Business news
T.I.’s Grand Hustle Films Partners With HBCU for Film & Mentorship Project
Students at Marshall, Texas HBCU Wiley College will have the opportunity to assist in producing a film alongside Tip “T.I.” Harris’ Grand Hustle Films, it was announced Tuesday (Mar. 1). The film will be bankrolled with funds awarded by The Propel Center, a recently-established HBCU technology and learning hub that provided a $300,000 grant for the project. Last Wednesday (Feb. 23), students selected to participate in the project — which is designed to help increase representation in the entertainment industry — joined T.I., the founder of Grand Hustle Records, for a virtual lunch to announce and celebrate the partnership. “I know that there is just as much of a need to cultivate and support the young creatives in our communities as there is for the young scholars and the educators. This i...
Brooklyn’s Kings Theatre Announces Crystal Longo as General Manager
Brooklyn’s Kings Theatre has announced Crystal Longo as general manager for the 93-year-old building. Longo first served as deputy general manager for the theater in January 2020 before leaving due to the pandemic. Upon her return, Longo was asked to helm the venue that underwent a $95 million renovation between 2010 and 2015. Longo started her career in live music as a bartender at New York’s iconic Webster Hall while in college. The New York native then made her way to Hammerstein Ballroom where she worked her way up from operations and concessions to booking and venue management before joining The Bowery Presents as director of operations. While with Bowery, Longo led the team at Times Square’s PlayStation Theater and worked on the renovation and reopening of Webster Hall in April 2019....
UMG Teams With Tribeca Enterprises for Music-Driven Event Series
Universal Music Group for Brands (UMGB) is partnering with Tribeca Enterprises for a series of music-driven events to take place throughout 2022, it was announced Tuesday (Mar. 1). The forthcoming series will include six exclusive events based around new film, TV and podcast projects from UMG’s Mercury Studios, Polygram Entertainment and UMG record labels. It kicks off with the world premiere of Mercury Studios’ feature documentary Mixtape, slated for Thursday, Apr. 7 at the United Palace theater in New York City. Presented by Rémy Martin, the premiere will feature a live performance from Jadakiss. Co-produced by Saboteur Media in association with Def Jam Recordings, Mixtape is directed by Omar Acosta and will feature music icons including Funkmaster Flex, 50 Cent, Lil Wayne and “mixtape k...
YouTube Pauses Monetization for Russian Media Channels Following Sanctions
YouTube is pausing Russian affiliated channels’ ability to monetize on the video platform, the company announced on Saturday (Feb. 26). In a statement, YouTube announced it would be suspending several channels’ ability to collect ad revenue, including the state-funded media outlet RT. The move comes just days after Russia’s decision to invade Ukraine on Thursday. “In light of extraordinary circumstances in Ukraine … we’re pausing a number of channels’ ability to monetize on YouTube, including several Russian channels affiliated with recent sanctions,” YouTube said in the statement obtained by Reuters. Additionally, videos from the blocked channels will appear less often in recommendations. Following a request from the Ukrainian government, RT and the other channels that have had their ad r...
Jay-Z, Meek Mill, Lil Baby & Michael Rubin’s Fanatics Acquire ‘True Classic’ Lifestyle Brand Mitchell & Ness
Jay-Z, Meek Mill, Lil Baby, Maverick Carter, Fanatics, the D’Amelio family and more have officially acquired iconic lifestyle brand Mitchell & Ness from former owner Juggernaut Capital Partners. The announcement came early Friday (Feb. 18). “Fashion is cyclical, but classics are forever,” Jay-Z said in a statement. “Mitchell & Ness is a true classic. I was an early adopter of this brand, as well as a part of a departure from athletic wear. I’m proud to play a small role in bringing it back, and in some cases, introducing the authenticity and quality of the Mitchell & Ness brand to a new generation.” Explore See latest videos, charts and news See latest videos, charts and news Founded in 1904, Mitchell & Ness remains a go-to shopping hub for nostalgic sports jerseys, license...
US Trade Rep Identifies 7 Online Platforms as Significant Threats to Music Creators
A U.S. government report highlighted the ongoing challenges that piracy poses to creators around the world, including from seven online platforms that pose significant threats in the music realm. The Office of the U.S. Trade Representative (USTR), in its 2021 Review of Notorious Markets for Counterfeiting and Piracy released Thursday (Feb. 17), identified 42 online markets and 25 physical markets that reportedly engage in or facilitate significant trademark counterfeiting or copyright piracy. The 2021 findings reflect a slight improvement over the 2020 report, which identified eight online threats to music creators. Last year’s list includes all the same sites listed this year in addition to Russian social media site VK. While VK is still listed in the 2021 report for its popularity in the...
Don’t Call It a Comeback (Yet): How 2022 Could Determine the CD’s Fate
Two years ago, the long-running New England comic book and music retail chain Newbury Comics made an unexpected change: They created more space for CDs. “It was right before the pandemic started, after the 2019 holidays,” Newbury Comics senior buyer Larry Mansdorf tells Billboard on the decision to increase their in-store square footage dedicated to CD space. At that point, U.S. CD sales were steadily plummeting — as they had been for a decade and a half — but Mansdorf saw clear evidence of growing interest in compact discs. “We reacted to the previous 18 months’ worth of sales data to see what people were responding to,” says Mansdorf. Newbury began a process of increasing their CD inventory by 13% across their 30 locations, making sure stores that were primarily selling vinyl records fea...
Splice Staffer Christina Lee Remembered After New York Murder: ‘Our Hearts Are Broken’
Christina Yuna Lee, a senior creative producer at Splice, was found dead in her Lower Manhattan apartment on Sunday after she was fatally stabbed by a stranger who followed her from the street, up six flights of stairs and into her home. As news spread of the horrific event, friends and co-workers took to social media to remember the 35-year-old. “Over the weekend out beloved Christina Lee was senselessly murdered in her home. Our hearts are broken,” said Splice in a company statement, posted to its social media channels. “Always dedicated to making beautiful and inclusive artwork, Christina is irreplaceable. As we start to process this tragedy, we ask that you remember Christina Lee as the magical person she was, always filled with joy. We wish peace upon her family in their grief.” A gra...
The Ledger: Hits Are Great, But Labels & Publishers Seek Higher Margins Too
There’s little doubt record labels and publishers will continue to improve revenues in the coming years on the backs of streaming subscriptions, stronger internet advertising and burgeoning sectors like social media and connected fitness. But there’s less certainty about how their margins will grow as industry revenues surge. Investors and analysts are making their best guesses. During Warner Music Group’s earnings call on Tuesday (Feb 8), RBC Capital Markets analyst Kutgun Maral asked management asked if recent deals “are indicative of a greater focus on M&A” and if they “are accretive or dilutive to margins.” CEO Stephen Cooper said WMG will “be quite assertive” in seeking deals it believes can be “immediately accretive [to margins].” Lou Dickler, senior vp, controller, added that th...
Spotify Closing In on Sponsorship Deal With Barcelona Soccer Club
MADRID — Spotify is close to reaching a sponsorship deal with F.C. Barcelona, one of Europe’s leading soccer clubs, less than a year after Spotify’s founder, Daniel Ek, made an unsuccessful takeover bid for U.K. club Arsenal. According to Spanish media, a sponsorship deal could be announced as early as next week. The club says it would not comment on ongoing negotiations, which have been prompted by the fact that Barcelona’s current jersey sponsor, Rakuten, decided not to renew its agreement with Barcelona, which ends in June. Last year, Ek sought to buy Arsenal, saying that it would fulfill a childhood dream. “I’ve cheered for Arsenal as long as I can remember,” he said. But the family of Stan Kroenke, which currently owns Arsenal, rejected the Swedish billionaire’s offer, saying they wer...
EBIDTA, AOI, OIBDA, WTF? Why Companies Report Different Financial Metrics
With music companies’ fourth quarter earnings starting to roll out this week, news reports have been filled with the usual alphabet soup of accounting jargon, abbreviations and acronyms. It can get confusing, especially since some of the most visible financial metrics don’t have strict definitions. Spotify, Warner Music Group, Live Nation, SiriusXM and other companies publicly traded in the U.S. adhere to what are called Generally Accepted Accounting Principles set by the Financial Accounting Standards Board. GAAP standards allow investors to reasonably trust companies will fairly represent their business results using the same rules and language. Left to creatively interpret their own finances, companies would have different approaches to measuring their revenue, expenses and liabilities....
Executive Turntable: Warner Records Taps Commercial SVP, Stem Strengthens Artist & Label Team
Josh Remsberg was named senior vp, commercial revenue at Warner Records. The Los Angeles-based Remsberg joins Warner from Universal Music Group’s Capitol Records, where he’s served as senior vp, commerce & business development since 2020. In his new role, he’ll report to and work closely with Warner Records executive vp, promotion & commerce Mike Chester to develop and implement the label’s new release and long-term sales strategy and artists campaigns across streaming, digital and commercial platforms and accounts. Remsberg joined UMG in 2001 as an 18-year-old college representative at the University of Michigan. After graduating, he was hired as a field rep for Geffen Records in Detroit. He later worked for UMG’s distribution arm with a focus on the Republic and Motown labels. He...
