Radio
Page: 8
While K-pop artists tend to utilize a range of teaser photos and video clips to hype fans up for new music, the members of Stray Kids are heading to Apple Music’s radio waves to share more about the group’s upcoming ATE album.
Explore
Explore
See latest videos, charts and news
See latest videos, charts and news
In the kickoff episode of All About Stray Kids Radio (which premieres today, July 8, on Apple Music 1), members Bang Chan and Felix share new details about the group’s forthcoming mini-album ATE (dropping July 19), reflect on their latest single, and discuss their latest playlist additions, favorite games of the moments and other insights about SKZ’s music.
Felix says ATE’s overall concept is “something we haven’t done.” Bang Chan agrees, adding that not only is the title track single fresh but “a lot of the other songs [are] as well, it’s all very different… what we recorded, it’s just showing a different side of Stray Kids.”
Trending on Billboard
In their charming Australian accents, the musical mates also discussed why the “Stray Kids Version” of their latest Billboard Hot 100 hit, the Charlie Puth–featuring “Lose My Breath,” was “a bit more special.” Plus, the duo shares the other songs on their current playlist, including Avril Lavigne’s “Complicated,” Linkin Park’s “New Divide,” King Gnu’s “Ichizu” and Avicii’s “Wake Me Up!”
STAYs can listen to the first episode of All About Stray Kids Radio coming July 8 at 10:00p.m. ET on Apple Music 1 at apple.co/_StrayKidsRadio. Subsequent episodes will be released every Tuesday, with All About Stray Kids Radio also available on-demand for Apple Music subscribers after airing on Apple Music 1. Each episode will also be available on Apple Podcasts one hour after broadcast. The show’s podcast trailer is here.
Ahead of the full episode tonight — sure to include even more reveals — check out these exclusive moments and show artwork Billboard can share ahead of the broadcast.
Courtesy of Apple Music
On What Fans Can Expect From ATE:
Felix: It’s been like nine months since we’ve done our comeback.
Bang Chan: Yeah, it’s been, like, what? Uh, eight months?
Felix: We did [“Lose My Breath”] so, like, you know, definitely fans can be like, “Oh, bro, like, what concept or what color are they going for this comeback album?” But definitely I reckon this is something we haven’t done in, like… this is our first time doing this kind of concept. And the music style is also very different. But then you can say, “Oh, wow, so this kinda song … it’s definitely Stray Kids’ style.” You know what I mean?
Bang Chan: It’s something that we haven’t done before — but, you know, not only with the title track… a lot of the other songs as well, it’s all very different. But, you know, in the end, it’s what we made. What we recorded. It’s just showing a different side of Stray Kids.
Felix: I think we fit it in the song pretty well.
Bang Chan: Yeah, yeah, yeah. Everyone did a really good job.
Felix: It matches so well with our color.
[embedded content]
On “Lose My Breath (Stray Kids Version)”:
Bang Chan: With all eight of our voices coming out on the song, it’s, I feel like it’s a bit more special. You know what I mean? Also it’s a very different Stray Kids song.
Felix: Yeah, it’s not like a song we would always do. But, then again, because it’s us doing it, I feel like we did a good job recording and preparing for this song so.
Bang Chan: Most of the time, I’d be, you know, 3RACHA would be directing this song. But everyone did such a great job, so, um, big shout to all the members. And, um, also, you know, I feel like, ’cause, you know, the weather’s getting so hot these days…“Lose My Breath,” it kinda cools you down when you listen to the song in this hot weather.
Felix: Yeah. No matter how hot it is, like 35 degrees [Celsius], it’s still good to listen to, you know?
[embedded content]
Bang Chan and Felix’s Favorite Stray Kids Songs:
Felix: What’s your favorite Stray Kids song?
Bang Chan: Bro, that’s so hard! I can’t choose! [Laughs.] Do you have one?
Felix: I have … actually, [my favorite was] “DOMINO.”
Bang Chan: “DOMINO”? “DOMINO” is pretty good. “DOMINO” is my wake-up alarm.
Felix: Oh, really?!
Bang Chan: ‘Cause it’s so loud from the start. [Singing.] And it just wakes me up straight away. I’m like, “Ah!”
[embedded content]
Bang Chan and Felix Talk Hobbies:
Felix: Is there anything you’re interested in these days?
Bang Chan: Ooh, interests … I don’t know … you know, I’ve been playing Genshin a lot these days.
Felix: Genshin a lot, yeah. Same here.
Bang Chan: Sometimes, when you bring your console out into schedule[s], we play Tekken together. Um, what else? I’ve been interested in soccer.
Felix: You’ve been playing soccer?
Bang Chan: Mm-hmm.
Felix: Oh yeah, you have. Bang Chan: Yeah. Futsal with the members, some other mates.
Felix: Oh yeah.
Bang Chan: Um, what else am I doing? I’ve been trying to work out a bit more frequently these days.
Felix: Oh. Ah, you have more hobbies then … You have, like, three hobbies then. Bang Chan: I guess so.
Felix: Like, working out, soccer, and then Genshin.
Bang Chan: To be honest, yeah. That does make sense. ‘Cause, I mean, you know me. I think a lot. And then I try to get out of mind — I try to, you know, find all these hobbies [Laughs.]
Felix: That’s good, man.
Another piece of legislation in Washington, D.C., is making its way through Congress that would pay artists and record labels for plays at terrestrial radio. If that sentence sounds familiar, that’s because the issue has long been present on Capitol Hill without managing to win a presidential signature.
In 1988, Frank Sinatra sent a letter to Paul McCartney, Stevie Wonder, Ella Fitzgerald, Bruce Springsteen and about 20 other music luminaries about a decades-old inconsistency in music copyright law. There’s no reason why the writer and publisher should be compensated for radio plays but not the performer, he argued. Sinatra foresaw an expeditious end to his activism. “We are optimistic that with a united effort, we will be able to achieve successful results within a reasonable period of time,” he wrote. But 36 years and numerous legislative attempts later, other artists are still working on the task.
The latest artist to pick up the baton is country icon Randy Travis, who appeared before a House Judiciary subcommittee hearing on Wednesday (June 26) in support of the latest legislation to address the issue, the American Music Fairness Act. Artists helped build radio in the U.S. and should be properly compensated, said Randy’s wife, Mary Travis (Randy has had difficulty speaking since suffering a stroke in 2013). Passing AMFA, she told lawmakers, “would make many old wrongs finally right.”
Trending on Billboard
The safest statement of the afternoon, though, went to Subcommittee chairman Rep. Darrell Issa, who admitted the hearing was “a repeat of some things we’ve seen in the past.” In recent memory, lawmakers have introduced the Performance Right Act in 2007 and 2009; the Free Market Royalty Act in 2013; Fair Play, Fair Pay in 2015 and 2017; the Ask Musicians for Music Act (AM-FM) in 2019; and now the AMFA in 2022 and 2023.
AMFA is like its predecessors in numerous ways: It provides accommodation for small broadcasters that reduce their royalty obligations. It protects the royalties paid to songwriters and music publishers for the performance of musical works on terrestrial radio. Most importantly, the bill codifies a performance right for sound recordings.
But is anything different about AMFA? “The language of the bill hasn’t changed since [the Performance Rights Act in 2009,” says Linda Bloss-Baum, associate director of American University’s business and entertainment program. “And I’d say kind of the appetite on both sides to have a meaningful negotiation hasn’t really changed either.”
The radio industry’s opposition to a new performance right certainly hasn’t changed. “A new performance royalty could spell the end for many local stations,” Curtis LeGeyt, president/CEO of the National Association of Broadcasters, said during Wednesday’s hearing. After surviving an advertising slowdown from the COVID-19 pandemic and facing the rise of streaming platforms, radio stations are arguably in worse financial shape than in years past. “Local broadcasters across this country are operating on extremely tight margins right now,” LeGeyt added.
The AMFA attempts to go easy on small broadcasters while holding regional and national conglomerates to a higher standard. Mike Huppe, president/CEO of SoundExchange, believes bill makes better accommodations for small broadcasters than its predecessors. Under the AMFA, stations that earn less than $1.5 million in annual revenue (and whose parent companies make less than $10 million in annual revenue) would pay $500 annually. Small, non-commercial stations with annual revenue of less than $100,000 would pay as little as $10 per year. “In that sense,” says Huppe, “this is the best bill for small broadcasters that there’s ever been.”
Unlike previous bills, the AMFA also includes language that says the Copyright Royalty Board, which would set royalty rates payable by stations, could take the promotional value of radio play, and the fact that stations currently pay sound recording royalties for streaming on their digital platforms, when setting rates. But that’s unnecessary, says David Oxenford, partner at Wilkinson Barker Knauer. “The section of the Copyright Act that deals with royalties that are payable to SoundExchange already has this part of the consideration” in determining how royalty rates are set, he says.
The main differences between the AMFA and its predecessors might not be found in the actual language of the bill. Market conditions have changed. At Wednesday’s hearing, lawmakers seemed more impatient and fed up than in years past.
In his closing remarks, Issa used his bully pulpit to warn broadcasters that Congressional intervention would be more painful than a negotiated deal with record labels. “I will tell you that at least this chair and the ranking member of the full committee, we stand ready to negotiate fairly small amounts to change a principle to get this behind us,” Issa said to LeGeyt. “And if you don’t take that, [then] quite frankly you have to live with the consequences.”
Issa’s tone suggests the climate in Washington, D.C., has changed. Huppe believes streaming and AI have made people more aware of the “inequities” facing creators. Issa is among the subcommittee members to have sponsored legislation to protect intellectual property from the threat of generative AI. Rep. Adam Schiff, another subcommittee member, was one of a trio of lawmakers to send a letter to the Registrar of the U.S. Copyright Office out of concern that Spotify’s decision to take a discounted mechanical royalty rate for its music-audiobook bundle was not in the spirit of the Music Modernization Act.
What’s more, radio could get a big boost from the AM Radio in Every Vehicle Act, which would mandate all automobiles manufactured in the U.S. to have AM radio. The bill would mandate technology that benefits radio broadcasters; FM stations, too, would presumably be included in in-dash stereos. Logically, at least, that could strengthen artists’ and labels’ argument.
“We’re not necessarily against the [AM Radio in Every Vehicle Act],” says Huppe, “but we would say, how can you possibly do that and not fix [the performance right] at the same time?”
Country star Randy Travis had members of Congress gushing and brought star power to an otherwise businesslike hearing titled “Radio, Music, and Copyrights: 100 Years of Inequity for Recording Artists,” held Wednesday (June 26) by the House Judiciary Subcommittee on Courts, Intellectual Property, and the Internet.
“This is a great honor,” said Rep. Darrell Issa (R-Calif.), chair of the subcommittee, adding that the other three witnesses “will have to live in his shadow.”
Travis, who has had difficulty speaking since suffering a stroke in 2013, was represented at the hearing by his wife, Mary Travis. His circumstances made him a fitting witness and supporter of the American Music Fairness Act (AMFA), a bill that would create a performance right for sound recordings at terrestrial radio. Unable to sing, Travis has given up touring and relies on royalties for his long-term health care. A country artist who performed others’ compositions would benefit from royalties from continued airplay on terrestrial radio.
Trending on Billboard
“This piece of legislation is essential to correct 100 year old issue regarding artists and non payment for their work performed on the most prominent music platform in America — one which they helped to build and sustain,” said Mary Travis.
AMFA would establish fair market value for radio performance royalties similarly to how rates are set for streaming platforms. It also compels foreign radio stations to pay U.S.-based artists for the performance of their songs. Outside of the U.S., radio stations commonly avoid paying performance royalties to American artists and record labels despite the existence of a similar performance right in those countries.
The bill would task the Copyright Royalty Board, the three-judge body that determines streaming, satellite radio and mechanical royalties rates, with setting the royalty rates for the new license. Under AMFA, stations that earn less than $1.5 million in annual revenue (and whose parent companies make less than $10 million in annual revenue) to pay $500 annually. Small, non-commercial stations with annual revenue less than $100,000 would pay as little as $10 per year.
“I think you’ve gotten the balance exactly right,” Mike Huppe, president and CEO of SoundExchange, told members of the committee. While small broadcasters would pay modest fees under AMFA, the large national corporations that dominate the broadcasting industry would pay more. Huppe argued they could easily afford it. “This is a $15 billion business in the US,” he said. “Eighty-eight percent of all Americans listen to radio. The biggest broadcast groups are becoming bigger and more powerful.”
Radio broadcasters don’t see it that way, though. Curtis LeGeyt, president and CEO of the National Association of Broadcasters, warned the committee that any additional royalties would be too much. “AMFA would impose a new royalty on local radio that is financially untenable for broadcasters of all sizes,” he said. Eddie Harrell Jr, regional vp and general manager of Radio One, agreed. “Make no mistake that a new performance royalty imposed on local stations would create harm for local stations, listeners and the recording industry itself,” said Harrell. Local broadcasters, he said, “are operating on extremely tight margins right now.”
The most dire warnings from LeGeyt and Harrell often centered around AMFA’s threat to radio stations’ ability to serve their communities. Because stations’ revenue are not growing, Harrell explained, any additional expense threatens services stations provide to their communities — he cited a program that collects donated items for needy families — and undermine their ability to broadcast during natural disasters. “Those are the things that are lost in what we do as opposed to just playing the music and so our ability to lead community efforts like that would be impacted by any new expense that we’d have to endure.”
While Huppe acknowledged the value radio stations provide to their communities, he wondered why musicians shouldn’t be paid when stations pay to syndicate talk radio shows and license sporting events. “Why should Randy Travis have to be the one to bear the load of this community effort and all the charitable work?,” Huppe asked.
Artificial intelligence’s threat to the music business was interspersed into the conversation about performance rights and royalties. Travis proved an exceptional witness on this topic, too, having recently released his first new track since his stroke in 2013, “Where That Came From,” with the help of generative AI software to recreate his voice. (Issa paused the hearing for a minute to play the song over the loudspeakers by pressing his smartphone next to his microphone.) “His piece of AI work was humanistic and artistic,” said Mary Travis. “And that’s the difference [between] the good and the bad AI.”
When asked by Rep. Jerry Nadler (D-NY) if users of generative AI software should be able to create unauthorized copies of a singer’s voice, Mary Travis was succinct: “Absolutely not,” she said flatly. Later, she compared unauthorized use of an artist’s voice to identity theft. “There needs to be laws that are in place to keep that from happening,” she said, “which means consent and compensation and attribution and provenance.”
But the hearing mostly focused on the economics of the radio business and the two sides’ inability to come to agreement. Huppe said the NAB’s strategy “is to run out the clock” and wait for another bill to be introduced in the next Congressional term. LeGeyt took “significant issue” with Huppe’s characterization and blamed the recording industry’s representatives for not supporting the conversations. “NAB stands willing to be in a conference room,” he said.
Rep. Issa, however, doubted LeGeyt’s willingness to make a deal with record labels. Noting that the NAB has been negotiating on Radio One’s behalf, Rep. Issa asked Harrell if his stations “would be willing to pay something to get this problem to go away?” “Mr. Chairman, I would not say that,” Harrell replied.
Minutes later, Issa took an admonishing tone with LeGeyt. The NAB did not offer “one penny” in higher royalties in their negotiations, Issa claimed, and if artists started to encourage people to listen only to radio station’s streaming offering, the cost to stations would be “far more than a modest concession,” said Issa.
The business of music has transformed in the last two decades, driven by technology that shattered barriers to entry and creators’ determination to control their destiny. At the 66th Grammy Awards earlier this year, more than half of the nominees were independent. And it’s more than just business: the indie movement has enabled diverse voices that could not be heard previously to occupy their rightful place in the industry. This makes music, and our society, more egalitarian and better.
Whether blues, punk, hip-hop or country, America’s most recognizable music genres started out in the indie sector, and today the association I lead has more than 750 members across 35 states, and most of them are small businesses with less than 50 employees. As the music industry has changed, so have they.
Trending on Billboard
Yet, some of the most important players in the music ecosystem cling to a bygone era that was dictated by the motto, “Might Makes Right.”
Exhibit A is iHeartRadio. The corporate behemoth controls 860-plus stations across the country that play over 50 million songs a year. Those songs helped iHeart’s multiplatform group — covering broadcast radio and national sales — generate more than $2.4 billion in 2023 alone, according to its latest earnings report.
But iHeart is stuck in 1990. It doesn’t bother discovering new artists. Instead, it overplays the hits and milks classic songs that were released decades ago. Despite the growing movement to achieve economic justice, iHeart denies artists and labels payment for their work.
Take a moment to reflect on that. iHeart makes $12 billion a year playing music but refuses to pay the hard working and talented people who perform and produce the songs that are the reason consumers tune-in in the first place. In its desperate attempt to cling to the past, iHeart and lobbyist group the National Association of Broadcasters (NAB) have spent nearly $100 million since 2020 lobbying Congress and spreading campaign contributions around to maintain the unfair status quo.
iHeart is powerful. But it’s on the wrong side of history. And it’s about to face what it hates most: a public forum where broadcasters must defend their craven practices. On Wednesday (June 26), the House Judiciary Committee will hold a hearing on the refusal of broadcasters to pay music creators for their work.
Richard James Burgess speaks onstage during the GRAMMY Influencer Activation at GRAMMY House during the 66th GRAMMY Awards on Feb. 1, 2024 in Los Angeles.
Jerod Harris/Getty Images for The Recording Academy
Of course, iHeartMedia CEO Bob Pittman won’t testify. He leaves the dirty work to the NAB. But that doesn’t matter. When the issue of compensation for AM/FM airplay is held in a public forum, broadcasters lose. That is why their lobbyists work so hard to prevent congressional hearings. But courageous members of Congress such as Reps. Darrell Issa (R-Calif.) and Jerry Nadler (D-NY) are making sure there is a public debate. And they have a solution to ending the injustice: the American Music Fairness Act, which would grant an AM/FM performance royalty. This bill would bring AM/FM radio into the 21st Century, and finally grant American recording artists the same rights enjoyed by their counterparts in almost every other country on the planet.
In the last two decades, how we discover and listen to music has dramatically changed, and not just the move from vinyl records to streaming. We can now ask a device in our house, such as Alexa, to play music, and it does. Spotify and SiriusXM are now buttons next to AM/FM on the dashboard of our cars. Polling from 2020 found that of the people who regard staying up to date on new music as important to them, only 11% turn to AM/FM radio to do so. Even in my generation, that number is only 27%. OK, Boomers!
We need to update the laws to catch up to these changes. It makes no sense if, when driving, music creators heard on SiriusX are being compensated, but not if you hear them on an AM/FM station. If you listen to radio programming through the iHeartMedia app on your phone, through a smart speaker, or even in your car, iHeart has to pay creators too. That’s why they have their hand out to Congress asking for a mandate to keep AM radios in cars.
The American Music Fairness Act brings justice and balance to the industry. Music creators get paid for their work. AM/FM stations have to pay just like the streaming services. And, because the legislation protects truly local radio stations, most stations in the country would pay just $10 to $500 a year to play music.
I know independent music creators, who I represent as president and CEO of the American Association of Independent Music, could definitely use the income from those royalties. My members love partnering with true locally controlled community radio stations, but the behemoths usually don’t take their calls. There are hundreds of thousands of artists and other creators who hustle and struggle to make a living by giving us the music we love.
This approach is fair, it’s equitable, and it’s just. And iHeart hates it.
Broadcasters try to create as much fear, uncertainty, and doubt to avoid doing what’s right. They claim a $500 annual fee to play music would decimate stations’ ability to broadcast emergency communications – then they hike the annual dues it charges its members. They cling to the asinine rationale that the alleged promotional value of radio play justifies their immoral scheme. Worse, broadcasters claim they shouldn’t have to pay for the songs they play while demanding Congress get more money for them when their content is used by YouTube and other platforms.
Broadcasters do all of this with a straight face. But time is running out. When the arc of justice comes around, iHeart and the National Association of Broadcasters will learn they are on the wrong side of history.
Dr. Richard James Burgess is an acclaimed musician, singer, songwriter, record producer, composer, author, manager, marketer and inventor, who presently serves as the president and CEO of the American Association of Independent Music (A2IM).
Sirius XM Holdings announced a 1-for-10 reverse stock split for its shareholders when it merges with Liberty Media’s SiriusXM Group tracking stock later this year, sending the streaming and satellite radio company’s stock up 4.5% on Tuesday (June 18). The stock split, which was announced in a filing on Sunday (June 16), is meant to […]
The Museum of Broadcast Communications has announced the selection of eight new inductees into the Radio Hall of Fame for 2024 – The Crook & Chase Countdown (Lorianne Crook and Charlie Chase), Lee Harris, Phil Hendrie, Jaime Jarrin, Kraig Kitchin, Barry Mayo, Mary McCoy and Matt Siegel.
Six of the eight inductees were determined by a voting participant panel comprised of more than 900 industry professionals. The remaining two inductees – Kitchin and Mayo – were voted on by the Radio Hall of Fame nominating committee.
Kitchin is co-chair of the Radio Hall of Fame. Mayo is a former radio executive at WRKS in New York, RKO General, Emmis Broadcasting and Radio One. He is credited with helping to launch WRKS in New York as the first station to play rap.
Trending on Billboard
Dennis Green, co-chair of the Radio Hall of Fame, said: “The Radio Hall of Fame welcomes eight new members that have made a lasting impact on the industry. … These individuals have entertained, informed, and enriched listeners with their special talents, and it is an honor to recognize them as the Radio Hall of Fame Class of 2024.”
2024 Radio Hall of Fame nominees who were not chosen this year are: Bert Weiss, Big D & Bubba, Big Tigger, Bob and Sheri, Bob Stroud, Dede McGuire, Diane Rehm, Free Beer and Hot Wings, Funkmaster Flex, John & Ken, Johnny Magic, Kid Leo, Larry Elder, Laurie DeYoung, Lincoln Ware, Mojo in the Morning, Richard Blade and Shelley “The Playboy” Stewart.
The 2024 Radio Hall of Fame inductees will be honored at the in-person 2024 Radio Hall of Fame induction ceremony on Thursday, Sept. 19 at the Omni Nashville Hotel in Nashville. Tickets are on sale now at: www.radiohalloffame.com. A portion of the ticket price is a tax-deductible charitable donation to the Museum of Broadcast Communications.
The Radio Hall of Fame was founded by the Emerson Radio Corporation in 1988. The Museum of Broadcast Communications took over operations of the Hall in 1991. Each year, 24 nominations in six categories are determined by the organization’s nominating committee.
Jeremy Tepper, a musician, journalist and the program director of SiriusXM’s Outlaw Country channel, has died. He was 60.
Tepper passed away on Friday (June 14) from a heart attack at his home in New York City, according to a social media post by his wife, singer-songwriter Laura Cantrell.
“Lost my good friend Jeremy Tepper last night,” Steven Van Zandt, guitarist in Bruce Springsteen’s E Street Band and founder of Underground Garage, wrote on X (formerly Twitter). “An incredibly tragic loss so young. He ran my Outlaw Country station on SiriusXM brilliantly. It is actually quite a complicated format and he made it look easy. Our deepest love and condolences to Laura and his family and friends.”
Lost my good friend Jeremy Tepper last night. An incredibly tragic loss so young. He ran my Outlaw Country station on SiriusXM brilliantly. It is actually quite a complicated format and he made it look easy. Our deepest love and condolences to Laura and his family and friends. pic.twitter.com/WA8tj3kkA1— 🕉🇺🇦🟦Stevie Van Zandt☮️💙 (@StevieVanZandt) June 15, 2024
Born in 1963, the New York native graduated with a degree in journalism from NYU and served as the frontman for the band World Famous Blue Jays.
During his career, Tepper founded independent country label Diesel Only Records and held A&R and marketing positions for CDuctive and eMusic.com. He was also a journalist, having previously served as editor of The Journal of Country Music and as a country music critic for Tower Records’ Pulse! magazine.
Trending on Billboard
In 2004, he joined Sirius as format manager of the radio giant’s Outlaw Country channel, which was created by Zandt, who served as its executive producer. The channel mixes music by country and Americana artists such as Waylon Jennings, Dale Watson, Dwight Yoakam, Johnny Cash and Lucinda Williams with rockers Bob Dylan, Bruce Springsteen and the Band.
Tepper’s two-decade run with Sirius also found him working on the Willie’s Roadhouse and Road Dog Trucking channels.
“Jeremy Tepper, a beloved member of SiriusXM, profoundly influenced us with his unwavering dedication to music and innovative spirit,” SiriusXM wrote on X. “His contributions, in shaping Outlaw Country and Willie’s Roadhouse, are beyond measure. Our thoughts are with his loved ones during this time.”
Tepper is survived by his wife, Cantrell, and their daughter, Bella.
Jeremy Tepper, a beloved member of SiriusXM, profoundly influenced us with his unwavering dedication to music and innovative spirit. His contributions, in shaping Outlaw Country and Willie’s Roadhouse, are beyond measure. Our thoughts are with his loved ones during this time. pic.twitter.com/rZxB8LZHsS— SiriusXM (@SIRIUSXM) June 15, 2024
Six years after the death of Avicii, the producer is getting a SiriusXM channel centered around his catalog. On Thursday (May 23), SiriusXM announced Avicii Radio, now available exclusively via the SiriusXM app. The channel features Avicii classics, remixes and never-before-heard music from past live performances. The channel will also play music by the producer’s […]
Steve Angello is bringing his selector skills to SiriusXM. The producer and Swedish House Mafia member is launching a new program, “Size Sound System,” on the SiriusXM station Diplo’s Revolution starting Monday night (May 20) at 9 p.m. ET. Hosted by Angello and the producer AN21 (who is also Angello’s younger brother, Antoine Josefsson), the […]
iHeartMedia shares fell 36.1% on Thursday after the company’s first-quarter earnings showed continued uncertainty in broadcast advertising mixed with improvements in its digital business.
Explore
Explore
See latest videos, charts and news
See latest videos, charts and news
iHeartMedia’s loss of 12 cents per share bested analysts’ estimate of a loss of 55 cents per share, according to MarketWatch, and its revenue ($799 million) and adjusted earnings before interest, taxes, depreciation and amortization ($105 million) both fell within the guidance it provided.
CEO Bob Pittman and COO and CFO Rich Bressler reminded listeners to Thursdays’ earnings call that the first quarter is historically the slowest period of the year. They also reiterated the company’s optimism about 2024 and the expected benefits of political advertising in the second half of the year.
Trending on Billboard
“Although the marketplace continues to be dynamic, with a changing outlook on interest rates, inflation trends and global and domestic uncertainty, we remain confident that this is a recovery year highlighted by the strong momentum and our podcast business and the sequential improvement of our multi platform groups year over year adjusted EBITDA performance,” said Pittman.
The current quarter may be an improvement over the first quarter, but iHeartMedia doesn’t expect much improvement over 2023. Thursday’s guidance for Q2 revenue as “approximately flat” compared to the prior-year quarter’s revenue of $920 million was slightly below analysts’ consensus of $935 million, according to Zacks Equity Research. April revenue is expected to be down 0.4%, Bressler said, and the multi-platform group’s gross revenue is expected to be down “mid-single digits” in the second quarter.
iHeartMedia shares dropped to $1.38 on Thursday, bringing their year-to-date loss to 48.3%. Thursday’s closing price was 70.8% below the stock’s 52-week high of $4.73 established on July 31, 2023.
Another blemish was the first quarter’s free cash flow (FCF) was negative $88 million, although it was improvement from negative $133 million in the prior-year quarter. First-quarter FCF did not include the $101 million iHeartMedia received from the sale of BMI to New Mountain Capital in February.
Total revenue of $799 million was down 1.5% from the prior-year period. The multi-platform group, which includes iHeartMedia’s broadcast radio networks and events business, suffered the biggest declines: revenue fell 6.7% to $493 million and adjusted EBITDA dropped 11% to $77 million.
Led by growth in podcasts, digital audio group revenue rose 7.0% to $239 million and adjusted EBITDA jumped 25.9% to $68.1 million. In the audio and media services division, revenue improved 12.7% to $69.2 million and adjusted EBITDA soared 54.4% to $23.7 million.