Record Labels
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Palestinian American producer DJ Habibeats has signed with San Francisco-based record label, publisher and distributor EMPIRE. The artist, who’s based in Los Angeles and grew up in the Bay Area in a family originally from Ramallah, Palestine, began producing dance music as a teenager. During his rise, he’s had residencies at venues throughout California and […]
BMG has promoted Katie Kerkhover to the role of senior vp of A&R, Frontline Recordings, North America. In the expanded role, Kerkhover will lead A&R teams at BMG’s offices in Los Angeles, Miami, Nashville, New York and Toronto.
Kerkhover is currently based in Nashville, but will split her time between Nashville and Los Angeles. She reports directly to Jon Loba, president, Frontline Recordings, The Americas.
Kerkhover was previously promoted to vp of A&R, Frontline Recordings for BMG in Nashville in 2022, overseeing BBR Music Group’s roster of artists on its imprints Broken Bow Records, Stoney Creek Records and Wheelhouse Records, in addition to scouting, signing and developing new talent for the roster. In leading A&R for BBR Music Group, Kerkhover has worked with artists including Jelly Roll, Lainey Wilson, Jason Aldean and Chayce Beckam, and is working with Blake Shelton’s team on his upcoming BMG Nashville debut project.
Since joining BMG in 2020, Kerkhover has also worked in music publishing, serving as senior director of creative, where she managed BMG’s Nashville roster of songwriters, including Stephen Wilson Jr., Emily Landis, Kurt Allison, Tully Kennedy and Beckham, among others, while also signing and developing new songwriters and artists.
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Loba said in a statement, “When looking for the perfect candidate to lead A&R in North America and elevate our frontline efforts in multiple offices, we didn’t have to look very far. Katie has quickly become one of the most accomplished and respected A&R executives in the business, with the track record to match. Like many of the best A&R executives, her background in publishing has served her well in building deep and trusted relationships within the creative community and helping artists realize their unique visions. Having seen firsthand her work with our Nashville roster, including with creatives on both coasts, I am so excited to see what additional magic she helps create for our BMG Frontline Recorded team.”
South Korea’s Financial Supervisory Service is investigating HYBE and its chairman, Bang Si-hyuk, over allegations he earned $285 million from the company’s 2020 initial public offering through profit-sharing deals with three large shareholders.
HYBE, then named Big Hit Entertainment, went public in 2020 after building its primary act, BTS, into global stars. The IPO raised approximately $820 million and confirmed HYBE’s arrival as a major player in the global music business. But while the IPO was a success for the company, many individuals who bought shares for well above the IPO price lost money as the price retreated in the following weeks.
Last week, The Korea Economic Daily broke the story that Bang personally pocketed about 400 billion won ($285 million) from agreements made with private shareholders STIC Investments, Estone Equity Partners and New Main Equity a few years before the IPO. Those agreements, according to the report, called for Bang to receive 30% of the shareholders’ profits from their sale of Big Hit shares following the IPO. But if Big Hit failed to go public before an agreed-upon time, Bang would have had to repurchase the shares plus interest.
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In a statement posted to HYBE’s investor relations website on Friday (Nov. 29), the company confirmed the existence of a shareholder agreement but dismissed the notion that Bang broke any securities law. “During the process of preparing for the listing, our company provided the relevant shareholder agreement to the listing underwriters, and the listing underwriters also reviewed the relevant shareholder agreement in accordance with the listing-related laws,” the statement reads. “In this regard, we have determined that our company did not violate any relevant laws during the listing process.”
A HYBE official provided more detail about the shareholder agreement in a statement to The Korean Herald. Prior to the IPO, one of HYBE’s investors requested to know the IPO timeline, which HYBE refused to share. Worried about unnamed uncertainties, the shareholder demanded a “put-back option,” or a right to sell an equity at a pre-determined price and time. But HYBE “couldn’t sustain itself under such conditions,” this person stated, and Bang “took on the risk himself” and personally agreed to the option.
South Korea’s Financial Supervisory Service was quoted in media reports as saying it’s investigating HYBE and Bang for possible violations of the country’s Capital Markets Act, including how a private equity fund acquired Big Hit shares prior to the IPO and whether Big Hit omitted information from its securities filing. The Korea Exchange stock market is also examining relevant documents for potential violations.
When Big Hit shares debuted on the Korea Exchange on Oct. 15, 2020, strong demand drove the share price from the 135,000 won ($118) IPO price to 351,000 won ($308) on its opening day. But Big Hit’s price fell 22.3% the next day and dropped another 29% over the next two weeks, leaving many individual investors with losses. (The stock rebounded over time. An investor who bought at the peak on the stock’s opening day could have sold for a profit had they waited one year.) The Korea Economic Daily article contended the drop-off was “largely driven” by the private equity fund’s “massive selloff” of Big Hit shares after the IPO.
Restructures at Universal and Warner, standoffs with TikTok, hot streaks by iconic labels, and a focus on fraud make up some of the biggest label stories of the past year.
Sony Music UK has appointed Azi Eftekhari as its chief operating officer, effective immediately. Reporting directly to Jason Iley, chairman and CEO of Sony Music UK & Ireland, she’ll oversee key operational areas, including the label’s Commercial Group, and play a pivotal role in shaping the company’s overall growth strategy.
Eftekhari brings two decades of experience in the music and entertainment industries to her new position, having most recently served as co-president of Universal Music Recordings, managing global artists such as The Beatles, Elton John, Amy Winehouse, The Rolling Stones and The Spice Girls at the label’s catalogue division.
Prior to UMG, Azi held a significant role at YouTube as head of label relations, where she spearheaded the launch of YouTube Music across Europe and secured a landmark partnership with The BRIT Awards, further cementing her reputation as an innovator in the intersection of music and technology. Additionally, she co-led Remedy Inc., a creative agency delivering projects across music, theatre and branding.
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Eftekhari’s career began at Mercury Records, where she collaborated with Iley as director of digital and publicity, contributing to campaigns for artists like U2, Justin Bieber and Rihanna. Her leadership extended beyond individual companies, as she also served on the boards of the Official Charts Company and the Entertainment Retailers Association, showcasing her influence within the broader music industry.
Iley expressed confidence in Eftekhari’s “depth of experience straddling the world of music, tech and culture combined with commercial acumen,” while Azi voiced her gratitude for the opportunity to work with Illey. “He’s built an exceptional, future-facing company and I look forward to playing a part in continuing to champion the incredible roster of artists,” she said. “In this rapidly changing marketplace, there are many exciting opportunities to harness, and I can’t wait to help drive the business into the next chapter.”
Erick Brian Colón—a former member of famed Latin boy band CNCO—is launching his solo career under an exclusive deal with Warner Music Latina and Big Bad Wolf Management Group. With the focus on sharing high-quality music that will showcase his evolution as an artist and storyteller, Erick Brian (his artistic name) will officially debut his […]
HYBE’s BigHit Music record label named current general manager Seon Jeong Shin to be the next president, following approval at a shareholders meeting and board of directors resolution on Tuesday (Nov. 26). Shin, who was named to Billboard’s 2022 40 Under 40 list for helping develop HYBE’s artist training system, played a role in the […]
Gamma., Kakao Entertainment and SM Entertainment have formed a strategic global alliance to launch British boy band dearALICE, the companies jointly announced on Tuesday (Nov. 26). The pact will include global distribution in the U.S., U.K. and Korea/APAC, along with label services across A&R, production, marketing, promotion, brand sponsorships and global business development.
dearALICE’s formation was documented in the six-part BBC One series Made in Korea: The K-Pop Experience, which was produced by Kakao, SM and British production company Moon&Back Media (The X Factor, Britain’s Got Talent). The show followed the group’s five U.K. members — Blaise Noon, Dexter Greenwood, James Sharp, Oliver (Olly) Quinn and Reese Carter — as they embarked on a 100-day K-pop-style training regimen at SM. An original soundtrack album from the show was also released.
The parties came together in L.A. to finalize the agreement. Those in attendance included Larry Jackson, co-founder/CEO at gamma.; Joseph Chang, co-CEO at Kakao Entertainment and CEO at SM & Kakao Entertainment America; Jung Min Choi, chief growth officer at SM Entertainment; Kevin Nishimura, COO at SM & Kakao Entertainment; Ben Cook, president of UK & Europe at gamma.; Russ Lindsay, co-founder at Moon&Back Media; and all five dearALICE members.
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dearALICE is slated to release its official debut single by the end of this year.
“I have found that it is a superpower in life to embrace the truth of ‘I know what I don’t know.’ I have always been intrigued by the music and culture coming out of South Korea, and to now partner with Kakao Entertainment and SM Entertainment on dearALICE affords gamma. an opportunity to learn from THE BEST in that culture,” said Jackson in a statement. “We are already finding a special creative kinship with Joseph, Kevin and their teams. Our ideations are very much aligned albeit informed by different life experiences, from disparate corners of the globe.”
Jackson continued, “The cleverness of creating this show, it premiering on the BBC in the U.K., and bringing this extremely talented group to the world by way of it, was their idea, and we are thrilled to be a part of it. Kakao Entertainment and SM have always been purveyors of true, patient artist development in Korea, and I have deeply respected their approach from afar. Expect to hear a lot from dearALICE in 2025.”
“Our partnership with gamma. represents an exciting step in our ongoing strategy for the successful launch of dearALICE,” said Chang. “Collaborating with a label of gamma.’s stature, known for its deep industry expertise and innovative approach, allows us to accelerate our efforts in bringing forward dearALICE to audiences worldwide. dearALICE stands out as a truly distinctive project for our company, blending British roots with the global reach and creative influences of Kakao Entertainment and SM Entertainment. We believe this collaboration will unlock new opportunities for the group to thrive internationally, while also showcasing their groundbreaking artistry to music fans across the globe.”
Added Lindsay, “What an amazing twelve months it’s been for the boys! From being cast in December last year, to experiencing a unique and unforgettable 100 days of K-pop training with SM Entertainment in Korea, then premiering a 6-part Saturday night BBC One TV series in the summer, followed by the Made in Korea: The K-Pop Experience Original TV Soundtrack EP release and a superb live performance on the UK’s highest-rated entertainment show, BBC One’s Strictly Come Dancing! It’s a testament to their incredible hard work and passion that sees them sign a major global recording and distribution deal with gamma., joining a stable with some of the world’s most talented artists and music executives.”
Brady Bedard has been appointed as the executive vice president of promotion for Atlantic Music Group, transitioning from a 26-year career at Sony Music and Columbia Records, where he most recently served as senior vp of pop promotion. In his new role, Bedard will take the lead on promotion strategies for the Atlantic, 300 and 10K Projects labels.
Bedard’s career has been marked by significant contributions to the success of high-profile artists such as Adele, Beyoncé, Harry Styles, Miley Cyrus, BTS, and many more. A native of the Twin Cities, he began his career as a college rep for Sony Music in 1998. Over the years, he progressed through roles in marketing and radio promotion, eventually landing his most recent position in 2018. His expertise spans multiple genres and a deep understanding of the evolving radio and music landscape.
AMG CEO Elliot Grainge praised Bedard’s extensive experience and strong industry connections, emphasizing his ability to navigate the complexities of promotion.
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“He’s expertly navigated the ever-shifting radio landscape for more than a quarter century, with a passionate devotion to the music and deep relationships across the industry,” said Grainge.
Bedard’s appointment is part of a broader leadership restructuring under Grainge, who recently also named Alana Dolgin as the label’s first president of digital marketing, underscoring AMG’s focus on digital innovation.
This leadership evolution aligns with broader strategic initiatives at Warner Music. In last week’s earnings call, Warner CEO Robert Kyncl commended Atlantic and Warner Records for driving growth through innovative talent discovery and promotion. He highlighted the success of 10K Projects, a joint venture between Warner and AMG, attributing its rapid growth to Grainge’s digitally driven strategies. Kyncl also lauded Grainge’s intensity — “I love that about him,” he said — and decisive leadership, which he believes attracts top talent.
Bedard expressed enthusiasm for his new role, citing Atlantic’s legacy of artist development and its strong reputation in radio promotion.
“Having spent my entire career so far at one company, the only other place I could ever imagine working is one with such a rich history of artist development and genre-spanning roster as WMG,” said Bedard. “Atlantic is a legend in the radio promotion business, and to join the company at this transformational moment is tremendously exciting. I want to thank Elliot for this amazing opportunity.”
Warner Music Group (WMG) reported earnings on Thursday (Nov. 21), and there was much that its executives wanted to discuss beyond the usual profitability metrics and balance sheet management. On a call with financial analysts, CEO Robert Kyncl discussed Warner’s recent reorganization — how it built a simpler, flatter, faster structure, according to him — as well as why he’s so confident that streaming revenues will continue to deliver strong growth and the company’s M&A and internal investment plans.
Here are some of the highlights.
Bullish on subscription streaming growth
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WMG executives said they expect subscription streaming revenue to continue to grow by high single-digit increases, and analysts peppered them with questions about how they will achieve that. WMG CFO Bryan Castellani said that roughly 70% of that growth will come from more people paying for music streaming subscriptions everywhere — from markets like the United States, where many already pay to stream music, to places like India, where far fewer people do so but where there is much room for growth. To bolster his argument, Castellani pointed to the 70 to 80 million new subscribers he says began paying for streaming subscriptions in the past year.
Additionally, WMG gained a greater share of the most streamed songs thanks to popular releases from Rosé, Bruno Mars, Teddy Swims, Benson Boone, Charli XCX, Zach Bryan and others. Kyncl said WMG’s market share of the Spotify 200 has increased by 10 percentage points since he became CEO.
The final reason for their optimism is the various price increases at the DSPs that Kyncl believes his side will benefit from, including things like higher wholesale prices earned off of family plans and other multi-user subscription streaming plans that currently get discounts; higher-priced subscriptions for super fans; and premium audio or further audience segmentation. “Wholesale prices generally go up,” Kyncl said. “It may not have happened that way in music in the past, but it is how it happens in 99% of industries. We are just trying to align with the way the world works.”
Elliot Grainge’s Star Rises Inside and Outside WMG
Kyncl kicked off the call with comments about WMG’s recent restructuring, which included promoting Elliot Grainge, the founder of the independent label 10K Projects and son of Universal Music Group chairman/CEO Lucian Grainge, to lead the renowned Atlantic Records Group. Kyncl described Atlantic and Warner Records as “important twin engines of growth” and said Elliot’s team has “an impressive ability to discover extraordinary talent across multiple genres and find fresh ways [to make them] stand out from the crowd.” Kyncl added that Warner Records, under the leadership of Aaron Bay-Schuck and Tom Corson, is adroit at driving hits and creating superstars.
“I cannot stress enough how exhilarating it is to watch the creative success of both Warner Records and Atlantic are having,” Kyncl said.
An analyst later asked Kyncl what it is about Grainge that worked at 10K and if that will translate to future success at Atlantic, acknowledging that Grainge “has stepped into a much larger, broader and important role.”
Kyncl said 10K has demonstrated “phenomenal growth from top line to bottom line” since Warner began a joint venture with the independent label last year, and he thinks Grainge and his team’s digitally native approach gives Warner an edge for how music is being consumed and shared and how artists are being discovered today.
Kyncl also praised Grainge for his intensity — “I love that about him” — and said he takes strong points of view when making decisions, adding that doing so appeals to talent.
The silver lining of cost cuts
Cutting costs, reducing its headcount and restructuring some label groups saved an estimated $260 million on an annualized basis, WMG said in September — money Kyncl says is now freed up for dealmaking and internal investments.
“Our focus on efficiency has freed up capital, enabling us to increase our investments in growth opportunities,” Kyncl said in prepared remarks.
WMG also increased investment in A&R by around 11%, allowing it to sign more new artists and songwriters and to make more catalog acquisitions.
Additionally, WMG continues to explore companies to acquire that could fill a need within its larger companies — so-called bolt-on acquisitions. Billboard reported in June that WMG is shopping for an alternative distribution company, and it poached Goldman Sachs investment banker Michael Ryan-Southern this summer to lead M&A; WMG’s companies around the globe are now exploring the gaps in their services and looking to Ryan-Southern’s team for suggestions on acquisitions to fit those needs. The company is also exploring the launch, with equity partners and debt facilities, of a catalog acquisition platform and fund for artist advances, sources tell Billboard.