his debut album, Sin Otro Sentido, in 2012. In 2021, he was nominated for best new artist at the 2021 Latin Grammys; the following year, he entered the Billboard charts for the first time with “Ojos Marrones.” The feel-good pop tune peaked at No. 66 on the Billboard Global 200 chart and No. 39 on the Billboard Global Excl. U.S. chart. The single also won him best pop rock song at the 2023 Latin Grammys.

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17 Jun 2024

Billy Ray Cyrus Files Emergency Motion Seeking Temporary Restraining Order Against Estranged Wife Firerose Over Credit Card Bill

Billy Ray Cyrus‘ divorce from his wife of seven months, singer Firerose, took an unexpected turn last week when the 62-year-old “Achy Breaky Heart” singer filed an emergency motion in Tennessee court on Thursday (June 13) seeking a temporary restraining order, according to People magazine.

Cyrus, 62, filed for divorce from the Hannah Montana alum and 37-year-old Australian singer born Johanna Rose Hodges in Nashville on May 22 citing “irreconcilable differences” and “inappropriate marital conduct,” in addition to seeking an annulment on fraud grounds.

Now, according to papers reportedly obtained by People, weeks after filing for divorce Cyrus’ emergency motion is meant to keep his estranged wife from any “unauthorized” use of his personal and business credit cards and accounts. In the docs, Cyrus reportedly alleges that in recent weeks Firerose has spent $96,986 on 37 unauthorized charges on his business account, including $70,665 in payments to her attorneys.

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At press time a spokespeople for Cyrus and Firerose had no comment when asked for additional information on the restraining order.

“As a result of these fraudulent charges… I am concerned that Ms. Hodges is in possession of other information that she may use to make fraudulent, unauthorized charges to my business and personal credit cards and accounts,” Cyrus wrote in an affidavit. The latest filing claims that the unauthorized charges began on May 23, the day Cyrus filed for divorce after almost seven months of marriage.

People reported that Firerose’s response to the emergency motion claimed there was “no emergency,” saying that she has had access to Cyrus’ American Express card since June 2022; the couple first began dating in 2022 after years of friendship and got engage later that year before marrying in October 2023. “To claim Wife has made 37 unauthorized charges is untrue,” Firerose’s attorneys wrote in the response filing according to a copy obtained by People. “Throughout the divorce proceedings, the parties are to live as per the status quo during the marriage. Wife was simply living as she has since October 10, 2023, and Husband has no right to cut her off.”

Additionally, Firerose’s filing reportedly claimed that after the couple’s 2023 wedding she continued to use his cards with Cyrus’ full permission and that the couple would “routinely” review her expenses on that card.

In contrast, according to People, Cyrus’ motion claims that he and Firerose do not have any joint accounts, credit cards or real estate and that neither was ever an authorized user or signer on one another’s accounts. Cyrus’ motion also claims that Firerose owns real estate in L.A. worth more than seven figures and that she has more than $500K in “liquid and investment assets at her disposal.”

After filing for divorce from his third wife — Cyrus was married to Cindy Smith from 1986-1991 and to Tish Cyrus from 1993-2002 — Cyrus reportedly reached an agreement in court that called for Firerose to move out of his home immediately with the provision that he would provide her with financial support for 90 days or until the dissolution of their marriage, or whichever comes first.

17 Jun 2024

Scooter Braun Retires From Artist Management: ‘This Chapter Has Come to an End’

Scooter Braun announced his retirement from artist management on Monday (June 17), officially putting a cap on a 23-year run during which he guided the careers of some of the biggest pop stars of the 21st century, including Justin Bieber, Ariana Grande, Demi Lovato, J Balvin, Carly Rae Jepsen, The Kid Laroi and others.

“I have been blessed to have had a ‘Forrest Gump’-like life while witnessing and taking part in the journeys of some of the most extraordinarily talented people the world has ever seen,” Braun said in a statement issued on social media. “I’m constantly pinching myself and asking ‘how did I get here?’ And after 23 years this chapter as a must manager has come to an end.”

Braun sold Ithaca Holdings, the parent company of his management company SB Projects, to South Korean entertainment conglomerate HYBE in 2021.

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Braun will continue his work as HYBE America’s CEO.

A good portion of Braun’s 1,300-plus word send-off is spent recalling some of his fondest memories as a manager, including seeing Andrew Wyatt win a producer of the year Grammy, watching Quavo succeed as an entrepreneur, seeing Dan + Shay “go from local Nashville writers to sold out headliners,” and enjoying “brother Usher dominate the Super Bowl this year.” He also said he was “Kanye’s ‘gateway drug to business’ as we had amazing years of success when I was once able to call him my friend.”

He made sure to single out his two crowning clients — Bieber and Grande — “a 13 year old kid busking in Canada” and “a young actress on Nickelodeon” when he signed them.

“To see them both come up to be the legends they are today will forever be one of my greatest honors,” he said. “As we change our working relationships now, I will continue to root for them with the same passion that I did at each of their humble beginnings… There will never be a day where I don’t take great pride and honor in what we accomplished together.”

Read Braun’s full announcement:

23 years. That’s how long I have been a music manager. 23 years ago a 19 year old kid started managing an artist named Cato in Atlanta, GA and my journey began. Along the way I have had so many experiences I could never have dreamt of. I have been blessed to have had a ‘Forrest Gump”-like life while witnessing and taking part in the journeys of some of the most extraordinarily talented people the world has ever seen. I’m constantly pinching myself and asking “how did I get here?” And after 23 years this chapter as a must manager has come to an end.”

It’s a strange feeling because I think I have wanted this for a while, but I was truly afraid to answer the question “who would I be without them?” I was really just 19 years old when I started. So for my entire adult life I played the role of an artist manager on call 24 hours a day, 7 days a week. And for 20 years I loved it. It’s all I had known. But as my children got older, and my personal Iife took some hits, I came to the realization that my kids were 3 superstars I wasn’t willing to lose. The sacrifices I was once willing to make I could no longer justify. It was time to step into a new role.

In this next chapter I have been honored to join as a board member of Hybe and serve as the CEO of Hybe America. My brilliant partner these past 3 years, Chairman Bang, has a vision I truly believe in. But even beyond that he has become a true friend who understands where I must be in my life these days. And that is a father first, a CEO second, and a manager no more.

Over the past 2 years I have been heading towards this destination, but it wasn’t until last summer that this new chapter became a reality. One of my biggest clients and friends told me that they wanted to spread their wings and go in a new direction. We had been through so much together over the last decade, but instead of being hurt I saw it as a sign. You see, life doesn’t hand you YOUR plan, it hands you GOD’s plan. And God has been pushing me in this direction for some time. I have nothing but love for those I have worked with over the years, and as we develop a different working relationship, I will always be in their corner to consult and support them whether it be directly or from afar. Every client I have had the privilege of working with has changed my life, and I know many of them are just beginning to see the success they deserve. I will cheer for every single one of them.

I have gotten to see my friend Andrew Watt win the Grammy for Producer of the year. I have laughed and cried as Lil Dicky truly became DAVE. I have witnessed an angel of a human Tori Kelly win Grammys and star in films. I have seen J Balvin live out his dreams of breaking boundaries, and Demi show kindness and grace that few megastars have. I have been moved as Zac Brown Band raised our flag and delivered the hits. I was excited the first time I heard Animals with Martin Garrix, and learned a new world with David Guetta and Steve Angello. I have danced to Carly Rae Jepsen’s Call Me Maybe and smiled ear to ear as PSY brought us Gangnam Style. I have watched Quavo grow to be an entrepreneur, and served as Kanye’s “gateway drug to business” as we had amazing years of success when I was once able to call him my friend. I have marched with YG and flown to Australia with Laroi to see the hometown kid rock an arena. I have seen Dan Shay go from local Nashville writers to sold out headliners and award winners. The list of artists goes on and on over 23 years. So many stories it would take me forever to name. From those first years with Asher Roth to watching my partner and brother Usher dominate the Super Bowl this year, it is truly overwhelming.

But it was this past Christmas Day when Ariana and Justin became the biggest male and female in the history of the Spotify Billions club that I just smiled and thought “what a ride.” Justin and Ariana were both young teenagers when I began with them. Justin a 13 year old kid busking in Canada and Ariana a young actress on Nickelodeon. To see them both come up to be the legends they are today will forever be one of my greatest honors. As we change our working relationships now, I will continue to root for them with the same passion that I did at each of their humble beginnings. I remember the pranks and the water park shows with Justin, and the first time Ari opened an arena tour and her excitement side stage. I remember as they both stepped up for others and I got to witness them each change the world and make history. There will never be a day where I don’t take great pride and honor in what we accomplished together. The same can be said for so many I have had the pleasure of once being called “manager”.

There has been a lot said about what is happening in our company… and in my career. When we had success I smiled, and when we were attacked I tried to always take the high road. But for the last 3 years I have begun to feel that taking the high road has created confusion and ambiguity as to who we are. I may have left my role in management, and my business relationship with many clients will alter and change, but this does not mean we as a company are leaving. Both Allison Kaye and Jennifer McDaniels are more than capable to lead and as we combine new resources the opportunities with their leadership are endless. These two incredibly powerful women will now step into a role that I know will grow into the most impressive women-led management business our industry has even seen. While my name may have been on the door all these years, the truth is there is no one as brilliant as Allison Kaye, and few who can manage with the grace and poise of Jen McDaniels.

We at Hybe will continue to grow. With the addition of QC to Hybe America and our existing business at Big Machine, we will continue to add amazing execs and artists to the roster. Our WeVerse platform and growing gaming unit is something the whole industry can celebrate and join. Getting the opportunity to A&R and Executive Produce the solo career of Jung Kook last summer, and work with the other members of BTS as we break worldwide records, has been an absolute honor. With new acts like NewJeans, TXT, LE SSERAFIM, Seventeen, ILLIT, The Scarlet Opera, Ava Max, and many other new artists and ventures, the future is bright. I’m honored to join Chairman Bang and Jiwon Park as we grow HYBE from the multi-billion dollar publicly traded company it is today to the worldwide multifaceted entertainment platform it is destined to be.

With Hybe going strong I am also looking forward to continuing to invest in a new generation of entrepreneurs and serve as a national board member of Make A Wish and help individuals and communities through our family’s Braun Foundation. Between all of this and coaching my kids I’m not worried about being busy ?

So yes, it’s been 23 years. And yes, this chapter has come to an end. But the great Berry Gordy once told me “young man, it never ends the way you wanted, but it doesn’t mean it didn’t happen.” That wisdom has proven to be correct. I never saw how this chapter would end, hell, I never even saw it happening. But it did. And I will cherish every moment of it. I made my plan… but it turns out I like God’s plan better. Cheers!

17 Jun 2024

Radio Hall of Fame Announces 2024 Inductees (Full List)

The Museum of Broadcast Communications has announced the selection of eight new inductees into the Radio Hall of Fame for 2024 – The Crook & Chase Countdown (Lorianne Crook and Charlie Chase), Lee Harris, Phil Hendrie, Jaime Jarrin, Kraig Kitchin, Barry Mayo, Mary McCoy and Matt Siegel.

Six of the eight inductees were determined by a voting participant panel comprised of more than 900 industry professionals. The remaining two inductees – Kitchin and Mayo – were voted on by the Radio Hall of Fame nominating committee.

Kitchin is co-chair of the Radio Hall of Fame. Mayo is a former radio executive at WRKS in New York, RKO General, Emmis Broadcasting and Radio One. He is credited with helping to launch WRKS in New York as the first station to play rap.

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Dennis Green, co-chair of the Radio Hall of Fame, said: “The Radio Hall of Fame welcomes eight new members that have made a lasting impact on the industry. … These individuals have entertained, informed, and enriched listeners with their special talents, and it is an honor to recognize them as the Radio Hall of Fame Class of 2024.”

2024 Radio Hall of Fame nominees who were not chosen this year are: Bert Weiss, Big D & Bubba, Big Tigger, Bob and Sheri, Bob Stroud, Dede McGuire, Diane Rehm, Free Beer and Hot Wings, Funkmaster Flex, John & Ken, Johnny Magic, Kid Leo, Larry Elder, Laurie DeYoung, Lincoln Ware, Mojo in the Morning, Richard Blade and Shelley “The Playboy” Stewart.

The 2024 Radio Hall of Fame inductees will be honored at the in-person 2024 Radio Hall of Fame induction ceremony on Thursday, Sept. 19 at the Omni Nashville Hotel in Nashville. Tickets are on sale now at: www.radiohalloffame.com. A portion of the ticket price is a tax-deductible charitable donation to the Museum of Broadcast Communications.

The Radio Hall of Fame was founded by the Emerson Radio Corporation in 1988. The Museum of Broadcast Communications took over operations of the Hall in 1991. Each year, 24 nominations in six categories are determined by the organization’s nominating committee.

14 Jun 2024

Warner Music Group Posts Biggest Stock Gain in Week Led by Streaming Companies

Warner Music Group shares rose 6.6% to $31.47 this week, narrowing the stock’s year-to-date loss to 12.1%. Other gainers in the record label and music publisher space were HYBE, up 1.8% to 200,500 won ($144.95), and Universal Music Group, up 1.4% to 28.63 euros ($30.67). 

Streaming companies had the best week, however. Led by LiveOne’s 6.4% gain, music streaming stocks had an average gain of 0.3% — versus an average 0.3% decline for record labels and publishers. Elsewhere, Tencent Music Entertainment gained 5.2% to $14.80 and Spotify added 1.6% to $313.02. The three companies also boast three of the top four year-to-date performances: Live One is up 30.0%, Tencent Music is up 64.3% and Spotify is up 66.6%. The fourth company in that equation is Hipgnosis Songs Fund, which is up 41.4% due to its upcoming acquisition by Blackstone. 

Despite overall strength among streaming companies, three of them posted losses. Cloud Music fell 2.4% to 103.00 HKD ($13.19), lowering its year-to-date gain to 14.8%. Anghami lost 2.8% to $1.03, putting the stock’s year-to-date loss at 1.0%. And Deezer stumbled 6.1% to 1.86 euros ($1.99), bringing its year-to-date loss to 12.7%. 

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The 20-company Billboard Global Music Index rose 1.1% to 1,820.01, bringing its year-to-date gain to 18.7% and its 52-week improvement to 36.5%. Although the index mustered a small gain, 11 of its 20 stocks lost value compared to seven gainers and two that were unchanged.

While overall music stocks managed only a small increase, the Nasdaq composite rose 3.2% to 17,688.88 and enjoyed its fifth-straight closing record on Friday (June 14). Th eS&P 500 improved 1.6% to 5,431.60. South Korea’s KOSPI composite index gained 1.3% to 2,758.42. On the losing side, China’s Shanghai Composite Index dropped 0.6% to 3,032.63 and the United Kingdom’s FTSE 100 fell 1.2% to 8,146.86. 

The Billboard Global Music Index is outperforming these major indexes in 2024, however. Through June 14, the Nasdaq is up 17.8% and the S&P 500 is up 13.9%. Indexes in other countries have managed smaller gains. The FTSE is up 5.3%, the KOSPI composite index is up 3.9% and the Shanghai Composite Index is up 1.9%.

LiveOne shares improved 6.4% to $1.82 after the company announced it had surpassed 3.8 million total members, a 25% year-over-year increase, while Tesla memberships rose to 1.8 million, up 32% year-over-year (nearly all new Tesla vehicles sold in the United States come with a paid membership to LiveOne’s Slacker Radio). “Our goal is to forge meaningful alliances with companies that share our passion for innovation, bespoke programming, and delivering exceptional customer value,” Brad Konkol, head of Slacker Radio, said in a statement. 

Live Nation shares fell 2.0% to $88.75 as the company continued to lose ground in the wake of the Department of Justice’s lawsuit seeking to break up the company’s concert promotion and ticketing businesses. CFRA Research lowered its Live Nation price target to $98 from $105 on Wednesday (June 12). Although its earnings-per-share estimates were unchanged, CFRA opted for a more conservative valuation multiple to reflect “business risk from the DOJ and live entertainment moving to the slower part of the year starting in October,” analyst Kenneth Leon wrote. 

The Billboard Global Music Index’s biggest loss of the week came from Cumulus Media, which fell 18.1% to $1.94. The Atlanta-based radio company’s shares are down 63.5% year to date. Fellow radio company iHeartMedia dropped 3.2% to $1.21 this week, bringing its year-to-date loss to 54.7%.