Business news
Latin Music US Recorded Revenue Hits Record $886M in 2021: RIAA
Latin music continued its relentless expansion path in the U.S. last year, with recorded revenues reaching $886 million, according to a year-end report released by the RIAA Tuesday (April 12). That’s the highest figure ever for Latin music before adjusting for inflation and marks overall revenue growth of 35% compared to 2020 — far outpacing the 23% growth rate seen in the overall U.S. music market, as previously reported by the RIAA. “With growth of 35% – far surpassing the overall growth rate for recorded music revenues – Latin music is connecting with fans in a historic way,” said RIAA COO Michèle Ballantyne in a statement included in the report. The 2021 numbers mark the sixth consecutive year of double-digit growth in revenue for Latin music, which is defined as music recorded predom...
Distribution, Marketing Company Intercept Music Launches With Method Man’s Support
Intercept Music, a global music marketing and distribution company that describes itself as a revolutionary technology platform, launched an expanded suite of services Tuesday (April 12). Founded by music and tech industry veterans, with hip-hop icon Method Man as a stakeholder, Intercept also claims partnerships with INgrooves, AMPED Distribution, What’s In Store Music, Rocket Songs and Nerve, a banking app for music creators — all of which fuel Intercept’s capabilities and services to its artist and label clients. Targeting indie labels and artists who own their recorded masters, whether they be established or DIY acts, Intercept says it provides a suite of tools that allow rights owners to monetize and market their music. The company charges a fee for clients while promising monthly rev...
IMPALA Launches First-Ever Carbon Calculator for Indie Music Sector
IMPALA, the association for independent music companies in Europe, has teamed with Julie’s Bicycle — an organization that mobilizes the arts to take action on the climate crisis — to launch the first bespoke carbon calculator for the independent music sector. Announced on Tuesday (April 12), the new carbon calculator will help IMPALA members accurately measure their ecological impact and achieve their climate goals. The calculator’s technology is based on Creative Green Tools, developed by Julie’s Bicycle and designed to meet the needs of independent record companies. The calculator is also equipped with a customized layout and help desk support to facilitate carbon accounting. IMPALA members can access the calculator online and also register to join an informative webinar, set for Ap...
Marquetta Moore Joins Penske Media as Head of Talent Curation and Bookings
Marquetta Moore has joined Penske Media Corporation as head of talent curation and bookings across all PMC brands. Moore will initially focus on curating and programming artist talent for PMC’s inaugural LA3C music and culture festival, which is set for Dec. 10 and 11 at Los Angeles State Historic Park. She will also work with PMC brands to secure talent and lead programming for future events and live experiences. “Having the opportunity to curate the talent for LA3C in its launch year is a dream,” Moore said in a statement. “As a long time Angelino, I am passionate about highlighting the incredibly rich and diverse talent of the city and feel so inspired by the mission of the festival. I am also so thrilled to join PMC, working with such world-class and iconic brands.” Brooke Jaffe, ...
Executive Turntable: 10K Names SVP of Biz Development; MRC Live Taps Creative EVPs
Sam Cohen was promoted to senior vp of business development at 10K Projects, where he’ll continue to work with the label’s roster while also looking to expand its partnerships with creators; he’ll additionally focus on the 10K Ventures initiative, which backs early-stage founders that integrate within the music ecosystem. He can be reached at sam@10kprojects.com. Stephen Hill and Rob Bagshaw were both appointed to the role of executive vp of creative at MRC Live & Alternative. Hill will lead creative on all existing tentpole shows (Academy of Country Music Awards, American Music Awards, Billboard Music Awards, New Year’s Rockin’ Eve, Streamy Awards) and select projects in development; Bagshaw will lead creative for new franchises, helping identify formats and shepherd projects from dev...
For the Record: And the Winner Is… Grammycore!
For all the recent controversy surrounding the Grammy Awards, this year the Recording Academy managed to spotlight a significant creator with an urgent message for the American public. And did anyone say anything more urgent than Ukrainian President Volodymyr Zelenskiy? Not for lack of trying. “We’re here because music serves the world,” said Recording Academy CEO Harvey Mason Jr. in a pre-taped message, “and at the new Recording Academy” – the “new” emphasized with one of those thumb-points politicians do – “we serve music.” For the last half-decade, as the rise of streaming drove lighter, more pop-friendly sounds to the top of the charts, music fans have been griping about the menu the academy has been offering. They have boldly made the case that the Grammys often recognize yesterday’s ...
Inside Track: NFT LA Brings Web3 Networking IRL; Miami Music Week’s Big Return
The NFT | LA conference brought web3 networking into real life this week, taking over the Los Angeles Convention Center and surrounding downtown restaurants, bars and venue spaces with the city’s first-ever blockchain-focused gathering of this size. From March 29-31, official programming at the convention center included panels and keynotes covering music, gaming, art, fashion, cryptocurrency and more intersections of culture, commerce and emerging blockchain technology. Mark Cuban, Sandbox CEO Mathieu Nouzareth, Andrew Yang and Baron Davis were some of the big names speaking, as startups showcased their new products, patrons sported shirts with their own Bored Ape characters on them and frames for displaying those virtual non fungible tokens in your IRL living room took up a considerable ...
New York Music Workers Seek Eligibility for Pandemic Relief Grants
New York touring musicians – led by the Music Workers Alliance – are seeking additional pandemic relief from the state after a tumultuous touring season this winter. Musicians including Esperanza Spalding and Marc Ribot are advocating on behalf of New York’s touring workers to be included in the New York State Legislator’s Small Business Recovery Grant — included in the New York State Senate’s budget proposal — as micro-businesses. Inclusion in the grant program would give music workers — or “independent arts contractors,” as they’re described in the budget — access to possibly hundreds of millions of dollars in relief funds. Pandemic Unemployment Assistance (PUA) ended in September 2021. Shortly thereafter, touring musicians were inundated with another wave of cancellations due to the unp...
Radio Promotion Vet John Boulos Launches Consulting Firm
Veteran radio promotion executive John Boulos has launched a new consulting firm, JBoulos Music, it was announced Monday (March 21). The company will aim to develop and break new artists while also mentoring young music executives. JBoulos’ current clients include BlackBox Media Agency, In2une Music, Aware Records MGMT and unnamed major labels. Boulos most recently served as executive vp, promotion at the relaunched Arista Records for three years, where he oversaw all aspects of radio promotion for the label and built and led a multi-format national promotion team. Before exiting the role in June 2021 to spend time with his loved ones, he led campaigns for JP Saxe, including the singer’s Grammy-nominated duet “If the World Was Ending” featuring Julia Michaels. Before landing at Arista, Bou...
Paul Simon Shopping Simon & Garfunkel Recorded Royalties
A year after Paul Simon sold his song catalog to Sony Music Publishing, the legendary artist is now shopping his master recording royalties from his Simon & Garfunkel recorded works, multiple sources tell Billboard. The master royalties include the five Simon & Garfunkel studio albums that the duo recorded for Columbia/Sony starting in 1964, including 1971 Grammy album of the year Bridge Over Troubled Water. The duo has sold more than 100 million records, according to Sony. “The Sound of Silence,” “Mrs. Robinson,” “America,” “Homeward Bound,” “The 59th Street Bridge Song (Feelin’ Groovy)” and “The Boxer” are among the classic recordings on these albums. A source says Art Garfunkel is not selling his master recording royalties. Simon, one of the most revered singer-songwriters in mo...
After Months Declining, Music Stocks Tick Up as Fed Raises Interest Rate
Music stocks that had been pummeled in recent months received a respite on Wednesday (March 16) after the Federal Reserve moved to combat inflation and soaring economy by raising the federal funds rate from 0.25% to 0.50%. The federal fund rate is the benchmark rate for inter-bank loans and borrowing costs for credit cards, mortgages and auto loans. Shares of Universal Music Group rose 5.0% on the day to 21.96 euros while Spotify improved 7.9% to $133.58 and Warner Music Group climbed 1.4% to $35.47. The Fed’s move had been expected since its first announced its intention to do so on Dec. 15, 2021. By raising the federal funds rate, the Fed will make borrowing money more costly, reducing businesses and consumer spending to rein in inflation. The Fed stated on Wednesday it “anticipates that...
The Ledger: Leaving Russia Will Have Little Impact on Streaming Services, Record Labels
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. Strong steps taken by Western music companies to cease operations in Russia will have a big impact on the country but will do little damage to the global market. Russia is the 16th largest recorded music market in the world with a trade value $199 million in 2020, according to the IFPI. That was on par with Sweden, which has about 7% of Russia’s population, as well as Mexico, India and Switzerland. For the largest record labels, music publishers and music streaming companies, each with multi-billion-dollar revenues, Russia is a tiny part of their worldwide businesses. Spotify’s decision to suspend operations in Rus...
