Business
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Lawyers often say that bad facts make bad law – meaning that unusual or unlikely details of a case can shape precedent in unpredictable ways. But bad facts can also make for bad contracts, to judge by the contractual restrictions on re-recording that major labels may be adopting in the wake of the success of Taylor Swift‘s “Taylor’s Version” of her albums.
Re-recording restrictions, a common contractual provision that has been part of record deals for decades, are intended as a kind of post-term noncompete. Their understandable economic purpose is to stop an artist from re-recording songs released under a contract that has run its course in order to benefit a subsequent label – and let the subsequent recording compete with the original without a comparable investment. Under that logic, the reasonable duration of a re-recording restriction would be a few years, as was the practice before the “Taylor’s Version” releases came out. It’s harder to justify locking up artists for a protracted period that might be longer than the duration of the original recording agreement.
That duration could be limited, too, by a potential legal challenge. Both the federal government and many states restrict the enforceability of noncompete clauses in employment agreements, particularly when they limit economic freedom. (Examples include California Business and Professions Code Section 16600, and the recently passed New York Senate Bill S3100A, which New York governor Kathy Hochul is expected to sign.) Next year, the Federal Trade Commission will vote on banning noncompete clauses in employment agreements altogether. Labels often say that recording artists aren’t employees, but that wouldn’t necessarily put these kinds of restrictions above the fray – especially if they last longer than seems reasonable.
Few artists re-record anything, and those who do usually only revisit one or a few hits, maybe their biggest album at most, and that’s more likely if there’s a contractual dispute. It’s unprecedented for a significant artist to re-record his or her entire catalog, repackage each album and promote their rerelease – particularly when the original hit releases are still readily available. That requires motivation. Or, in Swift’s case, perhaps, frustration. But in a “Taylor’s Version” world, who wants to be the one who let it happen again?
Chris Castle
Laura Lee Nall Photography
Without getting into the he-said-she-said of the sale of Big Machine, including Swift’s recording catalog, it’s important to note that it was an unusual case. So, it’s worth asking if there’s a lower-risk alternative.
If a label is going to sell a living artist’s entire catalog – or sell a company whose value is dominated by that catalog – the safe thing to do might be to offer the artist a chance to bid on it. Or, failing that, at least consult with the artist to create a comfortable situation, even if that requires additional assurances or an additional payment. If you think it’s only necessary to do the minimum, look at what can happen with an overly legalistic approach. To artists like Swift, these recordings are their life.
Changing the recording agreement template to try to guarantee an outcome may backfire. “Taylor’s Version” simply isn’t a normal situation – it’s one that involved the world’s most popular artist, who is as attached to her catalog as any performer, plus just as business-savvy as most executives. It’s a situation that was almost impossible to anticipate – so making contracts even more one-sided may not help. Instead, a change like this could draw the attention of President Biden’s FTC, which seems to have an abiding interest in noncompete clauses. Especially if a number of competitors just happen to push the same contractual change at the same time.
If labels must have extended re-recording restrictions, couldn’t they add a sweetener, such as offering living artists a right to match the highest bid if their recording catalogs are ever sold individually, or a blocking right over the buyer or something similar? Alternatively, they could also just leave things be.
An overreaching re-recording restriction could also provoke retaliation from artists’ lawyers. They could make leverage points like post-term marketing restrictions and audits more important deal points in order to fight restrictions. That means disfavored buyers might have to wonder how hard it could be to get the approvals they need, or how much they would like continual audits. And in cases where artists are also principal songwriters, buyers could also have trouble clearing song rights, especially for new purposes like AI.
Some labels may be less concerned with expanding this restriction than they are with winning a competitive negotiation to sign a new artist. And if a competing label agrees to a shorter restriction, it could be an easy compromise that would cost little or nothing.
There’s always a temptation to add restrictions to contracts, but in this case, the exercise could backfire. Labels might be advised to be careful what they wish for.
Chris Castle is an Austin-based lawyer. He represents artists, publishers, songwriters and startups on commercial and public policy matters.
Apple reported a blowout quarterly earnings report, with its serviced division (which includes Apple TV+, Apple Music and other media-related offerings) hitting another new record with $22.3 billion in revenue.
That was up from $19.2 billion a year ago, and from $21.2 billion in its last quarter.
In total, Apple delivered revenues of $89.5 billion in its fiscal Q4, with profits of $23 billion, reflecting strong demand for its iPhone line.
“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO, in a statement. “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.”
Apple is seeking to improve its revenues and margins in its services business, raising prices on Apple TV+ and other subscription offerings last month. Apple TV+ now costs $9.99 per month, though it is also included in the Apple One subscription bundle, which includes products like Apple Arcade, Apple News, and extra cloud storage.
“We achieved all time revenue records across App Store, advertising, Apple Care, iCloud, payment services and video, as well as the September quarter revenue record on Apple Music,” Cook added on the earnings call.
As for Apple TV+, Cook touted Martin Scorsese’s new movie Killers of the Flower Moon, and noted the awards that ths ervice has garnered.
“We’re telling impactful stories that inspire imagination and stir the soul,” Cook said. “Making movies that make a difference is also at the heart of Apple TV+, and we were thrilled to produce Martin Scorsese’s Killers of the Flower Moon, a powerful work of cinema that premiered in theaters around the world last month.”
Apple CFO Luca Maestri added on the call that Apple’s services division now has “well more than one billion” subscribers.
Also on the call, Cook confirmed that the company is investing significantly in generative artificial intelligence: “Obviously we have work going on, I’m not going to get into details about what it is because as you know, we don’t we really don’t do that,” Cook said in response to a question from an analyst. “But you can bet that we’re investing, we’re investing quite a bit. We’re going to do it responsibly. And you will see product advancements over time where those technologies are at the heart of them.”
This article was originally published by The Hollywood Reporter.
It’s Friday! That means another spin around the Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across the music industry.
Guitar Center tapped longtime board member Gabriel Dalporto to be the musical instrument re-and-etailer’s new CEO, effective immediately. The appointment follows the sudden departure of Ron Japinga, who joined the company in 2014 and has served as CEO since 2016. The company gave no reason for Japinga’s exit but did stress that he will no longer serve as a member of the board. Other changes in the offing include the return of Tim Martin as chief financial officer and the appointment of Ken C. Hicks as chairman of the board. Dalporto most recently served as CEO of online education platform Udacity, and he previously served in various senior roles at online lender LendingTree. He has been a member of the company’s board of directors since 2018. Leading that board, effective immediately, will be Hicks, currently the executive chairman of Academy Sports. Additionally, Martin is back in the CFO spot, which he occupied from 2012-2022. (He spent his break from slinging guitars as COO and CFO of Torrid Holdings, a direct-to-consumer apparel brand specializing in plus-size clothing.)
Sean Michael Gross, the head of WMG’s classical music unit in the UK, has added North America to his remit. As vice president of Warner Classics UK & North America, Gross will split his time between London and the States, and continue to report to Warner Classics president Alain Lanceron. The California native joined Warner in 2021 and in that short time has grown the label’s market share and workeed with a roster that includes Fatma Said and Abel Selacoe, among others. Prior to joining WMG, Gross accumulated professional credits at IMG Artists, 21C Media Group and Askonas Holt. “Sean has been a tremendous asset to our global Classics team in the last couple of years,” said Lanceron. “He is always at the forefront of change in the classical music sector, taking an innovative approach that embraces the future.”
The Orchard‘s largest office outside of NYC has given its co-leaders some title bumps. Effective immediately, Ian Dutt has been elevated from managing director to president of UK operations, while Chris Manning will now put managing director, UK and Europe on his business cards instead of general manager. Both are based in London — where they oversee a team of 150-plus employees and will continue to lead global efforts and day-to-day operations for the Sony-owned distribution company. Dutt joined Orchard in 2016 as part of its merger with Sony RED UK, where he was MD. Manning began his Orchard journey in 2008 and has held a plethora of positions there including label and operations manager, and senior director of international operations. They’ll continue to report to Colleen Theis, president and COO. “Ian and Chris will continue to spearhead operations for our artist and label partners, expand our network, and seek out amazing independent talent in our second biggest market,” said Theis. “Together, they are an unparalleled team who work tirelessly to connect our clients from the region to audiences worldwide.”
Bay Area indie label, publisher and distributor EMPIRE elevated industry veteran Elliott Peters to general counsel. Peters, who joined the company in 2020 and was most recently svp of global business, will now oversee EMPIRE’s legal and business affairs and be the fine print point person for all deals with DSPs and retailers. Prior to EMPIRE, Peters spent nearly two years as vp of business and legal affairs at SoundCloud, and before that held executive roles at RDIO — as it was being sold to Pandora — and Apple. He kicked off his music industry career in 2000 at Warner Music Group and over the course of 10 years at the major, rose to svp of head of digital and legal affairs. “Elliott has been tremendous in helping EMPIRE scale globally,” said EMPIRE CEO and founder, Ghazi. “As we continue to enter new markets around the world, Elliott will spearhead our efforts worldwide.”
Laura Mendoza joined Sony Music Publishing as managing director of its Colombia office, effective immediately. She’s based in Bogotá and reports directly to Jorge Mejia, Sony Music Publishing president & CEO, Latin America and U.S. Latin. A creative executive with 20-plus years in the music industry, Mendoza most recently served as head of label and artist solutions Central America, Andean & Southern Cone Region at Believe Distribution Services. Prior to that, she worked at Altafonte Music Network and at EMI Music Colombia. In her new role at Sony Music Publishing, she’ll be responsible for overseeing SMP Colombia’s business operations and advancing its growth initiatives, working closely with the company’s Latin America and U.S. Latin teams, as well as industry partners across the region. “It is an honor to work alongside so many talented professionals across the company,” Mendoza says. “Both the challenge and the opportunity of developing the careers of such a fantastic roster will allow me to contribute to a better industry and to the growth of SMP songwriters globally.” –Sigal Ratner-Arias
ICYMI: BMG terminated about 40 employees on Oct. 27, including executive vp of global repertoire Fred Casimir and senior vp of global repertoire Jason Hradil. The cuts effectively halted its international marketing department for recordings as well as its Modern Recordings label … Sounds Australia veteran Esti Zilber will take the reins at the national music export body, succeeding Millie Millgate as executive producer.
Kobalt promoted Sean Dishman to senior director of creative. The Los Angeles-based exec has clocked nine and a half years at the publishing administration company and was most recently creative director, having signed acts such as Madison Cunningham, Mac DeMarco, Jamila Woods, Poppy and Magdalena Bay, as well as some of Kobalt’s more whimsically named clients like King Gizzard & The Lizard Wizard and Totally Enormous Extinct Dinosaurs. Kobalt also credits Dishman with major assists in releases by Lil Yachty, The Wombats and Yeek, among others. “[Dishman’s] knowledge & passion for music spills over into all that he does for our clients,” glowed Jamie Kinelski svp and head of West Coast creative. “His impeccable taste makes him a valued member of our global creative team, and I am thrilled to see continued growth at Kobalt.”
Nashville-based writer/artist development company Eclipse Music Group promoted Penny Gattis to partner. As a co-owner, Gattis will continue overseeing the publishing division, while taking on an expanded role in the overall strategic direction of the firm, including the Eclipse Management and Penumbra Records divisions. Gattis joined Eclipse as general manager of publishing in 2020 and has since been instrumental in earning cuts with artists including Morgan Wallen, Luke Bryan and Jake Owen, as well as sync placements with brands including Lexus, Pizza Hut and Taco Bell. Gattis’s career also includes time at Round Hill Music, BMI and Tom-Leis Music. “Penny has the perfect combination of creativity, tenacity and relationships to support our creative clients and to advance Eclipse to the next level,” said Kurt Locher, principal of Eclipse Music Group.
Entertainment business management firm FBMM has named Jen Conger and Erica Rosa as owners. Conger has expertise in royalty analysis, domestic and international touring, sponsorship and endorsement deal negotiations, commercial insurance and estate planning. She oversees over $90 million in revenue each year on behalf of her clients. Conger also became the first female associate business manager in the firm’s history, and five years later, was promoted to business manager. Rosa joined FBMM as the firm’s first full-time royalty employee and was named vp, royalties and contract compliance in 2021. From 2020 to 2023, she relocated to Los Angeles to help establish the company’s Los Angeles office. Rosa has played an essential role in multiple eight- and nine-figure catalog sales and also oversaw unpaid royalty recoveries and prevention of loss revenues of over $200 million.
Blue Raincoat Music, an artist management, publisher and label all rolled into one, increased it London office by four in one fell swoop. Founded in 2014 by Robin Millar and former Chrysalis CEO Jeremy Lascelles, the Reservoir-owned company welcomes…
Dan Walton, project manager of catalogue reporting to Dermot James. Previously a product manager at Demon Music Group.
James Batsford, project manager reporting to Dermot James. Previously a freelance label consultant, but before that managed releases at Domino Records.
Ben Asplin, copyright manager of commercial music operations reporting to Tina McBye. Previously a royalties manager at BMG.
Tian Anderson, artist management assistant reporting to Amy Frenchum and Rupert King.
SMACK added Jaice Cousins as digital coordinator. The Ohio native and Belmont University graduate previously served as product data management coordinator for Warner Music Group. In her new role, Cousins will oversee SMACK’s social media management across all digital platforms, as well as contributing to marketing campaigns and strategy for SMACK clients including Walker Hayes, Kylie Morgan and Jenna Davis. Cousins will report to director of marketing and artist development Molly Bouchon.
“Outlaws & Mustangs” singer Cody Jinks has put together a new, independent team as he gears up for the release of his next album in 2024. The team includes Malia Barrett (president, Late August Records), Amber Dee (director of tour marketing), Joe Greenwald (vp of radio and streaming, Late August Records), Logan Hacker (day to day manager), Keith Kilgore (tour manager) and Liz Slyman (director of marketing). Jinks said in a statement, “As my team and I traverse the next part of this journey, it’s hard not to think that now I am truly more independent than ever. That is exciting.”
Point72 Ventures hired Brett Kernan as a new advisor at the investment firm. Since its 2016 launch by New York Mets owner Steve Cohen, Point72 has invested in 120-plus fintech, enterprise and consumer companies, including Range Media, Mirror and Hook. According to Kernan, he holds the distinction of being employee #1 at music tech company Splice, where he handled music partnerships for over seven years before co-founding early-stage investment group Wave7, where he has served as individual advisor for Soundful and JioSaavn.
The MAP Fund, a financial supporter of original live performance projects across the United States and its territories, appointed David Blasher as executive director. He had been interim executive director since the beginning of the year. Prior to joining MAP Fund, Blasher was director of global legal operations and innovation at NBCUniversal. MAP Fund also appointed Meital Waibsnaider as its new board chair and Ron Ragin as the inaugural director of programs.
Multi-discipline AI company Futureverse announced that Artist Partner Group founder and CEO Mike Caren has joined as a founding partner of its text-to-music venture called JEN. Expected to release in early 2024, Jen can form up-to three minute songs as well as help producers with half-written songs through offering ‘continuation’ and ‘in-painting’ as well. Other JEN principles include Futureverse co-founders Shara Senderoff and Aaron McDonald, as well as Alex Wang, the company’s head of AI research.
Last Week’s Turntable: Three Six Zero Adds Caron Veazey as Partner
Concord announced the completion of its $468 million acquisition of the Round Hill Music Royalty Fund on Thursday (Nov. 2), officially completing the year’s biggest catalog deal. The deal includes over 150,000 songs, among them works by The Beatles and tunes recorded by Elvis Presley, Meatloaf, James Brown and Billie Holiday, but also marked a pivotal moment for publicly traded royalty funds and Concord’s scale of business.
Concord CEO Scott Valentine, who succeeded Scott Pascucci in February, spoke to Billboard about the deal, what it says about the state of the music royalties market and how Concord plans to deal with the headwinds that currently face the music industry.
On Oct. 31, you closed the acquisition of Round Hill Music Royalty Fund. Why was it attractive to Concord and what does it say about the state of the song catalog market?
When you look at the landscape of acquisitions of scale and quality, [Round Hill’s] assets had been on our radar for a while. Our view was that the stock price of the company wasn’t giving the appropriate fair value to what the assets were worth. Josh was one of the early proponents of the notion of music assets as financial assets. We have similar backgrounds, having started in investment banking. The quality of assets that Round Hill had accumulated was remarkable, in terms of the breadth, the genres and the ability for these assets to be used in film and television. There are Beatles songs in here for God’s sake. I’m referring to these things as assets. They’re works of art, really, that have stood the test of time from a revenue perspective.
You’ve indicated that this deal counters the broader narrative that the music royalty market has deflated over the last year or so. Why?
Our deal proves that from an institutional perspective the underlying value of copyrights is still there. We’ve just gone through the first-ever cycle of price increases at the DSPs. It seems, knock on wood, that the impact on churn has been within the tolerance levels [of customers]. You have continued growth in countries around the world that have never in the history of the music business been significant sources of legitimate revenue. We are now expecting fairly regular price increases [by the DSPs] in mature markets. So, if you believe in the long-term trends that suggest the value of music should increase over the mid-term. Then, as institutional investors, it comes down to what is your time horizon?
But with Concord acquiring one publicly listed music royalty fund, and Hipgnosis investors voting to possibly wind up the Hipgnosis Songs Fund, doesn’t this spell the end of the publicly traded music royalty fund experiment?
The story isn’t written yet on Hipgnosis. Their shareholders and board still have time to [explore options]. The thing that strikes me about the commentary around Hipgnosis has been the fundamental belief by shareholders in the underlying value of the assets it owns. Shareholders rejected the sale of those assets because they seemed to fundamentally believe the value of those assets was greater than [what they could get in that) proposed in the sale.
The question is whether a publicly traded fund is or isn’t the right vehicle to access returns. We’ve tapped the asset-backed securities space and have done very well. There is certainly private investment happening and it continues to happen. I still see significant institutional interest in this space. We are still getting inbound requests from artists, managers, etcetera, asking us to look at assets for sale. The underlying market for assets is robust. Because interest rates have gone up, the high end of the price scale has come down. But there is still plenty of activity where the prices make sense.
How do you view Concord’s creative mission and direction?
We built the company over time around our catalog. We have an extraordinary catalog of works that span over a century. Because we’ve been financed by pension funds and institutional investors, the cash flow of the catalog and investing in catalogs has been part of how we grow the company. But I’m keenly focused on the notion that we are not a fund. We are a fully functional organic music company. You can’t be a music company without creating new art and discovering new artists and exposing those new artists to the world. They will create the next remarkable piece of art that 50 years from now people talk about buying. Concord has the scale now and the relationships to be a leader in catalog acquisition and exploitation but also front-line investment. And on the music publishing side, we have really grown that business over the last three to four years. We have the writers of some of the largest songs in the world. One of ours co-wrote most of the last two Harry Styles records. On the recorded side, we’ve always been in more niche genres — jazz, bluegrass, adult contemporary. We have not been in the front-line pop business or R&B or hip-hop. Those genres have always been the domain of the majors. It’s because it takes a significant amount of marketing expenditure and recording…. That said, we’re now the size that we can compete occasionally to get a few artists in those genres. I think it’s important to grow that business.
We have seen layoffs hit different music companies over the last 18 months. Do you feel your team is in good shape? Are you looking to make any pivots in strategy or structure?
From a senior exec position, [former chief label officer] Tom Whalley stepped back, so we had to find a replacement. That’s why we got Tom Becci. Because he is taking on this new role, there is a little bit of tweaking that will go on — the integration of frontline and catalog. How people report up through the recorded music division and how people spend their time may take some tweaking. But it’s a structural shift —reporting changes. I feel like we’ve always thought about the business and growth in a careful way so that we hopefully did not over hire or put people in situations where, if there was a retrenchment in the business, we had challenges. I don’t see the need for wholesale changes or layoffs in the near term.
What is the thinking behind putting frontline and catalog under the same roof?
From our perspective, the issue with catalog versus frontline is you’re really talking about a relationship with an artist. If we have an artist on one of our frontline labels who also has catalog, having two different divisions working that artists’ life work creates some weird, unintended division when the artist is hoping to have one team of people. So, it’s an alignment to get into the way the artist is thinking about their own work. There is an industry tendency to spend a lot of work on an artist’s latest album for good reason. But in the world we live in today, an artist’s older works can be reactivated very quickly in tandem with the release of a new album. We hired Tom largely because he’s had a little bit of everything. He has worked in catalog, frontline at Universal, in management. He’s got perspective from all these different angles.
What is happening with Concord’s theatrical division?
We own Rodgers and Hammerstein. We rep 30,000 theatrical rights. It’s a sneaky, large part of our business. It’s a very interesting corner of our business that we’ve built through acquisitions in the last five years. We did those acquisitions [starting in] 2018, and the challenge has been that a lot of our business is licensing to schools and universities that were impacted during Covid. We were also a producer in Hadestown, and an investor in Some Like It Hot. We are continuing to invest in new shows on Broadway and repping works that are going out on tour. There is a fair amount of investment going on there.
What are revenues going to come in at this year?
I think we’re going to come in around the mid-$600 million range. We’ve been growing pretty consistently.
How much debt does the company carry?
The ABS was $1.8 billion and then we just did the separate tranche with Apollo for $500 million. We have a revolver as well with a consortium of banks. I don’t remember that balance, but we did not use up all of our dry powder [on the Round Hill deal]. One of the reasons we wanted to do the initial bond offering with Apollo was that we thought there was an opportunity to go back to the market when we wanted to finance acquisitions. We think there is going to be a rinse and repeat component to our access to that market.
Aerosmith singer Steven Tyler is facing a second lawsuit accusing him of sexually assaulting a minor decades ago, this time by a woman who says he forcibly kissed and groped her in New York City in 1975.
In a complaint filed Thursday (Nov. 2) in New York court, former teen model Jeanne Bellino says she has suffered “severe and permanent emotional distress” over the incidents, which allegedly occurred over a single day in the summer of 1975 when she was 17 and Tyler was 27.
“By 1975, Tyler had acquired wealth, stature, and power as a result of his career and status as a rock star,” Bellino’s lawyers write. “Tyler used his power, influence, and authority, as a well-known musician to sexually assault Plaintiff.”
In her lawsuit, Bellino claims that she and a friend had arranged to meet Aerosmith in Manhattan. While they were allegedly walking down Sixth Avenue with his entourage, she says Tyler pushed her into a phone booth.
“While holding her captive, Tyler stuck his tongue down her throat, and put his hands upon her body, her breasts, her buttocks, and her genitals, moving and removing clothing and pinning her against the wall of the phone booth,” her lawyers write. “As Tyler was mauling and groping Plaintiff, he was humping her pretending to have sex with Plaintiff.”
During the incident, Bellino says she could feel that “Tyler’s penis was erect and it was evident to her as he rubbed it against her that he was not wearing underwear and wearing thin pants.”
Because she was “relying upon her friend for transportation,” the woman’s lawyers say, a “dazed, confused, and shocked” Bellino continued with the group to the Warwick Hotel, where the band was allegedly staying.
“At the hotel, they entered through a bar entrance and there, Steven Tyler again pinned Plaintiff against the wall, put his tongue down her throat and started humping Plaintiff, simulating sex,” the lawsuit says.
Tyler then allegedly left and returned to his room, telling Bellino he would call her up later. Sitting in the lobby “sobbing and afraid,” she alleges that a call eventually came, but she says she instead fled the hotel with the help of a doorman and a sympathetic cab driver, who took her home to Queens. She claims she “immediately shared the horror she suffered with her sister, still crying uncontrollably.”
“As a result of the sexual assault, Plaintiff was hospitalized and medicated,” her lawyers write. “Plaintiff has continued to require medication to cope with the sexual assault and has suffered long term physical injury associated with the trauma.”
A rep for Tyler did not immediately return a request for comment on Thursday.
The new case comes just under a year after Tyler was sued by Julia Holcomb, who claims that the rocker repeatedly assaulted her for three years starting in 1973, when she was just 16 years old. Holcomb claims to be the girl Tyler referred to in his memoir, Does the Noise in My Head Bother You?, when he wrote he “almost took a teen bride” and convinced her parents to grant him guardianship over her.
“She was 16, she knew how to nasty, and there wasn’t a hair on it,” Tyler wrote in the book passage that’s quoted in the lawsuit.
Tyler has denied the accusations and moved to dismiss the case in April. However, his arguments raised eyebrows at the time, as one of his defenses was that he was immunized against the allegations because he had been granted legal custody over Holcomb.
Like Holcomb’s case, Bellino’s new lawsuit cites a so-called look-back law that allows alleged victims to bring cases that would otherwise be barred by the statute of limitations. Bellino cites the Gender Motivated Violence Act, which was amended last year to add a two-year lookback window that began on March 1.
Stories about sexual assault allegations can be traumatizing for survivors of sexual assault. If you or anyone you know needs support, you can reach out to the Rape, Abuse & Incest National Network (RAINN). The organization provides free, confidential support to sexual assault victims. Call RAINN’s National Sexual Assault Hotline (800.656.HOPE) or visit the anti-sexual violence organization’s website for more information.
TaP Music Publishing has sold Dua Lipa back her publishing rights, the company announced Thursday (Nov. 2). She was previously a client of the company’s artist management roster as well. TaP said in a statement: “We wish Dua all the best for the future.” Anna Neville, co-president of TaP Music, added: “This is an exciting […]
Live Nation had another record-setting quarter as music fans swarmed to concerts and continued to spend on live entertainment amidst persistent inflation, high gas prices and a resumption in student loan repayments in the United States. The concert promotion and ticketing giant posted third-quarter revenue of $8.2 billion, up 32% from the prior-year period, the company announced Thursday (Nov. 2). Adjusted operating income (AOI) rose 35% to a record $836 million.
A year ago, revenue reached a then-record $6.2 billion as artists returned to the stage after pandemic layoffs. In 2019, the last full year before the pandemic shut down the global touring business, Live Nation posted third-quarter revenue of $3.8 billion — 54% below what the company reported Thursday. Some growth since 2019 stems from acquisitions such as OCESA, the Mexican concert promoter Live Nation bought in 2021 for $416 million. But m uch of the record-setting result comes from the high number of touring artists and greater fan spending.
“While we have benefitted from tailwinds for many years, it has accelerated due to the globalization of our business along with a fundamental shift in consumer spending habits toward experiences,” president/CEO Michael Rapino said in a statement. “With the majority of opportunity still untapped from Milan to Bogotá to Tokyo and beyond, we expect the industry will continue growing in 2024 and for years to come.”
Through the first nine months of 2023, Live Nation’s revenue increased 36% to $16.9 billion and AOI rose 33% to $1.7 billion. Both nine-month figures were greater than Live Nation’s revenue and AOI for full year 2022.
In the concerts division, third-quarter revenue rose 32% to $7 billion and AOI grew 21% to $341 million. The number of fans at Live Nation concerts also grew 21% overall — 34% in international markets and 13% in North America.
Venue Nation, Live Nation’s venue management company for venues it does not own, increased ancillary revenue at operated venues. At amphitheaters, ancillary per-fan revenue was up 10% to $40 year to date. At theaters and clubs, ancillary per-fan spending rose in the double-digits globally.
Ticketmaster revenue grew 57% to $833 million while AOI jumped 94% to $316 million. Total fee-bearing gross transaction value was up 36% to $10 billion, with North America growing 32% and international markets climbing 49%. The ticketing company had 17 million net new client tickets in the first three quarters of the year.
Sponsorship and advertising revenue rose 7% to $367 million in the third quarter, while the division’s AOI improved 11% to $250 million.
Through mid-October, Ticketmaster sold 140 million tickets to Live Nation shows, up 17% year-over-year and surpassing the 121 million tickets sold in full-year 2022. Over the same period, the company sold 257 million fee-bearing tickets, a 22% improvement, and expects to surpass 300 million fee-bearing tickets in 2023.
For full-year 2023, the company expects 55 million fans at Live Nation-operated venues, up from 49 million in 2022. Ticketmaster expects full-year margins to remain in the high 30s through the fourth quarter. Sponsorship and advertising margins are expected to remain in the low 60s.
Looking forward to 2024, event-deferred revenue — ticket sales for future events — was up 39% to $2.6 billion through mid-October. About half of 2024’s expected show count has been booked for large venues — amphitheaters, arenas and stadiums — which is up double digits from the same point in 2022.
Revenue up 32% to $8.2 billion.
Adjusted operating income is up 35% to $836 million.
Year-to-date operating cash flow of $762 million, down from $928 million in Q3 2022.
Year-to-date free cash flow (adjusted) of $1.3 billion, up from $996 million in Q3 2022.
Ticketmaster revenue up 57% to $833 million.
Sponsorship and advertising revenue up 7% to $367 million.
Earnings per share rose 28% to $1.78.
The Oak View Group is working with Hamilton Urban Precinct Entertainment Group and officials of the city of Hamilton, Ontario on a plan to begin renovations on the 18,500-capacity FirstOntario Centre, a reimagined arena that will be the centerpiece in revitalizing the city as a music, sports and entertainment destination, 45 miles southwest of Toronto.
The $280 million renovation is spearheaded by Oak View Group who will transform the facility into an 18,000-seat capacity venue with a reimagined facade, premium seating, enhanced acoustics, improved sightlines, upgraded concourses, optimized clubs and suites and artist lounges. The newly modernized venue will accommodate shows unable to land an available date at the Scotiabank Arena in Toronto. Scotiabank Arena is owned my Maple Leaf Sports and Entertainment, where Tim Leiweke, OVG Chairman & CEO, served as chief executive from 2013 to 2015.
Live Nation will serve as the arena’s booking partner and bring concerts and other live events to Hamilton. Work on the facility will begin in spring 2024, and the building is expected to open in fall 2025.
“Our timing is perfect,” says Leiweke, noting that billions of dollars in construction for ten projects in Hamilton is planned for the fast growing region. “It’s a great market as Toronto has run out space for new construction. We’re making a big bet but we feel great about it. We have a great team here in place, a lot of great companies that believe in us and we are feeling very optimistic.”
OVG recently worked with Louis Messina, promoter of the Taylor Swift tour, to sell sponsorships for the singer’s six night run in November 2024 at the Rogers Centre in Toronto.
“We already have a great infrastructure in place with a strong team up here,” said Leiweke. Besides Hamilton, Oak View Group recently completed renovations at the CFG Bank Arena in Baltimore and plans to complete work at Coop-Live arena in Manchester, U.K. later this year.
The Hamilton Arena Project was designed by Brisbin Brook Beynon Architects and is part of a larger downtown revitalization project known as “The Commons”, which includes the arena, renovated convention centre, the Art Gallery of Hamilton as well as new residential, office, and retail space development.
Leiweke tells Billboard the new facility “will completely transform the downtown area with its accessibility, technology forward improvements and priority on sustainability.”
A jury was finally seated Wednesday in the sweeping RICO case in Atlanta against Young Thug and other alleged members of a street gang called YSL, clearing the way for a trial to begin in late November after months of delays.
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At the end of a hearing in Fulton County Superior Court, Judge Ural Glanville swore in a jury to hear the case, in which prosecutors allege that Young Thug (Jeffery Williams) and his YSL were not really a record label called “Young Stoner Life” but a violent Atlanta gang called “Young Slime Life.”
The process of picking a jury began way back in January, but the effort was repeatedly delayed as the court struggled to find jurors who could commit to the massive case. With a trial expected to last many months, many prospective jurors successfully argued that they could not afford to halt their lives, citing the need to earn money, childcare commitments and health problems.
The original indictment, filed in May 2022 by Fulton County District Attorney Fani Willis, named Thug and 27 other alleged gang members as defendants, but the upcoming trial will feature just seven. Many defendants have pleaded out of the case, including fellow star rapper Gunna (Sergio Kitchens), who accepted a plea deal last December. Others have been split from the proceedings into separate cases.
At Wednesday’s hearing, Judge Glanville said the opening statements in the trial would kick off on Nov. 27. The jury is composed of seven Black women, two white women, two Black men and one white man, according to reports by Atlanta media outlets including the local NBC affiliate.
The YSL case is built around Georgia’s Racketeer Influenced and Corrupt Organizations Act, a law based on the more famous federal RICO statute that’s been used to target the mafia, drug cartels and other forms of organized crime. Such laws make it easier for prosecutors to sweep up many members of an alleged criminal conspiracy based on many smaller acts that aren’t directly related. Notably, it’s the same statute that Willis is using to prosecute former President Donald Trump and several associates over allegations that tried to overturn the results of the 2020 presidential election.
Thug and the other defendants are accused of violating the Georgia RICO law through numerous individual “predicate acts,” including murders, carjackings, armed robberies, drug dealing and other crimes over the course of a decade, as well as other separate charges. Thug also faces several other charges over guns, drugs and other materials allegedly found in his home when he was arrested.
If fully convicted, he could face a life sentence. He’s already been in jail for 17 months since the indictment was handed down, after the judge repeatedly refused to grant him pre-trial release on bond.
Beyond indicting two of rap’s biggest stars, the YSL case also made waves because it cited their lyrics as supposed evidence of their crimes — a controversial practice that critics say unfairly sways juries and injects racial bias into the courtroom. California recently restricted the tactic in that state, but Willis has strongly defended using it against Young Thug.
The extent to which prosecutors can present lyrics as evidence at the upcoming trial is not yet settled. A hearing next week is scheduled to hear arguments from both sides before a ruling is issued ahead of the Nov. 27 start date.
Apple is shuttering the Apple Music Voice plan, which let users access songs only through Siri for $4.99 per month. Apple initially announced the Voice plan in October 2021. Users who found using the app too taxing or too expensive could request music by mood — tunes for a dinner party or for studying — […]