business
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...
Executive of the Week: Spotify Global Head of Editorial Sulinna Ong
As global head of editorial at the biggest music streamer in the world, Sulinna Ong has plenty on her plate — not least of which is overseeing the programming of Spotify’s playlists across genres, territories and fandoms. And this past week has been a big one for Ong and her team, as they revamped Spotify’s flagship K-Pop playlist, K-Pop ON! (온), with a new name, a massive marketing push and a focused plan for new content catered to fans of the genre that has expanded significantly around the world in recent years. And the push has already started to pay off: daily streams and listening hours for the playlists grew 40% week over week, according to Spotify, and the playlist moved into the top five of the company’s most-streamed playlists, which Ong says is “a first for the playlist and the ...
Russia Blocks Instagram Amid Widening Social Media Crackdown
(AP) — Russian regulators said Friday that internet users will be blocked from accessing Instagram because it’s being used to call for violence against Russian soldiers, in Moscow’s latest move to tighten up access to foreign social platforms. The communications and media regulator, Roskomnadzor, said in a statement that it’s restricting national access to Instagram because the platform is spreading “calls to commit violent acts against Russian citizens, including military personnel.” Facebook parent Meta Platforms, which also owns Instagram, didn’t respond immediately to a request for comment. Roskomnadzor specifically cited a Thursday tweet by Meta spokesman Andy Stone conveying a company statement saying it had “made allowances for forms of political expression that would normally viola...
Jussie Smollett Sentenced to 150 Days in Jail for Staged Attack
Jussie Smollett was sentenced Thursday (March 10) to 150 days in jail for lying to police about a racist and homophobic attack that the former Empire actor orchestrated himself. Cook County Judge James Linn sentenced Smollett to 30 months of felony probation, including 150 days in the county jail. Linn denied a request to suspend Smollett’s sentence and ordered he be placed in custody immediately. Explore See latest videos, charts and news Smollett was also ordered to pay $120,106 in restitution. Smollett loudly proclaimed his innocence after the sentence. “I am innocent. I could have said I am guilty a long time ago,” Smollett shouted as sheriff’s deputies led him out of the courtroom, capping an hourslong sentencing hearing. Ahead of his sentencing, Smollett declined to make a statement ...
Eagles of Death Metal’s Jesse Hughes Details Legal Battle Over Fiancee Tuesday Cross’ Life: ‘She Deserves to Live’
“The love of my life is going to die.” Jesse Hughes, the frontman for Eagles of Death Metal, lifts his head a few inches. Tears run down his cheeks into his handlebar mustache and beard. He drags on a cigarette. “I believe the hospital wants to end her life,” he says, shaking his head. “She deserves to live.” A few blocks away from Hughes’ home, in a private room in the intensive care unit of Dignity Health Glendale Memorial Hospital, about a 20-minute drive from Los Angeles, Hughes’ fiancée, 31-year-old Marina Cardenas — better known as EODM’s bassist and keyboardist Tuesday Cross — lies comatose. She has been in a vegetative state for approximately six weeks since an asthma attack sent her into cardiac arrest, and it has been more than a month since Hughes has seen or communicated with h...
Dovu leads HBAR Foundation’s $100M charge into climate conservation efforts
The HBAR Foundation was created last year by distributed ledger firm Hedera Hashgraph Dovu will be the first entity to receive capital from the Fund The HBAR Foundation, a charitable and independent affiliate of distributed ledger network Hedera Hashgraph has received a $100 million boost aimed at climate-focused initiatives as the firm aims to achieve sustainability. The Foundation explained that the Fund launched as there is a massive “need for greater transparency, auditability, and efficiency of industry impact on the global environment.” A climate-focused fund The Sustainable Impact Fund (SIF) will promote environmental consciousness by developing initiatives to work around carbon removal and offsets, carbon emissions, and other environment conservative activities. “We are excited to ...
Concert Business Moves From Pandemic to Endemic as COVID-19 Restrictions Lift
The live event industry fought hard to implement COVID-19 vaccine mandates and mask requirements in order to bring back shows, but with dropping cases and high inoculation rates, promoters and venue owners are steadily moving away from strict safety precautions. When Coachella announced in February that it is dropping all COVID-19 safety restrictions for its upcoming event in April, it set the stage for the entire festival season to come. Coachella producer Goldenvoice, which also runs the country music-focused Stagecoach in the same location, said both Indio events would no longer require fans to show proof of vaccination, obtain negative COVID-19 tests prior to entering or need to wear masks. Coachella — with headliners Harry Styles, Billie Eilish and Kanye West – was the first major fes...
CAA Names Hilary Krane as Chief Legal Officer
Creative Artists Agency has hired former Nike exec Hilary Krane as its chief legal officer. In her new role, Los Angeles-based Krane will oversee all legal matters, including strategic business initiatives, mergers and acquisitions and international expansion at CAA. That M&A activity includes CAA’s proposed acquisition of ICM, which the U.S. Department of Justice is scrutinizing for the impact of the major agencies’ proposed merger on the entertainment industry. The acquisition, unveiled in Sept. 2021, is looking to be completed in the second quarter of this year. “CAA’s devotion to, and consistent success for, the world’s top talent and brands unquestionably begins with its exceptional internal culture of service and collaboration. To play a role in that special environment and help ...
Influence Media Calls Tainy Catalog Acquisition an ‘Eight-Figure Deal’
Influence Media Partners, which previously acknowledged its acquisition of rights from producer/artist Tainy, has provided additional details on the deal, saying it consists of the producer’s song publishing catalog from 2005 to 2021 and includes such songs as Cardi B‘s “I Like It” featuring Bad Bunny and J Balvin; Bad Bunny and Jhay Cortez’s “Dakiti;” and Kali Uchis’ “Telepatia.” Terms of the acquisition were not disclosed, other than to describe it as an eight-figure deal. “I am happy to continue to be a part of this cultural awakening for Latino music and artists in this business,” Tainy said in a statement. “This acquisition solidifies my hard work and the power that Latin music has in the global mainstream.” Influence Media, which is backed with funding from BlackRock Alternative Inve...
Colombian Producer Bull Nene Launches New Label With Virgin
Colombian songwriter and producer Bull Nene (real name René David Cano) has launched his own record label, called God Willing, and signed a global distribution deal with Virgin Music US Latin. The Medellín-born Bull Nene, known for his work with the likes of J Balvin, Karol G, Maluma and Juanes among others, is known for his more melodic urban sound. His first signing is 23-year old Medellín native Mar Mejía, who sings a blend of soul and pop with urban beats. Mejía’s first single under the label is “Money,” a bilingual track about ambition and dreams, written by Bull Nene with Vibarco, Zenzei and Puerto Rican singer/songwriter Gale. [embedded content] Tapping an artist from Medellín and basing his new label in his hometown was a deliberate decision, says Bull Nene. “I felt it was the righ...
Sony Music Suspends Operations in Russia Over Ukraine Invasion
Sony Music Group has joined a growing list of global music companies pulling out of Russia following the country’s invasion of Ukraine. “Sony Music Group calls for peace in Ukraine and an end to the violence,” the company said in a statement on Thursday. “We have suspended operations in Russia and will continue our support of global humanitarian relief efforts to aid victims in need.” The move by Sony to suspend its operations in Russia, where it has roughly three dozen employees, follows similar actions by Universal Music Group, Spotify, YouTube, TikTok and Live Nation, among others. A source familiar with Sony’s decision tells Billboard that the company will continues to provide financial and wellbeing assistance to the impacted employees but could not elaborate further.This is a develop...
A24 Valued at $2.5 Billion USD Following $225 Million USD Equity Investment
Independent film studio A24 has confirmed a $225 million USD equity investment, valuing the company at $2.5 billion USD. According to reports, Stripes was named the lead investor for the round while its founder, Ken Fox, will be part of A24’s board. The investment group, which was co-led by Neuberger Berman, will hold less than 10% of the company. This marks A24’s first equity raise since its initial seed funding by minority stakeholders Eldridge. “A24 is a world-class brand and an extraordinary business,” Fox said in a statement. “We’ve built a relationship with the A24 team over many years and have been amazed by the breadth and impact of their iconic storytelling globally. A24 is synonymous with incredible content and it is a prime example of Stripes’ belief in partnering with founders ...
