Triller
Time to drop the needle on the latest Executive Turntable, Billboard’s comprehensive(ish) compendium of promotions, hirings, exits and firings — and all things in between — across music.
Read on for (mostly) good news and also check out Billboard‘s annual list of top executives leading the live sector, plus our weekly interview series spotlighting a single executive, our helpful calendar of notable events, and have you ever wanted to look at tchotchkes inside the office of an executive while reading their in-depth answers to the most important questions facing the biz? From the Desk Of is probably your jam.
Gayle Troberman, iHeartMedia’s chief marketing officer for the past decade, is transitioning to a senior advisory role. In a joint memo to staff, chief executive Bob Pittman and president and COO Richard Bressler praised Troberman’s “major impact” on innovation and brand development efforts at the radio giant, adding, “we fully expect her influence to continue in her new role. We’re grateful for her innovative thinking and insights, and we’re pleased she will continue to contribute to the company.” In her advisory role, Troberman will continue leading thought leadership initiatives, including the “New American Consumer” studies, and remain active at key industry events like CES and Cannes Lions. Prior to iHeart, Troberman was CMO at IPG Mediabrands and spent a high-impact 16 years at Microsoft, where she was chief creative officer during rollouts for the Xbox, Bing and other major brands. A successor has not been announced.
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RADIO, RADIO: Lauren Burrows Coleman is joining Beasley as chief financial officer, effective Nov. 1, succeedinmg retiring CFO Marie Tedesco, who served for 33 years. Burrows Coleman previously led global financial operations at Wayfair and has held leadership roles at WindSail Capital Group, Wind Point Partners, GE Capital and Lehman Brothers … Jim Malito joined Black River Entertainment as director of radio promotion west coast. He continues to be based in Phoenix. Malito’s career includes time at Warner Music Nashville, BBR Music Group, and most recently Stone Country Records, where he served as vp of radio promotion and marketing … and Big Loud senior director of media Jess Anderson wrapped a three-and-a-half-year run with the label on Oct. 17, with plans to take a new position next month. She had just been promoted in August.
Triller Group unveiled Kevin McGurn as its next CEO, effective in November, when “further enhancements” to the TikTok rival’s leadership will be announced. McGurn, with experience at T-Mobile, Vevo and Hulu, has a strong track record in driving innovation and fostering growth, with achievements including leading Vevo’s global expansion and building Hulu’s sales team. Meanwhile, 1-800-Flowers.com founder James McCann joins Triller’s board as chairman of the nominations committee. McCann brings over 40 years of leadership experience, having served in governance roles at Willis Towers Watson and International Game Technology. Finally, former Triller CEO Bobby Sarnevesht will remain on the board, providing strategic guidance to McGurn and other leaders. “Our renewed focus means Triller Group is well positioned to deliver best in class entertainment, when, where and how our fans watch it,” said McGurn. “We will continue to build from our strong roots in vertical video, music and sports, and optimise our expertise in mobile and connected television.”
Isabel Quinteros
Jen, an ethically-trained AI music creation platform, appointed TikTok’s former global head of music partnerships Isabel Quinteros as senior vice president of marketing and industry relations. In her new role, Quinteros will develop a scalable framework to help artists monetize their contributions, fostering a sustainable model for AI-driven music creation. She’ll work closely with cofounder Shara Senderoff. Quinteros, a public relations expert, joined TikTok in 2019 and helped transform it into a key platform for artists, supporting artists in every phase of their careers. She also co-launched TikTok’s first IRL concert and led DEI initiatives, earning industry recognition. Senderoff praised Quinteros as a game-changer who can “bridge the worlds of music and tech, while keeping talent at the center,” while co-founder Mike Caren highlighted her skills in partnership-building and innovation, adding, “I’m confident that under her leadership, Jen will set a new standard for how AI can elevate creativity while ensuring artists remain at the heart of the process.”
Frontiers Label Group, the Italian metal label, appointed Amy Pugh as global digital marketing & social media manager. With over 15 years of industry experience, Pugh is the founder of digital marketing agency 10/13 Media and has held key roles at Sony Music Publishing, EMI, Universal Music Group and Stingray Music. She has managed or worked on global campaigns for a slew of major artists, including Taylor Swift, Metallica, Wu-Tang Clan and Foo Fighters, among others. FLP president Serafino Perugino expressed enthusiasm for Pugh’s “massive expertise and fresh approach,” adding he’s “thrilled at the prospect of the added value that she will bring to the label and our artists.” Pugh, already a fan of several Frontiers acts — the label’s roster includes Blue Öyster Cult, Stryper, Winger and more — looks forward to contributing to the label’s success through innovative campaigns and projects.
The Academy of Country Music revealed its newly-elected board of directors for the 2024-2025 term. Previously announced officers for the ACM’s 2024-2025 term are Randy Bernard (chair), Cris Lacy (vice-chair), Jeff Krones (vice president), Carmen Romano (treasurer), Gayle Holcomb (sergeant-at-arms), Duane Clark (parliamentarian) and Tommy Moore (secretary). Newly elected board of directors members are Adam Weiser, Becky Gardenhire, BJ Hill, Cameo Carlson, Chandra LaPlume, Cyndi Forman, Deana Ivey, George Couri, Jon Loba, Kristie Sloan, Lee Thomas Miller, Marcel Pariseau, Margaret Hart, Martha Earls, Meredith Jones, Scot Calonge, Scott Scovill, Tim Roberts and Ward Guenther. Newly appointed director-at-large members of the board of directors are Aaron Spalding, Andy Moats, Benson Curb, Candice Watkins, Chris Lisle, Cindy Mabe, Curt Motley, Emily Falvey, Howie Edelman, Jeremy Holley, Matt Cottingham, Rod Phillips, Sally Seitz, Shawn McSpadden, Storme Warren and Tim Foisset. –Jessica Nicholson
The Orchard appointed Jeeyoung Lee as head of South Korea, overseeing operations from Seoul and reporting to evp and head of strategy, Prashant Bahadur. Lee, with nearly 20 years of experience at companies like Warner Bros. Discovery and CJ E&M, will manage label relations, release strategies, global distribution and regional support. Additionally, Sungho “Jake” Bae has been named director, Asia Pacific Region, Artist and Label Services. Bae, also based in Seoul, focuses on release strategies and cross-country marketing, drawing on previous experience at Spotify and Big Hit Music, where he played a key role in BTS’s global success. John Park, svp of strategy and corporate development, will now focus on business opportunities in Korea, working closely with Lee on new signings and partnerships. The Orchard’s Korean roster features artists from Starship Entertainment, ABYSS, Eric Nam and more.
OpenPlay Inc. hired Chris McMurtry as senior solutions architect to enhance the platform’s features for label and publisher clients. McMurtry brings over 20 years of music tech expertise, having led product development at companies like Artist Growth, PEX and Exactuals, where he launched RAI, a machine learning tool designed to enhance song metadata. Earlier in his career, McMurtry founded Dart Music, an automated digital distribution platform specializing in complex metadata. His industry impact earned him recognition on Billboard’s 2019 Digital Power Players list.
Berklee made it official with Michael Shinn as executive director of Boston Conservatory at Berklee, effective Oct. 28. Shinn, who has served as interim executive director since August 2023, will lead new initiatives, programs and collaborations while contributing to Berklee’s strategic planning. During his interim tenure, he expanded the dance division, raised over $4.2 million, hired more than 30 faculty members and recruited a new dean of theater. Previously, Shinn was the Conservatory’s dean of music for six years. Before Berklee, he chaired keyboard studies at Juilliard, his alma mater, and also co-founded the pianoSonoma Music Festival. “Michael brings a wealth of leadership experience to the executive director role, as well as a passion for the development of the arts, arts education, and performing artists in a contemporary context,” said David Bogen, Berklee’s interim president. “He is incredibly collaborative and supportive of faculty, staff, and students.”
mtheory appointed Jared Losow as senior director of tour marketing and Dirk Lemmenes as vp of client relations. Losow, co-founder of Barley MGMT, will be based in NYC, while Lemmenes, former COO and management lead for Zac Brown Band, will work from Atlanta. Losow brings nearly 15 years of industry expertise, having worked at various indie labels and venues, plus he held leadership roles at In de Goot Entertainment, Relapse Records and the San Francisco Symphony. Lemmenes clocked over 20 years in artist management and operations. He has managed teams across marketing, finance and touring for Zac Brown Band and previously worked as a MTV music supervisor, a booking agent, record store owner and touring musician.
EastCoast Entertainment appointed Erin Collums as director of marketing. With over 12 years of experience in marketing and entertainment, Collums has managed campaigns for major sports organizations like the Carolina Panthers (NFL) and Charlotte FC (MLS). At ECE, Collums will focus on enhancing the brand’s national presence through developing digital strategies to engage audiences and foster growth across corporate events, performing arts, comedy tours and various private entertainment programming. ECE president John Wolfslayer called it a “significant milestone in the company’s evolution” that Collums is joining the team, seeing her appointment as a key step as the company approaches its 50th anniversary. Passionate about live events, Collums believes in the transformative power of music and performance and looks forward to helping ECE create memorable experiences for clients.
ICYMI:
Michael Rapino
New York City nightclub complex Avant Gardner hired Josh Wyatt as its new CEO … Jeff Jones is stepping down as the CEO of The Beatles’ Apple Corps Ltd after 17 years in the role … and Live Nation CEO Michael Rapino has been deposed in the ongoing litigation over the 2021 disaster at the Astroworld music festival. [KEEP READING]
Last Week’s Turntable: Capitol Hires Breaker of Artists
Asian financial services firm AGBA will acquire social video platform Triller in an all-stock transaction that values the merged companies at $4 billion, according to SEC filings released Thursday (April 18).
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In addition to its eponymous app, which has been compared to TikTok, Triller owns generative AI platform Amplify.ai, pay-per-view service FITE, bare-knuckle fighting company Bare Knuckle Fighting, influencer marketing software Julius and experiential events planner Thuzio, among others.
The boards of both Triller and AGBA have approved the proposed transaction, which is now subject to regulatory and stockholder approvals before closing. The combined companies will be 80% owned by Triller stockholders and the remaining 20% by current shareholders of AGBA. Triller filed for a direct listing on the New York Stock Exchange in August 2023 and again in January 2024. In its most recent S-1 filing, the company listed CEO Bobby Sarnevesht and Proxima Media, led by Hollywood financier Ryan Kavanagh, as founding partners. Other previously disclosed shareholders include former CEO Mahi de Silva. It is not clear who Trillers’ current shareholders are.
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Shares of NASDAQ-listed AGBA closed at 40 cents on Wednesday and spiked following the merger announcement to $1.30 early Thursday before falling to under a dollar later in the morning. AGBA formed in 1993 and operates out of Hong Kong, where it says it serves over 400,000 corporate and individual clients in the financial tech and healthcare sectors.
The leadership for the combined company will include Sarnevesht as Triller CEO, AGBA executive director Wing-Fai Ng as group CEO and former Barclays CEO Bob Diamond as group chairman.
“Through this merger, we are poised to accelerate our innovation trajectory and significantly expand our market presence, creating unparalleled value for our users and stakeholders globally,” said Sarnevesht. “In addition, with the transaction approved by both company boards and majority shareholders, we believe this is the most efficient route for Triller to access public capital markets and secure the liquidity needed for rapid growth.”
Said Wing-Fai Ng, “With a rich history of setting records and making bold moves, we believe Triller is now on the brink of an exciting future. Its groundbreaking technology, coupled with an aggressive and strategic business model, positions it not just as a formidable competitor to tech giants but as a potential game-changer in the industry. AGBA’s expertise in capitalizing on financial value from complex developments and rapid growth will provide the fuel for Triller’s rocket ships. Together, we have a lot to accomplish.”
Wing-Fai Ng added that “we believe Triller is now on the brink of an exciting future. Its groundbreaking technology, coupled with an aggressive and strategic business model, positions it not just as a formidable competitor to tech giants but as a potential game-changer in the industry.”
Triller has settled a lawsuit from Sony Music accusing it of showing “brazen contempt for the intellectual property rights” of its artists by ceasing to pay license fees for the use of the company’s songs on the social video app. The deal was reached on July 21 after a federal judge overseeing the case sided […]
Triller, a short-form video app in the style of TikTok, is planning to sell its common stock on the New York Stock Exchange through a direct listing under the ticker “ILLR,” according to the company’s S-1 filing released Wednesday (Aug. 2). The filing did not provide a date of the direct listing.
The direct listing — not an initial public offering, or IPO — will not have an underwriter that assumes the financial risk of selling the listed shares to institutional investors. Popularized by Spotify in 2018, a direct listing avoids the IPO’s road show and book-building process that establishes an initial selling price. Triller will not receive any proceeds from shares offered in the direct listing by its shareholders.
While TikTok had an estimated $9.4 billion in revenue in 2022 and is becoming an important source of royalties for record labels and music publishers, Triller is a far smaller affair. In the first quarter of 2023, the self-described “artificial intelligence powered technology platform” had revenue of $9.1 million and a net loss of $28.8 million. In calendar 2022, Triller had a net loss of $195.6 million on revenue of $47.7 million.
The S-1 paints a picture of a financially troubled company with numerous outstanding issues. Triller had just $2.2 million of cash and cash equivalents as of March 31. The company’s S-1 warns that Triller has incurred losses each year since its inception — not unusual for a high-growth tech startup — and has an accumulated deficit of $1.29 billion. Triller may incur additional costs related to outstanding litigation with Universal Music Publishing Group, as one example, and admits to not being in compliance with the payment obligations of “a significant number” of its music licensing contracts and “overdue on payments” to vendors that provide Triller with engineering, marketing and legal services, among other parties.
The S-1 also reveals that Triller entered into a confidential settlement agreement with Sony Music Entertainment on July 21, 2023, that requires it to make payments to SME for a breach of contract lawsuit brought by SME in 2022. On May 16, Triller was ordered to pay SME nearly $4.6 million. The settlement provided Triller with a payment plan. With 15 days of the direct listing, Triller will be obligated to pay SME under the settlement agreement.
Triller will have two classes of common stock: a Class A common stock with one vote per share and Class B common stock with ten votes per share. Upon completion of the reorganization, Proxima Media and Bobby Sarnevesht, Triller’s founding partners, will own about 15.4% of Triller’s common stock and have 60.6% of the company’s total voting power. In addition to Proxima Media, the other shareholders with greater than a 5% share of outstanding common stock are Paul Posner, CEO of Carnegie Technologies, and Tsai Ming Hsing. As of March 31, Triller had 282,017,038 shares of Class A common stock and 46,651,382 shares of our Class B common stock outstanding.
Triller claims to have over 550 million user accounts and had over 2.4 million creators as of March 31 — almost 100,000 more than it had two years earlier. It built its user base with acquisitions such as its 2021 purchase of Verzuz, the livestream platform created by of Swizz Beats and Timbaland that shot to fame during the pandemic. Swizz Beatz and Timbaland filed a $28 million lawsuit against Triller in August 2022 over unpaid monies promised in the deal. That lawsuit was settled out of court one month later.
After years of competitive banter and cold feet, a date has reportedly been set for the epic Verzuz battle between music legends Diddy and Jermaine Dupri.
In a video shared over the weekend, Diddy confirms to Busta Rhymes that the show will take place on Sept. 8, at New York City’s Madison Square Garden. “We gon’ have you out the rafters flying out the sky,” he excitedly added.
While fans have been murmuring about a potential battle between the Atlanta mainstay and Bad Boy CEO since 2020, the two legends joined the conversation in 2021, after Dupri challenged Diddy in a tweet. Initially, Diddy turned his proposition down, declaring that Dupri didn’t have enough hits. “I’ll smash you with just Biggie n Mary [J. Blige]. But I do have the utmost respect on you as a musical legend,” he said, adding, “[Dr.] Dre the only one can get in the ring w me.”
The two even playfully argued during an Instagram Live with Fat Joe and Snoop Dogg about who would win, but in 2022 they said they’d go head-to-head in a “non-Verzuz” battle, after co-founders Swizz Beatz and Timbaland filed a $28 million lawsuit against Verzuz parent company Triller. “We’re not f—ing with Triller until they take care of Timb and Swizz,” Diddy said in a now-deleted video. In September 2022, Swizz and Tim settled their lawsuit with Triller, now owning a larger share of the company.
While neither Timbaland nor Verzuz have yet to comment on the scheduled date, Swizz shared a number of posts to his Instagram Story confirming the battle. A number of memorable Verzuz battles have already taken place at New York’s famed Madison Square Garden, including The LOX vs. Dipset and Ja Rule vs. Fat Joe.
While many fans think Diddy will come out on top, others note that Dupri’s pen is untouchable, and that the So So Def founder is individually responsible for a number of diamond hits, while Diddy often collaborated with a team. Come September, all that will matter is the court of public opinion, as Verzuz does not declare an official winner to their battles.
Dupri has reached RIAA-certified diamond success thanks to his work on Usher’s Confessions and has achieved 11 career Hot 100 No. 1 records. Diddy boasts his own set of impressive achievements as a producer and artist, playing a pivotal role in the careers of icons including Mary J Blige and Biggie Smalls.
Universal Music Group is suing Triller over allegations that the video-sharing app has failed to make payments for months under its music licensing agreements, echoing accusations made by Sony Music Entertainment in a similar lawsuit last year.
In a complaint filed Thursday (Jan. 6) in Los Angeles court, the music giant’s publishing arm claimed that Triller stopped making payments in April 2022 under two different licensing deals and had missed several required payments since.
Universal says it filed a notice of default in November and terminated the deal earlier this week, but that Triller has still not paid the money it owes — despite allegedly spending plenty of cash elsewhere.
“During the same period that Triller was defaulting on its payment and reporting obligations, it was reported that Triller was spending substantial amounts of money acquiring companies … and throwing lavish events catering to members of the media and entertainment industry,” the company wrote.
Universal says Triller has also breached provisions that require the company to report how the music has been used on the platform. Combined with the lack of payment, Universal cited the breaches as cause to terminate the licensing contract, effective Jan. 3.
In a statement to Billboard, Triller downplayed the seriousness of the case, saying it dealt with only “a very small percentage of the catalogue, and is the ordinary course of business for the music industry and over a small amount of money.”
“This will be decided upon in a proper venue in a few years, and we clearly believe we are in the right and that a court will find in our favor,” Triller wrote in the statement. “It’s a plain vanilla case that virtually every social network has faced in one form or another. It’s not the first and won’t be the last but similar to the past disputes of these nature they tend to settle quietly and end up being a lot to do about nothing .”
The lawsuit is the latest recent legal trouble for Triller. Sony filed a similar case in August, saying it had terminated its licensing deal with the company after months of non-payment. That case, filed in federal court, claimed that Triller had continued to use Sony music without a license — meaning it had also infringed Sony’s copyrights. The case remains pending.
Before that, Triller got into a messy fight with Swizz Beatz and Timbaland, who sued in August over allegations that they were still owed $28 million from the sale of their Verzuz livestream series to Triller. The company was sued again later that month by a smartphone app consulting firm, which claimed the company had failed to pay more than $100,000 in fees. Both cases were quickly settled on confidential terms.
It’s also not the first sign of problems between Triller and Universal. In early 2021, the music giant abruptly pulled its catalog from the platform, claiming Triller had “shamefully withheld” artist payments. Three months later, the two companies announced a new worldwide licensing agreement, spanning recorded music and publishing and restoring the UMG catalog to the app. But in December, UMG was one of several major music companies to again be pulled down from the platform.
Try using some of your favorite songs on the short-form video app Triller, and you’ll be hard pressed to find what you’re looking for.
On Thursday, the music catalogs for Universal Music Group, Warner Music Group, Sony Music and Merlin — which provides digital licensing to many top independent labels and distributors — were removed from the platform.
A Triller spokesperson says the platform is “reassessing each of our label deals as they come due as our catalogue music usage is a small fraction of our overall business with creators.
“Some labels are more used than others and if we can make financial arrangements which make sense for the platform, on a label by label basis, we will. In other cases the usage does not justify the cost.”
The news follows a lawsuit filed by Sony Music Entertainment in August, claiming Triller had “historically failed to make payments in a timely manner” but that this issue got even worse in March 2022 when Triller “failed to make any monthly payments required under the Agreement, totaling millions of dollars.”
A source at one of the other major music companies says similar breach of contract and failure to make payments, including “millions and millions in past due royalties,” was behind Triller’s decision to pull these catalogs. The Triller spokesperson, however, called that claim “false and grossly inaccurate.”
Representatives for Universal, Warner, Sony and Merlin declined to comment.
In a Thursday morning email, Merlin’s senior director of business and legal affairs alerted members that Triller had “commenced the takedown of Merlin content.” He continued, writing “at this stage we do not believe that Merlin is the only licensor/content provider to have had content taken down. The term of our current agreement with Triller has now expired. We will update members as soon as we can regarding renewal discussions.”
Merlin members include Secretly Group, Mom + Pop, Monstercat, Symphonic, Ninja Tune, Beggars Group, FUGA, ONErpm, Domino, SubPop, Vydia and more. The Triller spokesperson told Billboard when asked about the Merlin email, “We are in active conversations with Merlin and expect to renew our relationship and continue our friendly and successful partnership.”
“As Triller has grown and expanded its portfolio of services for creators as an open-garden platform, we are recalibrating some of our partnerships with a focus towards showcasing talent and maximizing their monetization,” that statement continued.
A glance at Triller’s Discover Music page shows that there are now few official music options available after the takedowns, and the promoted new releases and top picks are largely artists with no label affiliation. The only traces left of some label-signed artists are available through searching “OG Sounds,” which are typically user-created soundtracks like remixes that sometimes contain copyrighted material, or if a signed artist collaborated as a feature on a song released independently.
The public rift between Triller and the music business dates back to about 2020, when chairman and CEO of the National Music Publishers’ Association (NMPA) David Israelite criticized the app in an Instagram post, saying Triller needed to fully license its members works. “It’s a simple proposition – license songs before you use them,” he wrote.
In November of that year, Wixen Music Publishing filed a 15-page lawsuit against Triller, suing the company for $50 million dollars, stating in the complaint that Wixen felt encouraged when Triller’s CEO appeared to agree with the NMPA’s criticism that summer, but then, after months with no agreement reached, Wixen opted to file the lawsuit.
In the indictment, Wixen alleged Triller had “brazenly disregarded copyright law and committed willful and ongoing copyright infringement,” of its more than 1,000 song catalog. The lawsuit was dismissed in February 2021.
Eventually, in March 2021, Triller came to an agreement with the NMPA on behalf of its members.
Also in early 2021, Universal Music abruptly pulled its catalog from Triller, saying the app “shamefully withheld” artist payments. A source familiar with the matter told Billboard at the time that the payments UMG claims Triller is withholding went back several months. Three months later, the two companies announced a new, worldwide licensing agreement, spanning recorded music and publishing and restoring the UMG catalog to the app.
This August, Timbaland and Swizz Beatz also sued Triller for failing to make payments due on the sale of their popular Verzuz livestream series the year prior. They claimed the platform still owed them $28 million from the deal 18 months later. That lawsuit was settled in September.
Outside of music, there have been other claims against Triller for allegedly failing to make owed payments. Boxing journalist Dan Rafael reported that Triller had not fully paid several fighters and crew members from a May 2022 fight. In August, the Washington Post reported that Triller “promised millions to Black creators” to use the app as part of a paid influencer program, but “nearly a year after…its payments to many creators have been erratic — and in some cases, nonexistent.” In September, it was also sued by a smartphone app consulting firm that said it was owed more than $132,000 in unpaid fees.
Over the past two years, Triller has repeatedly announced plans to go public but has so far failed to do so — initially through the formerly-popular ‘SPAC’ merger process, and then in June this year filed paperwork with the U.S. Securities and Exchange Commission indicating that it plans to take a more traditional IPO route. In late September, the company announced it had secured $310 million from Luxembourg-based private alternative investment group for a 36-month term following a public listing of Triller’s common stock and would aim for a public listing by early in the fourth fiscal quarter (October-December).
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