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‘The Outsiders’ Hits No. 1 on Billboard’s Cast Albums Chart
Keith Caulfield (27/07/2024)
The 2024 Tony Award-winner for best musical re-enters the chart at No. 1.
A month after The Outsiders: A New Musical took home four Tony Awards, including best musical, the original Broadway cast recording of the show hits No. 1 on Billboard’s Cast Albums chart. The set re-enters the July 27-dated chart at No. 1, following the album’s CD release. The album had previously been available to purchase only as a digital download, initially peaking at No. 4 on the June 1 chart.
Billboard’s Cast Albums chart ranks the top-selling cast recordings of the week in the U.S., based on traditional album sales, according to data tracking firm Luminate.
The album, released via Masterworks Broadway/Sony Masterworks, could see an additional sales boost in the coming weeks, as it is slated for release on vinyl on Aug. 9.
The Outsiders, with music and lyrics by Jamestown Revival (Jonathan Clay and Zach Chance) and Justin Levine, opened at the Bernard B. Jacobs Theatre in New York on April 11 and has scheduled performances through January 2025. The show is based on the S.E. Hinton novel and the 1983 film of the same name.
At the June 16 Tony Awards, of its dozen nominations, The Outsiders brought home the awards for best musical, best direction of a musical (Danya Taymor), best lighting design of a musical (Brian MacDevitt and Hana S. Kim) and best sound design of a musical (Cody Spencer). Among the show’s nominations were a trio of nods for actors Brody Grant (best performance by an actor in a leading role in a musical), Joshua Boone and Sky Lakota-Lynch (best performance by an actor in a featured role in a musical).
How HYBE’s IPX Business Unit Brought a Unique Aspect of K-Pop Fandom to the Paris 2024 Olympics Games
Jeff Benjamin (27/07/2024)
With "Fighting" by SEVENTEEN's BSS and Lee Young-Ji as Team Korea's official cheer song, South Korean athletes will also be supported by glowing light sticks.
If you’ve ever attended a K-pop concert, holding an artist’s official “light stick” is a crucial aspect of the viewing experience. At the Paris 2024 Olympics Games, Team Korea will embrace this special aspect of K-pop super fandom with its own light sticks, an official cheer song, and more in partnership with industry leader HYBE.
Usually a handheld device with a plastic tubing and a glowing top, light sticks aren’t one-time-use glowsticks but are personalized for each act with specific colors, markers, and designs that become a way for fans and artists to enjoy the live experience together. BTS has an “ARMY BOMB” light stick with a black stand and clear globe atop that can represent said “bomb” and glow a spectrum of colors in rhythm to the group’s music thanks to Bluetooth technology. An artist revealing an official light stick is considered an important career step and signals upcoming concerts.
While HYBE just unveiled the light stick for one of its newest boy bands, BOYNEXTDOOR, less than six months ago, the company’s business unit, HYBE IPX, has been simultaneously in conversation with the Olympic Games to bring its technology to inspire similar fandom to Paris. The company will provide specially designed “Team Korea Light Sticks” to support South Korea’s national team competing in the games. Designed with inspiration from the Olympic torch and stadium, the light sticks utilize the same tech and expertise at HYBE artists’ concerts to change colors and glow in sync with chants.
“Centralized control is the most outstanding technology that differentiates us from others,” explains Seung Suk Rhee, President of HYBE IPX, in an exclusive interview with Billboard. “Simply put, we can easily control light sticks dispersed in a large space from a centralized console box. We can make variations according to the occasion, starting from K-pop concerts to theme park rides.”
The newly unveiled light stick for Team Korea coordinates with this year’s official cheer anthem, “Fighting,” by SEVENTEEN’s BSS and Lee Young-Ji, which comes with its own accompanying challenge.
“It’s going to be incredibly moving to see the large crowd coming together with one spirit, singing our song in unison to cheer for the athletes,” BSS tells Billboard in a statement. “We’re very proud and honored that ‘Fighting,” featuring Lee Young-Ji, could contribute to the excitement for Team Korea athletes at such a historic sports festival.This is all thanks to [our fans] CARATs, who have shown so much love for the song since last year, and we’re once again filled with gratitude for our fans. Through the song’s energetic beat and fun lyrics boosting the passion and enthusiasm for cheering, we hope to pass on BSS’ positivity and energy to Team Korea athletes. We’re rooting for them all the way to enjoy their moment and achieve their goals with all our hearts.”
Speaking more about how the K-pop light stick made its way to the Olympics and where it can go next, read on for more with HYBE IPX President Seung Suk Rhee.
When did the opportunity to create light sticks for Team Korea come about?
Starting early summer last year, with the Olympic Games Paris 2024 generating significant global momentum, we explored ways to integrate this event into HYBE. We decided that introducing light sticks would be ideal, as they represent the concept of “cheer” and “support” which is equally crucial for both music fans and sports enthusiasts. We approached the Korean Sport & Olympic Committee with this idea and found a mutual understanding to lead the cheering culture, setting sail on the light stick project.
The most crucial factor was the design. We couldn’t just create any light stick but had to come up with a design that symbolizes our country as the national flag, Taegeukgi, does. To maintain the unique shape of a light stick while making it instantly recognizable as a national flag, we incorporated motifs of a torch and a stadium into the final design.
The design is centered on a simple white aesthetic with a shape that echoes a torch or a flame. The light rays, which change colors or flash with each button press, are inspired by the Olympic symbols — including the five circles of blue, red, yellow, green, and black. Since black cannot be produced with light, we replaced it with white, the background color of the Olympic flag, and added a touch of gold, inspired by the logo of the Olympic Games Paris 2024. Considering a design that reflects the identity of the Olympics, we also ensured that it blends in with Team Korea’s official uniforms.
What should fans and viewers look out for when the light sticks are televised Opening Ceremony?
Personally, what makes it even more exciting, is that it will be the first time that HYBE’s light stick will be showcased in front of a worldwide audience of each and every nationality. Since Team Korea athletes will make an entrance to the Opening Ceremony holding Team Korea Official Digital Flag, we hope to contribute to spreading out the Olympic spirit, even if it is in the slightest way possible.
The light stick carried by Team Korea athletes features the Korean flag attached to the Team Korea Official Light Stick, standard version provided to the Korean audience. Firstly, we wanted to strengthen the connection between the athletes and their fans. Secondly, we aimed for it to represent the Taegeukgi in a new form rather than just being a light stick. That’s why we also named it the Team Korea Official Digital Flag.
What was the most challenging part of creating this opportunity?
All members part of my team have been working on this project with great gravity. Of course we’ve experienced pressure coming from the magnitude of the event, even with concerts hosted by HYBE artists in arenas. However, this is the first time that we will be putting out our light sticks in front of the world to see. Even more so, this will be the first time that Team Korea athletes will be holding a light stick instead of an ordinary national flag at the Opening Ceremony of the Olympic Games. We hope that our light sticks can contribute to igniting the Olympic spirit amongst Team Korea.
How did discussions to bring SEVENTEEN’s BSS and their song “Fighting” as the official cheer song for Team Korea come together?
BSS’ “Fighting,” featuring Lee Young-Ji, emits the most fitting message and the mood for a festive event, especially when the athletes need all the support that they can get. We wanted to keep the excitement going throughout the Olympic Games Paris 2024 for Team Korea, and make it a song that the fans will remember for years to come. We will be playing “Fighting” as one of the cheering anthems at Korea House in Paris, where the cheering event for Team Korea will take place.
What does an opportunity like this say about K-pop and K-pop fandom?
At HYBE, we don’t see K-pop fans and sports fans as different. We believe that fandoms, whether they’re for sports, games, movies, anime, or theme parks, share a common core “passion.” While they may look different on the outside, they are all driven by the same heartfelt desire to cheer for and support something or someone they love. Whether sports fans wear jerseys and chant slogans, or K-pop fans wave light sticks, they are sending the same message: “I support you.” From this perspective, we realized that we could create a new form of cheering culture by introducing HYBE’s light stick to the sports world. We believe that fans are constantly evolving by actively participating and sending their energy to artists and athletes in various ways.
HYBE IPX first extended this tech beyond music with the Korean esports team T1 for the League of Legends Champions tournament this summer. How did this idea come to be?
It’s been long since we have been preparing for an outbound project that could showcase our light stick technology to a wider audience, even beyond the music industry. With this in mind, we’ve been discussing new opportunities with partners in various fields. We’re currently discussing various collaborations for a long-term partnership, the first of which is the T1 OFFICIAL LIGHT BAND that was first showcased at T1’s “Home Ground” event in late June. HYBE’s production team helped direct the light bands throughout the event.
Can you share more about HYBE IPX and your role in the company?
HYBE IPX is a business unit that focuses on creating boundless opportunities based on artist IP and delivering fresh experiences to fans. We develop official merchandise for events like tours and birthdays, offer licensed products that bring artist characters and IP into everyday use, and host global pop-up stores that provide fans with unique and immersive experiences. HYBE’s light sticks, now expanding into sports and esports beyond music, are designed, produced, and supplied by HYBE IPX, the mastermind behind the light stick technology.
In addition, HYBE IPX spearheads the planning and execution of collaborative IP projects with multiple labels and other business units within HYBE, including BTS 10th Anniversary FESTA in 2023 and “THE CITY” projects…SEVENTEEN ‘FOLLOW’ THE CITY BANGKOK in 2023, with another exciting edition coming soon in August at ENHYPEN World Tour “FATE PLUS” THE CITY JAKARTA. Brand ambassadorships, commercials, and various partnerships involving HYBE artists are also part of our business.
As the leader of the organization responsible for these various initiatives and projects, I’m fully committed to ensuring that fans have an exceptional experience with the artists they love, as well as creating opportunities for them to connect and enjoy memorable experiences together.
HYBE said, “With this original light stick system, HYBE aims to extend the K-pop-originated innovations to festivals and arenas worldwide.” Can you explain this more?
I’m sure you’ve been to concerts hosted by K-pop artists or labels. The moment you step foot in the arena, you’ll see fans waving light sticks to support their favorite artists. It is a special culture and technology nurtured within the K-pop industry. “Superfans,” which may be the most trending keyword in the music industry these days, are not limited to the music industry, but they also exist in other industries such as sports, esports, and animation. We’ve witnessed K-pop fans crying, laughing, cheering in happiness [while] raising their light sticks up high. We wish to extend this stirring moment to worldwide fans, no matter who their favorites are.
From the executives interested in this technology to the fans who buy and use light sticks, what else do you want readers to know at this time?
At HYBE, we believe that light sticks are more than just a tool for cheering. It is a way that fans use to show their support for their favorite artists, and athletes, and a medium to create a sense of fellowship with other fans and a “fan culture” that has ripened over time. It’s also a way for fans to take part in stage performances or events and interact with other fans as well as the artists who are on stage. Cherishing the value, we will continue to make efforts to further expand the K-pop originated light stick culture to various areas.
Sony Music Receives $700M from Apollo Global for Music Investments
Glenn Peoples (26/07/2024)
Apollo is the financial backer of Sherrese Clarke Soares' HarborView Equity Partners.
Investment giant Apollo Global Management is backing Sony Music Group to the tune of $700 million to help the company fund music acquisitions, it was announced Friday (July 26).
The deal could provide the financial assistance needed for Sony’s planned acquisition of Queen‘s recording and music publishing catalogs. Sources have told Billboard the band is seeking $1.2 billion for its catalogs and ancillary income streams, and Bloomberg reported in May that Sony Music was working with another investor on the deal.
“We are pleased to provide a bespoke capital solution to an affiliate of one of the world’s leading companies,” said Apollo partner Jamshid Ehsani in a statement. “This investment allows our clients to invest in high grade securities while helping Sony to execute its business plans.”
Apollo, which has $671 billion of assets under management, isn’t a newcomer to music intellectual property. The firm is the financial backer of HarborView Equity Partners, an investment firm launched in 2021 by Sherrese Clarke Soares, co-founder and former CEO of Tempo Music. In 2011, Apollo acquired CKx, Inc., the owner of American Idol and So You Think You Can Dance producer 19 Entertainment.
Music companies occasionally partner with financial companies to acquire catalogs. In fact, Sony has taken this route before: In 2021, the company joined with Eldridge to pay $500 million for Bruce Springsteen‘s recorded music and publishing catalogs. (Eldridge is an investor in Billboard‘s owner, Penske Media Corporation.) In 2023, Shamrock Holdings joined Universal Music Group’s $200 million acquisition of some income streams and music assets of hip-hop producer and artist Dr. Dre.
Team USA Merch You Need for the 2024 Summer Olympics: Shop Now
Lilian Gonzalez (26/07/2024)
Shop must-have summer Olympics merch now and get ready for the big games running from July 26 to August 11.
All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes.
The 2024 Summer Olympics Opening Ceremony is here! After much speculation on who would perform, we finally got answers. Lady Gaga was the first performer to hit the stage at the opening ceremony belting out French song, “Mon Truc en Plumes” in Paris on Friday (July 26). Celine Dion also delivered a show-stopping performance of Édith Piaf’s “Hymne A L’Amour.” As the festivities and games kick off, gear up to show your support and celebrate Team USA in style. Check out top apparel picks from QVC, Pacsun, Ralph Lauren, Nike, Amazon, Walmart, Skims, Old Navy, and Target.
Whether you’re gearing up to cheer for your favorite athletes or simply soaking in the excitement of one of the world’s most prestigious sporting events, you’ll be able to show your Team USA pride with a range of options including tanks tops, lightweight jackets, hats, and more.
If you’re shopping on Amazon, consider taking advantage of all Amazon Prime has to offer and sign up for a 30-day free trial, which also comes with access to Prime Video, Prime Gaming and Amazon Music. And to help make sure you get your beauty essentials, being a Prime member means you get fast, free shipping in two days or less with Prime Delivery. Want free shipping? Join Walmart+ for free for the first 30 days. The membership includes free shipping and free delivery from your local store, free Paramount+ and so much more!
How to Stream Summer Olympics 2024
Subscribe to Peacock to catch all the action from the 2024 Paris Olympics. Once subscribed and logged in, visit PeacockTV.com/Olympics via the web browser or install the Peacock app on your phone, tablet, or TV device.
Although there is no free trial available for new users, Peacock provides budget-friendly options with plans starting at $5.99/month.
For more product recommendations, check out these maxi dresses for the summer, alternative tank tops, and this Outdoor Propane Griddle to celebrate the upcoming game days.
Halsey’s “Lucky” Interpolates Britney Spears & Monica | Billboard News
Katie Cao (26/07/2024)
Halsey released “Lucky” and she interpolated the track with Britney Spears’ “Lucky” and Monica’s “Angel Of Mine.” Keep watching to see what she said about the track. Tetris Kelly: Halsey interpolated Britney Spears and Monica on their new track “Lucky” and Britney’s reacted let’s take a listen. Halsey has said of the original Britney classic, […]
Halsey released “Lucky” and she interpolated the track with Britney Spears’ “Lucky” and Monica’s “Angel Of Mine.” Keep watching to see what she said about the track.
Tetris Kelly:
Halsey interpolated Britney Spears and Monica on their new track “Lucky” and Britney’s reacted let’s take a listen. Halsey has said of the original Britney classic, “I remember the first time I heard her sing ‘Lucky’ and it hit me at such a young age that I had no idea what her life was really like. And that feeling resonates with me so much still. I found myself singing it when I started treatment. And then I knew I had to do it.” And now that the song is out, Halsey said in the fan q&a, “I wrote her the longest , sappiest letter of all time, and she was so nice.” We’re sure she was. Britney is a queen. The song also interpolates Monica’s “Angel Of Mine.”
Babyface Ray Has Too Much Paper to Count in ‘Rubberband Man’ Video
Angel Diaz (26/07/2024)
The Detroit rapper says his fourth studio album is on the way.
Detroit’s Babyface Ray is one of the smoothest rappers doing it and luckily for us, he set to drop a new project. Yesterday, he posted the trailer for this video on his Instagram account and ended the caption with “album coming soon.”
Directed by Gerard Victor, “Rubberband Man” — a nod to T.I.‘s 2003 hit record of the same name —opens with a Blow reference as Ray is in an apartment with so many boxes of cash, he doesn’t know where to store a box that’s in his hand. He also counts bread with fellow Detroit rappers, Samuel Shabazz, Peezy, and Boldy James in a kitchen and burns a stack of $100s after what looks like a successful score.
Speaking of scores, Big Treeze’s production gives this a sleek ’80s action TV series feel (think Knight Rider) as Babyface nonchalantly tells the listener and his foes to get their money up. “I got conversation pieces, so I let my wrist show,” he raps. He then refers to himself as “Mr. Put-That-Sh—t-On” and “Mr. Go-And-Get-That-Bag-And-Show-These-N—s-How-To-Do-It,” and brags about his vintage whip, “Candy on the Old School, look just like a Prada shoe.”
Babyface Ray has been active this year. He’s dropped a bunch of loosies and has been on a handful of features, most notably with Lil Yachty on YG‘s single “Stupid” in an unlikely pairing that was so crazy, it worked.
There’s still no word on an album title, tracklist, or release date for this upcoming project, so we’ll keep you posted.
The Detroit rapper’s last album, Summer’s Mine, dropped in July of 2023.
Britney Spears Deletes Post Saying She’s ‘Upset’ About Halsey’s ‘Lucky’ Video: ‘Fake News’
Rania Aniftos (26/07/2024)
In the clip, Halsey juxtaposes the musical dreams of her inner child with the realities of fame.
Update: Britney Spears took down her post, adding that it was “fake news” and she wasn’t the one who posted it.
Britney Spears took to social media on Friday (July 26) to share her disappointment over Halsey’s music video for her new single “Lucky,” which interpolates Spears’ 2000 song of the same name, as well as Monica’s “Angel of Mine.”
”For obvious reasons, I’m very upset about the Halsey video,” Spears wrote in a statement posted to X. “I feel harassed, violated and bullied. I didn’t know an artist like her and someone I looked up to and admired would illustrate me in such an ignorant way by tailoring me as a superficial pop star with no heart or concern at all.”
Spears added that she will be reaching out to her lawyers, before concluding, “It feels illegal and down right cruel.”
In the music video, Halsey juxtaposes the lonely and sometimes superficial aspects of fame with the musical dreams of her inner child, as well as the health problems they actively face.
“I shaved my head four times because I wanted to/ And then I did it one more time ’cause I got sick,” she sings on the track. “I left the doctor’s office full of tears/ Became a single mom at my premiere/ And I told everybody I was fine for a whole damn year/ And that’s the biggest lie of my career.”
The video also finds Halsey modeling a crystal bodysuit to parallel Spears’ “Toxic” visual and smiling for paparazzi on a red carpet. She later removes the bright pink wig she’d been wearing throughout the visual to reveal a shaved head before sitting down to receive treatment through an IV. At the end, she symbolically sits next to the little girl who worships her, unaware of the full story, on a swing set.
Of her decision to pay tribute to Spears — who personally approvedthe “Lucky” sample, Halsey previously revealed — the “Closer” artist tweeted, “I remember the first time I heard her sing lucky and it hitting me at such a young age that I had no idea what her life was really like.”
Chris York, Beloved U.K. Promoter, Dies at 55; Tributes Pour in from Liam Gallagher, Shed Seven & More
Chris Eggertsen (26/07/2024)
During a three-decade stint at SJM Concerts, the executive promoted artists including Oasis, Foo Fighters, Green Day, The Chemical Brothers and Lily Allen.
Tributes from across the live music industry have been paid to Chris York, one of the United Kingdom’s leading promoters and a director of SJM Concerts, following his death at age 55 following a long illness.
In a statement on Thursday (July 25), SJM Concerts said the company was “deeply saddened” to announce the passing of a man who “helped define the U.K.’s live music scene” over the past three decades.
York’s career in the live music industry began in the late 1980s when he started booking gigs at Warwick University, where he was a student.
After finishing his studies, York worked as a booker at London’s The Venue — putting on early shows by Pulp, Suede and PJ Harvey — before deepening his knowledge of the live business with roles at U.K. live promoters Straight Music and MCP Concerts.
In 1993, York joined SJM Concerts, where he “formed a solid and unshakeable partnership and friendship” with the company’s founder, Simon Moran, that “would last the rest of his career,” the Manchester-based firm said in a statement.
Artists that York promoted during his three decades at SJM included Oasis, Foo Fighters, Green Day, The Chemical Brothers, Lily Allen, Massive Attack, Smashing Pumpkins, Underworld, Robert Plant, Underworld, Lorde, Morrissey, Lorde, Placebo, Kraftwerk, Swedish House Mafia, Suede and Stereophonics, among many others.
Oasis singer Liam Gallagher, The Doves, The Pogues, Stereophonics and Suede are among the many acts who posted tributes on social media.
“Chris York was a true unsung hero of the music world,” wrote The Charlatans frontman Tim Burgess on X, adding that the British group “are proud” to have called York a friend.
“You might not recognise the name but if you’re a London gig-goer then you’ll have been at one of the thousands of gigs [York] put on through SJM,” stated Suede’s bassist Mat Osman, who called York “a huge friend and supporter” of the group. “He put on Suede shows from the lowliest to the biggest and was a constant presence in our career,” he added.
Posting on X, U.K. indie rock group Shed Seven said it was “heartbroken” to hear of York’s death. The promoter “played a pivotal role in shaping our career from the very beginning, standing by us every step of the way,” said the band, who topped the U.K. albums charts earlier this year. Shed Seven went on to call York “a kind and inspirational man, a true gent, one of the good guys.”
Those sentiments were echoed by U.K. venue operator Academy Music Group, which called York “a force of nature, exceptional promoter, industry pioneer and above all, a genuine music fan and all-round lovely man.”
During his career, York also worked closely with The Who’s Roger Daltrey, live producer Des Murphy and fellow SJM director Rob Ballantine on establishing the annual Teenage Cancer Trust spring concert series at London’s Royal Albert Hall. Since its launch in 2006, the event has raised more than £30 million ($38 million) for charity with everyone from Ed Sheeran to New Order to Paul McCartney taking part.
In 2021, York was awarded the Jo Walker Meador International Award by the Country Music Association for his work on the Country to Country (C2C) Music festival, which SJM launched in 2013 in partnership with AEG Europe. The event has since become Europe’s biggest country music festival, taking place annually at London’s The O2 arena, Glasgow’s OVO Hydro and Belfast’s The SSE Arena.
“When he got involved at the start of C2C Chris really knew f— all about country. But to his credit he knew what he had to do and immersed himself in every aspect of it and soon became a go-to oracle on country, which he always maintained,” Steve Homer, CEO of AEG Presents U.K., tells Billboard. “He has left a big hole in the live music industry and I’m not sure it will ever be filled.”
“Chris was so loved by the business as you can see from the tributes that are flooding in for him from far and wide,” Emma Banks, co-head of global touring at Creative Artists Agency (CAA) and a close friend of York, tells Billboard.
“I am going to miss working with him. I am going to miss his wisdom. I am going to miss chatting with him about pretty much everything and having a laugh with him,” Banks adds. “My thoughts are with Alice, his family, friends and the team at SJM.”
Also paying tribute was Live Nation U.K. and Ireland chairman Denis Desmond, who said York was “a fighter to the end. His legacy will live on.”
Zach Bryan Plays It Cool as Fan Rushes Stage During New Orleans Concert
Jessica Nicholson (26/07/2024)
Zach Bryan's headlining show in New Orleans on Thursday (July 25) was interrupted when a fan rushed the stage.
Zach Bryan had an unexpected visitor during his Thursday (July 25) The Quittin’ Time tour concert in New Orleans’ Caesars Superdome.
During Bryan’s set, one fan rushed the stage while Bryan was performing.
Though notably surprised, Bryan seemed to played it cool, removing his in-ear monitors, and then shaking hands with the fan. As other members of Bryan’s band then stepped between Bryan and the fan, the fan held his hands up in triumph, leading the crowd to cheer and some audiencemembers to raise their hands and hats into the air as well. The bandmembers then nudged the fan back toward the stage exit.
Bryan then walked to the microphone and said, “I got no f–kin’ idea who that was.”
The “I Remember Everything” hitmaker also said, “Don’t sneak on this stage man,” but quickly added, “That kid is a legend,” before continuing on with his set.
Bryan’s The Quittin’ Time Tour launched in March with shows at Chicago’s United Center, and will wrap in December with shows at Tulsa, Oklahoma’s BOK Center. Among the artists opening for Bryan throughout the tour on various dates are Jason Isbell and the 400 Unit, Sheryl Crow, Turnpike Troubadours and Sierra Ferrell.
Bryan isn’t the only artist who had a fan rush the stage last night. Jason Aldean was performing in Savannah, Georgia at the Enmarket Arena on his headlining Highway Desperado Tour, when a fan rushed the stage while Aldean was performing. The fan was quickly carried offstage by security guards, while Aldean remained center stage at his microphone.
Aldean’s Highway Desperado Tour launched in May in Oklahoma, and will run through October. The tour features guests Hailey Whitters and Lauren Alaina in select cities as well as Chase Matthew, Austin Snell, and Dee Jay Silver across all dates.
Spotify Shares Climb, UMG Shares Sink Following Q2 Earnings Reports
Glenn Peoples (26/07/2024)
The Billboard Global Music Index fell 1.2% to 1,757.70, bringing its year-to-date gain to 14.6%.
By raising prices and cutting costs, Spotify has transformed into the kind of profitable company investors always hoped it could become, and the streamer’s upbeat second-quarter earnings on Tuesday (July 23) led its share price to jump 9.1% to $321.87 this week.
After Spotify announced it grew revenues by 20%, improved its gross margin and beat guidance on new subscriber additions, a slew of analysts raised their price targets, including Goldman Sachs (from $320 to $425), JP Morgan (from $375 to $425), Rosenblatt (from $396 to $399), Pivotal Research (from $400 to $460), Barclays (from $350 to $360), Cowen (from $273 to $356) and B of A Securities (from $380 to $430).
Universal Music Group (UMG), the other music company that released earnings this week, had the opposite reaction from investors when its second-quarter subscription revenue fell far short of analysts’ expectations, leading its share price to drop 24.1% to 21.34 euros ($23.17). But it wasn’t all bad news: Overall revenue at the music giant grew 8.7% to 2.93 billion euros ($3.16 billion) and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17.4% to 580 million euros ($624 million).
But investors focused on UMG’s streaming numbers above all else. The recorded music division’s subscription revenue grew 6.9%, down from 12.5% in the prior-year quarter, while overall streaming revenue grew 4.1% compared to 11% a year earlier. A number of analysts lowered their UMG price targets following Wednesday’s earnings announcement, albeit by smaller margins than the decline in the share price.
UMG went public in Sept. 2021, giving investors an opportunity to capitalize on the largest music company during a time of streaming growth and industry expansion. Even optimistic investors will have to bear through short-term ups and downs, however. “If you think the longer term analysis holds then [UMG’s current price] represents a significant buying opportunity,” J.P. Morgan analyst Daniel Kerven wrote in an email to investors on Friday (July 26). “Ultimately we believe you will still get to the same destination…just the pace of getting there was never likely to be linear, particularly on a quarter by quarter basis.”
The Billboard Global Music Index (BGMI) fell 1.2% to 1,757.70 this week, marking the third consecutive weekly decline. The index has risen 14.6% year to date but fell 3.2% in July and is 4.9% off its all-time high of 1,847.64 set on May 17. Nine of the index’s 20 stocks were winners, 10 lost ground and one was unchanged.
UMG’s earnings appeared to have an impact on similar companies that have yet to release their own earnings. Warner Music Group shares fell 6.6% the day UMG released earnings and ended the week down 6.8% to $29.83. Believe shares dropped 9.1% to 13.76 euros ($14.96). However, because UMG’s publishing business fared well — revenues grew 10.1% to 511 million euros ($550 million) — it’s not a coincidence that shares of Reservoir Media, which gets most of its revenue from music publishing, jumped 11.4% to $8.61.
Many major indexes lost ground this week despite gains on Friday following encouraging U.S. inflation data. In the United States, the Nasdaq composite fell 2.1% to 17,357.88 and the S&P 500 declined 0.8% to 5,459.10. South Korea’s KOSPI composite index dipped 2.3% to 2,731.90. China’s Shanghai Composite Index was down 3.1% to 2,890.90. An outlier was the United Kingdom’s FTSE 100, which gained 1.6% to 8,285.71.