Record Labels
Thomas Coesfeld to Succeed BMG’s Maximilian Dressendörfer as CFO
Thomas Coesfeld has been named deputy chief financial officer at BMG, effective Oct. 15. He will assume the role of CFO on April 1, 2021, succeeding Maximilian Dressendörfer, who is taking on new responsibilities at the company. Since June 2019, Coesfeld has served as chief strategy officer on the executive committee of the Bertelsmann Printing Group, a division of BMG’s parent company Bertelsmann. He also serves as CSO at Mohn Media. In his new role, he will report to BMG CEO Hartwig Masuch and Bertelsmann CFO Bernd Hirsch. Coesfeld began his career in 2014 as a management consultant at McKinsey in Munich, Germany, where he gained experience in sales and strategy with a focus on the insurance, logistics, and automotive industries. He joined Bertelsmann at the top of 2016 and spent a year ...
Executive of the Week: RECORDS CEO Barry Weiss
This week, 24kGoldn and iann dior’s record “Mood” climbed into the top 10 of the Hot 100 in its fourth week on the chart, reaching No. 8 with the distinction of top airplay and streaming gainer honors. The track, released by RECORDS/Columbia, has been boosted by an unusual multi-genre appeal, which sees it spending its second straight week at No. 1 on the Hot Rock & Alternative Songs and Hot Alternative Songs charts, while maintaining a slot at No. 5 on the Hot Rap Songs chart. And that’s helped RECORDS CEO Barry Weiss earn the title of Billboard’s Executive of the Week, for helping shepherd the song to huge gains across the board. And while this is the first top 10 for 24kGoldn, Weiss isn’t expecting it to be his last. “He’s been building through old-fashioned artist...
Executive Turntable: WMG Names Head of Investor Relations, FUGA Makes Key Leadership Hires
Warner Music Group has hired Kareem Chin as senior vp head of investor relations effective immediately. Chin arrives at WMG from iHeartMedia, where he served in the same role. Chin, whose appointment follows WMG’s recent IPO, will lead the company’s investor relations efforts and work closely with the company’s finance and corporate communications teams. He will also oversee key events, including quarterly earnings calls and attendance at investor conferences. At iHeartMedia, which he joined as it was emerging from bankruptcy, Chin developed and built out the company’s investor relations function as it explored listing options and later made its debut on the Nasdaq exchange. Prior to that, he was vp investor relations at Viacom, a role that followed over a decade in investment banking. Mus...
U.S. Recorded Music Business Still Growing (A Bit) Amid Pandemic: RIAA 2020 Mid-Year Report
The good news: The U.S. recorded-music business was still in an upswing in the first half of 2020, growing 5.6% at retail to $5.7 billion, up from $5.4 billion, continuing a trend of growth that extends back to the industry’s nadir in 2015. The less-good news: That growth, like most everything else in the music business and beyond so far this year, took a pandemic-related hit, ending a short streak of double-digit gains after a 17% boost at mid-year 2017, 10% at mid-year 2018 and 18% at mid-year 2019. Of course, percentage-based growth, by its nature, is always increasingly-difficult to improve upon, and once-in-a-generation pandemics were never going to help keep that streak alive. And within that context there’s still plenty of good news for the industry in its continued recovery amid th...
Hometown Heroes: Country Ties Emotional Messages to Physical Roots
When Big Loud singer-songwriter HARDY drove back to Nashville after a visit with his dad in Philadelphia, Miss., sometime in the last two years, his father told him to hit Play on the CD in the dash at a specific point in the journey. His father had queued up Travis Meadows‘ reflective “Mississippi,” and as the track’s storyline unfolded with every-day, familial images about “the home I couldn’t wait to leave behind,” the journey away from his hometown weighed heavily on HARDY. “I just lost it,” he says. “I completely started crying, and I started thinking about how proud I was to be from where I was from. But I don’t know why that is.” Maybe not, but HARDY — like many of his fellow country artists and songwriters...
Liz Phair Signs With Chrysalis Records for Forthcoming Album
After relaunching as a frontline label in February, U.K.-based Chrysalis Records has signed singer-songwriter Liz Phair for the release of her forthcoming album. The deal was announced Wednesday (Sept. 9). Phair’s signing with Chrysalis follows that of Laura Marling, whose Mercury Prize-nominated album Song For Our Daughter was released in April by the relaunched label in partnership with Partisan Records. A two-time Grammy nominee, Phair scored a breakthrough with her influential 1993 debut album Exile in Guyville, which finished at the top of the Village Voice Pazz & Jop critics’ poll that year. She followed it up with five more studio albums, including the Gold-selling Whip-Smart and 2003’s pop-driven Liz Phair. The latter album’s lead single, “Why Can’t I?”, netted Phair ...
BMG Posts Solid First Half of 2020, With Revenue Jumping 4.8% and Streaming Up 26%
Despite the COVID-19 pandemic, the company says it just had its best first half since launching in 2008. The pandemic-causing economic downturn didn’t slow down BMG as the music company posted a 4.8% increase in revenue to €282 million euros ($310.8 million) at the mid-year point ended June 30, up from €269 million ($303.9 million) in the year-earlier period. The music operation of German conglomerate Bertelsmann also managed to hold its own in terms of profit, posting €49 million in earnings before interest, taxes, depreciation and amortization, the same amount it had in the first half of 2019. But with profit levels holding steady while revenue grew, that resulted in EBITDA margin falling to 17.3% from 18.1% in the prior half year results. The results represent the company’s “...
RBD’s Catalog Coming Soon to All Streaming Platforms
When RBD performed their last concert on Dec. 22, 2008 in Madrid, the world said goodbye to a Mexican band that became an unstoppable force, thanks to their hit telenovela Rebelde and a series of coming-of-age pop anthems featuring members Anahí, Alfonso Herrera, Dulce María, Christian Chavez, Maite Perroni and Christopher von Uckermann. The group’s music has been hard to find as well, given its absence on streaming services. You could consider yourself lucky if you had a physical copy of one of their chart-topping albums or had attended one of their sold-out concerts around the world. But 12 years later, RBD’s catalog is set to be made available across all digital streaming platforms as of midnight Sept. 4. Why the catalog wasn’t available before is a complex story ...
With 100 Million U.S. Subscribers, Streaming Services Declare: ‘We Are Fully Part of This Industry’
The topline stats in the new “Streaming Forward” report from trade group the Digital Media Association (DiMA) are reason enough to sit up and notice. By the end of 2019, there were 99 million active streaming subscribers — procured from 87.5 million paid users — in the U.S. alone. And over the previous two years, paid subs jumped 74.6% and revenue rose 57.7%, fueling optimism for a long-suffering industry and turning streaming services, labels and publishers into hot investments. It’s no wonder Spotify’s stock is soaring and Warner Music Group had a successful IPO in the pandemic’s early days. Streaming has made music hot again. But the 43-page report, conducted by MiDIA Research for DiMA, begs the question on why they would fund such a market research study. ...
Mexican Singer-Songwriter Silvana Estrada Becomes First Latin Artist Signed to Glassnote Records: Exclusive
Mexican singer-songwriter Silvana Estrada has become the first Latin artist signed to Glassnote Records, Billboard can confirm. Joining the indie label’s roster, which includes award-winning artists like Phoenix and Mumford & Sons, the artist-to-watch signed with Glassnote following a quick visit to New York back in February. “After meeting the team, and a spontaneous performance, both parties left mesmerized,” according to a statement issued by Glassnote. “She officially joined the Glassnote family shortly after.” Born and raised in Veracruz, Mexico and inspired by artists like Billie Holiday and Sarah Vaughan, Estrada began her musical career at a young age experimenting with different instruments — both her parents were luthiers. “My music i...
Dirty Hit Launches In Australia
Dirty Hit, home to The 1975 and Wolf Alice, expands its global footprint with a new affiliate in Australia. Leading the Sydney office is Rachel Jones-Williams, who oversees label activities for the region as General Manager, Asia Pacific. Jones-Williams joins the independent music company from Sony Music Entertainment, where she most recently served as senior manager, national promotions & communications at Sony Music. Prior to that, she worked as national promotions manager at Caroline Australia, Universal Music’s label services business. Launching a new record label in a pandemic isn’t without its challenges. “It’s definitely a strange time,” Jones-Williams tells Billboard. “In a normal world we would be seeing a debut tour from Beabadoobee and The 1975 would have been returnin...
Universal Music Group Launches Youth Task Force in Honor of Civil Rights Pioneer John Lewis
Universal Music Group (UMG) has established the Youth Task Force for Meaningful Change (YTFMC), paying homage to recently deceased civil rights pioneer and U.S. Rep. John Lewis. The new initiative is an offshoot of the music company’s social justice and equality-focused Task Force for Meaningful Change (TFMC) that launched globally June 4 and is co-chaired by UMG executive vp, general counsel and Def Jam interim chairman and CEO Jeff Harleston and Motown Records president and Capitol Music Group executive vp Ethiopia Habtemariam. As outlined in a staff memo obtained by Billboard, the 24-member YTFMC is comprised of “dedicated, entry-level employees” ranging from UMG’s °1824 — a division of student employees from various college campuses, working in creative and marketing roles —...
