State Champ Radio Business
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Live Nation has agreed to pay $20 million to settle a lawsuit claiming the company failed to warn investors about the kind of anticompetitive behavior that ultimately led to the Justice Department’s sweeping antitrust case.
In a filing Friday (March 21) in California federal court, attorneys for the plaintiffs said the deal with Live Nation would provide a “fair, reasonable, and adequate result” for thousands of investors who could be covered by the settlement. Live Nation continues to deny any wrongdoing, according to the court filings.
The case, filed in August 2023 as a proposed class action, claimed that Live Nation had failed to disclose to investors that it had engaged in anticompetitive conduct that was “likely to incur regulatory scrutiny and face fines, penalties, and reputational harm.”
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“Defendants made materially false and/or misleading statements and omissions of material fact about the company’s compliance with antitrust laws, its cooperation with governmental investigations, and the regulatory risks it was currently facing,” attorneys for the investors wrote.
As the government’s antitrust investigation was slowly revealed in the press — and then the blockbuster case was finally filed in May — Live Nation’s share price dropped, allegedly causing investors to face “significant” losses.
“The gradual revelation of the truth about the company’s anticompetitive conduct in violation of antitrust laws, refusal to fully cooperate with investigators, and undisclosed risks of regulatory action caused precipitous declines in the market value of the company’s stock,” attorneys for the investors wrote.
The DOJ and dozens of states filed their case in May, with the aim of breaking up Live Nation and Ticketmaster over accusations that they form an illegal monopoly in the live music industry. The case, which remains pending, accuses the company of a wide range of wrongdoing, including coercing artists into using the company’s promotion services and retaliating against venues that opted not to use Ticketmaster.
According to the lawsuit filed by the investors, Live Nation’s stock dropped $7.92 per share, or 7.8 percent, when the feds filed their case. Even before the lawsuit was formally filed, media reports about the investigation — including that Live Nation had “stonewalled” a Senate probe — had caused similar decreases in price.
According to settlement papers submitted on Friday, experts for the investors estimated that a best-case scenario might net them a whopping $743 million in damages at the end of the lawsuit. But their lawyers said that continuing to litigate the case also posed “significant” downside risk.
“The settlement provides a favorable, immediate and guaranteed recovery and eliminates the risk, delay, and expense of continued litigation,” plaintiff’s lawyers wrote. “While a greater recovery might be a theoretical possibility, evaluating the benefits of settlement must be tempered by recognizing that any compromise involves concessions on the part of all parties.”
Under the terms of the deal, the attorneys who represented the plaintiffs will be able to seek as much as 33 percent of the settlement, meaning up to $6.6 million. The two named plaintiffs, shareholders Brian Donley and Gene Gress, will get an extra $5,000 each.
A spokeswoman for Live Nation and an attorney for the plaintiffs did not immediately return requests for comment on the settlement.
Concert promotion titan AEG Presents bolstered its presence in Music City with the late February opening of its flagship Nashville venue, The Pinnacle, located in the 19-acre, mixed-use Nashville Yards complex. Kacey Musgraves performed at the 4,500-person capacity, 88,500-square-feet concert venue’s inaugural concert on Feb. 27.
“We spent a lot of time going back and forth over who the first artist was going to be,” Mike DuCharme, regional vice president for AEG Presents, tells Billboard. “We loved the idea of having a female artist from Nashville that isn’t straight down the country lane but crosses demographics and music and has fans of all genres. She really hit the mark and did great. And the fact that her voice is so great, you really got a good feel for how the room can sound. There were times you could hear a pin drop, and it was incredible.”
AEG Presents’ new concert hall has been a decade in the works, and is owned by the Yards development, through a partnership between Southwest Value Partners and AEG Real Estate, with AEG Presents operating the venue. The Pinnacle joins a slate of other mid-sized AEG venues that have launched across the country, including Atlanta’s 2,300-capacity The Eastern, Boston’s 3,500-capacity Roadrunner, Brooklyn’s 1,800-capacity Brooklyn Steel, Denver’s 4,000-capacity Mission Ballroom and Los Angeles’ 4,000-capacity Shrine Expo Hall. AEG Presents just announced another addition to its set of venues, with an upcoming 4,000-capacity, as-yet-unnamed venue in Austin, Texas.
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“As we build these venues, they get more refined,” adds Brent Fedrizzi, president of AEG Presents’ North American regional offices. “We take 10 things from the last one we did and ask what we can do better. Every market has its own nuances and I think with Pinnacle, it’s the best thing we’ve done.”
The Pinnacle, helmed by general manager Katie Millar, also aids AEG Presents in bolstering its profile further in a town that has been largely dominated by Live Nation venues. Crucially, the venue’s 4,500-person capacity fills a void Nashville’s touring landscape for an indoor venue larger than the smaller clubs or venues such as Nashville’s Brooklyn Bowl (1,200-capacity) and Marathon Music Works (1,800 standing room capacity), or the 2,362-seat historic Ryman Auditorium, though not as massive as the up-to 20,000-capacity Bridgestone Arena. Though the 4,400-seat Grand Ole Opry House’s capacity is close to that of The Pinnacle, the new venue’s various configurations feature both seated and standing options.
“The sweet spot for a lot of touring acts and artists these days is that 3,500 to around 5,500 capacity,” Fedrizzi says. “As we roll these [venues] out, we’re looking at markets that are under-served.”
With The Pinnacle, AEG Presents was equally focused on creating a venue that can serve as a home spotlighting a breadth of musical styles in the city most famously known for country music. Jason Isbell is currently doing a multi-show run of solo concerts, while other artists with upcoming shows include 311, Alice in Chains, Wilco, Warren Zeiders, Zac Brown Band, Adam Ray, Megan Moroney, Jack White, Denzel Curry, JOHNNYSWIM and Santana.
“It’s a venue for everyone, for the community. We’re going to do it all — country, EDM, rock — we’ve already checked a lot of those boxes,” Fedrizzi says. “I think the market was under-served in that capacity, in that configuration. And then obviously even the EDM shows so far, whether it’s been Illenium or deadmau5, that crowd hasn’t really had a place in Nashville to go.”
The venue already has many shows booked through November. In addition to The Pinnacle, the Nashville Yards complex also houses AEG Presents’ regional office, along with the global touring team and Messina Touring Group’s Nashville office will move into Nashville Yards in July. L-Acoustics also announced it will have office space in the complex.
The Pinnacle’s easily accessible location has led to spontaneous concert bookings. “This being an industry town, the artists can actually just come down and see it,” Fedrizzi says.
“They love the production, the sight lines,” DuCharme says. “We’ve taken artists through to tour [when they] are there for other shows and then confirmed shows at shows. The agent will be down there watching another show and be like, ‘Yes, we’re playing here.’”
The venue also boasts top-shelf production and sound, with a K2 L-Acoustics sound system from Clair Global and Solotech lighting/video systems. The multi-level venue also features an upper level balcony and risers with seating.
The venue’s decor reflects the uniqueness of its Music City locale, with Emily Cox of Formation commissioning murals, wallpaper and installations from more than two dozen local Nashville artists to display throughout the venue’s hallways, restrooms, artist rooms and concourses.
The backstage areas received just as much attention as front of house, with multiple dressing rooms, each with its own decor. Artists have protected parking for buses, and just off the main stage is an area with seating for artists’ family and friends. An open-air rooftop patio offers opportunities for industry gatherings and intimate performances.
“It’s an industry town, and we know our peers and the people we work with day-to-day will be in the space,” Fedrizzi says. “How can we make their experience great? Because they may be going to three different shows in a night — how do we make that a great experience? We don’t have that at every single venue we do, because not every venue is in an industry town. We always have a VIP space, but Nashville in particular, we know that our peers and the people that we work with day to day are going to be in the space, so we thought about how we can make their experience appealing?”
“The other thing is, we had Carly Pearce sit in on Russell Dickerson’s show [on March 14],” DuCharme says. “There are so many special guests who sit in with someone else because of friendships, or they ask to do a song. Having a place where those artists can host their guests and have them easily come out to do a song, that has been really well-received.”
Beyond solely concerts, the venue is meant as a multipurpose venue, and is wired for television and broadcast, making it a potential space for various televised and livestreamed events.
“We want to have those ACM and CMA-type events and all those things Nashville is known for,” Fedrizzi says. “When designing the space, we very much contemplated how do we activate the space to complement what is happening in spaces like CMA Fest or the Opry.”
From its new headquarters in Milla de Oro in San Juan, Rimas Publishing is redefining what it means to champion music from Puerto Rico for the world. Celebrating one decade of success as an independent publishing house — and with more than 150 authors in its catalog, including major names like Bad Bunny and Eladio Carrión — the company has established itself as one of the most influential indie players in the Latin music industry. This includes ranking at No. 1 on Billboard‘s Hot Latin Songs Publishers year-end chart for 2021 and 2022.
The story of the publishing house began in 2014, when its founders launched an innovative idea that initially seemed “crazy” at the time, explains Rimas Publishing president Carlos Souffront, who was involved since its inception. “It’s a concept born from two partners who had a vision,” he tells Billboard Español. From the beginning, Rimas Publishing was tied to Rimas Entertainment, but in 2023, it became a completely independent entity. According to Souffront, “The decision was based on a change in equity within the group of companies.” From that moment, they relocated to their new offices in Puerto Rico.
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This independence has allowed them to explore new territories and expand their global approach beyond the Caribbean, reaching markets like Chile, Mexico, and the Dominican Republic. “It was in 2020 that we signed our first talents in Chile. Today we represent six of the top 10 artists in Chile, which I consider a significant responsibility, even with the Chilean society. This reflects our global commitment,” says the company’s CEO, Emilio Morales.
In addition to its geographic expansion, Rimas Publishing is also diversifying its catalog — signing 12 new authors in the past year — moving beyond its roots in urban music to explore genres like pop, regional Mexican music, and Christian music. “Our commitment is to creators, regardless of genre,” Morales emphasizes. “We were born in urban music, but today we work with writers in various styles who are making a difference in the industry.”
Billboard Español spoke with president Carlos Souffront and CEO Emilio Morales to gain insight into the company’s journey and its vision for the years ahead.
10 years have passed since the beginnings of Rimas Publishing. How has the journey been from its creation in 2014 to now? Could you also share a little about the origins of the company?
Carlos Souffront: I had the pleasure and opportunity to be here in 2014 when this idea was created. It’s a concept born from two partners who came together with an idea that initially seemed crazy to me. But clearly, they both had a vision, and from that vision came the publisher and the record label [Rimas Entertainment], which grew together — up until 2023, when we separated.
The decision was based on a change in equity within the group of companies. This week (week of March 17), we are inaugurating the new offices, completely separating operationally from everything that was previously connected. We were integrated in areas like human resources, accounting, legacy marketing, and now we’re fully separated both physically and operationally.
You’ve worked with renowned artists like Bad Bunny and Eladio Carrión, as well as emerging talent. How has the process of supporting both established artists and new generations been, and what kind of impact has this had on Rimas Publishing’s international expansion?
Emilio Morales: On the creative side, the company’s beginnings were very closely tied to artists shared between Rimas [Entertainment] and Rimas Publishing. Originally, we supported a group of Puerto Rican artists led by Eladio Carrión, Lyanno, Súbelo NEO, and Bad Bunny, who was part of that initial phase. Between 2016 and 2017, the company began expanding beyond those initial artists, reaching talents from Colombia and eventually Chile. If you look at it from the point of view of urban and pop music, when we started, it was that 2016 generation — Bryant Myers, Anonimus, Bad Bunny — that were all the talk.
In 2019-2020, with Carlos’s help, we extended the company’s footprint internationally, focusing especially on Chile and Medellín, Colombia, where we now have an established presence. In 2020, we signed our first Chilean talents, marking an important step in Rimas Publishing’s evolution, which had previously been primarily Caribbean-focused. In the early days, we worked with creatives like Amenazzy and La Manta in the Dominican Republic, but our focus was largely regional.
With Chile’s connection to other international markets, our agenda became much more global. This led us to build an extraordinary professional team, composed of Puerto Rican local talent, collaborators from regions like Mexico, Colombia (especially Medellín), and the Dominican Republic, and support from our CFO based in Miami. We now represent six of the top 10 artists in Chile, which we view as a significant responsibility, not just to the artists but also to Chile’s society.
In Puerto Rico, musical talent has always been abundant, but many artists signed with companies based in places like Miami. For us, it’s been special to witness how this new generation of creatives has fostered an extraordinary scene, with songs like “Gata Only” and “Una Noche en Medellín.”
In Mexico, we’ve also observed a major movement, particularly in regional Mexican music. Michelle Maciel, who writes for artists like Carín León and is part of our roster, exemplifies the way we’ve expanded in the last five years. Beyond entering new territories, our focus has always been on broadening the repertoire and supporting creatives’ dreams.
You’re opening a new office in Puerto Rico. What strategic role does this location play in Rimas Publishing’s global operations now that you have this new headquarters?
Souffront: Although we are based here, as Emilio mentioned, we continue serving clients worldwide, and that will always be a key part of our approach. Not only are we expanding globally, but we’re also diversifying into other genres, such as Christian music, where we’re investing heavily in the talent we’ve signed and continue looking to sign. Why Puerto Rico? Because the team is Puerto Rican, the company was founded here, and our roots are here. Almost exclusively, with one or two exceptions, everyone on our team is Puerto Rican, and we take great pride in that. In addition, many of the artists we represent are based here. We want them to understand that they don’t need to hold Zoom meetings or travel to Los Angeles; we’re just 15 minutes from their homes, ready to welcome them with our full team. That’s something that sets us apart from many large publishing companies.
Rimas Publishing Office in Puerto Rico
Courtesy of Rimas Publishing
Morales: Being in the Caribbean is strategically a huge advantage. It allows you to travel to Colombia in two hours, which is challenging for large companies based in Los Angeles. For us, it’s much more efficient. We can move quickly to South America, North America, or even Europe directly. Additionally, Puerto Rico has immense talent and individuals who, unfortunately, often end up in industries unrelated to music. Someone had to take on the challenge and create jobs here, especially in something as dignified as music publishing. Today we are proud to serve as a business model for our city and our country. We believe this represents a new economy for Puerto Rico and a new chapter for our company. We chose to invest in families who needed opportunities the most. Many talented people here have been educated in prestigious institutions like Berklee College of Music or Loyola University Museum of Art, and were perfectly prepared. However, they couldn’t find jobs aligned with their true passions. We’re proud to welcome them, provide opportunities, and support Puerto Rican families.
What are some of the most important plans for Rimas Publishing in this new phase as an independent publishing company?
Morales: First, we are undergoing a strategic expansion of our business, as I mentioned, into places like Chile, Mexico, and the Dominican Republic, where we’re increasing talent investments. Second, we have a very important project called Faith Sounds. It’s a program in which we support the best composers from our roster and aim to impact the region with faith-based and Christian music. Featured artists in this project include Shammai, Gabriel EMC, Lizzy Parra — a Dominican artist with an impressive career trajectory — and Barajas, with a presence in the U.S., Puerto Rico, and other countries. The goal is to enhance their creations and strengthen our licensing efforts because we see significant opportunities in this space.
Over the past 18 months, we’ve hired key personnel to optimize our synchronization and commercial licensing operations. This includes everything from Christian films and positive music to broader markets aligned with that philosophy. Furthermore, we’re making strategic alliances with important brands like Netflix, Hulu, Amazon Films, and others we’ve historically collaborated with.
Souffront: From a broader perspective, our vision rests on three main pillars. First, growing responsibly. We currently have 150 artists under contract, and our goal is to maximize their output — their art. Current technology provides tools that allow us to further amplify their work and optimize their impact. Second, expanding into other genres. While our roots are in reggaeton, and we will never abandon that essence, our aspirations extend far beyond being just a reggaeton publisher. Third, we are actively exploring the acquisition of existing catalogs, which is critical for our future. Our growth plan is clear and systematic.
Rimas Publishing Office in Puerto Rico
Courtesy of Rimas Publishing
Looking ahead to the next five to ten years, what is your vision for the publishing company? What impact do you want to have on Latin and global music?
Morales: Our goal as a company is to become a worldwide leader in service and technology for our clients — a core part of our DNA that we embody daily in our mission and vision. We want to be recognized not only for the success of working with the biggest Latin artists in the world but also for delivering the best technology, service, and attention. We aim to take that to the next level, increasing our cultural impact and creating opportunities to connect with the global movement. We’re investing heavily in developing our authors, taking them to places like Brazil, France, and other destinations to collaborate with companies of all sizes—from major American record labels to companies in China, Africa, and beyond. Our goal is to build a sustainable and successful ecosystem for authors in Latin America and the world. We’re getting closer to achieving the milestone where people say: “They’re not the biggest, but they’re the best.” That’s our true aspiration, and we’re on the right path.
Souffront: Beyond the plans I mentioned earlier, within the next ten years, one of my aspirations is for us as an independent Latino company to provide services to other small independent publishers in Latin America or Spain. We want them to join the family of this publishing house, letting us provide them with services. That will only come when people continue to know and recognize us as the best.
Originally in Spanish, this interview has been edited for length and clarity.
Longtime music manager Andrew Goldstone has joined the team at Milk & Honey as head of electronic music, the company’s CEO and founder Lucas Keller announced today (March 24).
With him, Goldstone brings manager Taren Smith along with clients including the dance/electronic artists Kream and Sullivan King.
Goldstone’s long history the electronic music space includes a run at the venerable dance label Astralwerks, where he signed artists including Fatboy Slim. He created his own imprint, F-111 at Warner Brothers before joining Ministry of Sound. After attending law school and serving at a legal firm, he left law and joined the team at Red Light Management, where he worked with dance icon Tiësto and others. Later at YMU, he worked with artists including 3lau, Lloyiso and Sullivan King.
“I’m thrilled to join a management company that’s so clearly focused on the breadth of electronic music,” Goldstone says. “Milk & Honey understands and provides what artists and managers need to thrive in today’s environment.”
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Smith has worked as a manager in the electronic space for more than a decade at companies including YMU and more. In 2022 she was on Billboard’s list of the top women executives in music. She will serve as manager in Milk & Honey’s electronic music department.
Goldstone and Smith will report to Milk & Honey’s head of artist management Dave Frank, along with Keller. The hirings mark Milk & Honey now having electronic music managers at its offices in Los Aneles, New York and London.
“Today is truly a full circle moment for me,” says Frank. “I first worked with Andrew in 2013 and now a decade later I’m thrilled to bring him and Taren Smith to Milk & Honey. Andrew and Taren’s deep and nuanced understanding of the electronic music industry and the artists that drive it is an invaluable asset for Milk & Honey’s continued growth.”
“We’ve been growing our global electronic music management business over the last nine years now and have plans to double our investment this year,” says Keller. “We predict that the genre will have another large acceleration over the coming years, and we’re building one of the best global infrastructures to support it. Milk & Honey clients will be at a huge advantage to have Andrew Goldstone, a seasoned vet in the space, at the helm.”
Milk & Honey’s existing electronic music management clients include Dutch star Oliver Heldens and his Hi-Lo alias, Italian stalwart Benny Benassi and British producer Joel Corry and underground phenoms including J. Worra, Massano and Chris Avantgarde. The company also represents Ian Asher, KAS:ST, Wuki and more in the artist space.
The company says its cross-genre clients will collectively play over 1,500 shows in 2025, with Keller citing the company’s 15-person creative team and A&R access as keys to its ongoing success. Founded by Keller in 2014, Milk & Honey is a global music management and sports agency. Its clients, which include artists, songwriters, producers and more, received a collective 19 nominations at the 2025 Grammys.
The company’s sports clients include Kansas City Chiefs star Travis Kelce and wide receiver Courtland Sutton of the Denver Broncos. The firm entered the sports world three years ago with Jake Presser and Rawleigh Williams alongside Dave Frank and Alex Harrow.
Showtime has won a ruling dismissing a lawsuit that claimed George & Tammy – a television series about country music legends George Jones and Tammy Wynette – unfairly turned her late husband into “the villain.”
The case, filed last year, alleged that Showtime’s series conveyed a “negative and disparaging portrayal” of the late George Richey, a songwriter and producer to whom Wynette was married for decades after her split from Jones.
But in a decision Tuesday, a federal judge ruled that Richey’s widow (Sheila Slaughter Richey) lacked the grounds to file the case. The show might have been “unflattering” to him, the judge said, but it did not meet the legal requirements for her to sue Showtime for “unjust enrichment.”
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“Normally, a plaintiff who cries unjust enrichment must have actually enriched somebody,” Judge Stephanos Bibas wrote.
In his ruling, the judge said Sheila’s dispute was really with Wynette’s daughter, Georgette Jones, who had licensed her memoir to Showtime as the basis for the series. But he suggested she had instead sued the network because of the potential for a larger judgment.
“Sheila could have sued Georgette for breaking their agreement,” Bibas wrote. “But George & Tammy had been a hit, and Showtime had presumably profited handsomely from Georgette’s breach. So instead of going after Georgette for whatever damages her breach caused, Sheila set out for bigger game.”
Released in December 2022, George & Tammy was well-received by critics — particularly Michael Shannon and Jessica Chastain’s respective portrayals of Jones and Wynette. Both were later nominated for Emmy Awards for their performances.
Sheila filed her case in January 2024, claiming the show had depicted Richey as a “devious husband” who engaged in physical abuse, facilitated Wynette’s drug addiction, and committed “financial and managerial manipulation” of the late country icon.
Accusations about a harmful depiction of a real-world person would typically be filed as a defamation lawsuit, but Sheila didn’t sue Showtime for defamation. And that’s likely because she couldn’t: Under U.S. law, defamation cases can only be filed by living people, not on behalf of the deceased.
Instead, Sheila claimed the show indirectly violated a 2019 legal settlement in which Georgette promised to not make disparaging statements about Richey. Since George & Tammy was based on Georgette’s 2011 memoir about her parents, the lawsuit alleged that Showtime had been unjustly enriched by Georgette’s decision to violate her agreement with Sheila.
In Tuesday’s decision, Judge Bibas rejected that legal workaround. He ruled that Sheila had simply not met the strict requirements to sue the networek for unjust enrichment — saying that Showtime might have profited from the show, but not at Sheila’s expense.
“The crux of Sheila’s claim is that Georgette wronged her by breaching the non-disparagement agreement and Showtime profited from that wrong,” the judge wrote. “But that is not enough for unjust enrichment. Instead, a plaintiff must usually allege that she is the one who enriched the defendant.”
Sheila didn’t hand over any money to the network, Bibas said, or perform any uncompensated services. And he stressed that Showtime had also not violated any of her intellectual property rights, since she did not “own the story that Showtime used.”
“The network’s right to turn George and Tammy’s story into a TV show came from the First Amendment and from buying the rights to dramatize Georgette’s book,” the judge wrote. “So Showtime did not exploit Sheila’s property rights by making the series.”
Though he rejected the current lawsuit, the judge gave Sheila a chance to refile an updated version next month, suggesting that additional evidence might help show that the network facilitated Georgette’s decision to breach her agreement. He gave her until April 18 to file the new complaint against Showtime.
Attorneys for both sides did not immediately return requests for comment on Monday.
Nashville-based publishing and catalog giant Concord said on Monday it agreed to acquire Stem Distribution, a 10-year-old independent digital distribution company.
Terms of the deal were not disclosed. Reports from early March put the price tag at above $50 million, according to Music Business Worldwide.
Adding Stem to its portfolio will help Concord’s expand its business signing and servicing up-and-coming artists. Stem is a distribution company and payment platform that has worked with artists like Brent Faiyaz, Chappell Roan, Julia Michaels and Mk.gee.
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Known for originating digital royalty payment splits on songs with several collaborating artists, Stem expanded over the years to provide financial management technology and alternative sources of funding for independent artists seeking to run their own businesses. Joining Concord allows it to access its operational and financial resources.
Concord is among the biggest independent music companies, and its frontline record label business includes Rounder Records, Concord Jazz, Fearless Records, Concord Theatrical Recordings and the Kidz Bop franchise.
Concord also has joint ventures in Loma Vista Recordings with Tom Whalley; Easy Eye Sound with Black Keys frontman Dan Auerbach; and PULSE Records with PULSE Music Group. Launched in 2023, PULSE Records saw major success with Tommy Richman’s hit “Million Dollar Baby,” which Billboard estimates generated $4.99 million from on-demand audio streams and digital song sales in 2024.
Concord Label Group CEO Tom Becci said that through Stem, Concord is seeking to support “independent artists and entrepreneurs.”
“The success of the indie community is vital to the long-term growth and health of the music industry,” Becci said in a statement. “Our investment … will equip [Stem] with the tools necessary to deliver first-class service across the globe while further modernizing the indie music landscape.”
Stem founder CEO Milana Lewis described the acquisition by Concord as an opportunity for expansion. Lewis and President Kristin Graziani will continue to lead Stem under the Concord umbrella.
“With Concord’s backing, we gain more fuel for the engine and a global team to help us scale,” said Lewis. “We’re doubling down on raising the standard for independent artists.”
“Concord’s capital, comprehensive global label services and strategic expertise across recorded music will immediately strengthen Stem’s offering,” stated Graziani.
Stem will spin off its Tone business, which houses royalty accounting and other financial tools for record labels owned by Stem. Concord will be one of Tone’s investors.
Concord received outside legal counsel from Reed Smith and tax advice from KPMG. Stem received financial advice from Raine Group, and outside legal counsel from Rachel Totten and Natalie Martirossian of Goodwin Procter, Sarah Graham from Gibson-Dunn and Laxmi Vijaysankar at Serling Rooks Hunter McKoy Worob & Averill.
Generative AI — the creation of compositions from nothing in seconds — isn’t disrupting music licensing; it’s accelerating the economic impact of a system that was never built to last. Here’s the sick reality: If a generative AI company wanted to ethically license Travis Scott’s “Sicko Mode” to train their models, they’d need approvals from more than 30 rights holders, with that number doubling based on rights resold or reassigned after the track’s release. Finding and engaging with all of those parties? Good luck. No unified music database exists to identify rights holders, and even if it did, outdated information, unanswered emails, and, in some cases, deceased rights holders or a group potentially involved in a rap beef make the process a nonstarter.
The music licensing system, or lack thereof, is so fragmented that most AI companies don’t even try. They steal first and deal with lawsuits later. Clearing “Sicko Mode” isn’t just difficult; it’s impossible — a cold example of the complexity of licensing commercial music for AI training that seems left out of most debates surrounding ethical approaches.
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For those outside the music business, it’s easy to assume that licensing a song is as simple as getting permission from the artist. But in reality, every track is a tangled web of rights, split across songwriters, producers, publishers and administrators, each with their own deals, disputes and gatekeepers. Now multiply the chaos of clearing one track by the millions of tracks needed for an AI training set, and you’ll quickly see why licensing commercial music for AI at scale is a fool’s errand today.
Generative AI is exposing and accelerating the weaknesses in the traditional music revenue model by flooding the market with more music, driving down licensing fees and further complicating ownership rights. As brands and content creators turn to AI-generated compositions, demand for traditional catalogs will decline, impacting synch and licensing revenues once projected to grow over the next decade.
Hard truths don’t wait for permission. The entrance of generative AI has exposed the broken system of copyright management and its outdated black-box monetization methods.
The latest RIAA report shows that while U.S. paid subscriptions have crossed 100 million and revenue hit a record $17.7 billion in 2024, streaming growth has nearly halved — from 8.1% in 2023 to just 3.6% in 2024. The market is plateauing, and the question isn’t if the industry needs a new revenue driver — it’s where that growth will come from. Generative AI is that next wave. If architected ethically, it won’t just create new technological innovation in music; it will create revenue.
Ironically, the very thing being painted as an existential threat to the industry may be the thing capable of saving it. AI is reshaping music faster than anyone expected, yet its ethical foundation remains unwritten. So we need to move fast.
A Change is Gonna Come: Why Music Needs Ethical AI as a Catalyst for Monetization
Let’s start by stopping. Generative AI isn’t our villain. It’s not here to replace artistry. It’s a creative partner, a collaborator, a tool that lets musicians work faster, dream bigger and push boundaries in ways we’ve never seen before. While some still doubt AI’s potential because today’s ethically trained outputs may sound like they’re in their infancy, let me be clear: It’s evolving fast. What feels novel now will be industry-standard tomorrow.
Our problem is, and always has been, a lack of transparency. Many AI platforms have trained on commercial catalogs without permission (first they lied about it, then they came clean), extracting value without compensation. “Sicko Mode” very likely included. That behavior isn’t just unethical; it’s economically destructive, devaluing catalogs as imitation tracks saturate the market while the underlying copyrights earn nothing.
If we’re crying about market flooding right now, we’re missing the point. Because what if rights holders and artists participated in those tracks? Energy needs to go into rethinking how music is valued and monetized across licensing, ad tech and digital distribution. Ethical AI frameworks can ensure proper attribution, dynamic pricing and serious revenue generation for rights holders.
Jen, the ethically-trained generative AI music platform I co-founded, has already set a precedent by training exclusively on 100% licensed music, proving that responsible AI isn’t an abstract concept, it’s a choice. I just avoided Travis’ catalog due to its licensing complexities. Because time is of the essence. We are entering an era of co-creation, where technology can enhance artistry and create new revenue opportunities rather than replace them. Music isn’t just an asset; it’s a cultural force. And it must be treated as such.
Come Together: Why Opt-In is the Only Path Forward and Opt-Out Doesn’t Work
There’s a growing push for AI platforms to adopt opt-out mechanisms, where rights holders must proactively remove their work from AI training datasets. At first glance, this might seem like a fair compromise. In reality, it’s a logistical nightmare destined to fail.
A recent incident in the U.K. highlights these challenges: over 1,000 musicians, including Kate Bush and Damon Albarn, released a silent album titled “Is This What We Want?” to protest proposed changes to copyright laws that would allow AI companies to use artists’ work without explicit permission. This collective action underscores the creative community’s concerns about the impracticality and potential exploitation inherent in opt-out systems.
For opt-out to work, platforms would need to maintain up-to-date global databases tracking every artist, writer, and producer’s opt-out status or rely on a third party to do so. Neither approach is scalable, enforceable, or backed by a viable business model. No third party is incentivized to take on this responsibility. Full stop.
Music, up until now, has been created predominantly by humans, and human dynamics are inherently complex. Consider a band that breaks up — one member might refuse to opt out purely to spite another, preventing consensus on the use of a shared track. Even if opt-out were technically feasible, interpersonal conflicts would create chaos. This is an often overlooked but critical flaw in the system.
Beyond that, opt-out shifts the burden onto artists, forcing them to police AI models instead of making music. This approach doesn’t close a loophole — it widens it. AI companies will scrape music first and deal with removals later, all while benefiting from the data they’ve already extracted. By the time an artist realizes their work was used, it’s too late. The damage is done.
This is why opt-in is the only viable future for ethical AI. The burden should be on AI companies to prove they have permission before using music — not on artists to chase down every violation. Right now, the system has creators in a headlock.
Speaking of, I want to point out another example of entrepreneurs fighting for and building solutions. Perhaps she’s fighting because she’s an artist herself and deeply knows how the wrong choices affect her livelihood. Grammy-winning and Billboard Hot 100-charting artist, producer and music-tech pioneer Imogen Heap has spent over a decade tackling the industry’s toughest challenges. Her non-profit platform, Auracles, is a much-needed missing data layer for music that enables music makers to create a digital ID that holds their rights information and can grant permissions for approved uses of their works — including for generative AI training or product innovation. We need to support these types of solutions. And stop condoning the camps that feel that stealing music is fair game.
Opt-in isn’t just possible, it’s absolutely necessary. By building systems rooted in transparency, fairness and collaboration, we can forge a future where AI and music thrive together, driven by creativity and respect.
The challenge here isn’t in building better AI models — it’s designing the right licensing frameworks from the start. Ethical training isn’t a checkbox; it’s a foundational choice. Crafting these frameworks is an art in itself, just like the music we’re protecting.
Transparent licensing frameworks and artist-first models aren’t just solutions; they’re the guardrails preventing another industry freefall. We’ve seen it before — Napster, TikTok (yes, I know you’re tired of hearing these examples) — where innovation outpaced infrastructure, exposing the cracks in old systems. This time, we have a shot at doing it right. Get it right, and our revenue rises. Get it wrong and… [enter your prompt here].
Shara Senderoff is a well-respected serial entrepreneur and venture capitalist pioneering the future of music creation and monetization through ethically trained generative AI as Co-Founder & CEO of Jen. Senderoff is an industry thought leader with an unwavering commitment to artists and their rights.
On Friday (March 21), secondary ticketing marketplace StubHub filed for an initial public offering (IPO) with the SEC that the company hopes will value it at $16.5 billion.
A pioneer in online ticket re-selling, StubHub had “gross merchandise sales” (GMS) — or the total price customers paid for the transaction and fulfillment — of $8.7 billion in 2024, a 27% increase from 2023. For the year, it sold more than 40 million tickets from more than 1 million unique sellers across 200 countries and territories.
Revenue reached $1.77 billion in 2024, up 29.4% from 2023, while net loss was $2.8 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which strips out non-cash expenses, was $298.7 million, down nearly 16% from $353.9 million in 2023. Long-term debt stands at $2.33 billion — nearly eight times last year’s adjusted EBITDA.
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Proceeds from the IPO will primarily go toward StubHub’s debt, with the remainder going toward general corporate purposes such as working capital, operating expenses and capital expenses. StubHub said it may use a portion of the proceeds for acquisitions or investments in products or technologies.
StubHub believes it is the leader in secondary ticketing, according to its S-1 filing on Friday. The company has also made a foray into primary ticketing, which generated more than $100 million in GMS in 2024. “We believe our value proposition, providing broadened distribution and superior pricing intelligence through an open distribution model, is well-positioned to attract more content rights holders to use our direct issuance solution,” the company stated in the filing.
StubHub does more business than most of its competitors. Vivid Seats had gross transaction value (GTV) of $3.9 billion in 2024 while Eventbrite, a primary ticketing platform, had GTV of $3.2 billion last year. Ticketmaster, which does not break out its primary and secondary ticketing, had GTV of $34.7 billion.
Launched in 2000 by Erik Baker, StubHub was acquired by eBay in 2007. Baker then launched a competing secondary ticketing platform in Europe, Viagogo, which purchased StubHub in 2020. Ahead of the IPO, Baker owns approximately 5% of Class A shares and 100% of Class B shares, leaving him with more than 90% of the voting rights. Other major holders of Class A shares include Madrone Partners (27.1%), WestCap Management (11.0%), Bessemer Venture Partners (9.6%), PointState Capital (5.6%) and Declaration Partners (5.3%).
After a four-week span that negated some positive earnings results and strong global trends, music stocks received a reprieve from the gloom that has spread over the economy since the Trump administration imposed tariffs on Canada, Mexico and European countries.
Tencent Music Entertainment shares rose 11.6% to $14.00 after the company’s fourth-quarter earnings release on Tuesday (March 18) showed a big increase in both subscribers and subscription revenue. The Chinese streaming company’s revenue surpassed $1 billion in the fourth quarter, an 8.2% increase, and net profit climbed 47.3% to $284 million. Additionally, Tencent Music made two announcements that tend to get a warm reaction from investors: a dividend and a $1 billion share repurchase program.
The Billboard Global Music Index gained 3.0% to 2,533.53 as 12 of its 20 stocks posted gains, seven lost value and one was unchanged. After suffering through a tariff-induced, four-week losing streak, the S&P 500 improved 0.5% and the Nasdaq composite gained 0.2%. In the U.K., the FTSE 100 broke a two-week losing streak by gaining 0.2%. South Korea’s KOSPI composite index gained 3.0%. China’s SSE Composite Index dropped 1.6%.
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Music streaming company LiveOne gained 13.3% after the company announced it surpassed 1.3 million subscribers and ad-supported users. The index’s third-best performer, K-pop company SM Entertainment, rose 10.0% to 100,300 KRW ($68.46).
A handful of companies that had taken a hit since mid-February fared better this week. iHeartMedia gained 9.3% to $1.76, improving its year-to-date loss to 17.4%. Madison Square Garden Entertainment rose 7.6% to $33.85, its first weekly gain in four weeks. Live Nation also broke a four-week losing streak, improving 3.2% to $123.06.
Satellite radio broadcaster SiriusXM shares gained 3.5% to $23.47. The company announced on Thursday at named Anjali Sud, CEO of on-demand video streaming platform Tubi, as an independent director to its board. SiriusXM shares are down 39.5% over the last 52 weeks but have rebounded recently and are up 5.0% year to date.
French streaming company Deezer shares fell 6.0% to 1.41 euros ($1.53) following the company’s fourth-quarter earnings release on Tuesday (March 18). Deezer’s revenue grew 12% to $591 million but its subscribers fell 3.1% to 9.7 million (the decline was actually more significant Deezer because removed 500,000 inactive family accounts from its 2023 subscriber count). Despite the week’s decline, Deezer shares are up 7.6% year to date.
The biggest loser of the week, JYP Entertainment, fell 12.2% this week following the K-pop company’s fourth-quarter and full-year earnings release on Tuesday (March 18). Revenue grew 26.8% in the fourth quarter and 6.2% in the full year, but operating profit dropped 2.6% in the quarter and 24.3% in the full year due to a decline in album sales, a higher proportion of management revenue and an introduction of new artist lineups.
The owners of Departure — the conference and festival formerly known as Canadian Music Week (CMW) — are being sued by its former founder/president for breach of contract and unpaid sale fees.
In a notice of action filed with the Ontario Court of Justice this week (March 17), Neill Dixon has commenced a legal proceeding against the owners of Departure, including Loft Entertainment and Oak View Group (OVG) Canada.
Dixon accuses the companies of breach of contract, unjust enrichment and quantum meruit (a reasonable fee for work done) and seeks damages of $435,428 plus $50,000 in punitive and aggravated damages. The claim states that the new owners have not paid the full sale price of $2,000,000 agreed to in June 2024.
“After 42 years of building an internationally respected Canadian music business, I made the difficult decision to sell and retire, trusting the purchasers to honour their commitments under the Agreement we had between us,” Dixon tells Billboard Canada in a statement. “I have been forced to start a lawsuit to hold them to their end of the Agreement we had between us. It’s disheartening to have decades of dedication and hard work met with such an approach by them.”
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In a statement to Billboard Canada, Loft and OVG confirm they have received the statement of claim and write that they have been negotiating with Dixon over the terms.
“LOFT Entertainment and Oak View Group have received a formal statement of claim from Neill Dixon,” they write. “We have been negotiating with Neill and his counsel for an extended period to finalize our agreed upon terms. If we are unable to reach an agreement, we will explore alternative options.”
Dixon announced his retirement and sale of CMW to Loft and the U.S.-based OVG (which has opened an office in Canada) on the opening day of the conference last summer. In a surprise move before the end of 2024, the new owners announced they would be changing the event’s name to Departure. The festival had been known as Canadian Music Week since 1982, which included Dixon’s entire term as president. During that time, it became known as one of the most important music industry conferences in Canada.
The new owners announced the rebranding at a launch event in November at the conference’s new headquarters, Hotel X in Toronto. The new Departure team — including Loft co-founder Randy Lennox, CEO Jackie Dean and executive producer Kevin Barton as well as OVG Canada president Tom Pistore — outlined a new vision for the festival, expanding the music event to also include comedy, tech, food and more. Some of the confirmed speakers for this year include Matty Matheson, Bryan Adams and Dallas Green.
Dixon was at the launch event, where Lennox and Barton announced they would honour the former CMW co-founder with a lifetime achievement award at this year’s festival, which takes place from May 6-11, 2025.
Now, however, Dixon claims the new owners have not honoured their monetary commitments to him.
Full story here. – Richard Trapunski
IFPI Global Music Report 2025 Touts Canadian Revenue Growth, International Punjabi Music Push
Canada’s music market is staying strong, with revenues growing to $660.3 million USD in 2024.
That’s according to the IFPI, which represents the global recording industry. IFPI’s 2025 State of the Industry report again lists Canada as the 8th largest music market in the world.
Canada’s 2024 revenues saw relatively small growth of just 1.5%, but the report notes that the 2024 figures are in comparison to an unusually high 2023, which saw a large one-off performance rights revenue payment.
Meanwhile, Canada’s most popular musician, Drake, saw his global standing rise. During a tough year for the superstar’s reputation, his worldwide popularity increased, rising from No. 4 to No. 2 in the IFPI’s artist rankings, behind only Taylor Swift.
The report highlights Warner Canada and Warner India’s joint venture, 91 North, which has been successfully growing the profile of South Asian music in Canada and abroad. In the report, Warner India’s Jay Mehta and Warner Canada’s Kristen Burke discussed how the collaborative label came to be. Mehta says the idea came to him during lockdown when he noticed the explosion in Punjabi talent coming out of Canada.
“While it was already a big consumption market, Canada was newly becoming a big creator market, which was consistently making great Indian sounds,” Mehta said. He connected with Burke on the idea of a label that could support South Asian artists in Canada who have huge followings in India.
“Jay and I quickly got together and recognized that there was a real opportunity here to be the first label to come together to really support these artists,” Burke added.
Read more on the Canadian insights in the IFPI Global Music Report here. – Rosie Long Decter
Canadian Country Music Association Adds Francophone Artist of the Year Category for 2025
The Canadian Country Music Association is adding a new category for Francophone Artist of the Year.
The inaugural award will be presented during Country Music Week in Kelowna, B.C., this September. It marks a milestone addition for the CCMA Awards, recognizing both the increasing impact of Francophone artists in Canadian country and the popularity of country music in Quebec.
“The addition of the Francophone Artist of the Year category is a significant step forward in celebrating the diversity within Canadian country music,” said Amy Jeninga, CCMA President, in a statement. “We are thrilled to provide a dedicated platform that recognizes and supports Francophone country artists, ensuring their contributions receive the attention they deserve.”
The eligibility period runs from March 1, 2024, through April 30, 2025. Seventy percent of the act’s released repertoire during that period must be in French.
The new award, which joins the 15 established artist awards at the CCMAs, will shine a light on Francophone artists who might not be getting a national spotlight.
Quebec has a robust Francophone country scene. The province’s ADISQ Gala presents an annual award for Country Album, with recent winners and nominees including Acadian group Salebarbes, singer-songwriter Alex Burger and multi-instrumentalist duo Hauterive.
Francophone country artists are also spread across the country beyond Quebec. The Ontario equivalent of the CCMAs, the Country Music Association of Ontario, already features a similar award dedicated to Francophone artists. Reney Ray of Kapuskasing, Ontario, took home the 2024 CMA Ontario Award for Francophone artist of the year.
The new award at the CCMAs is the latest example of major Canadian music associations adapting to account for the country’s musical and cultural diversity.
Read more here. – RLD
