Business
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Bad Bunny’s sports agency, Rimas Sports, and the Major League Baseball Players Association (MLBPA) reached an agreement this month (March 6) to settle a lawsuit over penalties tied to improper inducements, according to Associated Press. The parties filed a stipulation with U.S. District Judge Jennifer H. Rearden in Manhattan, confirming that they had resolved the […]
Streaming remained the dominant force in the recorded music in 2024, but its impact dropped slightly.
For the first time, streaming’s share of total recorded music revenue did not increase from the previous year, according to MIDiA Research’s latest annual tally. In 2024, streaming accounted for 61.3% of total revenue, down from 62.4% in 2023.
Streaming revenue also had a slower rate of increase than in prior years, growing 6.2% compared to 10.3% in 2023 and 8.3% in 2022. And streaming drove less industry growth than in years past. In 2024, streaming accounted for 58.5% of annual revenue growth, down from 64.6% in 2023.
Platforms such as Spotify accounted for $22.2 billion of revenue last year and accounted for the lion’s share of the $36.2 billion of global revenue. That, too, marked a slowdown, as the 6.5% increase in total revenue was down from 9.7% in 2023 and 6.7% in 2022.
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As MIDiA Research succinctly put it: “The much anticipated streaming revenue deceleration—despite recent price increases—has now arrived.”
Price increase in 2023 by Spotify, YouTube Music, Amazon Music Unlimited and Apple Music helped fuel that year’s near-double-digit streaming gain. Spotify raised prices in the U.S. in 2024, too, and gave subscribers the option to opt into a less expensive, audiobook-free tier, although a Morgan Stanley survey found that just 17% of individual premium subscribers had done so last year.
Faced with the realities of market growth, the growth-minded record industry is looking to streaming services to continue raising prices and offer super-premium tiers at elevated prices for subsets of subscribers. In March, Universal Music Group chief digital officer Michael Nash stated the company is in talks with multiple streaming platforms about super-premium tiers. “We think this is going to be an important development for segmentation of the market,” he said.
The decline in streaming’s influence aren’t likely to be seen in other organizations’ annual figures because MIDiA Research’s global revenue estimates includes expanded rights such as merchandise, licensing and touring (as well as production music). In 2024, global expanded rights revenue reached $4.1 billion, up from $3.5 billion and $3.0 billion in 2023 and 2022, respectively. As a share of total revenue, expanded rights rose to 11.3% in 2024 from 10.0% in 2023 and 9.7% in 2022. If expanded rights are removed from the total figures, streaming’s share of revenue falls just barely to 69.2% in 2024 from 69.3% in 2023.
Elsewhere in the global industry, segments other than Universal Music Group and Warner Music Group gained market share in 2024.
UMG again had the largest market share with revenue of $10.5 billion, but the company’s percentage share of the global market fell one percentage point. Sony Music Group grew its market share to 21.7% and was the fastest-growing major label for the second consecutive year.
Artist direct revenue—which covers independent artists that use do-it-yourself distributors such as TuneCore, CD Baby and DistroKid—were $2.0 billion, and the 4.7% growth rate bested the 4.5% growth of 2023. The growth of the number of independent artists using these distributors grew three and a half times as fast as revenue.
Non-major labels increased their market share for the third straight year, improving to 29.7% in 2024 from 29.2% in 2023. Those non-majors had revenue of $10.7 billion, up 8.2% from the prior year. Non-majors’ streaming revenue increased 8.4% to $5.4 billion. Expanded rights income—companies such as HYBE and SM Entertainment in South Korea represent multiple aspects of their artists’ careers—grew to $1.6 billion, and 66% of that revenue came from four Asian record labels. Non-majors’ physical sales fell 6.4%, however.
Avant Gardner revealed the new look for the Brooklyn Mirage today, releasing new renderings for the marquee dance venue that doubles as the inner courtyard for the 80,000-sq.-ft. live music compound in East Williamsburg. Closed in November to begin renovations, CEO Josh Wyatt says the new Brooklyn Mirage will keep its open sky outdoor aesthetic while expanding its dance floor from a 4,500-person capacity to 6,250 when it reopens May 1.
Wyatt, who has two decades of experience in nightlife, including management at the members-only social club NeueHouse, describes the bold new look of Brooklyn Mirage as “operatic grandeur” created as an “open air sanctuary” where “world-class artists and audiences unite” across a multilayered tapestry of light, sound and kinetic energy. Created by Avant Gardner’s in-house design and production team, in partnership with design studios Hard Feelings and Studio Greenbank, Brooklyn Mirage’s dance floor, elevated seating tiers and artist end stage all connect in a horseshoe-style configuration.
“It’s a huge dance floor, really, the largest in New York City,” Wyatt tells Billboard “And then when you’re looking at the overall structure, it’s three stories high and reveals itself as you traverse the structure through different sight lines and experiences. That’s something that the Mirage has always excelled at; providing these different moments from different perspectives within the venue.”
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The massive structure, which climbs up to 65 feet and its highest point, is built almost entirely from pre-manufactured and CNC-cut timber, making it one of the largest timber structures in the U.S. The 30k resolution wraparound LED wall features the first fully kinetic shutter system in live music, curtaining the length of the venue and giving artists full control over the venue’s comprehensive performance features. Brooklyn Mirage’s sound system is powered by L-Acoustics and includes more than 100 loud speakers and subwoofers strategically configuered for maximum sound balance and acoustic coverage. Brooklyn Mirage’s 90-foot stage is designed to accomodate modern touring shows, whether it be a global headliner DJ or a ten-piece rock group, with more than 20,000 tons of rigging capacity and seamless load-in and load-out.
Wyatt said his team has also made key upgrades to safety with new perimeter lighting, clear venue signage, and well lit and monitored rideshare drop-off zones. His team also invested in upgrading cell service at the venue to improve guest navigation and connectivity. Wyatt said the renovations were done with sustainability in mind, noting the facilities extensive use of pre-fabricated timber.
“Wood is a heck of a lot easier to engineer than other materials,” Wyatt said. “We have a commitment to sustainability and adaptive reuse and wanted to upcycle the wood components here. We felt that it would be a lot more friendly and like lower carbon footprint to be able to build it with predominantly with wood. Obviously, there are some steel elements but for building quickly and building efficiently, wood is more effective for engineering and for sustainability.”
More than 100 shows are confirmed to follow Brooklyn Mirages May 1 & 2 reopening with Sara Landry and upcoming shows from Cityfox (May 3), Cloonee (May 10), Empire of the Sun (May 21), two nights of Chainsmokers (May 22 & 23) and two nights of Excision (May 24-25).
For tickets and the latest event updates, visit Avant-Gardner.com.
Sony Music is suing the University of Southern California (USC) for more than $25 million over claims that the college sports powerhouse illegally used songs by Michael Jackson, Beyonce and AC/DC in TikTok and Instagram videos hyping its teams.
In a complaint filed Tuesday (March 11) in New York federal court, the music giant says the school posted more than 250 videos featuring over 170 unlicensed tracks to its social media channels, including those by Britney Spears, Harry Styles, SZA, Mariah Carey, OutKast, Pink Floyd and Travis Scott.
“USC has one of the most lucrative college sports programs in the world, realizing over $200 million annually in revenues from its participation in a multi-billion dollar college sports,” the label’s attorneys write. “Despite having been on notice of its infringing conduct, USC has repeatedly failed to obtain licenses for its use of Sony Music sound recording.”
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Seeking $150,000 in so-called statutory damages for every song used, the lawsuit is demanding more than $25 million in potential damages — or more, if Sony can prove that it suffered even greater losses.
According to Sony Music, USC was notified of the problem as early as June 2021 and has been repeatedly warned since
“Rather than cease this infringing conduct, USC chose to flout copyright law, repeatedly posting new videos to the USC Social Media Pages that use Sony Music sound recordings knowingly and willfully and without permission,” the company wrote. “USC even left many uses available online after being put on notice from Sony Music that they were infringing.”
Social media platforms like TikTok and Instagram provide huge libraries of licensed music for users to add to their videos. But there’s a key restriction: The songs can’t be used for commercial or promotional videos posted by brands. That kind of content requires a separate “synch” license, just like any conventional advertisement on TV.
That crucial distinction has led to numerous lawsuits in recent years.
Beginning in 2021, all three majors sued drink maker Bang Energy over its TikTok videos, with Universal Music Group (UMG) and Sony Music eventually winning large judgments. In May, Sony filed a case against Marriott over accusations that the hotel chain had used nearly 1,000 of its songs in social media posts. In July, Kobalt and other publishers sued more than a dozen NBA teams over the same thing. The restaurant chain Chili’s has been sued twice, once by the Beastie Boys and later by UMG over tracks from Ariana Grande, Justin Bieber and dozens of other artists.
In Tuesday’s case against USC, attorneys for Sony say that the school’s own social media brand guidelines expressly warned against using copyrighted music in videos: “If you want to feature ‘popular music’ in your video, as in music you hear on the radio, you must license it from the publishing company and or record company,” USC’s guide allegedly reads.
“In flagrant disregard of this clear guidance, USC itself has distributed hundreds of videos (if not more) which contain infringing uses of Sony Music’s sound recordings,” Sony’s lawyers write in the lawsuit. “These uses were made without permission, without compensation to Sony Music and its artists, and in violation of USC’s own written guidelines.”
A spokesperson for USC did not immediately return a request for comment on Wednesday (March 12).
The second annual Music Sustainability Summit has announced the speakers and agenda for the event that’s set to take place next month in Los Angeles. Topics to be discussed during the day-long gathering include: Live Music Emissions in the U.K. and U.S. Behind the Tracks: Music Production, Delivery, and Consumption Beyond Backlash: The High Stakes […]
Warner Music Group (WMG) and Boston-based private equity firm Bain Capital are in advanced talks to form a joint venture worth around $1 billion to acquire music catalogs, according to three sources with knowledge of the talks.
Led by an equity investment from Bain, the joint venture will enable WMG to write bigger checks while spending less of its own money to acquire the catalogs it wants most.
A representative for WMG declined to comment, and a representative for Bain did not respond to a request for comment.
High interest rates and intense competition to own the rights to music from bands like the Red Hot Chili Peppers is leading major music companies to partner with outside investors to bolster their bids and assuage shareholders who may be put off by the price of a prized catalog.
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Some of the biggest catalog sales of all time occurred last year, with Sony Music acquiring Queen’s catalog and other rights for $1.27 billion. Earlier in 2024, Sony also acquired a stake in Michael Jackson‘s catalog for $600 million.
In many cases, music companies are looking to buy out an artist with whom they’ve worked for years and whose catalog they already partially own — like Sony Music did in 2022 when it bought Bob Dylan‘s master recordings. Owning more of the music’s intellectual property not only allows for more control over how the songs are used and licensed in the future, it prevents potentially embarrassing break-ups between record labels and their superstars.
The bidding wars have grown particularly pitched for master recording rights, which are more valuable today because streaming has extended the period that a song remains popular by several years, according to entertainment banking sources. Before streaming provided listeners with easy access to the entire universe of popular music and kept songs in regular rotation through playlisting, the revenue generated by a hit song’s master recording would fall off precipitously after its hype period waned.
A growing number of successful artists are also leaving major music companies to release music independently, have grown entire careers independently or have negotiated more favorable contracts with their major label partners, giving them more ownership of their master royalties. It all has some investors worried that the total addressable market of master royalties will grow more slowly in the future than in prior decades.
In early 2024, Universal Music Group (UMG) invested roughly $240 million to partner with Chord Music, a catalog investment company majority-owned by Dundee Partners, to give it similar flexibility to acquire catalogs off of its balance sheet and with financial help. The agreement gave UMG the administration and distribution business for the 60,000 music copyrights owned in Chord, and, in exchange for throwing its power as the world’s largest music company behind those assets to make them make more money, Dundee Partners became UMG’s long-term co-investment partner.
Sony Music has also partnered with institutional investors to help finance acquisitions, including Apollo, and WMG has explored investing in catalogs through outside vehicles as an early investor in both Tempo Music Group and Influence Media.
One of the financial engineers involved in structuring UMG’s deal with Chord was Michael Ryan-Southern. At the time, Ryan-Southern led Goldman Sachs’ investment banking team focused on the music industry. WMG hired Ryan-Southern last summer to serve as its head of corporate and business development, overseeing mergers and acquisitions.
Ryan-Southern’s team was key toWMG’s acquisition of Tempo Music, a $450 million deal announced on Feb. 6 that gives Warner the rights to songs by Wiz Khalifa, Florida Georgia Line and Brett James.
WMG’s ties to Bain Capital date back to 2004 when Bain was part of the investor group — also including Thomas H. Lee Partners, Edgar Bronfman, Jr. and Providence Equity Partners — to buy WMG for what was then $2.6 billion cash.
George Clinton is suing his one-time business partner, Armen Boladian, over allegations that he fraudulently obtained the rights to the vast majority of the funk pioneer’s music catalog.
In a lawsuit filed Tuesday (March 11) in Florida federal court, attorneys for Clinton accused Boladian and his Bridgeport Music of “abusive, deceptive, and fraudulent practices” that were aimed at stealing from Clinton and “capitalizing on his success.”
“I’m fighting for my life’s work and to ensure future generations of artists are treated fairly,” Clinton said in a statement released by his lawyers. “When you’re young and just starting out in the music industry, it’s easy for others to take advantage of you.”
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The sweeping complaint accuses Boladian of carrying out a “decades long scheme to defraud Clinton,” including improperly using the star’s signature to grant himself rights to Clinton’s music and fabricating key legal agreements. The conduct has left Boladian and Bridgeport in control of 90 percent of Clinton’s catalog, the lawsuit says.
“For decades, George Clinton has shaped the sound of music and inspired generations of artists, yet he has been systematically deprived of the rights and royalties he rightfully deserves,” said Ben Crump, an attorney who is representing Clinton in the lawsuit.
In a statement to Billboard, Boladian’s attorney Richard Busch sharply denied the allegations: “This is just the latest in a series of lawsuits that Mr. Clinton has filed against Armen Boladian and his companies over the last 30 years raising the same exact issues. He has lost each and every time, including in the very courthouse in which he has filed this latest lawsuit. We will obviously therefore be moving to dismiss this lawsuit and will be seeking sanctions.”
Notably, in addition to seeking damages, the lawsuit is seeking an injunction to stop Boladian from shopping Clinton’s catalog to potential buyers — something the star’s lawyers suggest he’s actively doing: “Plaintiff has reason to believe that Boladian is soliciting the sale of assets including the rights and ownership interests in Plaintiff catalog.”
Bridgeport Music is well-known in the world of music law. The company has filed huge numbers of copyright infringement lawsuits against major artists who allegedly sampled songs by Clinton and others, including one case against Jay-Z and another case over an N.W.A. song that resulted in an influential decision on sampling.
In Tuesday’s lawsuit, Clinton’s attorneys cited that litigation campaign in his allegations against Boladian, calling his foe a “copyright troll” who uses lawsuits to exploit songs “he looted the rights to.”
“Interestingly, Clinton, the rightful owner of said catalog, has never been included as a plaintiff in these lawsuits nor has he received any portion of the millions secured by Boladian,” Clinton’s attorneys wrote.
Read the entire lawsuit here:
Heavy metal legends Megadeth signed a deal with Frontiers Label Group’s new imprint, BLKIIBLK, to release the band’s forthcoming album globally. The deal was struck via frontman Dave Mustaine‘s Tradecraft imprint.
Global avant-pop star Sevdaliza signed a global deal with Create Music Group, which will release her upcoming music via its indie label, Broke, co-founded and led by Andre Benz and Brandon De Oliveira. The imprint put out Sevdaliza’s latest single, “Maria Magdalena,” on Friday (March 7). The first release under the deal was Sevdaliza and Karol G’s “No Me Cansare,” which came out in October and has more than 70 million streams globally, according to a press release.
Kristin Chenoweth signed with UTA for representation in all areas. Best known for originating the role of Glinda the Good Witch in Wicked and for starring in numerous films and TV shows, the Emmy- and Tony-winning singer and actress is set to debut in the forthcoming Broadway musical The Queen of Versailles in the 2025-26 season.
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Guitarist and songwriter Don Felder, best known for his former role as lead guitarist of the Eagles, signed with Frontiers Music Srl, which will release his debut solo album later this year. Felder is managed by Charlie Brusco at Red Light.
Seattle-formed alternative rock band Minus the Bear, which broke up in 2018 before reuniting, signed with Jordyn Reese at Do Better for Artists for management. The band’s label is Suicide Squeeze Records.
Mexican-Dominican songwriter Ambar Lucid signed with Nice Life Recording Company. The label released Lucid’s new song “There Goes My Baby” on Friday (March 7).
Country Latin artist Sammy Arriaga partnered with Chris Ruediger‘s Walk Off Entertainment for the release of his upcoming music, including new single “Left My Heart in Texas,” out Friday (March 14). The deal was struck via Arriaga’s own label, Dead Rose Records.
Boutique music publisher Maison Arts launched a full-service record label, Maison Records, with a roster that includes Swedish multi-instrumentalist Arc De Soleil, writer/producers-turned-artists Social House, Cuban electronic duo Pauza, London-based electronic duo Roi Turbo, DJ Devault, and U.K.-based Afrobeats artist Not3s. Maison Records’ executive team includes Maya Michaelian as head of marketing and A&Rs Livia Piomelli and Arielle Tindel. The Orchard will provide global distribution for the label.
Curb Records signed singer-songwriter and multi-instrumentalist Matthews to its roster. Matthews first found recognition as a lead vocalist and writer for Elevation Worship. He co-wrote and performed on several of the band’s songs, including “Here as in Heaven,” “Resurrecting” and “Echo,” and the group’s Here as In Heaven album. – Jessica Nicholson
Christian hip-hop duo West Indies signed with Rodney “Darkchild” Jerkins‘ Alienz Alive label. The duo’s self-titled debut project was released on Feb. 28.
Americana artist Connor Daly signed with Burning Ground Entertainment for management. Daly released his debut album, Colors Fade, in July. Daly, who counts Jason Isbell, Zach Bryan and Ed Sheeran as inspirations, recently released a new single, “Curtains Never Close.” Burning Ground Entertainment also represents artists including Mic Drop, The Pretty Wild, and Tayiha. – Jessica Nicholson
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TSMC, the world’s leading chip manufacturer, has approached several United States-based chip designers for a new joint venture to oversee operations for Intel factories, according to a new report. If the deal goes through, TSMC, which is based in Taiwan, will take over half of Intel’s foundry division, reportedly at the request of President Donald Trump’s administration.
Reuters revealed that, via sources, TSMC has approached Nvidia, AMD, Broadcom, and Qualcomm about a potential joint venture to run half of Intel’s foundry division, which creates a variety of chips made for specific customer needs. Intel’s stock price, which has been nosediving since last year, saw a spike in the market on Wednesday (March 12) after the Reuters report went wide.
In the ongoing tech wars surrounding the rapid development of AI tools and the items needed to run the massive computing demands of said programs, Intel’s stake in the chipmaking game was widely report to be slipping and reports point to the fact other chipmakers have far outpaced the one-time giant of the space, especially Nvidia in this case.
The outlet also learned via sources that the Trump administration formally requested that TSMC lend its expertise to rescue Intel from floundering further as President Donald Trump and his “America First” agenda continue to take shape across the nation. The prevailing thought is that this would be a beneficial partnership, albeit a reluctant one, as Trump has been clear in wanting the United States to be a leader in manufacturing its tech goods and passing premiums on other countries via tariffs and the like.
The deal would give TSMC a 50% stake and no more than that, but it would need to be approved by President Trump. The outlet adds that, via a quartet of sources, the deal would face some requisite challenges as TSMC has vastly different operating rules than Intel.
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Photo: VCG / Getty
HipHopWired Featured Video
TSMC, the world’s leading chip manufacturer, has approached several United States-based chip designers for a new joint venture to oversee operations for Intel factories, according to a new report. If the deal goes through, TSMC, which is based in Taiwan, will take over half of Intel’s foundry division, reportedly at the request of President Donald Trump’s administration.
Reuters revealed that, via sources, TSMC has approached Nvidia, AMD, Broadcom, and Qualcomm about a potential joint venture to run half of Intel’s foundry division, which creates a variety of chips made for specific customer needs. Intel’s stock price, which has been nosediving since last year, saw a spike in the market on Wednesday (March 12) after the Reuters report went wide.
In the ongoing tech wars surrounding the rapid development of AI tools and the items needed to run the massive computing demands of said programs, Intel’s stake in the chipmaking game was widely report to be slipping and reports point to the fact other chipmakers have far outpaced the one-time giant of the space, especially Nvidia in this case.
The outlet also learned via sources that the Trump administration formally requested that TSMC lend its expertise to rescue Intel from floundering further as President Donald Trump and his “America First” agenda continue to take shape across the nation. The prevailing thought is that this would be a beneficial partnership, albeit a reluctant one, as Trump has been clear in wanting the United States to be a leader in manufacturing its tech goods and passing premiums on other countries via tariffs and the like.
The deal would give TSMC a 50% stake and no more than that, but it would need to be approved by President Trump. The outlet adds that, via a quartet of sources, the deal would face some requisite challenges as TSMC has vastly different operating rules than Intel.
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Photo: VCG / Getty