Business
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It’s an early evening in late September, and San Francisco is gleaming. The back patio at EMPIRE’s recording studios near the city’s Mission District is all white marble, reflecting the last rays of the setting sun as dozens of YouTube executives mill about, holding mixed drinks and picking at passed trays of beef skewers, falafel, […]
Live Nation has inked a first of its kind sponsorship with Athletic Brewing Company, America’s largest non-alcoholic brewer, for the concert promoter’s large portfolio of venues and marquee festivals including BottleRock in Napa, California and the famed Bonnaroo festival in Manchester, Tenn.
Under the terms of the three-year agreement, Athletic Brewing will serve as the official non-alcoholic beer for the company’s more than 100 venues, including the Wiltern in Los Angeles, the Paramount in Brooklyn and the Gorge Amphitheater, along with a handful of Live Nation festivals
“It’s a new category for beer — there’s domestic, import, craft and now you’ve got non-alcoholic. Our customers want that option and we know plenty of our fans will be choosing something in the non-alcoholic space, which is why we did this deal,” said Jon Landa, svp of national sales at Live Nation. “We’re seeing it across our markets, with health conscious people trying to enjoy other options. It doesn’t mean that it’s all they’re drinking, but it gives those fans a choice at a show or a festival, depending on how they want to start or finish their day.”
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Alcohol sales have slowed in recent years as Generation Z (those born between 1997 and 2012) turns 21 and begins attending concerts — club owner David Slutes with Congress Club in Tuscon, Arizona, told Billboard in 2023 that concerts catering to a younger Gen Z audience saw a 25% dip in alcohol sales compared to those targeting older demographics. The decline — blamed in part on the growing prevalence of cannabis edible products and healthier attitudes about mental and physical well-being — could have a significant impact on a concert venue’s revenue stream.
Since late 2023, Live Nation has worked to diversify the revenue it generates at its bars and restaurants by introducing non-alcoholic options like mocktails. By partnering with the eight-year-old Athletic Brewing Company, Live Nation is teaming up with the country’s fastest-growing non-alcoholic beer maker. Since opening its first brewery in 2018, Athletic has grown to become the 10th largest U.S. craft brewery and 20th largest overall U.S. brewing company, despite only offering nonalcoholic options, according to rankings by the Brewers Association. Athletic holds over 19% market share within nonalcoholic beer and is driving 32% of total nonalcoholic beer category growth, according to NielsenIQ data.
A recent study by Live Nation found that 70% of live music fans saying they want more beverage options at concerts. As part of the agreement, legal drinking age music fans can purchase one of four of Athletic’s most popular brews — Run Wild IPA, Upside Dawn Golden, Free Wave Hazy IPA, and Athletic Lite, with selections varying by venue. While Athletic does offer draft beer options in 30 states, the Live Nation partnership applies only to canned beer drinks.
“There’s a big time intersection between the fan of live music and the fan of Athletic and NA beer,” said Andrew Katz, chief marketing officer at Athletic Brewing Company. “It’s a shared love of live events, a shared love of well being and a shared love of beer. You put those three things together, and it just made sense for us to work together and try and get something done together.”
Don Henley and his longtime manager Irving Azoff are being sued by one of the men who was criminally charged — and later vindicated — for allegedly attempting to sell handwritten lyrics connected to the Eagles‘ 1976 album Hotel California, claiming they and their attorneys engaged in a “malicious prosecution” that harmed his reputation and caused him financial losses and emotional distress.
The complaint, filed in New York state court on Thursday (Feb. 6), was filed against Henley, Azoff and the firms that represented them in their case: Manatt, Phelps & Phillips and Loeb & Loeb. In it, Horowitz claims the parties falsely alleged that he and his two co-defendants in the criminal case “knew or had reason to believe” that the lyric sheets “had been unlawfully obtained” and nonetheless attempted to profit off of them via an online auction. However, Horowitz claims the men and their attorneys knew all along that the notes had been acquired through legal means in the first place.
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Horowitz, a rare book dealer, and his co-defendants — Rock & Roll Hall of Fame curator Craig Inciardi and memorabilia auctioneer Edward Kosinski — were criminally charged in 2022 over an alleged conspiracy to resell the lyrics that had been handwritten by Henley while working on the Eagles’ iconic Hotel California album. At the time, prosecutors had accused the three men of hiding the fact that the documents had been stolen from Henley’s home by Ed Sanders, a journalist hired by Henley and Azoff to write a never-published book on the Eagles in the late 1970s.
But in a stunning turnaround in March 2024, Manhattan prosecutors dropped the case after Henley produced new evidence previously withheld under attorney-client privilege that cast doubt on his and Azoff’s allegations. The judge in the case subsequently dismissed the charges and chastised Henley, Azoff and their attorneys for “obfuscat[ing] and hid[ing] information that they believed would be damaging to their position that the lyric sheets were stolen.”
According to Horowitz’s attorney Caitlin Robin, the evidence cited by prosecutors and the judge in dropping the charges — a series of emails between Henley, Azoff and their attorneys — proves they were aware that Sanders had legally obtained the lyric sheets in the course of writing the never-published Eagles book. Nonetheless, she alleges they “purposefully withheld any disclosure thereof because they knew it would exculpate Plaintiff GLENN HOROWITZ and essentially destroy the fraudulent allegations they made about him.”
As a result of his “unjust prosecution,” Horowitz claims he “was deprived of his liberty and suffered humiliation, defamation, media harassment, diminished reputation, loss of business and/or loss of wages amounting in more than ten million dollars ($10,000,000.00), in addition to mental anguish, indignity, frustration and financial loss.” The complaint further alleges that Horowitz’s wife Tracey (who is listed as a co-plaintiff) also “suffered humiliation, defamation, media harassment, diminished reputation, and mental and emotional anguish” as a result of her husband’s prosecution.
In a statement sent to Billboard, Henley and Azoff’s attorney Dan Petrocelli said, “Don Henley was a witness and a victim in a criminal trial brought by the Manhattan District Attorney after a formal indictment of Glenn Horowitz by a New York grand jury. The indictment highlighted the dark underbelly of the memorabilia business that exploited the brazen, unauthorized taking and selling of Mr. Henley’s handwritten lyrics. The only malicious prosecution involved here is the filing of this case by Mr. Horowitz.”
The Horowitzes are asking for damages “in excess of the jurisdictional limits of all the lower Courts of the State of New York.”
Manatt, Phelps & Phillips and Loeb & Loeb did not immediately respond to Billboard‘s requests for comment.
Horst Weidenmueller, the founder of label and music company !K7, has died at age 60.
A statement from !K7 provided to Billboard says his death followed “a serious illness” but did not elaborate on the specifics.
Born in the Black Forest region of Germany, Weidenmueller moved to Berlin and founded !K7 in 1985, when he was 21 years old. !K7 began as a music-video production company, later launching the DJ-Kicks mix series that would go on to become an influential and globally known platform for a wide range of DJs and producers.
!K7 began releasing artist albums in 1996, putting forth music from across the wide electronic spectrum. The company now has offices in Berlin, London and New York, with its label group including the in-house labels !K7, AUS, 7K!, Soul Bank and Strut Records.
In 2024, Weidenmueller was recognized with the prestigious IMPALA Outstanding Contribution Award for his influential work in the European independent music sector, an award that coincided with the 40th anniversary of !K7 Music.
The award acknowledged Weidenmüller’s advocacy for sustainability and inclusion in the music industry. As a long-time IMPALA board member and the founder of its Sustainability Task Force, he spearheaded the development of a bespoke carbon calculator for labels, in partnership with Julie’s Bicycle, Merlin and Murmur. He also helped establish IMPALA’s Business Case for Sustainability, emphasizing the financial benefits of environmentally conscious practices.
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The statement from !K7 continues that “beyond his role at !K7, Horst was a passionate advocate for the independent music community. As a long-standing board member of Merlin and IMPALA Independent Music Companies Association, he played a vital role in strengthening and championing the independent sector on a global scale. His contributions have left a lasting impact on the industry and will not be forgotten.“Our thoughts are with his family, friends, and everyone whose lives he touched. We will honour his memory by carrying forward the work and values he instilled in us. !K7 remains committed to continuing his vision with the same passion and integrity that he embodied.”
The company’s statement adds, “We kindly ask to respect his family’s privacy at this time.”
Last October, Tyler Brown and Harold Serero launched the independent label Heatwave Records. A few short months later, the company accounted for three of the top five records on Spotify in Nigeria for part of January: Fido’s “Joy Is Coming” and “Awolowo,” along with Kvng Vinci and Zerrdyl’s “Hausapiano” remix.
In the past, ambitious executives might have stayed inside a major label or management company for most of their careers. (Brown used to work as managing director of Syco Music, while Serero was an A&R executive at Ultra Music Publishing.) But more and more, they’re stepping out to start their own operations, pursuing a path that offers not just more freedom, but more potential upside if they catch a hit.
Still, running a record label is not easy, and all these fledgling operations would once have turned to more traditional record companies for the resources, back-end infrastructure, and promotional support that are required for success. These days, however, many of them have decided that partnering with a major is no longer necessary. And recently, a number of them are turning to a relative newcomer, the distribution company Too Lost, for those services.
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“We’ve beaten major labels to deals because of how quickly we move once we’ve discovered something,” Heatwave’s Brown says. “We aim to get that deal done within 24 hours. Too Lost backs us charging after these records and supports us fully — not only from an administrative point of view, but financially and in terms of manpower.”
Co-founded by Greg Hirschhorn, 26, Bjarki Larusson, 29, and Alex Silverstein, 27, Too Lost has grown rapidly since launching publicly at the end of 2020. More than 300,000 labels and artists — including established names like Chief Keef, Lil Tjay, YG and Ye — now distribute music through the platform, and its annualized gross revenue, based on the fourth quarter of 2024, was $56.1 million. The company’s emergence has helped enliven digital distribution, an absolutely necessary but resolutely unglamorous sector of the industry that seemed fairly settled just a few years ago.
At the most basic level, digital distribution companies provide artists with a technology service: the capability to upload their songs to streaming services and other digital stores around the world. Artists already had myriad options before Too Lost made its debut. The DIY side of the market — which is often hobbyists who make music for fun and push it to streamers for a low flat fee — relied on stalwarts like DistroKid and TuneCore. More commercially successful acts often found a home at long-running major-label-owned alternatives like The Orchard or ADA.
The distribution landscape “definitely was saturated,” says Connor Lawrence, COO of indify, a platform which helps pair emerging talent with financial and marketing resources. “But there are so many artists out there, I think if you deliver a good product, people will gravitate towards it.” He likens Too Lost’s appearance and upward trajectory to that of canned water company Liquid Death: There were more than enough water brands around in 2019, but Liquid Death launched and became wildly popular anyway. (Too Lost is an investor in indify.)
Hirschhorn, Too Lost’s CEO, prefers a coffee analogy. “There’s Starbucks, there’s Dunkin’, but you can be Blank Street,” which was established in 2020, he says. “You can still build a great coffee business, even in an ecosystem where there’s already existing competition. You need to execute differently, and you need to really emphasize what makes you stand out.”
Unlike many of its competitors, Too Lost aims to help both the DIY side of the market and successful artists who have achieved name recognition and charting hits. (Most distributors focus on one camp or the other.) Too Lost delivers music to, and provides analytics from, a number of streamers and digital stores that other distributors don’t always reach, including FLO and Melon in South Korea, AWA in Japan, or the exercise company Peloton, providing independent artists with more chances to earn revenue, and more opportunities to learn about their listeners.
Too Lost also has a publishing administration option, so artists don’t have to go to another platform to earn songwriting income; a block list function, which will automatically strike an artist’s track if it’s uploaded to Twitch or SoundCloud by a third party; and a breezy catalog ingestion tool, which lessens the technical headaches caused by moving music from one distributor to another. Artist collaborators can easily create free accounts just to receive royalties from projects they worked on — a featured artist might use this if their duet partner is on Too Lost, for example — even if they distribute elsewhere.
“My idea was always to capture market share by just building a very frictionless product,” Hirschhorn says. “People then build loyalty to something that fundamentally just works.”
Too Lost has started to take deals away from established competitors, and that fact, combined with Hirschhorn’s boyish demeanor — his old Instagram picture was Matthew Broderick in Ferris Bueller’s Day Off — has sparked skepticism in the music industry. “Other distributors aren’t the biggest fans” of Too Lost, Lawrence acknowledges. “That means that they must be doing something right.”
***
On a Tuesday in December, Laurent Hubert, CEO of the publishing company Kobalt, stopped by the Too Lost offices in Manhattan to meet Hirschhorn in person for the first time. Too Lost added its publishing administration option at the end of 2022 to provide distribution clients with a way to take home songwriting income. Over the last two quarters, that part of the business has grown from generating $200,000 in net revenue to $1 million.
Too Lost currently partners with BMG to collect publishing. (Coincidentally, while Hubert was visiting the office, BMG sent over cupcakes to celebrate the Too Lost founders’ appearance on Forbes‘ latest 30 Under 30 list.) Still, Hubert was interested in learning more about the new company on the block. The result was a genial CEO sparring session, heavy on economic jargon, that ranged from the cost of office leases in Manhattan to the bloated executive salaries at the major labels to the increasing importance of catalog.
The first time Lawrence got on a Zoom with Hirschhorn, he remembers the Too Lost co-founder “speaking a million miles an hour.” (“I ramble,” Hirschhorn says at one point, chalking up some of his conversational velocity to the military-grade cold brew in the Too Lost office.) While chatting with Hubert in December, Hirschhorn sometimes fired off a new idea before the Kobalt boss finished a thought.
But Hubert held his own. He has a gift for distilling economic wisdom into pithy manifestos — “We must crush the majors on cost of capital!” — and slick catchphrases: “We build businesses on trend lines, not headlines.” “I might have to steal that one,” Hirschhorn says later.In a way, he already has. Because Too Lost was a late entrant in the distribution landscape — TuneCore and DistroKid, for example, are both well over a decade old — Hirschhorn says he was able to survey the available options and see what was working, and what wasn’t. His goal was to build “a DIY distribution service that could also service the upper middle class of artists.”
Historically, that has been tough to achieve. Several distributors abandoned the DIY side of the market — a low-margin volume game that comes with common headaches like streaming fraud and copyright infringement — to focus strictly on higher-performing clients, where they can take a cut of royalty income. And the distributors that do offer DIY services often lose clients once their songs start performing well: Wealthier competitors or major labels lure them away by offering a large advance or more personalized help with their careers.
Part of the reason it’s tough to cater to the DIY artist market and the “upper middle class” simultaneously is that their needs are fundamentally different. Hobbyists just need basic functionality, the ability to get their songs on a streaming service and ensure that royalties from any subsequent streams flow back to their bank account. But the upper middle class might want advance funding for their next album, help protecting a viral song from bad-faith takedowns, access to Spotify’s Discovery Mode program, or marketing money to fan the flames of a TikTok trend emerging in Indonesia, for example.
Nevertheless, Hirschhorn set out to satisfy both constituencies. He started working on Too Lost in earnest during the first months of the pandemic, putting $25,000 of his own money into the company. (Hirschhorn started a record label and sold it to Sony as a teen, leaving him some funds to play with.) “It was the first year I could grow a beard, and I grew a full beard,” he recalls. Subsisting largely on Chinese takeout, he gained weight.
Hirschhorn met Silverstein, who was working at +1 Records, through a mutual friend and convinced him to join up as a co-founder, offering a chance to be his own boss. (For a while, Silverstein slept on the couch in Hirschhorn’s midtown one-bedroom apartment.) Larusson was working as a freelance data scientist before he came aboard as chief technical officer.
While many companies call themselves distributors, they often rely on a third party like FUGA and AudioSalad to provide the digital “pipes” that beam music to streaming services. Choosing to provide services and outsource the distribution work means these outfits have to give FUGA or AudioSalad a cut of their earnings, reducing already thin margins. But this way, anyone can launch a distribution offering quickly and then focus on building a profile in a crowded marketplace — often by signing prominent artists.
For many distributors, “It’s less about, ‘Let’s build this out,’ and more about, ‘Let’s raise a lot of money and go do a lot of deals,’” Hirschhorn says. “I’m a true believer that distribution is a technology business, not a music business.”
As a result, Too Lost “built without dependency on any partners,” guided in part by Larusson, who had a computer science background and worked as an engineer on projects for banks, among other endeavors. The founders even built their own payment processing engine, so they didn’t have to pay fees to third parties for financial transactions.
“Greg was late to the game,” notes Josh Feshbach, who manages the singer Pink Sweat$ and works frequently with Too Lost. “What he did better than anyone was understand how today’s DIY artist operates and how they need to run their business. Then he basically tried to put every piece of functionality they would possibly rely on into one platform” — analytics for more than 15 streaming services, funding for advances, copyright registration, publishing administration, cover song licensing, Spotify Discovery Mode access, royalty splitting, reports on songs’ usage on social media, and more.
And it all comes on the cheap: The basic Too Lost account costs $19.99 a year. (For comparison’s sake, it’s $22.99 on DistroKid and TuneCore, though those companies are still much bigger than Too Lost). A label can sign up for an account for just $35.99 a year.
“You can run your entire business from Too Lost’s dashboard,” Feshbach says.
***
Two days after the Kobalt meeting, Hirschhorn rolled into the office fashionably late, a little rough around the edges. While it was an especially festive week for him — an event celebrating Forbes‘ 30 Under 30 inductees, Too Lost’s holiday party — he says he’s usually a homebody: “I put sweatpants on after work. I watch Netflix or answer emails from my couch with a blanket over me.”
But the previous night, Leon Morabia, an attorney at Mark Music & Media Law, had invited Hirschhorn to the firm’s East Coast holiday party, which didn’t start until 10:30 pm. Ron Perry, chairman/CEO of Columbia Records, and Tyler Arnold, president of Mercury Records, had both made appearances. “It was a very impressive group of folks,” Hirschhorn says. “I was like, ‘Well done. I can barely get these guys in a room one on one.’”
Early in 2024, Morabia had reached out to Corey Goldglit, Too Lost’s manager of A&R, to discuss one of his clients, the rapper Ayesha Erotica. “She had a lot of infringement” around her catalog, according to Goldglit — imposters were ripping her songs, uploading them and pocketing royalties from the plays they earned.
Too Lost worked to take down the pirated versions of Erotica’s songs and ensure her royalty income flowed properly to her artist account without even asking for up-front payment. “I’ve never seen it in the music business — someone said, ‘Let me just do this thing for you, and then we’ll take it from there,’” Morabia says. “Usually it’s, ‘Sign your life away here, and then we’ll underdeliver on our promise.’”
Erotica is now earning more than 9 million streams a week on Spotify alone. “She’d never seen a check off her music,” Goldglit says. “Now she’s seeing a lot of money.” She has since signed an official deal with Too Lost, and her team liked the company enough that they recommended it to another act who is now close to signing a deal.
As artists like Ayesha Erotica get bigger, Too Lost’s ability to hold on to them will be a test. But Hirschhorn is confident that, as long as his platform remains versatile, current and easy to use, even artists that choose to go elsewhere will eventually return to the fold.
“You might not always bank with Chase, but you’re not going to get rid of your Chase account,” he reasons. “They might leave to do a project with a major, but they’re going to come back, or they’ll keep their back catalog with us.”
***
Too Lost has been able to win some deals by undercutting competitors, not only on pricing, but on distribution rates — offering to take a 5% cut, for example, when competitors are asking for twice as much. Several executives at rival companies, speaking on the condition of anonymity, believe that this strategy is not sustainable in the long run. And these executives did not understand how Too Lost could be making money.
Feshbach offers a blunt rebuttal. “The people that say there’s no way Too Lost is making any money are just stupid,” he says. “Does [Too Lost] do some deals that I wouldn’t do in order to get people on platform? Sure. But in the long run, they’re weighing these decisions against all of their different revenue streams.”
Too Lost makes money from subscriptions, royalties from distribution deals with bigger clients, and data deals with consumer research companies, according to Hirschhorn. The average customer spends $8 a month between a subscription and other add-on services like cover song licensing, copyright registration and usage discovery, which shows where tracks are being played on various social media services. The company’s adjusted EBITDA for 2024 was $6.5 million.
beatBread, an artist funding platform, has pumped “tens of millions” into Too Lost artists. “I’d like to think that that has at least something to do with their growth,” says Peter Sinclair, the company’s founder, who spent five years at Universal Music Group before founding beatBread. “A lot of guys win deals by promising dream fulfillment,” he continues. “That is expensive. You need fancy offices, a big A&R force. To really focus on the digital nuts and bolts of something [like Too Lost does] can be cheaper. And I think that word is what drives some resentment.”
Too Lost is now in the process of raising $20 million to $40 million, capitalizing on a moment when both investors and major music companies are looking to snap up pieces of the independent distribution market. “I have been working off our balance sheet historically [to do deals], which has a ceiling,” Hirschhorn says. “I’ve had to turn down a lot of amazing opportunities just due to a lack of available capital.” He hopes that raising money will provide extra ammunition to win competitive deals.
Separately, Too Lost might also indirectly benefit from Virgin Music Group’s recent acquisition of Downtown Music Holdings, FUGA’s parent company. Some artists and labels still want to build their businesses outside of the major label systems. If they no longer see FUGA as an option because Virgin is part of Universal Music Group, they will search for other independent distribution companies to partner with, including Too Lost.
The majors “convince artists they’re going to become stars,” Hirschhorn says. But “when they don’t become stars, they still have a catalog making a lot of money every year.”
At that point, he’s making a bet: “Artists are gonna think, I’d rather manage my catalog with those guys over at Too Lost than with the guy who said he’s going to put me on Jimmy Kimmel.”
The U.S. Copyright Office posted a notice of inquiry on Monday (Feb. 10) in the Federal Registrar, requesting more information about issues related to American-based performance rights organizations (PROs).
More specifically, the Copyright Office is requesting public comment on “factors that may be contributing to the formation of new PROs”; whether there have been “increased financial and administrative costs imposed on licensees associated with paying royalties to additional PROs”; and “how to improve clarity and certainty for entities seeking to obtain licenses from PROs.”
The inquiry is a response to the House Judiciary Committee’s letter to the Register of Copyrights, Shira Perlmutter, six months ago, which requested an examination of “concerns” and “emerging” issues in the PRO sector. The letter was signed by the committee’s chairmen, Rep. Jim Jordan and Rep. Darrell Issa, and member Rep. Scott Fitzgerald.
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“It is difficult to assess how efficiently PROs are distributing general licensing revenue based on publicly available data,” the letter read. “For example, it is difficult to determine how accurately lesser known and independent artists as well as smaller publishers are being compensated compared to widely popular artists and major publishers.”
The letter added: “Licensees [like bars, venues, restaurants and small businesses] have reported receiving demands for royalties from new entities claiming to represent songwriters… Licensees are concerned that the proliferation of PROs represents an ever-present danger of infringement allegations and potential litigation risk from new and unknown sources.”
The Copyright Office’s notice of inquiry addressed this so-called “proliferation” of PROs as well, noting that for decades, ASCAP, BMI and the smaller SESAC were the only PROs in the U.S. However, in the last dozen years, this market has doubled in size with the introduction of Global Music Rights (or “GMR”) in 2013, PRO Music Rights in 2018 and AllTrack in 2019.
Around the world, most other countries only have one PRO representing all local rights holders’ interests — many also handle mechanical (or reproduction) rights as well — making the U.S. an especially unique and complex market for licensees.
Written comments concerning these matters must be turned in to the Copyright Office by April 11. After that, there will be a “reply comment” period that has a submission deadline of May 7.
Ozzy Osbourne is facing a copyright lawsuit over alleged social media posts featuring unlicensed photos of a famous rock star: Ozzy Osbourne.
The case, filed Monday in Los Angeles federal court, claims the Black Sabbath frontman illegally posted multiple images — of himself – that were snapped by prolific rock photographer Neil Zlozower.
The photographer’s attorneys say Ozzy posted the images to his massive followings on Facebook, Instagram and X (formerly Twitter) without seeking permission or paying Zlozower a licensing fee.
“The accounts are key components of defendant’s popular and lucrative commercial enterprise,” the lawsuit says. “Defendant has over 12 million followers on [Facebook], and over 6 million followers on [Instagram], and over 5 million followers on [X] — all of which are monetized and provide significant financial benefits to defendant.”
A rep for Ozzy did not immediately return a request for comment on the allegations.
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While it might sound unfair to a celebrity, the copyrights to a photo are almost always retained by the person who took it. Simply appearing in an image does not give a celebrity co-ownership of it, nor does it give them a right to repost it for free. To understand why, read Billboard‘s explainer here.
Ozzy is hardly the first celebrity to get sued over that legal reality. Over the last few years, Miley Cyrus, Dua Lipa, Justin Bieber, Ariana Grande, Emily Ratajkowski, LeBron James, Katy Perry and others have faced copyright cases after they re-used photos of themselves snapped by someone else.
And in allegedly using photographs snapped by Zlozower, Ozzy picked the wrong guy to test. Since 2016, court records show the litigious photographer has filed nearly 60 copyright cases against a range of defendants over images of Elvis Costello, Guns N’ Roses, Mötley Crüe and more.
In Monday’s lawsuit, Zlozower’s attorneys say Ozzy used several different photos. Five are staged portraits of the rocker standing alongside Zakk Wylde, the lead guitarist for Osbourne’s backing band since 1987; another features Osbourne onstage embracing Randy Rhoads, who served as guitarist on Osbourne’s first two solo albums before dying suddenly in a 1982 plane crash.
Zlozower says his team reached out to Ozzy about the allegedly infringing social posts in June – and then again in August and September. But he says the star “failed to respond,” meaning he was “forced to seek judicial intervention for defendant’s infringing activity.”
Warner Music Group has expanded its corporate development team by appointing Alfonso Perez-Soto as executive vp of corporate development, focusing on recorded music, and Michael LoBiondo as senior vp of corporate development, focusing on publishing. Both will report to Michael Ryan Southern, executive vp and chief corporate development officer, who has led WMG’s global M&A activities since August.
The company said this new structure provides WMG with dedicated dealmakers for each side of the business, enabling targeted investments and acquisitions across music rights and technology. Due to this reset, the leaders of Warner Music’s Emerging Markets territories, who previously reported to Perez-Soto, will now report directly to Simon Robson, president of Europe, the Middle East and Africa, recorded music.
Perez-Soto has spent much of the last two decades at Warner Music, having joined the company in 2005 as vp of business development for Latin America and US Hispanic markets. He was bumped up to senior vp in 2012 and in 2017 originated the position of senior vp, global business development and chief commercial officer, emerging markets. A year later he was elevated once again to executive vp of Eastern Europe, Middle East and Africa, and in 2021 was promoted to president of emerging markets. In that role, he has designed and implemented a growth strategy based on M&A, geographical expansion and organic artistic success that significantly expanded Warner’s footprint in these emerging territories. Earlier in his career, Perez-Soto held stints at Telefonica, Universal Music Group and Nokia.
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LoBiondo has been serving as head of business development for Warner Chappell Music, WMG’s music publishing arm, since 2021. In this role, he’ ha’s been responsible for identifying and executing strategic acquisitions and partnerships to benefit the publisher’s frontline songwriters and its iconic song catalog. Prior to this, he held various positions at WMG, where he had a hand in numerous major initiatives, including the acquisition of Parlophone Label Group and several Series A music technology investments. Between his tenures at Warner, LoBiondo worked at the artist development company mtheory. He began his career as an analyst at Goldman Sachs.
Southern expressed confidence in Perez-Soto and LoBiondo, calling them “tenacious and curious leaders with a deep understanding of the music industry and its key players… We’ve committed to grow WMG through a mixture of organic and M&A activity. Now we’ve got a dedicated dealmaking beacon for each set of rights that’ll enable us to continue to improve our service to artists and songwriters.”
Of all the ultra-familiar songs appearing in Super Bowl LIX ads — from Bruce Springsteen‘s “Born to Run” to Van Halen‘s “Panama” to Louis Armstrong‘s “What a Wonderful World” to Seal‘s “Kiss from a Rose” — the most sentimental may be the Bellamy Brothers‘ “Let Your Love Flow,” used in a Budweiser spot about a horse rescuing a keg from a raging river and rolling it into a bar.
It’s sentimental, anyhow, for Concord Music Publishing. In the early ’70s, Larry Williams, a Neil Diamond roadie, penned the track, and a producer put it in the hands of the Bellamy Brothers. Their breezy, mid-tempo version hit No. 1 in 1976. By then, Williams had signed with a new publisher, Bicycle Music, and as the company changed hands over the years, including a sale to Concord in 2015, “Let Your Love Flow” endured as a sort of Song Zero. “That was literally the very first song technically signed to Concord,” says Brooke Primonte, the company’s executive vp of global sync. “It’s very dear to everybody who’s been here since day one.”
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The song’s story, and its timeless feel, exemplify the Super Bowl synchs this year; viewers won’t hear much contemporary music a la 2024’s Ice Spice-enhanced Starry spot featuring the rapper’s hit “Deli.” H.E.R.‘s version of “Born to Run” is in a Dove commercial about empowering young girls to appreciate their bodies; “Panama” is in an ad starring Glen Powell as a dad reading “Goldilocks” to kids and fantasizing about fighting dragons in Dodge Rams; Shaboozey sings “What a Wonderful World” as Nerds characters parade around him in New Orleans; and in a surreal, star-studded Mountain Dew spot, Seal appears as … a seal.
“These are songs pretty much guaranteed to accomplish what the agency or brand are trying to do,” says Tom Eaton, senior vp of music for advertising at Universal Music Publishing Group, which has represented Seal for more than seven years. “They’re choosing songs familiar to a wide assortment of people. They can’t miss.” Adds Frank Di Minno, vp of creative sync at Warner Chappell, one of the publishers for “Panama”: “This was definitely the catalog Super Bowl.”
The Dove spot is the first-ever commercial to use Springsteen’s signature 1975 anthem, more than three years after he sold his catalog to Sony Music Publishing for $550 million. Springsteen retains approval rights for the song, and after Brian Monaco, Sony Music Publishing’s president/global chief marketing officer, shared the spot with the singer-songwriter’s team a month or two ago, they approved it quickly. “There’s definitely demand for his catalog, as well as other ones we’ve purchased — we have Paul Simon and Queen,” Monaco says, adding that with Super Bowl ads costing a reported $7 million to $8 million, “brands want to get the most bang for their buck by using songs that people know.”
As a result, synchs, a multibillion-dollar industry for music publishers, are especially expensive for brands this year. According to music business sources, costs on the publishing side range from $400,000 to $2.5 million, not counting the separate fees for licensing master recordings.
“The numbers are showing [that] people are streaming classic music at very high rates, as opposed to music of the last 10 or 15 years, just in their daily lives,” says Marty Silverstone, president of global sync for publisher Primary Wave, whose Super Bowl synchs this year include Smokey Robinson‘s “Cruisin’” for Haagen-Dazs and Huey Lewis & the News‘ “The Power of Love” for Bud Light. “I’m seeing, even more than usual, the appetite for nostalgia-driven music.”
Super Bowl ads often mirror the times, and this year’s familiar-songs trend may have deeper cultural relevance. “The country is trying to find its way in very challenging times,” says Dan Rosenbaum, vp of commercial licensing for BMG, whose three synchs include a share of “What a Wonderful World.” “Using a song that has resonance from a time that was simpler gives a certain comfort to the viewer.” Adds Steve Nalbert, vp of sync licensing and digital for Round Hill Music, another “What a Wonderful World” publisher: “More than ever, we need unifying music that bring us together, rather than pulls us apart. Luckily, the brands realize that, too.”
Billboard asked top publishers to tally their own synchs scheduled to appear as national spots during the game — including movie and TV trailers but not Fox broadcast promos, teasers or halftime show performances. Sony Music Publishing scored the most, with 14; Universal Music Publishing Group had 11; Warner Chappell, seven; Primary Wave, six; Kobalt, five; Reservoir Media, four; Concord and BMG, three apiece; and Round Hill, one.
This year’s trend towards familiar songs does not mean all the songs are older classics. Childish Gambino‘s 2018 anti-racist anthem “This Is America” appears in a Hims & Hers ad about a weight-loss drug: “Historically, Donald [Glover, who performed and co-wrote the song] and his team have been pretty selective about where they license ‘This Is America.’ They don’t pursue much,” says Rob Christensen, executive vp/head of global sync for Kobalt, the rapper’s publisher. “They thought this one was a good one to pursue.” (A few days before the game, the Partnership for Safe Medicines and two U.S. senators asked the FDA to block the ad due to not disclosing potential side effects.)
Reservoir Media’s synch total includes one “contemporary hip-hop song,” according to Scott Cresto, the publisher’s executive vp of synchronization and marketing, although he declined to reveal it before the game. Instead, he pivoted to a classic: A Michelob Ultra spot starring Willem Dafoe and Catherine O’Hara playing pickleball with famous athletes (and not-so-famous pickleball stars) synchs to “Papa Loves Mambo,” a Perry Como hit that dominated the Billboard charts in 1954. The brand, he says, requested in its brief “something that played with humor, that a certain generation identified with, but all generations would recognize it.”
“It’s definitely cyclical,” Cresto adds. “There have been years where [brands] are looking for more contemporary pop hits. This year and last year have definitely leaned more catalog.”
Spotify led all music stocks this week with a 13.6% gain after its fourth-quarter earnings results on Tuesday (Feb. 4) showed that the company posted its first-ever net profit. The streamer’s share price reached an all-time high of $632.41 on Friday (Feb. 7) before closing at $622.99, slightly lower than its closing prices on Wednesday ($626.00) and Thursday ($625.87). Fewer than six weeks into 2025, the Swedish streaming company’s stock has risen 39.3%.
With 203.8 million shares outstanding, according to its 2024 annual report released this week, Spotify’s market capitalization briefly reached $128.9 billion. A week ago, Spotify was worth nearly as much as the three major music groups. As of Friday, after gaining another 13.6%, Spotify is worth more than Universal Music Group (UMG), Sony Music and Warner Music Group (WMG) combined.
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Guggenheim was among a host of analysts to increase its Spotify price target, raising the streaming company’s shares to $675 from $520 and increasing its forecast for 2025 operating income to 2.61 billion euros ($2.7 billion) from 2.46 billion euros ($2.54 billion). Others that raised their price targets for Spotify were Evercore ISI (to $700 from $500), Morgan Stanley (to $670 from $550), DA Davidson (to $680 from $350) and Deutsche Bank (to $700 from $550).
Led by Spotify, the 20-company Billboard Global Music Index (BGMI) rose 7.7% to a record 2,635.41, bringing its year-to-date gain to 24.0%. The index’s most valuable companies were among the 13 gainers while the seven companies that lost ground have relatively small market capitalizations. In contrast to music stocks’ gains, major indexes were muted this week. In the U.S., the Nasdaq composite index and S&P 500 fell 0.5% and 0.2%, respectively. In the U.K., the FTSE 100 rose 0.3%. South Korea’s KOSPI composite index gained 3.0%. China’s SSE Composite Index was up 1.6%.
Chinese music streamer Cloud Music had the week’s second-best performance, rising 6.6% to 130.30 HKD ($16.73). SiriusXM was third-best after rising 6.0% to $25.44. Another Chinese music streaming company, Tencent Music Entertainment, improved 4.7% to $12.54. And K-pop companies all fared well: SM Entertainment was up 4.9%, HYBE improved 4.2% and JYP Entertainment rose 3.6%.
While record labels and publishers have benefitted from Spotify’s price increases, their stock prices haven’t followed the same trajectory. WMG gained 2.9% to $32.72 following its quarterly earnings report on Thursday (Feb. 6) and is up 5.5% year to date. Reservoir Media, which released earnings on Wednesday (Feb. 5) and raised its full-year guidance, closed the week down 4.2% to $7.96 and has lost 12.0% in 2025. UMG, which will announce its fourth-quarter earnings on March 6, rose 0.1% to $26.98 and is up 9.1% year-to-date.
MSG Entertainment gained 1.1% to $36.73. On Thursday (Feb. 6), the concert promoter reported that revenue increased 1% to $407.4 million and adjusted operating income improved 2% to $164 million in the fiscal second quarter ended December 31, 2024. Event-related revenue fell $22.5 million due to lower revenue from concerts and a drop in other live entertainment at the company’s venues.
LiveOne had the largest decline of the week, falling 19.3% to $1.17. The music streaming company will announce earnings on Feb. 14.