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In fall 2026, Live Nation will open the 4,400-capacity indoor music venue The Truth in Nashville.
“Live Nation wanted to be sure that we were adding something that was going to speak to the core of Nashville,” Sally Williams, president of Nashville Music & Business Strategy for Live Nation, tells Billboard.
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The Truth will be led by general manager Mickey Davis, and will join AJ Capital Partners’ 18-acre, mixed-use Wedgewood Village development in Nashville’s Wedgewood-Houston.
The venue will highlight talent ranging from global headliners to local Nashville favorites representing an array of musical genres. The Truth, designed by Live Nation’s in-house design and development group Blueprint Studio, will offer a flexible floor plan with three levels in close proximity to the stage, with configurations able to accommodate capacities ranging from 1,800 to 4,400, including standing-room and fully-seated shows.
“This is going to give us the flexibility to host everything from comedians who maybe don’t want a standing room audience to bigger shows where people want to stand,” Williams says. “We will shine the light on Nashville, but we’re going to bring in the biggest stars on the planet, too, from outside of Nashville.”
Williams noted that Live Nation’s Blueprint Studio team spent time in Nashville venues and spoke with Nashville artists, music industry members and historians in creating a venue design intended to honor Nashville’s community.
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Throughout, the venue will pay homage to Nashville’s music creators. The Truth takes its name from a quote from late country songwriting legend Harlan Howard, who called country music “three chords and the truth.” Howard, known as a writer on classics including Patsy Cline’s “I Fall to Pieces” and the Buck Owens hit “I’ve Got a Tiger by the Tail,” is also honored through the venue’s whiskey bar, named Harlan’s. Howard’s signature quote is also emblazoned on the front of the venue’s building. Having Howard’s legacy represented within the venue is a full-circle moment for Williams, who recalls that when she first moved to Nashville, one of the first events she attended was the annual Harlan Howard Birthday Bash.
“It represents to me the community that I have found,” Williams says. “It was all of these songwriters singing their songs, and everyone supported. To have his quote, to have people talking about him, means they are talking about songwriters in general, which means they are talking about the foundation of our community. I am beyond proud of that, because I think those are things that we, as a city, have to hold on to.”
The Truth’s two-level, up to 300-person capacity listening lounge, Vinyl Room, will offer a space for gathering and listening to music. Williams tells Billboard that United Record Pressing will be involved in curating vinyls to be displayed in The Truth, as well as providing music for Vinyl Room and the venue’s five backstage dressing rooms. Williams says the Vinyl Room will also be a space that can hold VIP listening sessions and other similar events.
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The food and drink menus will highlight local Nashville whiskeys and spirits. Meanwhile, Live Nation teamed with Isle of Printing’s Bryce McCloud to add another visual element to the venue.
“We are going to have an old-school letterpress printing set lists each night for fans to buy and take home,” Williams says. “Set lists are going to be our sort of living art exhibit backstage, too, because every time a show plays here, we will put the set list up and as we move along, it will tell our story visually.”
The backstage will also be outfitted with a family and friends suite overlooking the stage, a large crew lounge, an artist game room/lounge, a multi-use production room and an intimate industry suite.
Live Nation also hopes to hold local music industry events at the venue, such as industry awards and other charitable gatherings.
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“People are going to begin to feel like this is their venue, which is what they’re hoping for,” Williams says. “The mission has been to create something other than the sort of box with a stage that you could put anywhere in the world. We wanted to do something completely Nashville-centric.”
The Truth will join other Live Nation venues in Nashville, including Brooklyn Bowl Nashville and Ascend Amphitheater.
Billboard‘s Live Music Summit will be held in Los Angeles on Nov. 3. For tickets and more information, visit https://www.billboardlivemusicsummit.com/2025/home-launch.
After catching up on this week’s edition of Executive Turntable — Billboard’s roundup of the latest music industry moves — be sure to explore the 2025 Pride List, spotlighting 27 influential executives making a difference.
Live Nation Entertainment announced that former Liberty CEO Greg Maffei retired from its board of directors, effective following the company’s annual meeting of stockholders on June 12. During the meeting, 11 director nominees were elected to serve one-year terms, according to a filing with the SEC. Notably, directors elected include Maverick Carter, Jimmy Iovine, Rich Paul and LN CEO Michael Rapino. Missing from the list: Kennedy Center director and Trump ally Richard Grenell, who was very recently announced as joining the board. (Live Nation has not responded to requests for comment.) Voting showed strong support for most nominees, though board chair Randall Mays of Mays Family Enterprises and Chad Hollingsworth of Liberty Media received more opposition. Shareholders also approved an advisory resolution supporting the company’s executive compensation (159.8 million votes in favor and 56.7 million against) and ratified Ernst & Young LLP as the independent auditor for fiscal year 2025.
Believe named Romain Becker as chief product of operations and marketing services officer, unifying core functions to enhance its global support for independent artists and labels. Previously president of label and artist solutions, Becker brings over 15 years of experience in music and tech, including roles at Believe and YouTube’s music partnerships team at Google. Based in Paris, Becker has led distribution and marketing across 50-plus territories and will now oversee product, operations, and marketing services to strengthen Believe’s global capabilities. “Romain is the perfect candidate to connect product, operations and marketing services at Believe,” glowed Believe founder and CEO Denis Ladegaillrie. “With his extensive experience and strategic vision, I am confident that he will drive innovation across our services and help further elevate Believe’s position as a leader in artist and label development globally.”
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Kyle Loftus is the new president of Independent Artist Group (IAG), the agency formed from the 2023 merger of APA and AGI. Announced by CEO Jim Osborne, Loftus also joins the firm’s board of directors. Starting as an intern 16 years ago, he rose through the ranks to partner and eventually to executive vp and head of content development. In his new role, Loftus will continue leading key departments including Motion Picture and TV literature, alternative TV, media rights and publishing, while expanding his leadership agency-wide. He represents major clients like 50 Cent and Mary J. Blige, as well as several showrunners for hits like Ted Lasso and Gran Torino, and has helped develop production companies for stars such as Gary Oldman and Taraji P. Henson. “This company believed in me from day one, and I have so many amazing colleagues, mentors, clients and friends to thank — most importantly, my partner and friend Jim Osborne, who has been an unwavering champion,” Loftus said. “We have a fantastic team at IAG, and I am proud to step into this role, lend my support and expertise across the agency and continue amplifying the IAG story by championing the growth of our exceptionally talented clients.”
The Core Entertainment hired Kate Bowling as director of creative, where she will lead visual branding and creative direction across The Core Entertainment, overseeing photo shoots, music videos, digital content and long-term creative strategy. The Core Entertainment’s clients include Bailey Zimmerman, Nate Smith, Josh Ross, Hannah McFarland and Nickelback. Bowling joins The Core Entertainment from Warner Music Nashville, where she served as a multimedia designer. –Jessica Nicholson
Prescription Songs promoted Nick Guilmette to senior director of A&R. Based in Los Angeles, Guilmette has signed diverse talents, including songwriter Charli (Tinashe, LE SSERAFIM), producer Cooper Holzman (Mon Rovîa) and Korean-American songwriter EJAE during his three years at Prescription. He also works with artists like Ryan Ogren, Chloe Angelides, and lil aaron. Formerly general manager at Ozone Entertainment, Guilmette began his music career supporting Brockhampton in high school. Head of A&R Rhea Pasricha praised his leadership, saying, “Nick embodies exactly what we strive to accomplish here at Prescription Songs with his creative energy, boundary-pushing ideas, and genuine passion he has while working across the roster.”
444 Sounds appointed Libby Kallins as its new marketing director. Based in New York City, Kallins brings experience from her previous roles at Armada Music and Arista Records/Sony Music, where she focused on marketing, partnerships, and artist development. At Armada, she led U.S. marketing strategies and artist development for acts such as Armin van Buuren, Lilly Palmer and D.O.D, and helped organize the Armada Label Residency with Peloton. She also played a key role in catalog marketing for influential dance labels like King Street Sounds and KMS Records. In addition to her professional work, Kallins actively supports industry advocacy initiatives, including She Is The Music and Support Women DJs.
WME appointed Laura Ruiz as an agent in its contemporary music department, focusing on electronic music. Based in London, she’ll oversee the agency’s electronic music business in Spain and Portugal. Ruiz brings clients including Oguz, Joyhauser, Don Woezik, Diøn and Milo Spykers. “This appointment further strengthens WME’s commitment to the global electronic music sector, building on a foundation of strategic talent development and market-specific leadership,” the company said. Previously, Ruiz was managing director at The Bliss Office, leading operations across the Americas and representing top talent. She also founded her own agency and worked at The Bullitt Agency in Barcelona, gaining experience across European and American markets.
Musicians On Call, which brings live music to hospitals, expanded its team with nine new hires across various departments. New leadership includes Hailey Gilleland as director of development and Kathryn Bennett as director of individual giving, both bringing extensive experience in fundraising and donor engagement. Katie Trent joins as development coordinator, while Danys Coronel steps in as digital content manager, overseeing MOC’s digital presence and campaigns. Christopher Anthony, with a background in television, is now PR & talent coordinator, managing artist and media relations. Emiley Roye, Abby Tannler and Ella Hunt have been appointed as program coordinators for regions including the Northeast, Denver, Phoenix and the Mid-Southeast, bringing diverse backgrounds in healthcare, entertainment and nonprofit work. Delaney McBride joins as executive assistant to president and CEO Pete Griffin, who said, “The diverse experiences and fresh perspectives they bring will be instrumental as we grow our reach, expand our fundraising, and strengthen our programs across the country.”
Worldwide Entertainment Group (WEG) named Bruce Wheeler as president of its new Live Performance Group. Wheeler, a seasoned executive in live entertainment, has held leadership roles at Central Park SummerStage, The Capitol Theatre and The Beacon Theatre. In his new position, he will oversee WEG’s festivals, tours, corporate events and other live properties while collaborating with the Talent Management and Licensed Merchandise divisions. Reporting to WEG President Dave Lory, Wheeler is tasked with driving innovation and growth in the live sector. “Bruce is the ultimate professional and his experience in running live events and maximizing every aspect of the live event experience will be an incredible addition as we build the Worldwide Entertainment Group,” said Lory.
STURDY., a Los Angeles-based creative studio, announced a major expansion of its brand and experiential division, complete with a new leadership team: Nico Poalillo as director of development, Rikke Heinecke as director of production and development, and Myron Batsa as director of experiential. STURDY. has also partnered with VICE Media’s Pulse Films to enhance its production capabilities and global reach. This collaboration debuted with a high-profile activation at the 2025 Miami Grand Prix, featuring major brands like Apple and Formula 1. STURDY. now offers expanded services across production, media and social strategy. Heinecke has led production teams at major companies like Warner Music Group and ViacomCBS, while also playing key roles in launching and scaling several innovative production startups. Batsa has held senior positions at VICE Media and Insomniac Events, where he partnered with leading brands such as Live Nation, Festival Republic, and Tao Group. Meanwhile, Poalillo’s creative career includes work with global brands like GM and Nike, and top agencies including Leo Burnett, Doner, McCann, Pulse Films and VICE.
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Red Hot Chili Peppers frontman Anthony Kiedis is launching his own coffee brand, and he’s turning to Live Nation for help getting it in front of coffee drinkers.
Today, Kiedis and longtime friend Shane Powers are debuting their coffee in a can consumer brand JOLENE along with a marketing campaign, which a press release says is “built to move with the rhythm of live entertainment and meet the ambition of those living life to the fullest.”
Kiedis and Powers have partnered with Live Nation as both an investor and distribution partner for JOLENE. The global concert promoter will carry the coffee brand at its festivals and 40 amphitheaters owned or operated by Live Nation, including the Gorge Amphitheater in Washington, Northwell at Jones Beach Theater in New York and Allianz Amphitheater at Riverfront in Richmond, Virginia.
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Live Nation is an equity investor in JOLENE as is consumer spirits company Global Brand Equities and h.wood Group founder John Terzian. The agreement is similar to one Live Nation struck with water company Liquid Death in 2021 and its celebrity ownership group that included Wiz Khalifa, Machine Gun Kelly, Steve Aoki and Tony Hawk. That agreement had Live Nation selling Liquid Death at its 120 owned-and-operated venues as part of a larger sustainability effort to phase out the sale of single-use plastics at all owned and operated venues and events.
JOLENE comes in two flavors: Black (cold brew) and White (oat milk latte) and will be used to make four signature cocktails at Live Nation-owned venues. According to a press release, JOLENE is sourced through an all-female co-op in Peru, “ensuring high-quality beans while directly supporting the women growers and their communities,” the release reads. The product is also available for purchase online at retailers in Los Angeles and New York.
The origin of the coffee goes back several years, according to Kiedis. “Shane shouted at me down the sidewalk ‘Let’s do something!’ I shouted back ‘how ’bout coffee’? He said ‘done.’ And so began the adventure of putting a high-quality spin on a can of coffee.”
The name JOLENE is a spin on the phrase “cup of Joe” and the common descriptor “skinny latte” or “lean latte” referring to a latte without whole milk, as well as a reference to the hit country music song “Jolene” by Dolly Parton.
Russell Wallach, Live Nation’s global president of Media & Sponsorship added “Fans want options that fit the pace and energy of live music,” noting, “Cold brew has come up again and again, and JOLENE delivers — it’s high quality, easy to enjoy, and adds something new to the fan experience. It’s one more way we’re evolving to meet what fans are asking for.”
Live Nation is asking the U.S. Supreme Court to overturn a ruling last year that said the concert giant couldn’t enforce “opaque and unfair” arbitration agreements against ticketbuyers, warning the justices that the scathing ruling “creates massive uncertainty.”
The decision, issued in October by a lower court, said the contracts Live Nation had forced concertgoers to sign – requiring them to resolve disputes via private arbitration — were “so dense, convoluted and internally contradictory” that they were “borderline unintelligible.”
But in a petition to the Supreme Court this week, Live Nation says that the decision must be reversed, warning it would have “far-reaching consequences” for how arbitration works and could potentially cause massive headaches for companies that have long relied on such agreements.
“If allowed to stand, the decision below will enable mass arbitration plaintiffs to continue their abusive strategy of racking up procedural costs to the point of forcing the defendant to capitulate to a settlement, rather than proving their allegations,” Live Nation’s lawyers write. “These highly disruptive consequences reinforce the need for review.”
The appeal to the Supreme Court comes in a class-action lawsuit accusing Live Nation of violating federal antitrust laws by monopolizing the market for concert tickets and engaging in “predatory” behavior. Filed in 2022 on behalf of “hundreds of thousands if not millions” of ticket buyers, the case claims Live Nation and Ticketmaster abused their dominance to charge “extraordinarily high” prices to consumers.
Faced with those allegations, Live Nation argued that fans had waived their right to sue in court when they bought their tickets because they had signed arbitration agreements — a common requirement when purchasing tickets and other services from many companies.
In rejecting that argument in October, the U.S. Court of Appeals for the Ninth Circuit ruled that Live Nation’s agreements were “unconscionable and unenforceable” since they would make it “impossible” for fans to fairly pursue claims against the company.
“Forced to accept terms that can be changed without notice, a plaintiff then must arbitrate under … opaque and unfair rules,” the appeals court wrote at the time. “The rules and the terms are so overly harsh or one-sided as to unequivocally represent a systematic effort to impose arbitration as an inferior forum.”
The ruling described Live Nation’s agreements in scathing terms, calling them “so dense, convoluted and internally contradictory to be borderline unintelligible” and “poorly drafted and riddled with typos.” The terms were so confusing, the court said, that Live Nation’s own attorneys had “struggled to explain the rules” during a court hearing.
The criticism centered on Live Nation’s decision to alter its terms of use to require fans to submit to “novel and unusual” procedures for “mass arbitration.” That new process, offered by an upstart arbitration firm called New Era ADR, was aimed at handling many cases at once rather than individually, which Live Nation believed was necessitated by aggressive tactics from lawyers representing huge numbers of concertgoers.
But in rejecting that new process, the Ninth Circuit said Live Nation was essentially trying to have its cake and eat it too: “Defendants sought to gain in arbitration some of the advantages of class-wide litigation while suffering few of its disadvantages.”
In this week’s petition to the Supreme Court, it was Live Nation’s turn to level criticism – calling the Ninth Circuit’s ruling a “deeply flawed decision” that exemplified the kind of “judicial hostility” to private arbitration that’s prohibited under federal law.
“The Ninth Circuit’s decision below flouts [federal arbitration law], defies this court’s precedents, and threatens to block sensible measures for addressing the new phenomenon of mass arbitration filings,” the company’s lawyers write.
The plaintiffs in the case will file a response in the weeks ahead, and the justices will decide whether to take the case at some point in the next few months. Reps for both sides did not immediately return requests for comment.
Ticket sales for Beyoncé’s Cowboy Carter Tour are off to a galloping start. Barely a month after pre-sales began and with six weeks until opening night, the world tour is at 94% capacity across all dates, according to new stats from promoter Live Nation. The Cowboy Carter Tour was announced on Feb. 3 with 22 […]
Shakira was set to perform in front of hundreds of thousands of fans in Santiago, Chile for her back-to-back performances set for March 2-3 at the Estadio Nacional. Instead, she settled for an impromptu performance outside of her hotel where she sang “Antología” for fans that had gathered in lieu of seeing her onstage.
“I couldn’t leave without singing to you with the promise that I will be back very soon,” she captioned a social media post.
Less than a month into her Las Mujeres Ya No Lloran World Tour, Shakira has postponed a total of four shows in Latin America – one for medical reasons and three due stage production issues – causing quite a stir among fans in that region who’ve taken to social media to express their frustration over last-minute cancellations.
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On March 2, just hours before her scheduled show at the Estadio Nacional de Santiago de Chile, Shakira posted a lengthy statement that, over safety concerns with stage production, she had to cancel that night’s show, less than a week after canceling her concert in Medellín, Colombia for similar production reasons.
“When an artist travels to a country, their production and team become directly dependent on the local producers,” the Colombian superstar wrote. “My staff and I trusted at all times that the production company hired by the local promoter would follow to the letter the specifications that were diligently provided by us so that a show of the magnitude of this one could take place.”
It’s not uncommon for artists to cancel shows over production issues. Especially when it involves massive productions in older stadiums or buildings in Latin America that perhaps lack the infrastructure to be able to pull off such complex productions and local production companies who are not used to shows of that magnitude.
But when a global star like Shakira – who notes in her statement that she’s been working on “every minimal detail for a year” and whose return to touring after seven years is beyond momentous – cancels three shows at the top of her highly anticipated stadium tour in Latin America citing production reasons, it can feel alarming. Even more so when the issues cited, like how much weight the floor can bear, are being identified at the last minute.
However, Marcelo Fígoli of Fenix Entertainment, the promoter for Shakira’s shows in Chile, says that despite the show’s size, he is “confident” production issues will be smoothed out for these and future shows.
On Sunday, Fenix also issued a statement basically stating what Shakira had already informed. “We have encountered technical problems beyond the control of the artist and their production that prevent the correct development of the concert, since the floor where the stage would be located is uneven,” the promoter’s statement reads. A day later, Fenix confirmed that the second show at Estadio Nacional on March 3 would also be postponed. “During the last hours, the promoter and production team have been working to find a solution to the construction difficulties that prevented yesterday’s concert. At this moment, tonight’s concert will not be able to take place.”
Fenix told Billboard it is now expected to announce new dates this week.
Unlike her shift from arenas to stadiums in the United States, Shakira’s Las Mujeres Ya No Lloran Latin America Tour was always set for stadiums. The sudden production issues and cancellations raise questions over whether local promoters have the capacity and resources to make this a streamlined process for the artist.
According to Shakira, her Las Mujeres Ya No Lloran stage weighs 62 tons, and the unleveled stage would compromise her safety and that of her band, dancers and fans. In Medellín it was the roof of the Estadio Atanasio Girardot that was damaged. The local promoter hired for that show explained that their decision to cancel Feb. 24’s concert had been made because of a risk to the safety of the performers, the crew and the crowd.
The Superintendency of Industry and Commerce (SIC) of Colombia has now intervened in the case to protect consumer rights and has extended the deadline, from Feb. 28 to March 20, for organizers Ticket Colombia and Promotora Colombia to announce a new, rescheduled date.
“Promotora Colombia requested an extension for compliance, arguing that the rescheduling of the event requires a complex logistical deployment and the coordination of all those involved,” the SIC’s statement reads in Spanish. “It also indicated that the request for an extension is due to the fact that it has not been possible to agree on a date among all the parties involved in the planning of the event, especially due to the artist’s agenda. In addition, it indicated that if it is impossible to define a new date within the term granted by this entity, it would be forced to cancel the concert and proceed with the refund of the money.”
Shakira’s Latin America stint kicked off Feb. 11 in Rio de Janeiro, Brazil at the Estádio Olímpico Nilton Santos and is set to continue through April 2 before launching the U.S. leg of the trek May 13 in Charlotte, N.C.
Even with dates hampered by production issues, Shakira’s four shows in Colombia gave cities like Bogotá and Barranquilla a major economic boost, a nod to the tour’s impact beyond the cultural. According official numbers offered by local government, Shakira’s concerts generated an economic impact of nearly 206 billion pesos (approximately 52 million dollars). Additionally, spending in key sectors such as food, hospitality, and the multiplier effect in Bogotá alone accounted for 73 billion pesos, further demonstrating the impact on the local economy.
The new tour — in honor of her critically and commercially successful 2024 album of the same name — follows Shakira’s 2018 El Dorado World Tour, marking her grand return to the global stage. The next city on Shakira’s Las Mujeres Ya No Lloran Tour itinerary is Buenos Aires, Argentina, where she’s set to perform at Campo Argentino de Polo on March 7-8.
Billboard reached out to Live Nation – the promoter behind Las Mujeres Ya No Lloran World Tour – for further comment but did not hear back at press time.
Live Nation has inked a first of its kind sponsorship with Athletic Brewing Company, America’s largest non-alcoholic brewer, for the concert promoter’s large portfolio of venues and marquee festivals including BottleRock in Napa, California and the famed Bonnaroo festival in Manchester, Tenn.
Under the terms of the three-year agreement, Athletic Brewing will serve as the official non-alcoholic beer for the company’s more than 100 venues, including the Wiltern in Los Angeles, the Paramount in Brooklyn and the Gorge Amphitheater, along with a handful of Live Nation festivals
“It’s a new category for beer — there’s domestic, import, craft and now you’ve got non-alcoholic. Our customers want that option and we know plenty of our fans will be choosing something in the non-alcoholic space, which is why we did this deal,” said Jon Landa, svp of national sales at Live Nation. “We’re seeing it across our markets, with health conscious people trying to enjoy other options. It doesn’t mean that it’s all they’re drinking, but it gives those fans a choice at a show or a festival, depending on how they want to start or finish their day.”
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Alcohol sales have slowed in recent years as Generation Z (those born between 1997 and 2012) turns 21 and begins attending concerts — club owner David Slutes with Congress Club in Tuscon, Arizona, told Billboard in 2023 that concerts catering to a younger Gen Z audience saw a 25% dip in alcohol sales compared to those targeting older demographics. The decline — blamed in part on the growing prevalence of cannabis edible products and healthier attitudes about mental and physical well-being — could have a significant impact on a concert venue’s revenue stream.
Since late 2023, Live Nation has worked to diversify the revenue it generates at its bars and restaurants by introducing non-alcoholic options like mocktails. By partnering with the eight-year-old Athletic Brewing Company, Live Nation is teaming up with the country’s fastest-growing non-alcoholic beer maker. Since opening its first brewery in 2018, Athletic has grown to become the 10th largest U.S. craft brewery and 20th largest overall U.S. brewing company, despite only offering nonalcoholic options, according to rankings by the Brewers Association. Athletic holds over 19% market share within nonalcoholic beer and is driving 32% of total nonalcoholic beer category growth, according to NielsenIQ data.
A recent study by Live Nation found that 70% of live music fans saying they want more beverage options at concerts. As part of the agreement, legal drinking age music fans can purchase one of four of Athletic’s most popular brews — Run Wild IPA, Upside Dawn Golden, Free Wave Hazy IPA, and Athletic Lite, with selections varying by venue. While Athletic does offer draft beer options in 30 states, the Live Nation partnership applies only to canned beer drinks.
“There’s a big time intersection between the fan of live music and the fan of Athletic and NA beer,” said Andrew Katz, chief marketing officer at Athletic Brewing Company. “It’s a shared love of live events, a shared love of well being and a shared love of beer. You put those three things together, and it just made sense for us to work together and try and get something done together.”
Live Nation, which is facing a lawsuit brought by the Department of Justice (DOJ) under President Joe Biden, saw its share price jump on Wednesday (Nov. 6) following Donald Trump’s victory in the U.S. presidential election a day earlier.
Live Nation shares gained 7.1% to $125.99 and rose as high as $127.64, just shy of its all-time high of $127.75 set on Nov. 5, 2021. Investors could see Trump’s re-entrance into the White House as a good sign for Live Nation’s efforts to thwart efforts by the DOJ to break up the company.
In a lawsuit filed in May, the DOJ alleged Live Nation abused its market power to hurt competition through exclusive ticketing contracts and threats and retaliations against venues that choose competing ticketing companies, among other actions the DOJ claims are illegal and violate the consent decree that placed competition-enhancing restrictions on the 2010 merger of Live Nation and Ticketmaster.
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“The change in administration typically brings a change in the climate around anti-trust efforts and could impact a case such as Live Nation,” says Bill Morrison, a partner at Haynes and Boone. “It depends on the who are in those key spots, and then what the priorities are of those offices. We’ve seen big pivots in the past.”
Faced with the prospect of fewer regulations and an administration perceived to be pro-market, U.S. indexes posted big gains on Wednesday. The Dow Jones Industrial Average gained 3.6% to a record high. Similarly, the Nasdaq composite rose 3.0% and the S&P 500 improved 2.5% as both reached all-time highs. The NYSE composite gained 1.9% but fell short of its all-time high.
Stocks associated with Trump also fared well, including Tesla, whose CEO, Elon Musk, campaigned heavily for Trump. The company’s shares rose 14.8% while its competitors Rivian and Lucid Group fell 8.3% and 5.3%, respectively. Trump Media & Technology Group Corp., owner of the Truth Social app used by Trump, rose 5.9%.
Bitcoin rose 9.4% to an all-time high of $76,012 on Wednesday. Trump has signaled a laissez-faire approach to cryptocurrency and said he would quickly fire Securities and Exchange Commission chair Gary Gensler, a critic who has punished numerous crypto companies and favors tighter regulations. Trump himself is involved with a new cryptocurrency through World Liberty Financial, a decentralized finance startup that sells a token called WLFI.
In other music stocks news, music streamer LiveOne jumped 28.5% a day ahead of the company’s earnings release for the quarter ended Sept. 30 while iHeartMedia shares fell 12.6% following news that the radio broadcaster cut dozens of jobs at stations across the country this week.
Shares of Spotify rose 8.0% to $365.00 this week to lead all music stocks in a week the Billboard Global Music Index reached a new high and many of its largest components posted mid- to high-single digit gains.
The Swedish music streaming giant was boosted by a report by Pivotal Research Group that increased its price target to $510 from $460 and reiterated its “buy” rating. Spotify’s intraday high of $368.29 on Thursday set a new 52-week high for the stock and was its best mark since Feb. 21, 2021.
Spotify led the 20-company Billboard Global Music Index (BGMI) to a record high 1,873.87, up 4.1% for the week, as ten of the stocks posted gains this week, nine lost value and one was unchanged. After a 4.8% drop the week ending Sept. 6 and stagnating since March, the BGMI has gained 7.4% in the last two weeks and raised its year-to-date gain to 22.2%—more than two percentage points above the gains of the Nasdaq composite (up 19.6%) and the S&P 500 (also up 19.6%).
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Stocks generally had a good week after the U.S. Federal Reserve announced on Wednesday a rate cut of half a percentage point, the first time the central bank lowered the overnight borrowing rate since the early days of the COVID-19 pandemic. Investors had expected the Fed’s move, though, and had priced the effect of a rate cut into stock prices. Still, the Nasdaq composite climbed 1.5% to 17,948.32 and the S&P 500 rose 1.4% to 5,702.55. South Korea’s KOSPI composite index improved 0.7% to 2,736.81 and China’s Shanghai Composite Index rose 1.2% to 2,736.81. In the United Kingdom, the FTSE 100 fell 0.5% to 8,229.99.
Warner Music Group gained 4.9% to $30.44. WMG’s Atlantic Music Group laid off about 150 people Thursday as part of a restructuring plan that began in February. The week’s intraday high of $30.88 was WMG’s highest price since reaching $32.34 on July 24. The company also announced in an SEC filing this week it secured a $1.3 billion term loan that will be used to repay an existing loan and pay associated fees and expenses.
Live Nation shares also gained 4.9% to $103.65 and brought its year-to-date improvement to 10.7%. Thursday’s intraday high of $105.42 was its highest mark since April 1 and less than $2 below its 52-week high of $107.24. The concert promoter scored a win in Portland, Ore., this week after the city council upheld an August decision to allow the development of a 3,500-capacity music venue that will be operated by Live Nation.
Two other promoters also posted gains this week. MSG Entertainment, rose 4.6% to $42.16, while CTS Eventim improved 1.2% to 87.90 euros ($98.23). Another live entertainment company, Sphere Entertainment Co., dropped 2.7% to $41.09.
K-pop companies’ modest decline was an improvement from their consistently steep drops in recent weeks. The four South Korean companies had an average loss of 1.2% this week. HYBE fell 2.4%, JYP Entertainment dipped 1.2%, YG Entertainment slipped 0.9% and SM Entertainment lost 0.2%. After surging in previous years, the quartet has an average year-to-date loss of 40.4%.
Universal Music Group fell 3.6% to 22.75 euros ($25.42) following its Capital Markets Day on Tuesday. Analysts generally felt UMG set reachable financial targets and presented a believable roadmap about its strategy for the next four years. The Amsterdam-listed company laid out a strategy to achieve 8% to 10% cumulative annual growth rate (CAGR) for its subscription revenue and above 7% CAGR for total revenue.
Music streamer LiveOne had the biggest decline of the week, dropping 6.1% to $1.38. That put shares of LiveOne into the red for 2024 with a 1.4% year-to-date loss.
Attorneys for Live Nation want the judge presiding over the company’s historic antitrust case to dismiss the Department of Justice’s allegations that the concert promoter uses illegal tying arrangements to operate its amphitheaters, arguing it has no obligation to allow rival promoters to use the venues it owns or manages.
Live Nation’s co-lead trial counsel Alfred C. Pfeiffer of Latham Watkins argued in a July 17 letter to Judge Arun Subramanian that this practice, described as a “refusal to deal,” is common in the concert business and protected by Supreme Court precedent.
“As a general matter, the Sherman Act does not restrict the long recognized right of a [defendant] engaged in an entirely private business, freely to exercise his own independent discretion as to parties with whom he will deal,” Pfeiffer writes, quoting a 2004 ruling in a case brought by Verizon.
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Accordingly, Live Nation has no obligation “to extend a helping hand to new entrants” or help its rivals “survive or expand,” Pfeiffer notes, adding, “the unimpeachable freedom to refuse to deal with rivals (in all but the rarest circumstances, which are not even arguably present in this case) rests on bedrock antitrust principles.”
In the government’s 128-page complaint against Live Nation, attorneys with the DOJ’s antitrust division allege that Live Nation illegally “conditions artists’ access” to the 56 outdoor amphitheaters the company controls by forcing artists to chose “Live Nation as the promoter for concerts at its venues.”
Pfeiffer’s letter was born out of a June 27 pre-trial hearing in which Judge Subramanian invited Live Nation’s attorneys to file a letter to the court identifying issues that Live Nation had with the DOJ complaint “as opposed to advancing those arguments after” an amended complaint is filed,” Pfeiffer wrote. “Your Honor advised that doing so would provide Defendants ‘a good argument that those claims should be dismissed with prejudice’” if the government cannot overcome Live Nation’s arguments on a motion to dismiss.
Live Nation lawyers also want the antitrust claims filed by 30 states’ attorneys general alongside the DOJ dismissed, including 22 separate claims under their own state laws.
“These claims are threadbare and conclusory” Pfeiffer writes, noting that many of the state AGs merely repeat the DOJ’s allegations without specifically alleging “the elements of each state-law claim” or citing “what conduct allegedly violates the state laws in question.”
Pfeiffer also criticized the states for failing to detail their damage claims and argued that many of the state objections were barred by different state’s statute of limitations.
The DOJ has until Sept. 18 to respond to Live Nation’s letter.
