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Loud and Live founder and CEO Nelson Albareda has always carried tropical music in general and salsa in particular, deep inside him. A die-hard fan of Cuban salsero Willy Chirino, he also worked closely with salsa queen Celia Cruz and, through Loud and Live, represents the Celia Cruz estate today.
Now, Albareda is on a quest to elevate and grow the music with which he started his career. As he’s been saying for months, tropical music is having a moment. This week, via his powerhouse promotion and entertainment company, Albareda put his money where his mouth is and signed an exclusive booking agreement with developing salsa star Christian Alicea.
Loud and Live already books major tropical music names like Carlos Vives and Juan Luis Guerra. But the Alicea deal is different in that in addition to booking Alicea’s concerts, Loud and Live will also work in partnership with his management team to support marketing and promotional endeavors surrounding the artist and his music.
Although Alicea has just one album under his belt — Yo, released this past May — he has already placed two tracks in the Top 25 of Billboard’s Tropical Airplay chart. This week, a third single, “Aroma,” is at No. 15 on the list.
“Christian is an exceptionally talented young man who, because of his humility, charisma and spectacular and unique voice, we are confident that he will conquer and lead the tropical genre worldwide for many years to come,” said Albareda in a statement.
The partnership, says Alicea’s producer, Urales ‘Dj Buddha’ Vargas, is “the icing on the cake. For us, having someone like Nelson see the vision and the potential of Christian means a lot.”
As Latin music’s focus has slowly shifted from solely reggaetón in the past year, other genres are beginning to rise on the charts. While regional Mexican music undoubtedly leads the fray, pop is also seeing a resurgence, and tropical music — long focused on legacy acts — is finally seeing a smattering of new names, including Luis Figueroa, teenager Luis Vazquez, and, of course, Alicea.
MELBOURNE, Australia — Concert promotion great Paul Dainty is appointed Officer of the Order of Australia (AO), one of the country’s highest honors, recognizing an individual having made a significant impact in society.
Dainty was saluted during a ceremony Wednesday (Sept. 13) at Melbourne’s Government House.
The U.K.-born live music veteran was feted for his “distinguished service to the community” — specifically, his efforts in organizing the 2020 Fire Fight all-star concert in Sydney, which raised more than A$10 million for bushfire relief efforts.
Dainty has forged an impressive career in his adopted homeland, producing tours and concerts with the world’s leading rock and pop artists, and selling more than 50 million tickets along the way.
The Melbourne-based executive established the Dainty Group/Dainty Corporation in the early 1970s, and got on a roll early on.
First-up tours included the Bee Gees, Diana Ross, Cat Stevens and the Jackson Five. Dainty produced the Rolling Stones’ tour of 1973, a visit that would set up the success that followed.
It was Dainty who produced ABBA’s 1977 tour of Australia, a visit that remains the stuff of legend. Through the friendships made on that trek, ABBA’s Benny Andersson and Bjorn Ulvaeus entrusted Dainty to tour Mamma Mia! 25 years later. Dainty has the option to produce the hugely-popular ABBA: Voyage in Australia. “We’re looking at it closely,” he tells Billboard. “It’s probably one of the most exciting entertainment events I’ve ever seen.”
Dainty has also produced tours for the likes of Paul McCartney, U2, Guns N’ Roses, Eminem, David Bowie, George Michael, Prince and Britney Spears, and in recent years has expanded the business into international markets, including tours for Eminem and Lionel Richie in South Africa and South East Asia, and pan-Asian dates for Michael Buble.
Today, he’s president and CEO of TEG Dainty, which, since 2016, has been a part of the TEG Group of Companies. The following year, he was appointed a Member of the Order of Australia (AM).
Bob Boilen is leaving NPR.
On Wednesday (Sept. 13), Boilen announced his departure from the media organization after a 35-year tenure. Boilen is the co-creator of NPR’s Tiny Desk Concerts, the creator and host of All Songs Considered and has directed All Things Considered for the last 18 years.
On social media, Boilen wrote, “After 35 years, I am leaving NPR. I’ve had the thrill of creating Tiny Desk Concerts, All Songs Considered, directing All Things Considered for 18 years and so much more. I love the people I’ve worked with, but it’s time to find new challenges. thank you for listening/watching.”
Boilen’s last day on the job is Oct. 2.
An internal memo obtained by Billboard also announced Boilen’s departure to staff.
“For over 35 years Bob has been a fixture here, whether as a long-time producer and director on All Things Considered or as a digital pioneer with NPR Music, Bob’s impact has achieved what few can; he has, through his work, changed NPR and changed the world around us,” reads the memo, written by NPR vp of visuals & music strategy Keith Jenkins and outgoing senior vp of programming and audience development Anya Grundmann.
In the memo, Jenkins and Grundmann add that the Tiny Desk series, which Boilen co-created in 2008, “has set the music industry agenda for the last 15 years” and succeeded in “bringing new audiences to NPR.”
The memo includes a note from Boilen, who states, “I leave at a time when new creative folks will hopefully envision exciting new futures for NPR Music.”
In addition to his work at NPR, Boilen is an accomplished musician and writer. His debut book, Your Song Changed My Life, was published in 2016.
The news of Boilen’s exit follows two other high-level departures at the public radio broadcaster as of late. In August, Grundmann — who worked with Boilen on Tiny Desk in her role overseeing music, podcasts, entertainment and talk shows at the broadcaster — also announced that she’s leaving the public radio giant at the end of the year following nearly 30 years at the organization.
That was followed earlier this month by an announcement from NPR president/CEO John Lansing that he’ll retire at the end of the year following a four-year tenure. Lansing’s time at NPR involved navigating the COVID-19 pandemic and a recent budget crunch. He’ll remain in place until NPR’s board of directors identifies his replacement.
Read the full staff memo on Boilen’s departure below.
All;Today, we’re sharing the news that one of our longest tenured colleagues, Bob Boilen, is retiring from NPR. For over 35 years Bob has been a fixture here, whether as a long-time producer and director on All Things Considered or as a digital pioneer with NPR Music. Bob’s impact has achieved what few can; he has, through his work, changed NPR and changed the world around us.Bob’s work on the broadcast side of NPR was extensive, and he later was instrumental in pushing NPR into the digital world at a critical moment of change in media. All Songs Considered, which began as a multimedia online show in 2000 and became one of NPR’s first podcasts in 2005, was a foundational element of NPR Music which Bob helped create in 2007. Bob has continued to produce the podcast weekly, and it’s also heard on more than a hundred NPR Member stations.While web video was still in its infancy, Bob created Project Song which placed a musician in a Big Brother type environment at NPR for 24 hours, allowing us to observe the song writing process, unfiltered. While its run was short, its impact was great; Project Song’s influence can be found in podcasts like Song Exploder. Project Song also has the honor of earning NPR its first Emmy in 2012.Finally, there is little left to say that hasn’t already been shared about the Tiny Desk series, which Bob co-founded in 2008. The series has set the music industry agenda for the last 15 years, and it continues to break new ground with its concerts and the Tiny Desk Contest; bringing new audiences to NPR. It is very difficult indeed to go anywhere in the world — whether it’s a battlefield in Ukraine, an embassy in Washington, a farm in the Midwest or a restaurant in Asia — where people haven’t heard about and watched Tiny Desk Concerts. This is the very definition of a global phenomenon.Bob is leaving NPR with a legacy of creativity and innovation. Knowing of his love for photography and the Eastern Shore, we hope his days continue to be filled with beautiful birds and sunsets — that is, when he can tear himself away from continuing to discover new music in clubs across America. We wish you all the best.Keith and AnyaA few words from Bob:I’m retiring from NPR after 35 incredible years. It’s time to find new challenges in life, and I’m excited about some of the possibilities. I leave at a time when new creative folks will hopefully envision exciting new futures for NPR Music. My last day is October 2.I lived the dream when I came to NPR’s All Things Considered without a day of journalism or radio in my background. I was a musician and a video producer in 1988, but the folks at NPR saw something in me and gave me opportunities to take chances and grow. Within a year, I was directing All Things Considered. I did that for 18 years. I produced hundreds of music stories, brought in music writers, and edited and produced their reviews.In 1999, I imagined a music show for the internet, and in 2000 All Songs Considered was born. Back then, it was a multimedia show with music. In the summer of 2005 All Songs Considered became what I believe was the first original content podcast for NPR.With the launch of NPR music in 2007, NPR covered music festivals, including Newport Folk, and, of course, SXSW, where Stephen Thompson’s comment to Laura Gibson became the spark that started the Tiny Desk series. The staff includes such great talent and now the videos look and sound better than ever.All the while, I got to be in an office with some truly amazing, talented, and fun people. Most of all I just want to thank all of you for making magic happen.
In the latest of many lawsuits against Kanye West, a singer who moonlights in security and construction has sued the rapper over back payments and dangerous conditions stemming from a late-2021 attempt to turn the hip-hop star’s Malibu home into an “open-concept, industrial-brutalist, art-style dwelling that’s also a bomb shelter-bunker,” according to the complaint.
In a Los Angeles Superior Court lawsuit filed Wednesday (Sept. 13), Tony Saxon alleges he injured his back while working on the project and had to spend days at the property with no food or bedding. Accusing West, who legally changed his name to Ye, of disability discrimination, labor-code violations and unlawful wage withholding, Saxon claims the rapper promised him $20,000 a week, but after a month on the job, he received just $20,000 total, plus $120,000 for reimbursement of construction costs.
According to the lawsuit, which is requesting unspecified “monetary relief,” Saxon complained to Ye that he was “ill due to his severe injury on his back and that he needs to rest.” However, “Defendant disregarded Plaintiff’s concerns and instead responded by asking to discuss the next phase of the project.”
In an interview from his attorney’s Los Angeles office, Saxon says he requested a meeting with Ye and the project leader, then wound up in a room with them as well as “50 random people.” Ye mentioned his desire to install generators inside the building, which Saxon suggested would be unsafe, and the rapper became angry. “He told me I was a Clinton, a Kardashian, an enemy, and I was not going to be his friend anymore,” Saxon says. “So that’s how that ended.”
Saxon, 32, who describes himself as a recording artist, DJ and soul singer, says his music-business connections led him to a fashion photographer who put him in touch with the head of Ye’s construction project. In September 2021, Ye had reportedly purchased a Malibu house built by renowned Japanese architect Tadao Ando for more than $57 million. Soon after that, Saxon worked on the house for three straight days without knowing the owner’s identity. Ye then showed up and requested to “rip out the finest marble and all these crazy fixtures that wired the house.”
Says Saxon: “It was just absurd.”
Ron Zambrano, Saxon’s attorney, also represents a gym teacher at Ye’s Donda Academy who filed suit in July over unsafe conditions. Among other things, the school did not contain windows, because, according to the teacher’s lawsuit, Ye “did not like glass.”
“What we’re seeing are the symptoms of Kanye’s inability to respect people’s time and pay for them,” Zambrano says. “He goes into people’s lives: ‘I have an idea, I have lots of money, you have to drop everything in the world and I promise to pay you.’ Then he gets bored and goes somewhere else and normal people get left in the lurch.” Zambrano adds that if you “do the math,” potential damages could add up to “seven figures.”
Attorneys for Ye did not respond to Billboard‘s requests for comment.
This week, organizers with Playa Luna Presents announced the Dead Ahead Festival, an all-inclusive musical experience at the Moon Palace Resort in Riviera Cancún, Mexico, from Jan. 12-15, 2024, celebrating the Grateful Dead songbook with two nights of curated collaborations. Dead Ahead Festival includes Grateful Dead alumni Bobby Weir and Mickey Hart, as well as […]
Concord’s $469 million bid for Round Hill Music Royalty Fund, announced on Friday, did more than give Round Hill’s shareholders a tidy premium over the previous day’s closing price. The offer, which must be approved by 75% of Round Hill shareholders at the company’s Oct. 18 general meeting, also provides a vote of confidence in music asset valuations and the ability of the marketplace to seek out value.
Andy Moats, director of music, sports and entertainment at Pinnacle Financial Partners, says Concord’s offer is “a win-win for all parties.” Round Hill, which had been trading at a steep discount to its catalog’s value, was offered a premium over the share price prior to the announcement. Concord gets to pay fair-market value for a catalog of 150,000 songs by the likes of Bruno Mars, The Supremes and Louis Armstrong.
The deal comes as Round Hill’s share price struggled to meet expectations and falls short of it the value ascribed by multiple independent experts. Concord bid $1.15 per share, 11.5% below the per-share net asset value (NAV) ascribed to Round Hill by Citron Cooperman, a leading valuation expert. Round Hill’s shares had been trading at a 47% discount to NAV the prior day and had fallen 11.5% year to date.
But the fact that Concord’s bid is slightly below Round Hill’s NAV shouldn’t be viewed as a negative, says Larry Miller, clinical professor and director of music business program at New York University. “When you see a liquidity event like this at even close to NAV, I think that is a sign of a strong business fundamentals, notwithstanding how some class of investors — in particular investors in alternative assets — might view the value of the catalog to NAV.”
Moats agrees that Concord’s bid should be seen as a positive despite falling short of Round Hill’s recent NAV. “It was consistent with what we’ve seen in the past” in terms of where deals transact, he says. Not all deals close precisely on valuations, Moats says. Some prices are above valuations and some fall below. The Round Hill price is “within range of what I’ve seen over the last five years where something trades relative to its valuation,” he says.
Other people see additional positives in Concord’s bid for Round Hill’s music royalty fund — which still leaves Round Hill with a substantial publishing and recorded music business. To some, the acquisition reflects a functioning market in which Round Hill’s music assets are moving to Concord’s more efficient cost structure.
Roy Salter, senior managing partner at Virtu Global Advisors, says the deal shows the market is working as intended. “Among the major messages symbolized by the Concord transaction is the continuing advancement of music royalty capital market efficiencies, wherein an increasing number of pension and profit-sharing funds, insurance companies, sovereign funds and similar capital market constituents are steadily entering the market in search of predictable, non-correlated investment returns, and business operations which support music royalty administration continue to be enhanced such as enables optimal market-efficiencies,” he says.
For others, Concord’s bid is an important vote of confidence for firms’ NAV models. “The key takeaway from this Round Hill deal is that it affirms the valuation methodologies that have been used for large music portfolios,” says Michael Poster, an attorney with Michelman & Robinson. “For all the negativity that has come out of a handful of analysts around some of these valuation methodologies, at the end of the day, the market tells the story.”
NAV, a measure of an investment fund’s assets minus debts and liabilities, has been a sticking point for Round Hill and the other publicly traded music royalty fund, Hipgnosis Songs Fund, in recent years. Citron Cooperman, FTI Consulting and other valuation experts employ valuation models that calculate music catalogs’ values by estimating their cash flows over a lengthy period of time. A company’s NAV can improve if the valuation expert believes the catalog merits a lower discount rate, for example, or because favorable industry trends suggest previous revenue forecasts are too conservative.
Some equity analysts have raised questions about not just the valuations but the music industry’s tendency to constantly update NAV. Most funds in other sectors hold their new acquired assets at cost “until there are verifiable reasons” — such as a market transaction — “to suggest a change is warranted,” Stiefel analysts wrote in a Jan. 7, 2021, note to Hipgnosis investors.
Over the last roughly two years, a gap between independent valuation expert’s NAV and Round Hill’s trading price had widened dramatically. The discount to NAV stood at 5% on Dec. 31, 2021, when Round Hill’s NAV was $1.12 per share, and peaked at 51.6% on April 3, 2023, when Round Hill fell to $0.615 per share.
To give the market more faith in its NAV, Round Hill commissioned a second valuation report, by FTI Consulting, that put its NAV within 3% of Citron Cooperman’s estimate. This additional valuation supported Round Hill’s view that its portfolio was being “significantly undervalued” by investors, Round Hill CEO Josh Gruss said at the time.
The move appears to have helped some: Round Hill’s share price rose 19.7% over the following month (Hipgnosis shares, not part of Round Hill’s efforts to change investors’ impressions, fell 4% over that period). But whether investors remained concerned with NAV methodologies or motivated by rising interest rates and other macroeconomic factors, Round Hill’s share price remained well below NAV until last week.
Concord’s bid also provided a boost to Hipgnosis Songs Fund shares that have also been trading at a deep discount to NAV. The day before Concord’s bid was announced, Hipgnsosis shares closed at 0.798 pounds ($1.00), a 58.3% discount to the company’s NAV on March 31 of $1.92. Whether investors regained faith in the NAV or expect Hipgnosis to negotiate a similar asset sale, its shares jumped 15.7% to 0.923 pounds ($1.15) the day of the announcement, peaked at 0.962 pounds ($1.20) on Tuesday and closed at 0.93 pounds ($1.16) on Wednesday.
Had Concord’s bid come in significantly less than NAV, there could have been ripple effects that touched everybody from banks to investors. In such a scenario, people would re-think the value of catalogs and their interest in investing in music assets.
But that didn’t happen. Concord and Round Hill, both widely considered to be smart players in the music asset market, agreed to a price tag close to the often-criticized NAV. If the market was looking for a signal about how to value Round Hill, it received a credible confirmation.
“There’s a lot of stability and consistency in this space,” says Moats, “and this transaction provides that.”
Universal Music Publishing Group (UMPG) has signed Academy Award and Grammy-winning composer Stephen Schwartz to an exclusive global administration agreement. Schwartz has also received six Tony nominations for composing the music for such shows as Godspell, Pippin and Wicked, which is being turned into a two-part Universal Pictures film starring Ariana Grande and Cynthia Erivo. Schwartz has won […]
CAA has signed Alesso, the agency tells Billboard. Alesso was previously represented by UTA, who will continue to represent him in the European Union, with CAA repping him in all other territories. The Swedish producer has been a marquee name in the global dance/electronic scene since breaking out amidst the EDM boom of the early […]
Gary Gersh, president of global touring at AEG Presents, is leaving the concert promotion giant after eight years at the company, chairman Jay Marciano announced in a staff letter on Wednesday (Sept. 13). Rich Schaefer, currently the company’s senior vp of global touring, will step into Gersh’s role as president. “Gary played a vital role […]
Digital distributor DistroKid has acquired Bandzoogle, a platform specializing in helping artists create websites and sell their wares to fans. Launched in 2003 and based in Ottawa, Canada, Bandzoogle powers more than 60,000 artist websites and e-commerce stores, and provides solutions for crowdfunding, subscriptions and mailing lists. “At DistroKid, we’re always working on innovative ways […]