State Champ Radio Business
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When Live Nation reported $1.8 billion in first-quarter revenue in May, CEO Michael Rapino told investors, “Artists are back on the road and fan demand has never been stronger.” But while the concert business has largely returned to financial health in 2022 after a wobbly recovery last year, a number of acts eager to get back on the road and tap back into their primary income stream have instead found prohibitive costs that would significantly eat into or eliminate profits. And that has left them frustrated, if not furious, that the bullish picture painted by promoters and venues has eluded them.
A confluence of devastating economic factors — gas prices, artists flooding venues to make up revenue lost in the pandemic, airport chaos, supply chain shortages for tour buses, drivers, crew and equipment — has throttled even the heartiest of touring acts, especially indie artists. “The smaller shows are getting annihilated,” says Brian Ross, manager of Thievery Corporation, Guerilla Toss and Forty Feet Tall. He estimates net tour profits dropped 10% to 15% in spring and summer due to higher expenses.
Since Rapino’s rosy report in the spring, numerous previously successful touring acts have canceled shows for a variety of reasons, from COVID-19 to mental health to expenses, including Justin Bieber, Shawn Mendes, Ringo Starr, Jimmy Buffett and Animal Collective. “It’s pretty bad out there,” says Tom Windish, the Wasserman agency head of A&R who represents Billie Eilish, Tove Lo, Viagra Boys and others. “A lot of bands are going out on tour thinking they’re going to make money, and they came home and lost money.” Before the pandemic, Windish adds, many artists made their take-home pay on the “last 20% of the revenue — and now that 20% goes away.”
“It’s an extraordinarily challenging time,” says Joady Harper, founder and CEO of Rocky Road Touring, agent for U.K. bands The Mission, The Chameleons and Theatre of Hate, which postponed their 32-date triple bill club and theater tour until fall 2023 due to exorbitant costs and difficulties procuring visas. “Everybody’s sitting at home, twiddling their thumbs and counting their pennies, because the income they thought they’d have for that period just isn’t there.”
For Harper, whose company represents more than 50 acts, 2022 began in a “high spot,” with artists excited to hit the road post-quarantine and fans buying plentiful tickets. Then Russia invaded Ukraine, gas prices and plane fares shot up, and many tours were “no longer financially viable.”
“All of that on top of the already-tapped mental, spiritual, physical and emotional resources of just having made it through the past few years,” Santigold posted on Facebook in September when she announced she was canceling her tour. “Some of us are finding ourselves simply unable to make it work,” she wrote, striking a chord with frustrated musicians.
With a larger number of acts booked into a pandemic-reduced number of venues, the concert business’ supply-and-demand mechanics have shifted as well. An act that drew 1,000 fans to a show might now wind up with 800 people, according to David T. Viecelli, Chicago agent for Pavement, Joanna Newsom, Bonnie “Prince” Billy and Wire. “There’s too much going on, and people aren’t going to four shows a week anymore,” he says.
Even for largely sold-out tours like Pavement, the no-show rate has spiked due to illness or fear of it, which means a drop in merchandise sales, he adds. “It kind of hits you from all sides.”
In order to stay on the road, artists are strategically cutting costs. Ann Henningsen, who manages singer-songwriter Chris Berardo, says he has been performing more frequently with his acoustic trio than his preferred six-man rock band. Ross says Guerilla Toss has cut down on hotels. Sam Luria, who manages New Zealand’s Broods, says the duo’s lighting director programs the technology remotely rather than traveling with the crew. “You’re getting a pretty similar outcome,” he says, “but saving a good amount of money.”
One solution is that bands who might have been poised for headlining tours are pairing with others — Bodysnatcher is opening for Hatebreed, for example. “Maybe you’re not going to sell the same level of merchandise you would, but eventually you will,” says Scott Givens, senior vp of rock and metal at MNRK, the label representing Bodysnatcher. “You don’t want anybody losing money.”
Givens is optimistic the touring economic storm will pass, hoping for a broader recovery in the world economy. “We’ll be fine,” he says. Jeff DeLia, manager of The Blind Boys of Alabama, A.J. Croce and others, acknowledges the financial pain but adds that his clients remain upbeat, telling him, “We know this isn’t going to last, and we’ve just got to fight through these things.”
Less than a year after the final coronavirus restrictions were dropped on concert capacity and attendance, the country’s largest two concert promoters are forecasting record sales in 2023 across a broad swath of building categories and genres. Although another promoter says he’s concerned the future is not nearly as bright for new acts.
Live Nation’s chair for global touring, Arthur Fogel, says his company has seen “absolutely no diminishment in sales” since the full-scale return of concerts and believes there is still significant growth opportunity for the company’s top-line touring acts to command record grosses.
Likewise, AEG Presents president for North America Rick Mueller says that ticket sales for shows already on sale in 2023 indicate record revenue and attendance at every capacity level in the concert space, “from [13,000-capacity] Forest Hills Stadium in Queens, N.Y., to the [500-capacity] Roxy in Los Angeles. We’re going to make a little more next year and work a lot harder for it,” he says, predicting that staffing and supply chain shortages will remain substantial challenges.
“I used to think oversaturation was the biggest threat to the industry, but I no longer believe that bears out,” Mueller adds. His counterpart at Live Nation, Fogel, agrees, noting that less than 1% of events promoted by Live Nation were canceled in 2022.
Neither executive believes economic headwinds from prolonged inflation will significantly diminish sales or lead to a short-term rollback on prices for big-ticket tours, like Bruce Springsteen’s 2023 Live Nation run. “The level of spending around the show hasn’t changed,” says Fogel.
He also says that the top 20 stadium and arena tours “at any given time” are now more diverse than ever, representing multiple genres across multiple demographics. For example, Bad Bunny’s El Último Tour del Mundo tour is the highest-grossing Latin outing in Billboard Boxscore history.
Independent promoter Jim Cressman, founder and owner of Canada’s Invictus Entertainment, says that Live Nation and AEG’s bullish outlook for 2023 is good news for the concert business but worries there’s not enough entry points for new fans or new bands.
“The added expenses that artists have because of inflation and rising energy costs make the economics very difficult for developing acts,” he says, echoing the complaints of indie managers. Cressman recommends that these artists connect early with sponsors to underwrite their tours. “Before the pandemic, sponsors provided a nice income bump,” he says. “Now, they’re critical to covering your costs.”
Megan Thee Stallion and Big Sean have reached a settlement with two little-known Detroit rappers, ending a lawsuit claiming the hip-hop superstars ripped off an earlier song with their 2020 collaboration “Go Crazy.”
In a lawsuit filed in July, Duawn “Go Hard Major” Payne and Harrell “H Matic” James claimed that Megan’s song sounded so much like their 2012 track “Krazy” that there was no way it had been created independently without illegal copying.
But just four months later, attorneys for the pair of accusers notified a federal judge Friday (Nov. 11) that the two sides had “reached an agreement in principle to settle their dispute in its entirety.”
The public filing did not disclose any terms of the agreement, like whether any money would exchange hands or songwriting credits would be altered. Attorneys for both sides did not immediately return requests for more details.
“Go Crazy,” released on Stallion’s 2020 debut album Good News, didn’t chart as a single, but the album spent 75 weeks on the Billboard 200 and peaked at No. 2 in December 2020. The song featured both Big Sean and 2 Chainz, though the latter was not named in the current lawsuit.
In their July 25 complaint, Payne and James claimed that various aspects of “Krazy” and “Go Crazy” are “nearly identical,” including the wording of the chorus, melodic and harmonic sequences and the use of cadence.
“An average lay observer would recognize the infringing work as having been appropriated from [‘Krazy’] because of the striking similarity between the two compositions and the way in which they are performed,” said the complaint.
Since “Krazy” was never released by a label, the attorneys for the two accusers made a creative, hyper-local argument for why Stallion or Big Sean had enough “access” to the song that they were able to copy it — a key requirement in any copyright infringement lawsuit. They said Payne and James had performed the song in “West Detroit hip hop clubs and bars” where Big Sean — a Motor City native — had frequently gone. The pair also sold “thousands of physical copies of CDs” in the parking lots of those same clubs, their lawyers argued.
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online.
Most publicly traded companies have released earnings for the latest quarter (ended Sept. 30), and most of those results have shown encouraging signs for investors and the music industry alike. Earnings by Universal Music Group, Spotify, Live Nation, SiriusXM are in the books. Notable companies yet to announce include Warner Music Group (Nov. 22) and Tencent Music Entertainment (Nov. 15).
If there is one over-arching narrative, it’s that inflation and economic uncertainty haven’t ruined music’s post-pandemic recovery. Revenue growth is strong, aside from some softness related to a slowdown in advertising spending that impacts broadcast radio and ad-supported streaming. Consumer spending on everything from concerts to vinyl records is healthy – despite the around-the-clock warnings of an impending recession and the highest inflation rates in four decades eating into consumers’ wallets. When companies have raised prices for tickets and concessions at concerts, music fans, by and large, haven’t blinked. Even long-stagnant music subscription prices are on the rise, and nobody expects a consumer backlash.
Not that music companies’ stock prices reflect this optimism. Stocks in general have taken a beating in 2022. Music stocks have suffered, too, although stocks ended the week on a high note. The Billboard Global Music Index, a measure of 20 publicly traded music companies’ stocks, climbed 12.7% this week after markets rallied on Thursday and Friday on encouraging news about the slowing U.S. inflation rate.
Here are five quick takeaways from third-quarter earnings and the statements made by the companies’ management teams.
1. The subscription business model is insulating creators and rights holders from economic uncertainty. Music royalties are popular with investors in part because they are counter-cyclical, meaning their returns have little correlation with changes in the broader market. Put another way, when the economy sours, people are more likely to cut back on grocery spending or travel than cancel a Spotify subscription. Consumers might feel pinched in their pocketbooks, but Spotify and SiriusXM added 7 million and 187,000 subscribers, respectively, in the third quarter, and YouTube announced on Wednesday that it surpassed 80 million subscribers to YouTube Music and Premium, an increase of 30 million in about 14 months. Stock prices at companies more exposed to inflation pressures fared best on Thursday, as stocks surged on news that the annual change in the consumer price index in the U.S. fell to 7.7%. Shares of radio companies iHeartMedia and Audacy climbed 10.0% and 14.0%, respectively. Live entertainment companies also did well: MSG Entertainment was +5.6%, Live Nation was +5.1%, and ticketing companies Eventbrite and Vivid Seats were +8.3 and +9.2%, respectively.
2. Podcasts are a growing, stabilizing force. Spotify’s podcast business has rightly captured headlines as the company uses spoken-word content to build engagement, generate advertising revenue and improve on the gross margins of its core music business. The number of monthly users who consumed podcasts grew “in the substantial double-digits” year-over-year, the company said. But other companies’ podcast businesses get less attention despite their importance to their own futures. Radio companies – namely iHeartMedia, Cumulus Media and Audacy – have fast-growing podcast businesses. LiveOne, primarily a music streaming company, has a fast-growing podcast division, PodcastOne, that made $17.2 million of revenue in the last two quarters on the strength of such shows as The Adam Carolla Show, Cold Case Files and Uncut with Jay Cutler. The catch is that podcast growth has little direct impact on the music business outside of helping those platforms – digital and broadcast – that produce royalties for record labels and publishers. Music rights owners could better tap into this growing market if there were better systems for licensing music to podcast creators.
3. With share prices relatively low, companies are increasingly buying back shares to bolster shareholder value and help share prices. Among the companies currently engaged in stock repurchase programs are Spotify, MSG Entertainment, Cumulus Media, Audacy, SiriusXM, Townsquare Media and LiveOne. Spotify announced a $1 billion share buyback program in August 2021, and it spent $2 million and $24 million repurchasing shares in the second and third quarters, respectively. Cumulus Media has $21.1 million remaining in its $50 million share repurchase authorization announced in May. Last month, MSG Entertainment authorized $75 million for share buybacks on top of a $175 million, one-time dividend worth $7 per share paid on Oct. 31 to shareholders of record on Oct. 17. And LiveOne announced on Thursday that it will expand its share repurchase program, originally planned for 2 million shares (worth about $1.5 million at Friday’s closing price), by an additional $2 million. More buybacks could be on the way soon: Universal Music Group shareholders voted in May to give the company’s board the ability to repurchase up to 10% of the issued share capital.
4. Strong growth in “rest of world” markets. Believe’s revenue in Asia Pacific and Africa grew 61.1% to 52.3 million euros ($53.2 million), about the same as its European revenues excluding France and Germany. Spotify’s “rest of world” markets improved their share of monthly active users to 26% in the third quarter, up from 21% in the prior-year period. Also, “rest of world” and Latin America each gained a percentage point in shares of Spotify subscribers while North America and Europe both lost a percentage point of subscriber share. As Billboard’s Elizabeth Dilts Marshall reported last week, investors are increasingly eyeing companies in the Middle East and North Africa as streaming transforms those regions.
5. Spinoffs are going to separate high-growth, high-potential businesses. MSG Entertainment plans to spin off its MSG Sphere venue currently under construction in Las Vegas along with its Tao Hospitality Group. The remaining MSG Entertainment will retain the live entertainment business – namely the portfolio of venues such as Madison Square Garden and Radio City Music Hall – and MSG Networks, a sports broadcast network. Ryman Hospitality will spin off its Opry Entertainment Group – possibly within four years, based on its agreement with two new investors, Atairos and NBCUniversal. LiveOne plans to file an S-1 document with the SEC by Dec. 15 for a spin-off of its podcast division, PodcastOne, which accounted for about 37% of the company’s total revenues in the six-month period ended Sept. 30. LiveOne’s management and board believe the company’s share price undervalues the sum of its parts and spinning off PodcastOne would maximize shareholder value and better position the division for M&A and talent acquisition.
Today (Nov. 11), the highly-anticipated sequel to the 2018 blockbuster film Black Panther, called Black Panther: Wakanda Forever, reaches theaters in the United States. But already, its soundtrack — released today through Roc Nation/Def Jam/Hollywood Records — is making waves: its lead single, “Lift Me Up” by Rihanna, debuted at No. 2 on the Hot 100 this week, the elusive singer’s 32nd top 10 record and first since 2017, and became just the fourth song this century to debut in the top 10 of the all-format Radio Songs chart.
It’s a considerable success, not just for Rihanna but for the Wakanda soundtrack as a whole, which is full of artists from Nigeria, Mexico, the U.K. and the U.S. and blends local language music and artists with the cultural connectivity of the film — and helps Def Jam’s executive vp/chief creative officer and one of the producers of the project, Archie Davis, earn the title of Billboard’s Executive of the Week.
“There’s a spiritual connection with this song and the conviction in Rihanna’s delivery that engages listeners,” Davis says about “Lift Me Up.” “I think once audiences see the film, they’ll feel that energy even more.”
Here, Davis tells Billboard about putting the soundtrack together, the impact of Rihanna’s involvement, as well as that of filmmaker Ryan Coogler, composer and producer Ludwig Göransson, and late Black Panther actor Chadwick Boseman, and the strategies behind marketing soundtrack albums as opposed to an artist’s album. “A great soundtrack reminds you of a film, but a great album feels so vivid that you can almost see it play out in your head,” he says. “We try to do both.”
This week, the lead single from the Wakanda Forever soundtrack, Rihanna’s “Lift Me Up,” debuted at No. 2 on the Billboard Hot 100 and became just the fourth song this century to debut in the top 10 of the Radio Songs chart. What key decision did you make to help make that happen?
It was a team effort, one thousand percent. It was important we set up the release properly on such a short timeline. A key component was carrying this record on tour around the world to make sure the right people heard it before it was released. Shout out to our radio teams at both Def Jam and Roc Nation for working tirelessly, leaving no stone unturned. All the records that our radio teams broke helped pave the way for us to debut in the fashion we did. The music video was also an integral component, which we shot on the Monday of release week and had out by that Friday. It was a complete effort by everyone to help us debut “Lift Me Up” with real impact.
This is Rihanna’s first song as a lead artist since 2016. How did you get her involved in this project?
I give all credit to the filmmaker for connecting with her when she saw the film. I think that helped move her emotionally to even want to be part of this project. Kudos to Ryan Coogler and Ludwig Göransson, and a million praises to Tems, Rihanna, Tunji, Wale, Davies, Jay Brown, Omar Grant, Shari Bryant, and the whole Roc Nation team for pulling it together. I also think, in a way, a lot of this came from Chad.
What was it about this song that you felt resonated so well, not just for the film but also among music fans?
Its relatability. The lyrics “Lift me up / hold me down, keep me close / safe and sound.” There are so many people we wish we could say that to. Those are words we tell our children, wish our ancestors could say to us, maybe even pray at times. There’s a spiritual connection with this song and the conviction in Rihanna’s delivery that engages listeners. I think once audiences see the film, they’ll feel that energy even more.
What did you want to get across with this soundtrack?
We wanted this project to be an immersive audio experience. I see the music existing as an invisible character, an extension of Wakandan culture that can be heard sonically and felt emotionally. These songs are all tied to emotions in a way I’ve never seen done before in a film. There’s an intentionality behind all the music, and my hope is audiences will be equally submersed in the music as they are experiencing the film. The two entities work hand in hand. There are a few different languages on the soundtrack, but those willing to research will find easter eggs through the music.
This album features a slew of Nigerian and Mexican artists, as well as American and British hip-hop artists. How did you choose who was involved and how did you make sure that it all fit together?
I think we chose by prioritizing authenticity to the story and understanding the nature of our platform. For example, while exploring Mayan Mexican culture it was important to choose artists that could relay such a precious identity. However, that’s not to say we couldn’t hear an artist like Rema shine the way he does on “Pantera” alongside Aleman. This is where Ludwig’s genius presents itself. He was learning how to construct these sounds with producers from their respective cultures while simultaneously experimenting. Authenticity was paramount. We also wanted to make sure the voices of many, even some that are lesser known, were represented. To think this movie and music would only resonate in the U.S. would’ve been a disservice.
Soundtracks can be hit or miss on the charts — some come and go, but some become massive hits. What goes into making a great film soundtrack that also translates to chart success?
In my opinion I believe it’s a great story, amazing narrative, and a host of incredible artists that care about the art being created. None of this can be done without amazing artists. If everyone understands the weight of the message we’re trying to convey it helps tremendously. My job is to make sure I help that message resonate within culture and the world. A massive amount of research goes into these projects, and direction from the composer and director helps as well. We’re ultimately trying to create a world that’s portrayed visually with music and there’s a great level of care that goes into each project. Those are general pillars, but each project is different from the last. Being able to learn, adapt and react is important. Sometimes there’s momentum or energy that comes from the least expected places that you must follow. It may lead to a dead end, but there’s something to learn in that process. Being able to harness those experiences and channel it holistically with a clear vision in mind all combines to make a great soundtrack.
What goes into developing and marketing a soundtrack like this as opposed to an artist’s album?
Soundtracks are worked on by lots of people, with many influences and real deadlines. When it comes to marketing a soundtrack, I feel like you’re also marketing the community to ensure it’s surrounded by the culture being represented. I think a key difference with a soundtrack is I have a built-in story I’m moving off of, whereas an artist is a blank canvas. An artist’s album a lot of times is someone’s real life experience. It’s a different conversation when you have to put your face out there as an artist. With a soundtrack like this you get to play make believe, in a way. There’s more room for imagination and that’s where we can expound upon as much as possible for the audience. A great soundtrack reminds you of a film, but a great album feels so vivid that you can almost see it play out in your head. We try to do both.
Endeavor Group Holdings, the parent company of UFC, WME and IMG, posted revenue of $1.2 billion in its third quarter, as foreign exchange rate headwinds pushed it to a net loss of $12.5 million.
Despite the difficult macroeconomic environment being felt across the tech and media sectors, Endeavor remains bullish on its prospects, touting its exposure to sports and live music, which are still posting strong results.
“Our business performed well in the quarter despite a turbulent macroeconomic environment,” said Endeavor CEO Ari Emanuel, in a statement. “Given our unique positioning relative to a set of highly resilient secular industry trends across premium sports and entertainment content and live events, we remain confident in our ability to continue delivering on our long-term growth strategy while also being good stewards of capital.”
Emanuel elaborated on those comments on the earnings call, saying that the company simply isn’t seeing demand for live events and experiences slow down.
“Spending habits have shifted, but our company has a presence at every point on the purchase chain,” he said. “During COVID people were buying stuff, and post-COVID, they are more focused on experiences, and we are the benefit of that side of the equation.”
Endeavor also adjusted its full-year 2022 guidance, raising its guidance for adjusted EBITDA to between $1.145 billion to $1.175, and indicating that revenue will be between $5.235 billion and $5.325 billion, on the low end of its prior guidance.
During the earnings conference call, Emanuel reitrated the company’s position as a middleman, able to carve out pieces of the content and live sports business, and in its owned and operated segments, to take the entire slice.
“These leading tech companies go head to head with major streaming and media players, including Disney, Netflix, NBCUniversal, Warner Bros. Discovery and Paramount for the best video, podcasts gaming, and social content,” Emanuel said.
On the sports side, Emanuel said that “we’ve positioned ourselves on the supply side of this industry, working directly with rightsholders, and sportsbooks to deliver everything from official data, streaming feeds to betting and mobile apps.”
“In sports, the demand for premium talent-led content and shows no sign of slowing. In fact, opportunities for talent are expanding into new formats,” he added.
The company is also undergoing significant change in its structure, as it completed the acquisition of OpenBet (and prepares to launch a new sports betting division) and with the sale of 80 percent of Endeavor Content, which impacted revenues at the company’s representation unit.
In representation, revenue was $388.3 million, down 42 percent from the same quarter a year ago. That drop was almost entirely due to the loss of Endeavor Content, which was sold to CJ ENM. When excluding revenue tied to Endeavor Content, the company’s representation business was up 17 percent compared to last year, suggesting continued strength in the sector.
In sports, which is led by UFC and Professional Bull Riders, revenue was $402.3 million, up 39 percent, thanks to increased rights fees, an extra live pay-per-view event, and more live attendance at events.
And in Endeavor’s events, experiences and rights segment, revenues were $440.6 million, down 1 percent compared to last year, due to the timing of some events.
Endeavor says it also paid off some $250 million in debt in Q3, and plans to pay down the same amout in Q4.
This article was originally published by The Hollywood Reporter.
Deezer named Maria Garrido chief marketing officer. Based in Paris, Garrido will lead the company’s marketing team and help further the development of the Deezer brand. She will report directly to CEO Jeronimo.
Ron Savage was named vp and executive director of the Berklee College of Music, where he previously served as dean of the college’s professional performance division and chair of the ensemble department; he also attended Berklee as a student. Savage will be responsible for oversight and direction of all academic programs, facilities, operations and faculty and staff for the college’s three divisions. He will additionally join the core leadership team at Berklee and help devise a strategy for the organization as a whole. He reports to executive vp and provost Dr. David Bogen. Savage can be reached at rsavage@berklee.edu.
Universal Music Canada promoted Craig “Big C” Mannix to vp of Black music. In the role, Mannix will continue leading UMC’s commitment to Black music with “an integrated approach to marketing and A&R,” according to a press release. His expanded purview includes an A&R remit to discover, sign and support Black music created by Canadians while continuing to lead the teams responsible for domestic international Black music marketing. He reports to Universal Music Canada chairman & CEO Jeffrey Remedios. Mannix can be reached at craig.Mannix@umusic.com.
ASM Global named Gary Jacobus president of business development. He will oversee the company’s plans to grow its sales efforts and strategies for securing new accounts across the Americas while providing support to ASM Global’s European and APAC business development teams. Jacobus can be reached at gjacobus@asmglobal.com.
Sound Royalties is expanding its West Coast team, tapping Andrew Stess and David Blutenthal of StessCo Consulting Group as new representatives for the music financing company in the western U.S. Out of Los Angeles, the pair will help songwriters, artists, rights holders and other music creatives seek out funding solutions to support their careers. Stess can be reached at andrew@stess.co.
iHeartMedia Los Angeles named Doug Hall regional digital program director for the iHeartMedia radio clusters in Los Angeles and San Francisco that encompass 14 stations. In the role, Hall will handle strategy, audience growth and maximizing iHeartMedia’s digital platforms in those markets while reporting to John Peake, senior vp of programming for iHeartMedia in Los Angeles. He was previously senior digital director on the national iHeartRadio team out of Nashville.
UTA promoted a slew of staff members in its music department, including Brennan Duffy, Noah Friedlander, Alana Gift, Akhil Hegde and Lauren Holland to manager and Mackenzie Coberley, Alexis Lesko, Gabriella Librizzi, Lauren McClusky and Hope Murray to coordinator.
Bailey Sattler and Stephanie Marlow formed another/side, a new creative and public relations agency. The company “will focus on where the underground and mainstream culture collide,” according to a press release. Sattler comes from Grandstand Media and Marlow built her own brand independently before joining forces with Sattler. The roster at launch includes Blessed, Circle Jerks, Cold Cave, Drab Majesty, Emma Ruth Rundle, Have A Nice Life, High Vis, Knocked Loose, Narrow Head, Power Trip, The Spits and Trust Records. Sattler can be reached at bailey@another-side.net and Marlow can be reached at stephanie@another-side.net.
Vickie Nauman, founder & CEO of music and tech consulting company CrossBorderWorks, joined the board of directors for Evan Bogart‘s Seeker Music, which boasts a portfolio of music publishing, master recordings and ancillary rights as well as a roster of songwriters, producers and artists.
Jessica Bonner was named vp of publicity at Milestone Publicity, where she was previously an account executive. In addition to continuing to serve clients, she will be more involved in an internal leadership role at the firm. Bonner can be reached at jbonner@milestonepublicity.com.
DJ and music journalist Dani Deahl was named head of communications and creator insights at BandLab Technologies. She will serve as a cultural liaison, highlighting the company’s impact on the music industry and surveying industry changes.
Chris Rock is going where no comedian has gone before — live on Netflix.
The streaming giant said Thursday (Nov. 10) that Rock will be the first artist to perform on the company’s first-ever live, global streaming event. The comedy special is set to stream in early 2023, but few other details were revealed.
“Chris Rock is one of the most iconic and important comedic voices of our generation,” Robbie Praw, Netflix vice president of stand-up and comedy formats said in a statement. “We’re thrilled the entire world will be able to experience a live Chris Rock comedy event and be a part of Netflix history. This will be an unforgettable moment and we’re so honored that Chris is carrying this torch.”
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This will be the first significant test of live streaming on Netflix, potentially opening the door for other programs to get the live treatment. It will be Rock’s second Netflix stand-up special. His first, Chris Rock: Tamborine, debuted in February 2018; Rock also appeared on the streamer’s Netflix Is a Joke comedy festival earlier this year alongside friend Dave Chappelle.
The as-yet-unnamed special will be Rock’s seventh stand-up special to date. The comedian is currently on his Ego Death world tour, which will keep him on the road through a Nov. 20 date at the Dolby Theatre in Hollywood; he will then play a series of dates with Chappelle that kick off on Dec. 1 in San Diego and run through a Dec. 16 gig at Seattle’s Climate Pledge Arena.
Many music companies’ stocks soared on Thursday (Nov. 10) on news that U.S. inflation was less than expected in October. The Bureau of Labor Statistics revealed the consumer price index rose 0.4% last month, less than the 0.6% Dow Jones estimate. Although the annual inflation is still high at 7.7%, it had been as high as 9.1% in June and hadn’t been below 7.5% since January.
Spotify shares jumped 9.9% to $78.44. Universal Music Group shares rose 3.3% to 20.81 euros. Sony shares spiked 6.6% to $44.15.
Live music companies fared especially well: U.S.-based Live Nation and MSG Entertainment improved 5.1% and 6.6%, respectively, while German promoter CTS Eventim climbed 3.8%. Ticketing companies Eventbrite and Vivid Seats rose 8.3% and 9.2%, respectively.
Radio company stocks, recently hurt by the softening advertising market, enjoyed the biggest gains as iHeartMedia was up 10.0% and Audacy rose 14.0%. Cumulus Media and Townsquare Media had smaller gains of 3.3% and 2.5%, respectively.
U.S. stocks had their biggest single days since 2020. The Dow Jones Industrial Average, a group of 30 prominent stocks, rose 3.7%. The S&P 500 improved 5.5% and the tech-heavy Nasdaq climbed 7.4%.
The good news quickly spread to Asia after U.S. markets closed. Shares of South Korean music companies HYBE and SM Entertainment were up 8.3% and 4.5%, respectively, early on Friday morning. Likewise, the Hang Seng Index, a selection of companies on the Hong Kong Exchange, was up 5.0% in early trading Friday.
Persistently high prices have had damaging effects to economies of the U.S. and other countries re-opening from COVID-19 restrictions. Businesses have encountered higher costs for labor, manufacturing and services, and often pass them along to consumers rather than absorb them. Everything from vinyl manufacturing costs to tour buses have soared. Some bands, such as Anthrax and Cold, pulled out of tours because of logistical issues and high costs. “There are tours being canceled left and right,” Jamie Streetman, operations manager for Nashville-based Coach Quarters, told Billboard in Sept.
To tame inflation, the U.S. Federal Reserve Bank, which targets 2% annual inflation, has raised the federal funds rate six times in 2022 to tame inflation. That has made borrowing more expensive for everyone from investors in music publishing catalogs to consumers with credit card bills.
The pairing of high interest-high inflation has wreaked havoc on stock prices, too. Year to date, the Dow index is down 7.2% and the S&P 500 is off 17.0%. Music companies that are otherwise having a solid year have seen their share prices sink, too. UMG shares are down 16.0% and Spotify shares are off 66.5% this year.
While investors celebrated the improvement in the CPI, inflation is still abnormally high and energy costs – a significant cost for touring musicians – were up 17.6% year-over-year in October. Presidents of the Federal Reserve indicated on Thursday that more rate hikes would probably be forthcoming, although at a slower pace.
The Warner Music Group has launched a new label, called OUT OF ORDER, that will highlight artists from emerging markets including Africa, India, the Middle East, Southeastern Europe and the Eastern Mediterranean, the company announced Thursday (Nov. 10). The new label will partner with Parlophone in the U.K. and Atlantic in the U.S., as well as the local WMG affiliates in respective markets, according to a press release; its tagline is “a diverse collection of sounds in no particular order.”
OUT OF ORDER plans to put a spotlight on several different types of creators in each region with a focus on “dance-leaning records,” with artwork created by local designers and a weekly radio show with hour-long DJ sets inspired by tracks from each of the albums, with the mixes hosted on Audiomack, SoundCloud and YouTube.
“I’m incredibly passionate about this initiative,” said Selina Chowdhury, Warner Music’s head of emerging markets, who will run OUT OF ORDER, in a statement. “There’s so much unique and inspired international music that often doesn’t have a global platform. We hope that OUT OF ORDER will take music fans on an adventure and introduce them to sounds and artists they might not otherwise have had the chance to hear.”
Selina Chowdhury
Courtesy Photo
The label’s first release, out Thursday, is called OOO: AFRO, which Warner says “features a mix of Afrobeats, Amapiano and House tracks from the likes of Da Capo, Makhadzi, Moelogo, Oscar Mbo, P-Priime and Rouge,” with artwork by Ghanaian designer Nyahan Tachie-Menson, who said in a statement, “There’s so much going on with the music emerging from individuals on the continent; something we can all relate to is the vibrancy of the music, and that’s what I captured here.”
“Africa is a continent rich with various sounds, which have for the longest time influenced popular culture, but is only now really being spotlighted for its contributions,” Warner Music Africa’s creative lead Garth Brown said in a statement about the release. “This album showcases some of the music from across the continent. It’s an opportunity to give the world a peek of what Africa sounds like.”
OUT OF ORDER’s next release, set for early next year, will be in partnership with Warner Music India.
