Record Labels
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Lots of changes are happening for FIFTY FIFTY. Three former members of the K-pop girl group — Saena, Aran and Sio — have reportedly signed with a new label after their fallout with the group’s agency ATTRAKT. Meanwhile, ATTRAKT has announced the addition of four new FIFTY FIFTY members. On Monday (Aug. 12), IOK Company […]
UMG Nashville has teamed with producer/artist/songwriter Timbaland‘s indie label Mosley Music, with the two companies set to explore rising talent and new music discoveries.
“Over the past year, we have been working with Timbaland on the shared goal of developing great artists together as well as bridging the gaps in sound and culture in country music,” says UMGN chair & CEO, Cindy Mabe, via a statement. “I am so happy to finally announce our collaboration with Mosley Music on the heels of his prestigious induction into the Songwriters Hall of Fame. Timbaland is one of the most iconic producers, songwriters, and artists in the last 30 years, merging genres and opening the doors to magnify cultural impact across genres. Hailing from Norfolk, VA, Timbaland’s reach and impact have been felt across pop, hip-hop, and country music including working with and bridging sounds for artists like Bubba Sparxxx, For King + Country, and Brad Paisley. Timbaland continues to push open the doors making innovative cultural impact by pushing boundaries and I am excited to join forces in breaking barriers in country music.”
Timbaland added via a statement, “I’ve been aligned with Universal Music Group the majority of my career as an artist and with my label Mosley Music, so UMG Nashville felt like the right place to partner for us in Country. I love their mission of taking chances on special artists to meet culture. Cindy, Chelsea, Charlene, Rob, Lori, Mike, and the rest of the team at UMG Nashville understand our vision and I know will be a great partner for us to continue to break artists.”
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UMG Nashville consists of imprints Capitol Records Nashville, EMI Records Nashville, MCA Nashville and Mercury Nashville, with artists including Luke Bryan, Eric Church, Mickey Guyton, Alan Jackson, Carrie Underwood, Keith Urban and more. The label group has recently added to its offerings, launching the TV/film production company Sing Me Back Home Productions, Silver Wings Records, and the comedy division Capitol Comedy Nashville.
Mosley Music Group’s roster includes Timbaland, One Republic, and Carson Lueder. In 2017, Paisley worked with creatives including Timbaland on his album Love and War. In 2001, Bubba Sparxxx and Timbaland earned a No. 15 Billboard Hot 100 hit with “Ugly.”
If your last name is Grainge, you probably oversee a large chunk of the U.S. music business.
Following Elliot Grainge’s promotion to CEO of Atlantic Music Group effective Oct. 1, the Grainge family— Elliot and his father, Lucian Grainge, chairman/CEO of Universal Music Group (UMG) — will control roughly 37.6% of the U.S. recorded music market, according to Billboard’s analysis of data from Luminate.
The younger Grainge, whose record label 10K Projects was acquired by UMG competitor Warner Music Group in 2023, will lead a record label group with about 7.9% of the U.S. market’s equivalent album units (EAUs). That includes Atlantic Records, which had a 5.3% share through Aug. 1, along with the remaining labels that comprise Atlantic Music Group — 300 Elektra Entertainment (which includes the labels 300, Elektra, Fueled By Ramen, Roadrunner, Low Country Sound, DTA and Public Consumption) and 10K Projects — with an estimated 2.6% share.
Led by Republic Records’ 10.5% share and Interscope/Geffen/A&M’s 10.0% share, UMG-owned record labels have a 29.8% share of the U.S. market’s EAUs. Other labels under UMG’s umbrella are Island Records, currently basking in a string of hits by Sabrina Carpenter and Chappell Roan, and Universal Music Group Nashville, a collection of labels that are home to Chris Stapleton, Luke Bryan and Carrie Underwood, among others. UMG also distributes labels it does not own, although for these purposes, Billboard is comparing market share of owned labels only. Billboard estimates that UMG’s distributed labels have an aggregate market share of 8.8% of EAUs.
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The Grainge’s father-son CEO dynamic is unprecedented even for an industry that often sees the offspring of heavy hitters follow a parent into the business. There have been many family businesses run by successive generations — music publisher peermusic, for example — but never in modern history have a father and son been CEOs of a global music company and a major label music group simultaneously.
Grainge, age 30, will ascend to CEO of Atlantic Music Group as WMG restructures its organizational chart and Atlantic retools to market music to digital natives (a.k.a. young people). CEO Robert Kyncl is “excited by the prospect of taking Atlantic’s culture making capabilities and adding the 10K Projects founder’s digitally native approach into the mix,” he said during Wednesday’s earnings call.
As Billboard reported in February, Atlantic laid off about two dozen staffers with the intention of “bringing on new and additional skill sets in social media, content creation, community building and audience insights,” with the goal of “dial[ing] up our fan focus and help[ing] artists tell their stories in ways that resonate,” Julie Greenwald, the company’s chairman/CEO, said at the time. Greenwald was to assume the new role of chairman upon Grainge’s promotion but announced her resignation on Tuesday (Aug. 6). She will officially step down at the end of January 2025.
HYBE’s net income dropped 86% in the second quarter of 2024 as total revenue improved 3.1% to a quarterly record of 640 billion won ($482 million), the company announced Tuesday (Aug. 6).
The South Korean K-pop giant breaks its financial results into two main categories: segments with direct artist involvement such as recorded music and concerts, and those with indirect-artist involvement such as fan clubs, licensing and merchandise. In the second quarter, indirect revenue streams grew 17.4% to 217 billion won ($163 million). Direct revenue fell 2.9% to 424 billion won ($319 million) as concerts dropped 8.6% to 144 billion won ($108 million) while recorded music improved 1.5% to 250 billion won ($188 million).
Operating profit—total revenue less cost of sales and operating expenses—dropped 37.4% to 51 billion won ($38 million), a smaller decline than experienced by net income because of a sharp drop in non-operating income. Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of the company’s cash profit from operations, fell 24.6% to 79 billion won ($59 million).
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Results for the first six months of the year were, across the board, a bit worse than a year earlier. Although total revenue topped 1 trillion won ($741 million) for the second consecutive year, that amount was 2.9% lower than a year earlier. First-half operating profit, net income and EBITDA were also lower than the first half of 2023.
HYBE sold fewer albums in the first half of the year but dominated sales charts in South Korea and Japan. Led by Seventeen’s 4.4 million albums sold in the first half of the year, HYBE had 9 of the top 20 artists ranked by album sales in South Korea. Seventeen’s Best Album ’17 is Right Here’ ranked second in Japanese album sales with 423,000 units while its SEVENTEENTH Heaven: 11th Mini Album ranked No. 6 with 242,000 units. In the U.S., Tomorrow X Together’s Minisode 3: TOMORROW ranked No. 2 in CD sales behind Taylor Swift’s The Tortured Poets Department.
Streaming accounted for 35% of recorded music revenue, up from the first half of 2023. In a first-of-its-kind breakdown of the company’s streaming revenue, HYBE revealed that domestic streaming revenue for HYBE’s labels South Korea was 18 billion won ($18 million), less than half the amount from full-year 2023. (It did not provide first-half streaming revenue figures for those labels’ streaming revenue outside of South Korea). HYBE’s U.S. labels—Big Machine Label Group and Quality Control—also had streaming revenue of 61 billion won in the first half.
Weverse, HYBE’s social media platform, had 9.6 million monthly active users, up from 9.2 million in the first quarter and even with the 9.6 million MAUs a year earlier. Beyond traditional social media functions, Weverse also has an e-commerce element, Weverse Shop, and live streams artist chats and concerts. Ariana Grande joined the platform in July, joining HYBE artists such as BTS and ENHYPEN and non-HYBE acts such as BLACKPINK and NCT-127.
This is a transformational time for the company built on the global success of boy band BTS but now expanding into new markets and initiatives. In July, HYBE named Jason Jaesang Lee as its new CEO to lead its growth strategy that was announced on Aug. 1. Dubbed “HYBE 2.0,” the plan reorganizes the company to drive global expansion and focus on tech-driven initiatives. HYBE Music Group APAC combines its record labels in South Korea and Japan. The Scooter Braun-led HYBE America will bring management to its label operations. Social media platform Weverse will launch a subscription membership tier. HYBE is also accelerating its efforts in gaming, AI, audio and voice technology.
Julie Greenwald will step down from her role as co-chair/COO of Atlantic Records and chairman/CEO of Atlantic Music Group, she announced during a company town hall on Tuesday (Aug. 6). She will be succeeded in her role as chairman/CEO of Atlantic Music Group by 10K Projects CEO/founder Elliot Grainge, effective Oct. 1.
The Zoom call was roughly 10-15 minutes long, according to sources at the label. Greenwald’s announcement of her departure was said by staffers who spoke with Billboard to be both “classy,” “inspiring” and “empowering,” with the longtime executive focusing on the success she has seen at Atlantic over the last two decades and clarifying that she will officially exit at the end of January 2025.
Tuesday’s announcement comes just five days after it was reported that Warner Music Group would be undergoing a major executive restructuring that would see CEO of recorded music Max Lousada stepping down at the end of September, Grainge ascending to the role of CEO of Atlantic Music Group effective Oct. 1 and Greenwald transitioning to the role of chairman of Atlantic Music Group, a move described in a press release as a “leadership transition.” The changes are thought to be far-reaching and indicative of a generational shift at Warner Music Group, which has been helmed by CEO Robert Kyncl since Jan. 1, 2023.
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One of the most celebrated executives in the music business, Greenwald has spent the last 20 years of her career at Atlantic and become practically synonymous with the storied label. During her time at the helm of Atlantic Music Group, she shepherded the careers of artists such as Bruno Mars, Ed Sheeran, Cardi B, Twenty One Pilots, Brandi Carlile, Charli XCX, Lil Uzi Vert and dozens more. She was named Billboard’s Women in Music executive of the year in 2017.
Greenwald led Atlantic alongside Craig Kallman, co-chair/CEO of Atlantic Records and the A&R brain behind the operation. Kallman will continue to hold the title of CEO of Atlantic Records.
At the time of the restructuring announcement, Greenwald said in a statement: “My whole career is about developing baby bands into career artists and empowering our amazing people to change culture in unexpected ways. It’s been 20 years since I walked through the door at Atlantic and began the work of rearchitecting this iconic label. I couldn’t have done it without the deep passion and dedication of my incredible team, and our unbelievable artists, who make music that inspires and moves people everywhere. Finally, I want to welcome Elliot; I’m looking forward to working with him as we continue to place our artists and their music at the heart of this company.”
Additional reporting by Melinda Newman.
Punjabi superstar AP Dhillon has signed a label deal with Republic Records, Billboard can exclusively confirm. The singer-songwriter-producer’s first release on the label will be “Old Money,” a new single and video arriving this Friday (Aug. 9), with a new album, The Brownprint, following two weeks later, on Aug. 23.
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“Republic Records always saw the vision,” Dhillon says in a statement. “They got and understood who I am from day one. We’re all in harmony when it comes to this new music, and now I just can’t wait to show everybody what we’ve been cooking up.”
Monte Lipman, founder and chairman of Republic, adds, “AP Dhillon is not only an incredible artist who continues to defy gravity in real time, but a shrewd visionary with a global reach that has already sparked a cultural revolution. We’re thrilled to join forces with Universal Music Canada under the leadership of Chairman and C.E.O. Jeffrey Remedios to further extend AP’s impact and music around the world.”
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Born in India, Dhillon moved to Vancouver Island as a college student in 2015, and began independently releasing music in 2019. His 2020 single “Brown Munde” (“Brown Boys” in Punjabi) became a breakthrough, and has amassed nearly 700 million YouTube views to date.
Dhillon spent the following years touring globally while playing to arena audiences in Canada; now established as one of the more prominent Punjabi artists on the planet, his catalog has earned 94.5 million on-demand official U.S. streams, and 1.8 billion on-demand official global streams, according to Luminate.
Dhillon directed the music video for upcoming single “Old Money,” and the clip will star Bollywood icons Salman Khan and Sanjay Dutt. “‘Old Money’ is the perfect way for me to start my next era, especially with going big for the music video,” he says. “I came up with a concept that was influenced by all my favorite action movies, and Salman Khan and Sanjay Dutt showed up and killed it. I hope you love it as much as I do.”
Meanwhile, Dhillon co-produced the majority of The Brownprint, with DŹŁ (Future, Central Cee), Luca Mauti (J.Cole, Eminem) and AzizTheShake (BIA, Central Cee) also contributing to the upcoming album.
In the wake of his major move to the new title of Atlantic Music Group CEO, 10K Projects founder/CEO Elliot Grainge sent a note to the staff of the label that he founded, which was obtained by Billboard, saying that “we don’t expect any changes to take place at 10K” and that the shift represents “business as usual.”
Earlier today (Aug. 1), the Warner Music Group announced a major executive shakeup, which will see CEO of Recorded Music Max Lousada exit the company at the end of September and Grainge move into the CEO role of Atlantic Music Group, with longtime leaders Julie Greenwald moving to chairman and Craig Kallman remaining CEO of Atlantic Records. As part of the shift, 10K — which had operated as a standalone label since Grainge brought it to WMG last September — will become part of Atlantic Music Group, alongside 300 Elektra Entertainment.
“This new structure will give the 10K team and artists more visibility, more global exposure, and bigger opportunities across the Atlantic and WMG network,” Grainge wrote, adding that he’d continue to work alongside 10K co-presidents Zach Friedman and Tony Talamo “to create opportunities for our amazing roster of artists.”
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Grainge, the son of Universal Music Group chairman/CEO Lucian Grainge, founded 10K as an independent company in 2016, and saw success with artists such as XXXTentacion, Trippie Red, Ice Spice and Surfaces, among a slew of others. Originally affiliated with the Capitol Music Group, 10K moved to Warner in September, and Grainge joined WMG’s global leadership team. He’ll now helm one of the most historic and decorated label groups in recorded music history.
Read Grainge’s full letter below.
Dear 10K Family,
This good news is confidential until the official announcement which will be issued shortly, but I wanted all of you to hear it from me first. I wanted to let you know that I have accepted the extraordinary opportunity to become CEO of Atlantic Music Group. As part of this change, in the coming weeks, 10K will officially join Atlantic Music Group, alongside Atlantic Records and 300 Elektra Entertainment. I am so happy that this new role allows me to continue to be able to work with Zach, Tony and all of you to create opportunities for our amazing roster of artists. This new structure will give the 10K team and artists more visibility, more global exposure, and bigger opportunities across the Atlantic and WMG network. We don’t expect any changes to take place at 10K. It’s business as usual moving forward, so I’m counting on your focus and dedication more than ever. Thank you from the bottom of my heart for all that you have done to make 10K Projects the incredible place it is today and for the future. I’m looking forward to our next chapter together.
Sincerely, Elliot
The Warner Music Group is undergoing a major executive restructuring that will see CEO of Recorded Music Max Lousada step down at the end of September, the company announced today (Aug. 1). Lousada, who has run the recorded music operation of the major label for eight years, will remain an advisor until January 31, the company said; Lousada’s role will cease to exist moving forward, as will the role of president of international.
As part of the transition, longtime co-leader of Atlantic Records and Atlantic Music Group chairman/CEO Julie Greenwald will now take on the role of chairman of Atlantic Music Group, reporting directly to WMG CEO Robert Kyncl. Meanwhile, 10k Projects founder Eliot Grainge will ascend to the role of CEO of Atlantic Music Group effective October 1, also reporting to Kyncl.
The change will see 10K shift under the Atlantic Music Group umbrella, alongside Atlantic Records, Elektra and 300. Meanwhile, Warner Records — led by co-chair/CEO Aaron Bay-Schuck and co-chairCOO Tom Corson — will oversee Warner Music Nashville, in addition to Nonesuch and Reprise.
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“On behalf of everyone at WMG, I’d like to thank Max for his extraordinary achievements over the last 20 years,” Kyncl said in a statement. “Max is a true artists’ champion, who created a culture that puts artistry first, growing our global reach and building a roster of incredible talent and an outstanding team. I’m grateful that he’ll be helping to ensure a smooth transition.”
“Over the past two decades, we created something special together at Warner: a music company built for artists, where original voices are championed, where their creativity is honored and protected, and where superstar careers are ignited,” Lousada said in a statement. “I’m proud to have grown a world-class team who share that vision and whose enterprise and energy have brought in new labels, rebuilt iconic brands, expanded our global network, and pioneered new fan experiences. The music business has always been about evolution, and the time has come for me to build something new. I’ll be helping the team through this transition, and I have no doubt they’ll continue to develop artists who move the world.”
This is a developing story.
Singer-songwriter K. Michelle has signed with BBR Music Group/BMG Nashville, home to artists including Jelly Roll, Lainey Wilson and Jason Aldean, the company announced today (July 29).
Tennessee native Michelle grew up absorbing the music of artists ranging from Whitney Houston to The Judds. She’s released six albums so far, including her 2013 debut Rebellious Soul and 2016’s More Issues Than Vogue, both of which reached No. 2 on the Billboard 200. With 2023’s I’m The Problem announced as her final R&B project, Michelle has begun the process of releasing her debut country album, and putting her full expanse of musical artistry on display. She then issued songs including “Tennessee” and introduced her alter-ego, Puddin.
Michelle’s signing to BBR/BMG Nashville comes as several Black country artists continue to reach new career heights. Most notably, Shaboozey‘s “A Bar Song (Tipsy)” recently topped Billboard‘s country radio-focused Country Airplay chart, and has logged multiple weeks atop Billboard‘s all-genre Hot 100, and also topped the charts in multiple radio formats. Shaboozey was among the country artists featured on Beyoncé‘s country-influenced Cowboy Carter project, which heralded both Black country music trailblazers including Linda Martell, as well rising Black country artists Willie Jones, Brittney Spencer, Reyna Roberts, Tanner Adell and Tiera Kennedy. Beyoncé’s own “Texas Hold ‘Em” dominated the Hot Country Songs chart for 10 weeks.
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K. Michelle was recently featured on the project A Tribute to the Judds last year, singing the Judds’ signature “Love Can Build a Bridge” with Jelly Roll and the Fisk Jubilee Singers. They also performed the song live at the 57th annual CMA Awards in November. Last month, Michelle also performed at CMA Fest for a second time, making her Nissan Stadium debut as well performing at the Chevy Vibes Stage.
“When we first met K. Michelle, she radiated her passion for country music,” said Katie Kerkhover, vp of A&R at BMG, in a statement. “It’s the fabric of who she is because the lyrics represent truth. She’s built an incredible fanbase with her unique vocals anchored with storytelling at its heart and that is what transcends genres.”
“I have been ready. I am grateful for this moment,” Michelle said in a statement. “Rebels and Real Outlawz, it’s time! I am excited and want to thank my BMG Team. I am happy to finally sing the music I grew up on. I am a country girl at heart and can’t wait to share my country music with you.”
Investment giant Apollo Global Management is backing Sony Music Group to the tune of $700 million to help the company fund music acquisitions, it was announced Friday (July 26). The deal could provide the financial assistance needed for Sony’s planned acquisition of Queen‘s recording and music publishing catalogs. Sources have told Billboard the band is […]