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South Korean K-pop giant HYBE said its net profit basically evaporated in the third quarter and total revenue slipped 2% after after the company earned less from concerts and saw reduced music sales, according to results published on Tuesday (Nov. 5).
HYBE’s net profit for the third quarter was 1.444 billion won ($1.05 million), a figure 98.6% lower than the third quarter of 2023 when the company reported of 99,690 billion won ($72.3 million). Total revenue for the third quarter of 527.9 billion won ($382.6 million).
HYBE’s biggest release of the quarter was the debut album, SIS, from KATSEYE, a six-member girl group formed over the summer as part of The Debut: Dream Academy, which spent two weeks on the Billboard 200, the company said.
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HYBE’s direct revenue — which comes from its recorded music business, concerts, and things where artists are directly involved — fell by 15.5% to 323 billion won ($234 million). Revenue from its recorded music division declined by nearly 19% to 214.5 billion won ($155.5 million), while concert revenue fell nearly 15% to 74 billion won ($53.6 million). Revenue from ads and appearances rose by nearly 10% to 34.5 billion won ($25 million).
HYBE’s business lines that operate independently of their artists — like merchandising and sync licensing — performed much better, with revenue from artist-indirect involvement business lines rising by 32% to nearly 205 billion won ($148.5 million). Revenue from merchandise and licensing song rights rose by nearly 16% to 99 billion won ($71.9 million), contents revenue rose 64% to almost 80 billion won ($58 million) and fan club revenue rose by more than 23% to 26 billion won ($18.8 million).
The company’s operating profit margin saw significant improvement — up 4% — from the first quarter this year to 10.3% for the third quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of HYBE’s profit from its operations, fell by 16.4% to 81 billion won ($58.7 million).
HYBE has had an eventful few months. In July, the company appointed Jason Jaesang Lee as its new CEO and announced its “HYBE 2.0” growth strategy, which reorganizes the company, pushes a global expansion and focuses on tech-driven initiatives.
The company has also been embroiled in a dispute with Min Hee-jin, ex-CEO of the company’s label subsidiary ADOR — home to chart-topping girl group NewJeans — regarding HYBE’s claim that Min tried to take control of ADOR and NewJeans.
AXS, the AEG-owned ticketing company, on Nov. 4 announced the acquisition of a white-label ticketing company called white label eCommerce. The latter company, a Hamburg start-up founded in 2012 that has about 35 employees, currently sells tickets to festivals, sports events and some concerts, but not under its own name. White label eCommerce will become […]
Spinnin’ Records president Roger de Graaf is retiring, a representative for the label has confirmed to Billboard. De Graaf co-founded the Dutch label in 1999 alongside Eelko van Kooten, maneuvering it through several eras of electronic music and quickly evolving consumption models, from CDs to DSPs. “In the beginning, we wanted to become the No. […]
A new documentary series chronicling the rise and fall of Ace of Base, one of the biggest Swedish pop band exports of all time, following in the tradition of fellow Billboard Hot 100 chart-toppers ABBA and Roxette, is coming this winter.
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Featuring unseen home movie footage and new interviews with members of the band, their business team, music executives, artists and cultural critics, Ace of Base: All That She Wants debuts in full Dec. 5 on Viaplay, a streaming service that hosts Nordic and European TV series and films.
The Swedish quartet — Ulf Ekberg and the siblings Jonas, Jenny and Malin Berggren — first saw success in America with “All That She Wants,” a No. 2 Hot 100 hit and Pop Airplay No. 1, but follow-up single “The Sign” rocketed them to the top of the Hot 100. It was a ubiquitous, era-defining, reggae-flavored dance-pop smash in the mid ‘90s, and remains the longest-leading No. 1 ever on the Pop Airplay chart (it dominated for 14 weeks in 1994).
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Ace of Base scored seven top 40 Hot 100 hits throughout the decade, including “Don’t Turn Around” (another Pop Airplay topper) from their U.S. debut album, The Sign, a repackaging of their European debut Happy Nation that topped the Billboard 200 when released by Arista. Naturally, Arista founder and industry legend Clive Davis is one of the interviewees in this docu-series, which also features sit-downs with Wyclef Jean, Nigerian-Swedish singer Dr. Alban (“It’s My Life”), the group’s manager, lawyer, A&R, bodyguard and one of their backup dancers to provide the full picture of their “warts-and-all” story. Ace of Base: All That She Wants also includes an interview with Billboard executive digital director Joe Lynch, i.e., the person writing this article.
In addition to their own hits, Ace of Base helped crack open the door for Swedish artists such as Robyn and The Cardigans to make inroads in the States — not to mention pop producers Denniz Pop and Max Martin, who would permanently shift the direction of commercial pop in America via their work with Britney Spears, Backstreet Boys and *NSYNC.
You can check out the trailer below and the full three-part documentary on Dec. 5.
Interviewing an artist of Angham’s caliber presents a unique challenge and a thrill, merging anticipation with the weight of her legacy. Angham is, after all, a towering figure in Arabic music, an extraordinary voice whose career bridges the classical foundations of Arabic song with its modern evolution over two dozen studio albums. This was not just an interview – it was an exploration into the journey of authentic art that has shaped contemporary Arabic music.
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As expectations filled the air, they quickly dissipated when Angham appeared in white, radiating a captivating smile. Angham takes in all opinions and comments with a calm demeanor, soothing the room’s tension. When she begins to speak, the atmosphere transforms: her words reflect a powerful personality, expressing complex ideas with simplicity and an undeniable charm that enchants her audience.
There’s no doubt that Angham has emerged as one of Egypt’s most impactful modern voices. Her journey began in the late 1980s, nurtured by her father, the renowned musician Mohamed Ali Suleiman, whose guidance and influence helped unlock her early talent. With training in music and piano, she developed a solid foundation in the musical arts, initially singing traditional Tarab (classical Arabic music) pieces that bore her father’s distinct artistic signature, such as the album Ila Ana (Except Me), in parallel with her collaborations with classical composers of Khaleeji music such as Talal Maddah, Suleiman Al Mulla and Sami Ihsan. Yet, in the late 1990s, after professionally parting ways with her father, Angham redefined her path.
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She embraced a modern style closer to Arab pop and reached a major milestone with the 2001 album Leih Sebtaha (Why Did You Leave Her?), marking her first collaboration with composer Tarek Madkour and Sherif Taj. The early 2000s also saw Angham experimenting with Latin pop, in the release of one of her most prominent hits, “Sidi Wasalak” (Why Aren’t You With Me?), and with it she established her new artistic identity, which she continued to grow and develop while absorbing new musical trends, and integrating them into the context of her own musical experience and identity. Through these works, she expanded her reach to a broader audience, solidifying her status as a central figure in the Arab music scene and maintaining her role as a bridge between Arabic music’s rich history and its present.
While it is difficult to pin any one of Angham’s albums over the other, another massive success for Angham was her album Hala Khassa Gdean (A Very Special Case) with hit songs “Ya Retak Fahemny” (I Wish You Understood Me), where we hear her nuance for emotional complexities of love develop more with each work, in addition to her vocal delivery and performance. With 29 studio albums under her belt, Angham’s prolific body of work has found a home in the hearts of her listeners year after year, where she has come to be known for her unique ability to sing a range of emotional experiences found in each stage of love.
Billboard Arabia’s conversation for the October cover began with her latest album, Tigi Neseeb (Let’s Leave). Each song, a journey into the depths of emotion, allowed Angham to share pieces of herself and the untold stories embedded within the lyrics. She describes the album as a story, explaining, “This album is like a story with a beginning and an end. It’s filled with stories of people and situations – very real and relatable. What ties it all together is the music, the expressive kind I resonate with.”
Angham’s musical expertise shines through as she discusses her talent for weaving stories from real-life experiences — narratives that listeners might recognize from their own daily lives or even feel personally connected to. She notes, “The album is like a drama; it’s as if you’re witnessing the stories of many people around you. Sometimes, you see yourself in the narrative, or you recognize two or three others whose stories you’re familiar with. It’s that simple, yet it’s a core reason for my success.” Angham unveils that the key to her songs’ success and uniqueness lies in her deep connection with her audience and the relatable stories they share. Each song she performs embodies a sense of authenticity, forging a personal bond between the music and the listener, as though she shares in the daily experiences.
She approached her latest album, Tigi Neseeb, not as a fixed blueprint but as a dynamic journey filled with transformations and experiences. “I wouldn’t lie to you and say I knew exactly what I was going to do; the album developed gradually, with changes in lyrics and musical arrangements. There was a plan, but it evolved for the better.”
After discussing her latest album, Angham elaborates on her artistic choices and musical collaborations. With dozens of albums under her belt, she articulates her philosophy regarding song selection, highlighting the stage’s pivotal role in her decisions: “I’m always focused on how a song will translate on stage; my choices are guided by this aspect because the stage is my essence. My concert is my soul.” Angham expressed her enthusiasm for direct audience interaction, an essential element in her creative process. “When I choose a song and its arrangement, I consider how it will start, end, and engage the audience; I’ll re-record as many as two or three times to reach that perfect ending that commands applause.”
For Tigi Neseeb, Angham maintained a thoughtful balance between longtime collaborators and fresh names she worked with for the first time. She sustained her successful collaborations with producer Tarek Madkour and lyricist Amir Teima, with whom she’s worked for over 20 years, crediting these long-standing collaborations with upholding her distinctive musical identity. At the same time, she brought in new, unexpected collaborations. In her conversation with Billboard Arabia, Angham highlights the album’s surprise: collaborating with Akram Hosny, initially an Egyptian comedian, who contributed songs like “Khalik Ma’aha” (Stay With Her) and the title track.
Angham
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On her album, Angham also introduced new vocabulary into her piece with lyricist Mostafa Hadouta, whose background in mahraganat music added a fresh layer to the song “Mowafaqa” (l Agree). Unpacking the album’s rich collaborations, she also praises three poets she worked with for the first time on Tigi Neseeb, including Hala El Zayat, whose song “Howa Enta Meen” (Who Are You Anyway) achieved remarkable success, landing in the No. 9 position on Billboard Arab Hot 100. Tigi Neseeb’s performance on the Billboard Arabia charts proves its remarkable success, with 10 out of 12 songs finding a home on Billboard Arabia’s Hot 100.
But Angham isn’t just a singer, performer and classically trained musician — she is also a businesswoman. In her interview, she unveils her most ambitious endeavor to date: her own production company, Sowt Masr (The Sound of Egypt), which launched with its debut album, Tigi Neseeb. Established between 2014 and 2015, the company initially aimed to produce her personal projects, yet Angham’s vision extends far beyond her own artistic ambitions. She expresses, “Deep down, I aspire to nurture new voices, and with time, I will make that happen.” Angham emphasizes that her role as a producer is not merely to finance projects but to guide emerging talent on the right path. Her insight highlights a transformative view of the producer’s role – one that encompasses organizing and creatively directing rather than just providing funding.
Looking ahead, Angham was unequivocal about her commitment to continuous innovation. “As I speak, I’m actively engaged in new projects. Music constantly flows through my mind, inspired by the words I hear and read, along with new songs and fresh collaborations,” she shared. Her boundless ambition drives her to enhance her artistic repertoire through collaborations with new composers and artists who can add their flair to her work.
Angham is not just an artist; she embodies a modern classic Arabic voice and serves as a vital link between musical generations. With her album Tigi Neseeb, its diverse collaborations and her production venture, Sowt Masr, she demonstrates her remarkable ability to adapt and innovate while remaining true to her artistic roots. The interview concluded on an inspiring note, envisioning a bright future not only for Angham but also for emerging artists who may find her label Sowt Masr a springboard to new horizons in the music industry. As she continues to pave the way, Angham’s legacy promises to illuminate a path for the next wave of talent and Arabic music at large.
Angham
Sharbel Boumansour/Billboard Arabia
EMPIRE is officially stepping into Asia as the powerhouse independent label announces the appointment an executive with a track record of fostering crossover talent. Known for being pivotal in developing several breakout Asian acts, Jeffrey Yoo has been appointed EMPIRE’s senior vp of East Asia, the company announced on Thursday (Oct. 31). The seasoned exec […]
ASCAP and SACEM are expanding their existing relationship into an alliance that will allow them to invest together in data technology and collect directly from streaming services in more foreign markets, plus launch an AI task force and encourage collaboration among songwriters. Since 2022, SACEM has collected money from online services in foreign markets for ASCAP […]
HYBE CEO Lee Jae-Sang has shared a public apology following a partial leak of the company’s internal “Weekly Music Industry Report,” which boasted what some have called disparaging remarks about the K-pop industry, including some young artists.
The letter stemmed from a Thursday (Oct. 24) court hearing regarding the HYBE audit carried out by the South Korean National Assembly’s Culture, Sports, and Tourism Committee. The Korea Herald reported that Democratic Party representative Min Hyung-bae revealed the weekly document during the heart. Reportedly spanning around 18,000 pages, Rep. Min noted that the document contains unverified rumors and at times harsh commentary on very young artists, including minors, with alleged statements including, “They debuted at an age when they’re at their most unattractive” and “Surprisingly, none of them are pretty.”
In response to the leak, a letter by Lee that was posted on the company’s official website on Tuesday (Oct. 29) offers an apology “to the artists, industry stakeholders, and fans” who were upset the the revelations.
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“This document was created as part of a process to retrospectively gather various reactions and public opinions on industry trends and issues,” wrote Lee, clarifying that it was shared only with “a limited number of leaders.” However, he acknowledged that it was “highly inappropriate” for the document to feature “provocative and explicit expressions directed at K-pop artists,” adding, “As the representative of the company, I acknowledge all the mistakes and take full responsibility.”
Lee added that HYBE is “reaching out to each agency individually to offer our apologies directly” and continued, “I am also sincerely extending an official apology to all the artists of HYBE Music Group who have been subjected to criticism due to the company.”
Lee further promised “to establish guidelines and strengthen internal controls to prevent such issues from occurring again” and added that the company has halted the creation of such documents. Near the end, he emphasized HYBE’s dedication to the well-being of all artists and its respect of the fans, committing to reforms aimed at contributing positively to the K-pop industry.
Read the full statement (with translations provided by Soompi) below:
As the CEO of HYBE, I extend my sincere apologies regarding the HYBE monitoring document.
Regarding our monitoring document that was highlighted during the National Assembly’s Culture, Sports, and Tourism Committee audit on October 24, I deeply apologize to the artists, industry stakeholders, and fans.
This document was created as part of a process to retrospectively gather various reactions and public opinions on industry trends and issues. Although it was intended to be shared only with a limited number of leaders to understand market and fan sentiments, the content was highly inappropriate. The document contained provocative and explicit expressions directed at K-pop artists, included personal opinions and evaluations of the author, and was preserved in written form. As the representative of the company, I acknowledge all the mistakes and take full responsibility. I am particularly sorry and distressed about the unfounded suspicions of reverse viral marketing that are not true at all, causing misunderstandings and harm to innocent artists and individuals.
I formally and respectfully apologize to the external artists mentioned in the document who have suffered damage and distress. We are also reaching out to each agency individually to offer our apologies directly. Additionally, I am also sincerely extending an official apology to all the artists of HYBE Music Group who have been subjected to criticism due to the company.
I acknowledge the lack of awareness among the leadership who received the document and, as CEO, I have immediately halted the creation of such monitoring documents. I promise to establish guidelines and strengthen internal controls to prevent such issues from occurring again.
Once again, I apologize to the artists, industry stakeholders, fans, and everyone who loves and supports K-pop for the pain caused by this incident. As the company’s representative, I commit to thorough reflection and self-examination to rectify past mistakes and prioritize the rights of all K-pop artists and respect for fans. We will do our utmost to contribute to the healthy development of the K-pop industry.
Thank you. HYBE CEO Lee Jae-Sang
ByteDance founder Zhang Yiming tops the list of China’s richest people, according to the Hurun Research Institute, although many of them have seen their net worth plunge over the past year.
The institute, which publishes the annual Hurun China Rich List, found that the total wealth of entrepreneurs on the list this year was $3 trillion, down 10% from the previous year.
The number of billionaires based on their net worth in U.S. dollars was also down 142, to 753. Hurun tallied 1,185 billionaires since 2021.
“The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun report.
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ByteDance’s Zhang came in No. 1 for the first time this year, with a net worth of $49.3 billion, according to Hurun. ByteDance, which is the parent company of popular short-video platforms Douyin and TikTok, saw its revenue grow to $110 billion last year.
He is also the first individual born in the 1980s to top the Hurun list.
Bottled water magnate Zhong Shanshan fell to second place in 2024 with $47.9 billion, after his brand Nongfu Spring faced backlash in February when consumers accused it of disloyalty to China due to designs of its bottles.
The backlash wiped out billions in market value for Nongfu Spring.
Coming in third is Tencent founder Pony Ma with a net worth of $44.4 billion, as the gaming firm saw its revenues rise.
This year’s China Rich List had just 54 new names added to the list, the lowest figure in two decades. New additions include Charlwin Mao and Miranda Qu Fang, the founders of Xiaohongshu, a social media and lifestyle platform popular with young users.
China’s economy has lagged in the aftermath of the COVID-19 pandemic as the country grapples with a real estate crisis and a volatile stock market. Policymakers are expected to unveil major stimulus measures to encourage consumption and spending, which have declined in recent months.
Toronto is preparing for a new era.
Taylor Swift will bring her behemoth Eras Tour to the biggest city in Canada for six sold-out shows in November. But Torontonians know all too well that major concerts can lead to bad traffic downtown. The city has announced that to help those shows run more smoothly, there will be a ‘Limited Activity Zone’ around the Rogers Centre stadium during the two weeks of Swift-mania.
Planned work in the zone — like construction or filming — will be limited to off-peak hours and will require express permission from the City of Toronto, though emergency work will be allowed.
The zone covers a sizeable area of Toronto’s downtown and will aim to keep traffic flowing as roughly 240,000 fans attend Taylor Swift’s performances. The affected industries shouldn’t be too worried though — the zone will only be in place for a fortnight, from Nov. 11 to 25.
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The ‘Limited Activity Zone’ isn’t the only infrastructural adjustment needed to account for Swift’s superstardom. Rogers revealed last week that it just completed an $8 million upgrade to its 5G network at the Rogers Centre, so fans can livestream the enchanting spectacle in real-time — or just text their friends, which can be tough during service overloads at major events.
The route from Rogers Centre north to Toronto’s Nathan Phillips Square, where City Hall sits, will also be renamed Taylor Swift Way for the month. Signs will designate the new name, guiding fans into the ‘Limited Activity Zone’ where Swift will take the stage.
The city is anticipating a major financial boost from Swift’s visit, with over $250 million in economic impact projected.
Taylor Swift performs in Toronto from Nov. 14-16 and again from Nov. 21-23. –Rosie Long Decter
Slipstream Acquires Anthem Entertainment’s Extensive Production Music Portfolio
Music licensing platform Slipstream has announced that it has acquired the production music portfolio of Toronto-based music rights company Anthem Entertainment.
The acquisition of Anthem Production Music Group includes three major brands: Anthem’s production music agency Jingle Punks, independent production music library 5 Alarm Music, and U.K.-based independent production music publisher Cavendish Music. The net result is the addition of over 650,000 tracks to Slipstream’s catalog.
Slipstream says the acquisition positions it as “the largest global independent music licensing platform.”
There are long and close connections between the principal players involved. Slipstream was founded in 2021 by CEO Dan Demole and chief revenue officer Jesse Korwin. Demole was the co-founder of Jingle Punks and former president of Anthem Production Music Group, while Korwin served as managing director of Jingle Punks.
“This acquisition is a homecoming for us,” says Demole. “Jesse and I built both Jingle Punks and Slipstream on the foundation of making great music accessible to every type of creator. We now have an unprecedented opportunity to build on the success of both brands while leading the next wave of innovation in music licensing. With this vast catalog and our tech-enabled platform, we’re not only the largest independent player in the space, but also the most innovative.”
The expanded platform will serve a diverse client base, from individual content creators and small businesses to global brands and enterprises. Slipstream said the acquisition is in line with its goal to streamline music licensing across TV, film, advertising, gaming, social media and brands.
Anthem Entertainment will make an investment in Slipstream as part of the transaction. Anthem Entertainment CEO, Jason Klein, who is one of Billboard Canada’s 2024 Power Players in the Publishing category, commented: “Anthem’s focus since my appointment in January 2023 has been on building its core music publishing and recorded music divisions, while considering the best path forward for our production music businesses.”
“This sale to Slipstream has placed Jingle Punks, 5 Alarm and Cavendish Music back in the familiar and capable hands of proven leaders in the production music and technology space. Dan and Jesse already know these businesses and have a unique vision for their future as part of Slipstream. Our belief in them as leaders and their vision is the reason we have also chosen to invest in Slipstream going forward.”
The New York City-headquartered Jingle Punks has long maintained an office in Toronto, alongside branches in Santa Monica, London, Sydney and Melbourne. – Kerry Doole
Billboard Canada Parent Company AMG Acquires Major Stake in Music Festival NXNE
Artshouse Media Group (AMG) has acquired a major stake in Toronto music festival North By Northeast (NXNE).
The media company — which publishes Billboard Canada, Billboard UK and Rolling Stone Quebec and also owns Arts Help, Waveland Canada and the Climate Library — will own 50% of the long-running festival. The acquisition begins a long-term partnership, starting with NXNE’s landmark 30th anniversary edition from June 11-June 15, 2025.
“This partnership with NXNE comes at an exciting time for both Billboard Canada and AMG. As NXNE marks its 30th anniversary, we are aligning our shared goals of elevating artists and engaging music lovers,” says Amanda Dorenberg, CEO of Billboard Canada and AMG. “Together, we’ll amplify the festival’s impact, providing artists with a broader platform to reach audiences and creating new ways for fans to discover fresh talent.”
Michael Hollett will continue as NXNE’s president and CEO, while Barbara Hefler serves as managing director.
NXNE launched in 1995 and quickly established itself as the heart of Toronto’s live music scene. Originally formed in partnership with Austin’s SXSW, it evolved its own identity for recognizing and showcasing emerging talent in the early stages of international success. Artists from Lizzo to Daniel Caesar, Feist, Grimes, The Beaches, Mac DeMarco, Haviah Mighty, Sam Roberts and Billy Talent have played critical NXNE showcases at breaking points in their careers.
The festival has also been responsible for some legendary headlining shows from acts including Iggy Pop & The Stooges (one of the biggest free shows ever in downtown Toronto at Yonge-Dundas Square), Vince Staples, the Flaming Lips, The National, Post Malone, Tyler, The Creator and many more.
The collaboration with AMG and Billboard Canada will grow the festival’s reach in its landmark 30th anniversary edition with new co-produced programming and activations to be announced soon.
Artist applications are open now at nxne.com. 2025 venues will include The Garrison, Drake Underground, Collective Arts brewery and more, plus a new official festival headquarters at The Theatre Centre on Queen West.
The 30th anniversary edition will celebrate the festival’s rich history and the big acts who have played over the decades, while staying committed to its “Listen to the Future” tagline and its commitment to always looking for the next big thing in music.
“We want to meet and exceed NXNE’s ‘glory days’ as a citywide, community-engaging discovery festival,” says Hollett.