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Eventbrite Posts Big Losses in First COVID-Impacted Earnings Report, Reveals Three-Tiered Refund Plan
Eventbrite is carrying about $293 million in exposure from advance payouts to the creators on the system, official with the San Francisco-based ticketing company disclosed Monday (May 11) in its Q1 earnings report, sharing new details on plans to refund ticket holders and detailing the impact of the live music shut down on their bottom line. The top line numbers for the quarter were brutal as nearly every public event on its system had to be postponed or canceled, leading to a $146.5 million net loss for the quarter, down 489.66% from the previous quarter, equaling a $1.71 per share loss. The losses included $113.7 million of chargebacks and reserve increases and a $76.5 million increase in reserves “in anticipation of potential future chargebacks and refunds,” according to the compan...
SiriusXM CFO Says Satellite Radio Faces Uncertain Coronavirus Impact
Even if people aren’t commuting in their cars as much while they shelter in their homes during the coronavirus pandemic, satellite radio powerhouse and Pandora owner SiriusXM has yet to take a big hit to its bottom line judging by its recently released first-quarter earnings. But while listening of Pandora and SiriusXM offerings is up for stay-at-home consumers, David Frear, senior executive vp and CFO of SiriusXM, warned Tuesday that his industry faces an uncertain future. “I haven’t talked to anybody who has a good picture of what the recovery will look like,” he told the J.P. Morgan Global Technology, Media and Communications Conference during a session that was webcast. Frear said the COVID-19 crisis has driven new- and used-car sales down sharply, relative to y...
Songwriter Diane Warren Signs With BMG Ahead of ‘Historic’ New Album
BMG has signed Diane Warren. The music company will represent Warren for publishing and recording, and will release a collection of the legendary songwriter’s new works, performed and recorded by a starry lineup of guests, Billboard can confirm. Under the new arrangements, announced this morning, BMG will administer Warren’s entire songwriting publishing catalog (excluding the U.S. and Canada) under her Realsongs umbrella and release the album of new material, at a date yet to be announced. Several other projects are in the planning phase, a rep tells Billboard. “I’m thrilled with my new deal at BMG. I love the BMG team. They have hit the ground running,” Warren says in a statement. “There is so much already happening that I know this year is going to be ...
Bad Bunny Aiming to Replace Himself at No. 1 on Top Latin Albums Chart
Bad Bunny is aiming to replace himself at No. 1, again, on the Top Latin Albums chart. His surprise release Las Que No Iban a Salir, could earn over 40,000 equivalent album units in the week ending May 14, according to industry forecasters. If it starts as projected, then it will bump his own YHLQMDLG from atop the tally next week, where it’s held for 10 straight weeks since its debut at No. 1 (chart dated March 14). The Top Latin Albums chart ranks the most popular Latin albums of the week based on multi-metric consumption, which comprises traditional album sales, track equivalent albums (TEA) and streaming equivalent albums (SEA). The May 23-dated Top Latin Albums chart (where Bad Bunny’s new album may debut at No. 1), is scheduled to be posted in full to Billboard’s websi...
Get a Move On: Google Play Gets Busy Migrating Users to YouTube Music
As Google looks to phase out its music streaming service Google Play by the end of the year, it has begun the process of migrating users over to the Google-owned YouTube Music. Starting today (May 12), Google Play users can expect an email instructing them on how to easily transfer their music libraries, listening histories and playlists to YouTube Music. All users’ Google Play podcast subscriptions, on the other hand, will be moved over to the company’s free Google Podcasts app. Google says in a press release that users will continue to have access to both services until it officially kicks Google Play to the curb later this year. Paying Google Music subscribers will be automatically granted the equivalent tier on YouTube Music, at the same price. As it retires Google Play, th...
Universal Music Publishing Group Names Joe Fang Managing Director In China
Universal Music Publishing Group (UMPG) has named Joe Fang — a longtime media executive with a focus on global markets — its first-ever managing director, China. Based in UMPG China’s new Beijing headquarters, Fang reports to Andrew Jenkins, UMPG president, Australia and Asia Pacific Region. In his new role, Fang will oversee the publishing giant’s Chinese language roster, and lead the development of UMPG Hong Kong, working closely with Universal Music Group in China as well as local partners. UMPG recently joined the Music Copyright Society of China, and is deepening its cooperation with Chinese DSPs, tech companies and content providers. “Continuing with our efforts to be best-in-class around the world, we have put a strong and strategic emphasis on UMPG’s gr...
Hayley Williams Leads Midweek U.K. Chart With Solo Debut ‘Petals For Armor’
Hayley Williams is out front in the race to the U.K. chart title. The Paramore frontwoman’s debut solo album Petals For Armor (Atlantic) leads the midweek chart, with an advantage of 1,100 chart sales over its nearest rival, D-Day Darlings’ I’ll Remember You (Sony Music CG), according to the Official Charts Company. Williams has tasted the high life on two previous occasions with her alternative rock outfit, bagging No. 1 with Brand New Eyes in 2009 and with Paramore’s self-titled 2013 set. Petals For Armor was the best-selling album in the U.K. on CD and vinyl over the weekend, the OCC reports. The most downloaded album at the midweek stage is I’ll Remember You, the debut LP from the Britain’s Got Talent alum D-Day Darlings. The set originally dropped in November 2018, peaking at No....
Event Safety Alliance Releases Reopening Safety Guide for Venues
A month into the pandemic, Steven Adelman and Jacob Worek of the Event Safety Alliance were on the phone, talking about how to reopen the concert business — eventually. “As I looked around the empty streets outside my condo, it became apparent that the small event spaces that were going to get to open first would not have the foggiest idea how to do that safely,” says Adelman, a Scottsdale, Ariz., lawyer who is the ESA’s vice president. So Adelman and Worek, the operations director, spent the past month crowd-sourcing more than 400 tour promoters, managers, Ticketmaster employees, caterers and Irish-fair organizers and released a 29-page guide on Monday. Given contradictory, confusing and evolving state stay-at-home restrictions — bars in Kansas are allowed to...
Uptown Records’ Biggest Billboard Hits: ‘Forever My Lady,’ ‘Real Love,’ ‘Candy Rain’ & More
Jodeci and Mary J. Blige, among others, gave the imprint its most successful singles. As both fans and leading industry figures mourn Andre Harrell, best known for founding the Uptown Records imprint, Billboard reveals and ranks the biggest hits from the label’s roster. Many of the tunes, from acts such as Mary J. Blige, Guy and Jodeci, bridged the gap between R&B and hip-hop as the genres surged in popularity in the 1990s. Harrell died at age 59 of an apparent cardiac arrest episode. The mogul founded Uptown in 1986, and it quickly became a home for some of the hottest emerging R&B and hip-hop artists. In addition to Blige, Guy and Jodeci, Uptown counted Heavy D & The Boyz, Soul For Real and Monifah as key players in its heyday. The organization kept its eye on industry talent...
Endeavor Lines Up $260 Million Loan Amid Cost-Cutting Efforts
Endeavor has lined up a $260 million term loan to boost its financial flexibility amid the novel coronavirus pandemic, The Hollywood Reporter has confirmed. The financing deal adds to an existing $2.8 billion term loan at a time when Endeavor’s live events operations, which include Ultimate Fighting Championship, in which the firm owns a majority stake, and entertainment business have been hit by the pandemic. The Wall Street Journal first reported the additional $260 million loan Monday. Endeavor — the parent company of talent agency WME, modeling agency IMG and Professional Bull Riders — has launched cost-cutting efforts amid the pandemic, including layoffs, pay cuts and furloughs. UFC held its first of several fight cards without fans Saturday. &...
Drake Snags No. 1 In Australia With ‘Dark Lane Demo Tapes’
Drake bags his third No. 1 album in Australia, with Dark Lane Demo Tapes (Republic/Universal). The Canadian hip-hop star’s new mixtape bows at No. 1 on the ARIA Albums Chart, equaling the chart peaks of his 2016 release Views and 2018’s Scorpion. Dark Lane becomes Drake’s eighth title to impact the top 10 on the ARIA chart, and it opens at No. 2 in the U.K. and No. 1 in the U.K., where Drizzy does the chart double. The Australian top five is completed by former chart-leaders in Harry Styles’ Fine Line (Columbia/Sony), Dua Lipa’s Future Nostalgia (Warner), Birds Of Tokyo’s Human Design (EMI) and Billie Eilish’s When We All Fall Asleep, Where Do We Go? (Interscope/Universal), respectively. Also new to the chart this week is Elevation Worship’s Graves Into Gardens (Live) (Sony), at ...
Ariana Grande And Justin Bieber Eye U.K. Singles Chart Crown, Dame Vera Lynn Set For Record
Ariana Grande and Justin Bieber’s blockbuster collaboration “Stuck With U” is set to explode atop the U.K. chart. The new single blasts to No. 1 on the Official Singles Chart: First Look, with a lead of 2,500 chart sales over its nearest rival, Drake’s “Toosie Slide”. “Stuck With U” is raising money for First Responders Children’s Foundation, a charity that will underwrite scholarships for children of frontline workers fighting the COVID-19 pandemic. Should it hold on when the Official U.K. Singles Chart is published late Friday, the collab would be Grande’s sixth and Bieber’s eight U.K. No. 1. While the pop duo should claim the title, it won’t be the only feel-good chart story. Dame Vera Lynn is on track to become the oldest living person to score a U.K. top ...
