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BILLBOARD COUNTRY UPDATEBulletinAPRIL 13, 2020 PAGE 4 OF 19ON THE CHARTS JIM ASKER jim.asker@billboard.comSamHunt’s Southside Rules Top CountryMARCH 2, 2021 Page 1 of 22Albums; Brett Young ‘Catch’-es Fifth AirplayLeader; Travis Denning Makes HistoryYOUR DAILY ENTERTAINMENT NEWS UPDATERadio Is On Road to Recovery ButNeeds More Help From PodcastsHUNT: MICHAEL MARTIN/NHLI VIA GETTY IMAGES. YOUNG: ETHANMILLER/GETTY IMAGESINSIDESam Hunt’s second studio full-length, and first in over five years, Southside sales (up 21%) in the tracking week. On Country Airplay, it hops 18-15 (11.9 mil(MCA Nashville/Universal Music Group Nashville), debuts at No. 1 on Billboard’s lion audience impressions, up 16%).SoundCloudWillTop CountryAlbumschart dated April 18. In its first week (ending April 9), itPayIndependentearned46,000equivalent album units, including 16,000 in album sales, ac- TRY TO ‘CATCH’ UP WITH YOUNG Brett Young achieves his fifth consecutiveBYtotalG LCountryENN P EOP L ESNo. 1 as “Catch” (Big Machine Label Group) ascendsArtistsBasedMusic/MRConcordingto unt’s second No. 1 on the2-1, increasing 13% to 36.6 million impressions.chart andStreamsfourth top 10. It followsfreshmanLPYoung’sof sixonchartentries,WithOnlyin a pandemiccould a business have boundcompanies hadmixedfirstresultsWallStreet“Sleepon theMontevallo, which arrived at theingsummitin No-after losing a fifth of its reveout You,”reached No.2 in December2016. Heoptimismdays followingtheir earningsreleases:iHeartMedia Maestrovember 2014 and reigned for nine weeks. To date,followed with the multiweek No. 1s “In Case Younue in one year. That’s radio in 2021 as companies dug shares fell 7.2%before recovering 2.6% the followingLivestreamingMontevallo has earned 3.9 million units, with 1.4Didn’t Know” (two weeks, June 2017), “Like I LovedPlatform Raises ,Cumulus’ssharebarelyandEntermillion in album sales.You” ustFrom Sony Music,closurescom Communications’sharesplummeted23.9%Montevallo has spent 267 weeksbyonstorethe list,tying and stay-at-home orders across the2018) and “HereTonight”(two, April2019).oneTwitch’s Kevin Lin &Luke Bryan’s Crash My Party as ngestNo. 1,country.day and fell anotheron the— journey27.4% intototal.Morerunning titles in the chart’s 56-yeariHeartMedia’shistory.havingtaken 46weeksto reach theIt out2020 revenue was 2.95 bilEach of theseleadingradiocompaniesareapex.managOnthe all-genreBillboard 200, Southside arpaces the 30-week climb of “Here Tonight.” InterimGrammylion, down 20% from 3.68 billion in 2019, accordinging expectationsfor the future differently. After a yearrivesat No.5, awardingOn Hot Country Songs, “Catch” pushes 7-5 forChiefHarveyMasonHunt his second top hursofsocialdistancing,“pent-up consumer demand” andafter theNo. 3-peakinga new high.Jr. ExpectsNew Montevallo.day.Thatdeep loss is secondary to the improvements“an economic bounce-back” will drive iHeartMediaHuntfirst releasedthe EP X2C,whichdebutedRecordingAcademyand peakedat No.Albumsin August2014.AlthoughFollowingrevenuesCOMBSIT ade overthe year,however.for‘DOES’ salesbackto 2019levelsby totheendof 2021,president,CEO byMay5 on Top CountryMontevallo, Between the Pines: theAcousticMixtapestartedat coveringits No. 7 highin Nashville),ascends11-8 onCountryAirplay,up 10% tofourthquarterperiodOctoberthrough featuringCOOEricandChurch,CFO RichBresslersaidduringiHeartMe MichaelGudinski,November2015.24.7 million in audience. The song is Combs’ eighth straight career-openingDecember were 9% lower than a year earlier ( 1.03dia’s earnings call on Thursday.LegendaryproducedAustralianMontevallofive singles, four of which hit the pinnacle of Country top 10, following a record run of seven consecutive out-of-the-gate, properlybillioncomparedto 936million),theywereanNot so fast, said Cumulus CEO Mary Berner in theIndependentMusicAirplay: “Leave the Night On,” “Take Your Time,” “House Party” and “Make promoted No. 1 singles.Diesimprovementfromthe2.47% and 29% deficits inthe adds hiscompany’sThursdayYou Entrepreneur,Miss Me.” “BreakUp in a SmallTown” peakedat No.Church15th CountryAirplayearningstop 10. call. Despite the upat 68 all 12 songssecondHunt co-pennedon Southside,including“BodyLike a Backand thirdquarters,respectively.swing from a miserable second quarter, “we’re not outRoad,” whichreleased in 2017.Theupwardsmash hitruled CountryAirplayTHATTOOK QUITE‘A FEW’MONTHSTravisDenningshatters the record forThetrajectorymakessense:forjust asradioof thepandemicwoodsyet,”she said.After wasSellingthreeweeks andthe airplay-,streaming- and sales-based Hot Country Songs the most weeks it has taken to penetrate the Country Airplay top 10 as “AfterSpinnin’Recordsforcompanies quickly took a hit when the economy sankBeasley Media Group CEO Caroline Beasley ofchart 100M,for a then-record34 frames. It now ranks second only to Bebe Rexha and a Few” (Mercury Nashville) climbs 12-10 in its 57th week, up 4% to 21.4 milEelko dtempered optimism, saying broad vaccine disFloridaGeorgia“Meant to Be” (50 weeks atop the latter list in 2017-18).lion in radio eachedNos.1415songsurpassestwo willtracksthat took50 normalizedweeks each torevenueenter thelevels”top 10:Is Influencerson Hot Country Songs and CountryAirplay,respectively,in June2018.“KinEastonCorbin’slater“A GirlLikeyear.You,” which reached No. 10 in January 2018 bequarterrevenuewas down13.9%yearover year.Enin the T.I.Tiny Harrisfolks”ledandCountryAirplay on Feb.29, becomingseventhNo.1. It hitfore peaking at No.The6 thatbrightFebruary,Aaron ll 19%in thefourthquarter,spotandthroughoutthe pastyearStyle,”has beenNo.Hit3 onWithHot DefamationCountry Songs.achieved its No. 10 high in December 2017.slightly better than the 22.8% annual decline.podcasts’ continued growth, which is expected to playLawsuitLatest single“Hard to Forget” jumps 17-9 on Hot Country Songs. It’s his“After” is Denning’s second Country Airplay entry. “David Ashley continued)eighth top 10, having corralled 8.2 million U.S. streams (up 96%) and 5,000 inFrom Powder Springs” traveled to No. 32 in September 2018.

Page 3 of 22IN BRIEFa key role in these companies’ recovery.At iHeartMedia, 99.8% growth in podcasting revenue helped digital revenueimprove 53% in the fourth quarter. Cumulus’ 12% growth in digital sales was “ledby podcasting growth of nearly 40%” in2020, said Berner. Its stable of podcasters — including political commentators BenShapiro and Mark Levin, both in Apple’stop 10 podcasts in January — have Cumulus’ podcast revenue “pacing up nearly 30%”in the first quarter of 2021, she said.For an industry needing to expand its digital footprint, podcasts’ double-digitgrowth creates an attractive narrative forinvestors.In dollars and cents, however, podcastsare a small part of radio companies’ totalrevenue. Broadcast radio is still iHeartMedia’s cash cow, bringing in 2.2 billion,or 54.5% of 2020 income. iHeartMedia’spodcasts accounted for 4.5% of fourthquarter revenue, and even though it grewby 21 million in fourth quarter, it was overshadowed by non-digital revenues’ 150.2million decline. For the entire year, iHeartMedia’s 101 million of podcast revenue marked a 91% improvement from 2019but was only 3.4% of total revenue. The keyhere is the growth potential, although it’squestionable whether it can ever come closeto broadcast revenue: U.S. podcasting revenue will grow 45% to 1.13 billion this year,and climb to 1.33 billion in 2022, accordingto eMarketer — but that’s still just a fraction of the 18 billion broadcast radio market.To their credit, radio companies are focused on building podcasting businessesfrom the ground up and making thempriorities, despite their relatively small financial impact. They have not fallen into an“innovator’s dilemma” by focusing ontheir core businesses at the expense of asmall but important product. iHeartMediahas spent about 350 million to build a techand advertising business to support its podcasts: It will acquire Triton Digital for 230million, and previously purchased Voxnest,cloud-based audio platform Radiojarand podcast creator Stuff Media. For its part,Entercom spent “under 50 million” on twopodcast creators, Cadence13 and Pineapple Street, said CEO David Field duringits Wednesday earnings call.Outside of radio, some companies haveturned podcasts into an arms race: Spotify,for instance, has spent hundreds of millionsof dollars on podcast content creators, hosting and advertising platforms, and licensing– in 2019 it paid more than 100 million tobe the exclusive home of The Joe Rogan Experience. Few companies have such a largewallet. In a nod to Spotify’s podcast spending spree, Frank Balboa-Lopez, CFOat Cumulus, said it will grow its podcastingbusiness “organically and profitably.” WhileCumulus looks at deals being shoppedand are open to “smart acquisitions,” hesaid, the radio company “made our bet onpartnership arrangements with our talent asopposed to going out and spending a lot ofmoney on I.P. or infrastructure.”For all their digital growth, radio companies survived 2020 with old-fashioned costcutting. iHeartMedia had three roundsof layoffs last year and created a plan tosave 250 million through cost-cuttingand “modernization initiatives,” such asprogrammatic ad sales. Operating expenses did fall 229.8 million in 2019, accordingto iHeartMedia’s financial reports. Bresslersaid 100 million of annual savings willbe permanent after the pandemic, citingcentralized resources, reduced hiring andchanges in real estate needs, among otherfactors. Cumulus will continue the costcutting efforts that saved 90 million in2020, and Entercom lowered expenses 100million over the year.DECISIVE INTELLIGENCE.DELIVERED DIGITALLY.DIGITAL NEWSLETTERSCLICK HEREFOR FREEDELIVERY

20215TH ANNIVERSARYRaleigh Music Group was founded in 2016 by industry veteranpartners Peter Raleigh and Steven Storch. The company isheadquartered in the heart of Times Square, NYC with offices inLos Angeles. In its first five years has experienced remarkable globalgrowth and expansion.The boutique music publishing company attributes its success to its“client first” approach to music publishing – delivering a high touch,high service experience to a select roster of music publishing clientsit represents. The company has benefitted from the support ofSusan Aberbach, an owner of the Elvis Presley catalog and an earlystage investor.Raleigh’s client services are provided by A&R staff in NY and LA, asynch licensing team with strong relationships in the film/tv,advertising and gaming industries, and a first-class copyright androyalty administration department.The company’s best in class global sub-publishing partner networkincludes Budde, Café Concerto, Peer Music, Native Tongue, SupremeSongs, Schubert, Cloud 9, GL Music, Clippers, Som Livre, Nichion,Geoff Paynter Music, Fujipacific, IDM, Pelikan and others.Raleigh represents numerous iconic catalogs and songs includingElvis Presley’s “Can’t Help Falling in Love”, “A Little Less Conversation”,and “All Shook Up”, George Gershwin’s “Summertime”, “Let’s Call theWhole Thing Off” and “They Can’t Take that Away from Me”, TheTokens, “The Lion Sleeps Tonight”, Gregmark Music’s “StormyMonday”, Anthony Newley’s “What Kind of Fool am I” and numerousother classics. The company also represents the classic catalogs ofBo Diddley, America, Anthony Newley, Willy (Mink) Deville, Lords ofthe Underground, Trax Records, and many others.As Raleigh’s reputation has grown, the company hassteadily built a contemporary roster of songwriters, artistsand producers and now publishes songs performed by orfeaturing superstar artists including: Ariana Grande, ChrisBrown, Kid Rock, Madonna, John Legend, Lil Uzi Vert, A APFerg, Cardi B, A Boogie, Snoop Dogg, Trey Songz, Lil Durk,Busta Rhymes and film and tv composers Randy Edelmanand Rick Marotta.Please join Billboard in congratulating Raleigh Musicgroup’s 5th Anniversary.CONTACTSJoe Maimone201.301.5933 joe.maimone@mrcentertainment.comLee Ann Photoglo615.376.7931 laphotoglo@gmail.comCynthia Mellow615.352,0265 cmellow.billboard@gmail.comMarcia Olival786.586.4901 marciaolival29@gmail.comGene Smith973.452.3528 eugenebillboard@gmail.comDebra Fink213.448.5157 debra.fink@mrcentertainment.comRyan O’Donnell 447843437176 ryan.odonnel@mrcentertainment.comISSUE DATE 3/13 AD CLOSE 3/3 MATERIALS DUE 3/4

Page 5 of 22IN BRIEFSoundCloud WillPay IndependentArtists Based onListeners, NotStreamsBY MICAH SINGLETONOn SoundCloud, it’s no longerabout how many streams youhave – it’s about how many fansare streaming you.Starting on April 1, SoundCloud will change the way it pays independent artists, becoming the first majorstreaming service to implement a so-called“user-centric” payment system.The move to offer what the audio-sharingplatform is calling “fan-powered royalties,” which Billboard broke news of lastmonth, marks a watershed moment for themusic business. Until now, rights holders have collected streaming revenue basedon a pro-rata model, which pools subscriber revenue and then doles out earningsbased on the rights holders’ share of totalstreams.Effectively, if Taylor Swift gets 5% of allstreams on Spotify in June, she and herlabel will get 5% of your monthly subscription fee, even if you never listened to oneof her songs. But support has been swelling for a user-centric payment system,which would allow artists to get paid basedon how many fans listen, instead of howmany streams the artist accrues.Under SoundCloud’s “fan-powered” model, if a user paying 10 a month onlylistens to five artists, those five artists willget an equal split of that 10 — after SoundCloud takes its cut — no matter how manytimes the user listens to each of them.“Many in the industry have wanted thisfor years,” Michael Weissman, SoundCloud’s CEO, said in a statement. “We areexcited to be the ones to bring this to marketto better support independent artists.SoundCloud is uniquely positioned to offerthis transformative new model due to thepowerful connection between artists andfans that takes place on our platform. As theonly direct-to-consumer music streamingplatform and next generation artist services company, the launch of fan-poweredroyalties represents a significant move inSoundCloud’s strategic direction to elevate,grow and create new opportunities directlywith independent artists.”Artists signed to the three major recordcompanies, however, won’t see their SoundCloud payments change next month, because of the licensing deals SoundCloud already has in place with those labels. Thestreaming company would need to renegotiate those agreements in order to bringits fan-powered model to the full lineup ofartists on its service.In fact, the fan-powered royalties willonly apply to artists who upload theirmusic directly through one of SoundCloud’smonetization programs: Premier, Repost,and Repost Select. SoundCloud says ithas “nearly 100,000” independent artists earning money through those threeprograms. Indie artists who don’t participate in those special plans will still get paidunder the standard pro-rata model.SoundCloud tells Billboard that nearly20% of its payouts to the recorded music industry are made to independent artists whoupload through SoundCloud. The companyexpects revenue to go up for smaller andmid-sized artists under the new paymentscheme, but the biggest indie artists undertheir direct upload programs are expectedto see a decrease in revenue.If implemented widely across streamingservices, the user-centric payment system would likely lower streaming revenuefor streaming superstars like Swift and BTS,whose fans have conducted coordinatedstreaming campaigns to push those artist’sreleases to the top of the charts with astronomical first-week streaming totals.Under the current pro-rata system,those massive streaming numbers resultin a larger payout for the rights holders of those songs; under a user-centricpayment system, the payout would depend more on the size of the fan club.The move could also prevent stream-ing scams that take away money from legitimate artists and rights holders. Under auser-centric model, a single account holder streaming the same song 100,000 timeswouldn’t have much impact, outside of thesingle user’s subscription fees going directlyto the song’s creator.MaestroLivestreamingPlatform Raises 15M From SonyMusic, Twitch’sKevin Lin & MoreBY TATIANA CIRISANOMaestro, the white-labellivestreaming platform whichpowered Billie Eilish’s WhereDo We Go? The Livestream payper-view concert in October, has raised 15million in Series B funding to forward itsmission of building the creator economy.Sony Music Entertainment, Chineseinternet technology giant NetEase andTwitch co-founder Kevin Lin are among thenew investors, along with Acronym VentureCapital, Stadia Ventures and Moonwell Capital, the investment firm founded by formerActivision Blizzard video game companyexecutives Michael and Amy Morhaime.The round boosts Maestro’s total fundingraised to date to 22 million.“The Billie Eilish stream was a majormoment — it [proved that] we could doa stream that big,” Maestro founder andCEO Ari Evans tells Billboard. “From there,more of the music industry said, ‘We’regoing to see the dam break, and a lot moretalent is going to be open to doing this.’ Thathas certainly happened.”Founded by Evans in 2015, Maestro allowsartist and brand clients to build customlivestream experiences hosted on the website of their choosing, with the ability to addaudience engagement tools like chat boxes

2 0 2 1TOP MUSIC LAWYERSBehind every artist, songwriter and music producer is a trusted group of advisers who provideguidance, advice and negotiate deals. Billboard’s6th annual Top Music Lawyers list will recognizethe biggest names and most prominent legalminds in the world of music andentertainment law. They are the deal makersbehindthe major contracts and lawsuits in the musicindustry.This feature will also include a round-up of top lawschools attended by the notable alumni on theTop Music Lawyer list.Please join Billboard in congratulating this year’smusic power lawyers. Advertise and position yourlaw firm to the decision makers in the industry whoare always in need for the best legal counsel.CONTACTSJoe Maimone201.301.5933 joe.maimone@mrcentertainment.comLee Ann Photoglo615.376.7931 laphotoglo@gmail.comCynthia Mellow615.352,0265 cmellow.billboard@gmail.comMarcia Olival786.586.4901 marciaolival29@gmail.comGene Smith973.452.3528 eugenebillboard@gmail.comRyan O’Donnell 447843437176 ryan.odonnell@mrcentertainment.comISSUE DATE 4/3 AD CLOSE 3/24 MATERIALS DUE 3/25

Page 7 of 22IN BRIEFand calls to action, and even integrate theirmerchandise stores thanks to a partnership with Shopify. Maestro charges creatorsin tiers based on usage, generally taking acut of ticket sales plus a platform license fee.After the pandemic-induced touringshutdown motivated the music industry toexperiment with livestreaming, Evans saysthat Maestro more than tripled revenuein 2020, grew its team fivefold in the lastsix months and has paid out “millions ofdollars” to creators who use its monetization tools (pay-per-view, subscriptionsand e-commerce). Clients include artists like Melissa Etheridge (whose subscription-based livestream series throughMaestro was reportedly raking in 50,000a month in August), Erykah Badu, SamSmith and H.E.R., along with companieslike Epic Games, Microsoft, ViacomCBS,Unive

MARCH 2, 2021 Page 1 of 22 Sam Hunt’s second studio full-length, and first in over five years, Southside (MCA Nashville/Universal Music Group Nashville), debuts at No. 1 on Billboard’s Top Country Albums chart dated April 18. In its first week (ending April 9), it earned 46,000 equivalent album units, including 16,000 in album sales, ac -

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