On Thursday night (July 17), the U.S. House of Representatives voted to allow President Donald Trump to claw back $9 billion in federal funds, including $1.1 billion to the Corporation for Public Broadcasting (CPB), which funds the country’s more than 1,500 Public Broadcasting Service (PBS) and National Public Radio (NPR) stations. The money had already been allocated to CPB for the next two budget years, but the bill cancels funds the CPB had expected to receive and that the stations were counting on. The Senate approved the rescissions on Wednesday (July 16).

The action has wide-ranging, potentially devastating effects, including on the arts programs PBS and NPR produce, including Austin City Limits (ACL). The longest-running music program in TV history is coming off its 50th anniversary and for half a century has provided a vital and vigorous home for live performance, featuring music from all genres — Foo Fighters, Bonnie Raitt, Ray Charles, Coldplay, Billie Eilish, Pearl Jam, Dolly Parton, Kendrick Lamar and hundreds more.

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“This is a kick in the gut, and it really does hurt,” says Terry Lickona, who has served as ACL’s executive producer since 1979. “This comes as a blow, not just for Austin City Limits, of course, but it’s a dark day for public media almost 60 years since [President Lyndon B. Johnson] signed public broadcasting into law.” (Johnson signed the Public Broadcasting Act of 1967 in November of that year, creating the CPB, which gave “a stronger voice to educational radio and television by providing new funds for broadcast facilities,” Johnson said. “We want most of all to enrich man’s spirit. That is the purpose of this act.”)

Willie Nelson, who performed on the first episode of ACL in 1974, tells Billboard, “Austin City Limits and PBS were and are an essential part of education, understanding, curiosity and empathy, which are the essentials and building blocks of humanity.”

Austin’s local PBS station, known as Austin PBS, produces, funds and owns ACL. The station is expected to lose $3 million from the cuts, Lickona says.

It’s too soon to know how much of that loss of $3 million in federal funding will directly affect ACL, and the equation is further clouded by the fact that PBS Austin and ACL share many staffers. “But what’s important now, more than ever, is we are going to have to lean and lean hard on the support of people who’ve come to depend on our show,” says Lickona, who vows ACL will go on. “We’ve going to have to get that money from somewhere else.” (On average, PBS stations receive around 15% of their annual budgets from federal funding, according to the New York Times, with some stations in rural communities with fewer donor opportunities relying on the federal dollars for a much higher percentage.)

Lickona estimates that 25% of ACL’s operating budget relies on federal funding. For the 51st season, which is already underway, the budget is around $4 million. This amount represents 20 artist tapings — funneled into 13 episodes —with a budget of around $200,000 per taping, which means ACL will likely need to make up at least $1 million.

This season is already at a budget deficit of $350,000, says Lickona, who has been looking for more underwriters to make up the shortfall. The task is made slightly more difficult because PBS limits the number of national underwriters a show can have, a rule Lickona hopes that PBS will consider changing, considering the federal funding loss.

Lickona is daunted but not deterred. “Nothing lasts 50 years without a lot of struggle and a lot of challenges, financial, political and otherwise,” he says. “We will carry on somehow, because too many people depend on Austin City Limits for these 50 years.”

In addition to funding from corporate and individual donors, ACL also receives money from a licensing agreement with Live Nation for the Austin City Limits festival and, starting last year, funds from the Texas Film Commission. Lickona is unsure what will happen with the state funding following the federal change. “We can’t count on anything as far as that state money goes,” he says.

For now, Lickona says there will be no major changes to ACL and its schedule. “There are no immediate plans to cut back or alter the program in any way, but we will need the continuous support of music lovers and sponsors now more than ever, as well as the support of artists, labels, publicists and managements to stand with us as they have for 50 years,” he says.

Some artists are already stepping up. Before the cuts were announced, Jason Isbell was slated to play an Aug. 21 private fundraiser for Austin PBS, and Lickona is hoping more will help raise funds. “We have done a lot to benefit artists’ careers over the years, and they totally get it and appreciate it, and I think we’re going to have to call upon their support,” he says.

Reba McEntire was among those who spoke out against the cuts prior to the Senate vote. On July 11, she posted to Instagram, “From my appearances on Austin City Limits in 1987 to South Pacific from Carnegie Hall in 2006, I’ve had a long relationship with PBS,” before calling on people to check out protectmypublicmedia.com to “help keep PBS delivering the incredible programming we all love so much.”  

Lickona doesn’t see ACL pairing with a streaming or cable outlet as PBS stalwart Sesame Street, which in 2015 partnered with HBO, and now Netflix, to premiere episodes before they ran on PBS. “Imagine me walking into the offices back in the day or even today of one of the commercial television networks or streaming services and pitching the idea for a weekly music show that one week might have Kendrick Lamar and the next Dolly Parton and the week after that Samara Joy,” he says. “It’s such an eclectic mix of all different artists, some well-known, some totally obscure and avant-garde. PBS is the only place that a show like ours could exist. We never could have survived in any sort of commercial environment where it’s more about the ratings and revenue.”

As for what Lickona would say to the lawmakers and the current administration that voted for the public broadcasting cuts, he simply says, “They don’t get it…They don’t understand the value that PBS, NPR and public media continue to serve like they have for almost 60 years. Even with a show like Austin City Limits, it goes so far beyond just providing a showcase for music from week to week.” On a broader scale, he mentions the numerous communities, many of them rural, where people don’t have access to or can’t afford subscription streaming services and other paid media.   

“I remember Alan Jackson telling me that he grew up in some rural town in Georgia where they didn’t have any sort of cable TV, and he watched Austin City Limits and saw George Jones and Willie Nelson and people like that, and that inspired him to want to become a country singer,” Lickona continues. “The impact that shows like Sesame Street and the nature programming and public affairs programming have had…It just says to me that the people in Washington, from the White House through Congress, just don’t get it. They don’t understand the value that so many other millions of people have understood and benefited from for all these years.”

Though born and raised in Philadelphia, Ahmir “Questlove” Thompson has become something of a New York City fixture ever since Jimmy Fallon brought in The Roots to be the house band on The Tonight Show Starring Jimmy Fallon more than a decade ago. If there’s a cool event in the city – a concert underplay, a charity fundraiser, a hard-to-get-into party – chances are high that Questo will be there, either as a guest enjoying himself or as a DJ providing the vibes based on his inestimable knowledge of music and music history.

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Come September, the Grammy-winning hip-hop drummer and Oscar-winning filmmaker will be honored by New York’s City Parks Foundation with the SummerStage Icon Award at its annual fundraiser. The City Parks Foundation, through its Capital One City Parks Foundation SummerStage Festival, provides free arts and cultural programs to New Yorkers and helps bring public spaces to life (CPF describes its ethos as “thriving parks mean thriving communities”).

The organization’s 2025 dinner and dance party fundraiser will take place Sept. 25 at the SummerStage venue in Manhattan’s Central Park and will wrap with a private dance party DJ’d by Questlove. Additionally, the event will find the City Parks Foundation honoring Brooklyn Sports and Entertainment (Barclays Center/New York Liberty/Brooklyn Nets owners) with the People & Parks Award. Tables and tickets for the event are available here.

The Roots are slated to play SummerStage at Queens’ Flushing Meadows-Corona Park this Sunday (July 20). This year’s SummerStage lineup also includes Soccer Mommy, Femi Kuti & The Positive Force, Rakim, Celia Cruz Centennial Celebration, Big Freedia, Camilo, Jessica Pratt, Bob Sinclair, IZA, Hurray for the Riff Raff, Awich, Frankie Negrón, La Sonora Poceña and Morgan Freeman’s Symphonic Blues. You can find more about the 2025 SummerStage lineup here.

will.i.am is back and ready to show his “East LA” roots in his new single with Taboo. He sits down to share his favorite spots in the city, why he wrote the song and decided to bring Taboo on, the “Rock That Body” viral resurgence, sampling Michael Jackson’s music, his thoughts on current immigration issues and more.

What do you think of the new single? Let us know in the comments!

will.i.am: What made me want to do a solo project right now? I was going through my hard drive, and I just saw all this music, this unreleased stuff. I started thinking of AI, I’m like, I need to get this stuff out before people get just accustomed to AI and they forget about human, fully human made. I just wanted to put out music. So I got like three albums coming, three albums worth. That’s just me by myself. Then I got Black Eyed Peas stuff.

But yeah, so this is the first installment of the things that I got coming. I’m from Boyle Heights, East Los Angeles, predominantly Mexican neighborhood. So I was born and raised where my mom is raised. I just wanted to flip that particular part of the song that says “East LA” and I wanted to put it on repeat and then build around East LA and show some love to the community that I come from, that I was born and raised in, especially now with all that’s happening with immigration issues and people that I grew up with, their parents, their kids, threatened, worried, anxiety.

I went back to my neighborhood after I had some success with the Black Eyed Peas and I started my school, an after school program, teaching kids computer science, robotics, college prep. We’ve had 1000s of kids graduate. We’ve sent kids to Dartmouth, to Brown, to Stanford, to USC, UCLA. Their dedication and consistency and audaciousness, ambition is proof that folks that come from another country can come work hard and apply themselves. There wouldn’t be a Jeff Bezos if it wasn’t for, you know, Michael Bezos, a Cuban migrant who made an amazing life for himself, raised someone that wasn’t his, you know, blood that became a Jeff Bezos. 

Keep watching for more!

Scooter Braun‘s relationship with Ye, formerly known as Kanye West, is far from where it used to be back when the former was the latter’s manager.

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While appearing on the Thursday (July 17) episode of Danielle Robay’s Question Everything podcast, the SB Projects founder opened up about where he stands with the rapper after previously representing him for about three years. Braun has since retired from music management, while Ye has embroiled himself in controversy for repeatedly making antisemitic comments, praising Hitler and calling himself a Nazi.

When asked how he feels about his former client’s actions, Braun — who is Jewish and has grandparents who survived the Holocaust — was candid. “I don’t know him anymore,” the mogul said frankly.

“The person that I knew wasn’t someone who says those things,” he continued of Ye. “Sometimes the hardest thing to do with someone you care about is mourn them while they’re still here. The person that I knew is not the person that I’m seeing, so I don’t have a relationship anymore.”

When asked whether he thinks Ye can be steered back in the right direction, Braun said he wasn’t sure. “I don’t know him, and I think right now, I have three beautiful kids that need a dad to focus on them and make sure they’re prepared and strong in this world,” he added. “That’s going to be my focus.”

Braun has officially been out of the music management game since June 2024, when he announced that he’d be pivoting away to focus on his role as CEO of HYBE America. Earlier this month, however, he transitioned out of that position as well, with the company announcing July 1 that he’d be focusing on other ventures while still serving as a director of the board and senior advisor to chairman Bang Si-Hyuk.

When he was still managing artists, Braun also worked with Ariana Grande, Demi Lovato, Tori Kelly and, perhaps most notably, Justin Bieber. In another recent podcast appearance, Braun shared details about his current relationship with the Canadian pop star, saying on The Diary of a CEO, “We worked together for so long and we had such extreme success, and I think you get to a point as a man where you want to show the world you can do it on your own … I think at this point, that’s what he’s doing.”

As for Ye, the hip-hop titan has doubled, tripled and quadrupled down on his antisemitic viewpoints since 2022. In May, however, he claimed that he was “done with antisemitism,” writing on X, “God forgive me for the pain I’ve caused.”

Watch Braun’s full interview on Question Everything below.

U.K. police have announced that Irish rap group Kneecap will not be criminally charged for shouting “Free Palestine” and “‘F— Keir Starmer” during its politically-charged Glastonbury Festival set last month.

Avon and Somerset Police said in a Friday (July 18) update that they’ve closed a previously announced investigation into Kneecap’s packed June 28 set at Glastonbury’s West Holts Stage.

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“Detectives sought advice from the Crown Prosecution Service during their enquiries and after that advice, we have made the decision to take no further action on the grounds there is insufficient evidence to provide a realistic prospect of conviction for any offence,” the police update reads.

Authorities in Avon and Somerset are continuing to investigate fiery remarks made during Bob Vylan’s June 29 Glastonbury set, in which frontman Bobby Vylan (Pascal Robinson-Foster) chanted “death to the IDF,” a reference to the Israeli Defense Forces.

Meanwhile, Kneecap MC Mo Chara (Liam Óg Ó hAnnaidh) still faces a terror charge for a separate show at London’s O2 Forum in November. Video footage from that performance showed Mo Chara shouting “up Hamas, up Hezbollah” and displaying a Hezbollah flag.

Kneecap appeared to allude to these other open matters in a statement reacting to the news of the closed Glastonbury investigation on Friday, writing on the group’s official social media pages, “One element of the political policing intimidation attempt is over.”

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“We played a historic set at Glastonbury,” reads Kneecap’s statement. “Every single person who saw our set knew no law was broken, not even close….yet the police saw fit to publicly announce they were opening an investigation.”

 “This is political. This is targeted. This is state intimidation,” the group’s statement continued. “We will continue to fight. We will continue to win.”

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Jewelry can take your outfits to another level, adding some sparkle that you can personalize to fit your mood and activity. Trends like toe rings and belly chains come and go, and typically it’s the basic chains or pearls that are always considered fashionable, but there are some statement pieces that never go out of style — including nameplate necklaces.

The classic jewelry trend has maintained its spot within the fashion realm for decades now and has no plans of fading anytime soon. Celebrities have long been fans of the nameplate necklace, proving that the look still dominates accessories today. Just look at Ice Spice’s iconic princess necklace, seen throughout her Instagram feed and even in a partnership with Dunkin Donuts.

Shows like Sex and the City also spotlight the necklace, which can be seen on Sarah Jessica Parker’s character, Carrie.

Other stars including Jennifer Lopez, Halsey, Beyonce, Rihanna, Adele and Madonna (just to name a few), have also been spotted sporting a nameplate necklace, proving that time has no meaning when it comes to the trend.

What Are the Best Nameplate Necklaces?

From simple designs to more bold and glimmering rhinestone styles, the best nameplate necklaces span multiple styles and materials. What’s even better is you can completely customize most styles to say whatever you want, whether it’s your name, a nickname or someone close to you’s name. Nameplate necklaces also make thoughtful gifts to surprise everyone from new moms to your best friend.

To help inspire you, Billboard Shopping went through and found the most-loved and highly-reviewed nameplate necklaces, to help you hop on the trend no matter your budget or aesthetic. All of the our top picks below let you customize the necklace with the initials or letters of your choice.

model wearing silver nameplate neckalce

EDITOR’S PICK

Belle Custom Name Necklace

For under $100, you can snag this dainty name necklace from Oak & Luna. It comes in a variety of shades including silver, gold, rose gold and more. The design has racked up a 4.7 star rating with more than 3,000 reviews praising how “beautiful” and “sturdy” the design is.


gold name necklace

BUDGET-FRIENDLY PICK

UMagicBox Name Necklace

You don’t have to break the bank to hop on the nameplate necklace trend and thanks to UMagicBox’s necklace, you can flaunt a stylish piece for only $11. You can also choose from a variety of chains from colored beads to chainlink styles depending on your aesthetic.


Best Nameplate Necklaces 2025: Where to Buy Personalized Styles Online

SPLURGE-WORTHY PICK

Personalized Birthstone Name Necklace

$104 $199 48% off

Buy Now ON JEWLR

Level up your personalization game with not just your name, but your birthstone as well with this necklace from Jewlr. They offer customizations on various metals depending on your preference, and a choice between genuine and simulated stones as well, so your pick can be perfectly curated within your budget and style.


Best Nameplate Necklaces 2025: Where to Buy Personalized Styles Online

UNIQUE PICK

Sofia Name Necklace

A different take on the nameplate design- this one from Brook & York offers a more spaced out aesthetic for a more unique look. It comes in three different 18K metals and made from recycled materials.


Best Nameplate Necklaces 2025: Where to Buy Personalized Styles Online

GIFTABLE PICK

Double Heart Necklace

This dainty necklace still makes a statement with its stylish double-heart design. One of Rellery’s best-selling pieces, this jewelry makes a great gift because not only is it customizable with letters and symbols, it’s also water & tarnish resistant and hypoallergenic- a great pick under $100.


heart charm necklace above gold nameplate necklace

LAYERING PICK

MeMoShe Layered Name Necklace

Snag two necklaces for less than $20 with MeMoShe’s nameplate necklace deal. You’ll receive a choker style with a heart charm along with a nameplate design that you can personalize before adding to your cart.


gold and diamond nameplate necklace

TWO-TONE PICK

BlingSparkle Double Plate Personalized Name Necklace

BlingSparkle offers an under-$50 name necklace decked out in silver and gold shades that’ll help you embrace the metal mixing trend. You can personalize it with names up to 10 letters and choose from 24 styles.


For more product recommendations, check out our roundups of the best belt bags, keychain plushies and festival accessories.

The band that sings about having too much time on its hands has been using it wisely in recent years. Circling From Above, out Friday (July 18), is Styx‘s 18th studio album and third in seven years.

What’s driving the group’s output? “Well, we’re always writing,” singer-guitarist Tommy Shaw, Styx’s most prolific composer (alongside former member Dennis DeYoung), tells Billboard during the group’s current Brotherhood of Rock Tour with the Kevin Cronin Band and former Eagles guitarist Don Felder. There’s also a strong partnership with Will Evankovich, who produced 2017’s The Mission, 2021’s Crash of the Crown and this year’s Circling From Above (he became a full-fledged member of the band in 2021).

“Will and I live close to each other (in Nashville),” Shaw continues, “so we get together a lot and co-write things. But the other guys are great co-writers, too; we’ll get together at my house or at Will’s studio and we’ll start cobbling these pieces together…. Somehow, luckily, we’ve always been able to bring these songs and pieces together and tell a story, and that’s the best thing.”

The California-born Evankovich, who first worked with Shaw on his mid-90s Shaw Blades project with Night Ranger’s Jack Blades, adds that all of the Styx albums he’s been involved with “basically happen organically. There’s stuff Tommy and I were writing at first, and then involving Lawrence (Gowan, singer/keyboardist), they just took off on its own. It wasn’t premeditated. Tommy’s always writing; he’s a very creative guy, and I think finding a new writing partner galvanized his interest. But we do it because we want to do it, not because of how many records we’re gonna sell.”

While there were certainly thematic threads within The Mission and Crash of the Crown, both Shaw and Evankovich are quick to downplay any notions of Circling From Above as a concept album. “No, we’re not trying to make a concept album,” Shaw explains. “We’re just trying to stay on the same track. That’s what interests us, to make it interesting to the person listening to it and tying it all together like that. I think that’s fun.”

Circling From Above does start from a specific idea, however. Shaw — whose avid interest in birds helped put a European starling on the album cover — says the Pink Floyd-esque title track, which slides into the equally proggy first single “Build and Destroy,” was inspired by a continuing interest in outer space. “There’s an app I discovered a while back where you can look up and see all the space junk,” he says. “It blew my mind that all this stuff is floating around up there. Every piece of equipment that’s up there, that’s basically junk, is owned by a country and that country knows where it is and is responsible for it. It’s organized chaos, but it’s a junkyard up there. As we discussed it in the studio we were getting ready to write songs, and that influenced some of the lyrics and ideas kept popping off and we had those two songs that go together.”

Evankovich says the other 11 tracks on Circling From Above are not as interdependent. “Pretty much after that (the album) is its own animal,” he explains. “It becomes like a Beatles’ Rubber Soul, where every song’s a little different.” But, as producer, he sought to create a sonic unity in applying elements of what can be considered classic Styx, helping the band sound more like its rock radio-dominating ‘70s and ‘80s era than it had for a number of years.

“The recipe has always been big harmonies, these car horn-stacked vocals, and the great synthesizers and guitars, and we still adhere pretty much to that recipe,” Evankovich says of the band, which has placed 23 songs on the Billboard Hot 100 (including eight top 10s and one No. 1) over the course of its career. “None of it is premeditated; it just kind of falls into the Styx universe by virtue of the fact you have James Young and Chuck Panozzo (co-founders) and Tommy Shaw in addition to the new guard, which is Gowan, Todd Sucherman (drums) Terry (Gowan, bass) and myself.

“When they took that hiatus from Cyclorama, the record industry was in a state of flux and things were a little confusing about selling new music, especially if you’re a vintage band. So these (recent albums) have kind of merged the two; we’re at an age now where the attention span is pretty quick, so we try to compact all the greatness that we can into three- or four-minute songs rather than do those longer, stretched-out songs — which I love, by the way. But this is the mantra now.”

Shaw and Evankovich say Circling From Above is definitely a full-band project — even more than Crash of the Crown, which was conceived and finished during Covid. “When JY plays, you know who it is,” Shaw notes. “Will knows JY (James Young) very well and he knows JY’s style of playing and the types of things that we depend on JY to put into a song, because they’re signature things.” Young makes his mark in particular on the fluid solo for the bouncy, theatrical “King of Love.”

“What’s great is we’re always thinking of each other,” Evankovich says. “We have in our minds that, ‘This is gonna be a great JY guitar solo, this is definitely his vibe,’ or ‘This is a great Tommy spot.’ The song will tell you who we should we feature, and we all want to lift each other up.” Terry Gowan, who had been playing with his brother before being tapped to replace Ricky Phillips after his departure in 2024, added upright bass to the mix on “Blue Eyed Raven” (with Shaw on mandolin) while Panozzo played on the short interlude track “Ease Your Mind.”

With Styx playing 1977’s triple-platinum The Grand Illusion in its entirety this summer, the group has only been able to work “Build and Destroy” into its live set to date. But it’s looking forward to adding more of the Circling From Above songs into dates later this year, including the Rockin’ in Paradise Cruise during October. “We’ll definitely get to that as soon as August is over,” Evankovich says. “People come to see the great catalog of music the band has, but I think by September we’ll probably work a few new ones in there, probably two or three once we’ve cycled the Grand Illusion album.”

While Circling From Above is just out, the idea of another album is not far from the Styx members’ minds. “It’ll just take an amassing of songs, like it did for The Mission and for Crash of the Crown and for this album,” Evankovich says. “Once there’s three or four and we’ve got a thread going, then we start. It takes a few years because we’re playing 100 shows a year and away from home about 170 days out of the year, so finding the time is always challenging. But it always seems to happen, and I’m confident it probably will again.”

Top executives of publicly traded music companies tend not to do many interviews. They sometimes appear at a bank conference to speak to the financial crowd or at an event to deliver the company’s message on hot-button topics such as artificial intelligence. And four times a year, CEOs and CFOs can be found on their companies’ earnings calls, delivering carefully worded introductory remarks and answering analysts’ questions about the quarter’s results and important matters on the horizon. Revelations are few in this kind of forum, but the discussions always provide nuance to better understand how executives are thinking.

Spotify kicks off music companies’ earnings season on July 29, followed by Universal Music Group on July 31. Warner Music Group is scheduled to release earnings on Aug. 7. Here are five things to look for in those and other earnings results.

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Slowing audio streaming growth in the U.S.

If there’s one thing investors in the music space care about, it’s streaming growth. The problem for labels and publishers is that the growth of on-demand audio streams in the U.S. slowed to the low single digits in the first half of 2025, according to Luminate’s mid-year report released Wednesday (July 16). After finishing the first half of 2024 with an 8.0% gain, on-demand audio streaming growth was just 4.6% in the first half of this year.

What investors should realize — and what music companies need to effectively communicate — is that streaming activity isn’t the same as streaming revenue. The number of new subscribers has also slowed, but revenue fares better. While the number of music subscriptions in the U.S. slowed to 3.3% in 2024, the average revenue from each subscription rose 5.3%, according to the RIAA. That’s because price hikes in 2024 followed numerous increases in 2022 and 2023 — and while the U.S. hasn’t seen any subscription price increases in 2025, record labels have stated they expect a regular cadence of price hikes in the coming years. Additionally, streaming platforms are expected to generate more revenue by offering higher-priced tiers to superfans (see below).

The economy and fan spending

When consumers start to feel a pinch in their pocketbooks, they clip coupons and drive out of their way to save a few cents on gas, but don’t shy away from higher prices for concert tickets and refuse to cancel their music subscriptions. In the years following the pandemic, music has proven to be relatively immune to economic jitters. People can postpone some purchases, but they need to be entertained.

Still, music companies consistently get questions about fans’ spending habits. Concert promoters in particular are closely watched for signs that fans are too financially fatigued to spend on tickets, food & beverage, merchandise and parking. Those questions are likely to extend to upcoming earnings calls: U.S. inflation rose to 2.7% in June, the U.S. Federal Reserve says companies are passing tariffs along to consumers and credit card delinquencies are rising.

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Progress in reaching superfans

A few decades ago, consumers’ spending on music increased linearly with their interest level. The most avid music lovers would buy more albums than casual fans. For hardcore fans, the limit was the balance in the checking account. Today, some music lovers will purchase LPs and CDs of their favorite artists, but the price of a music subscription service creates a spending cap for many people. Spending more than a monthly fee is often lost. So, it makes sense that record labels are increasingly interested in monetizing that untapped spending potential. 

With streaming growth slowing, companies are under pressure to deliver continued revenue increases. Music executives have been talking about superfan tiers of music subscription services for a couple of years, although nothing has materialized. Spotify’s long-rumored superfan tier is in the works — CEO Daniel Ek called the product “really exciting” back in February — but hasn’t yet materialized. Warner Music Group’s superfan app, announced by CEO Robert Kyncl in February, made a surprise appearance in a Wall Street Journal profile of new Atlantic Music Group CEO Elliot Grainge in April. The app, described by the Journal as “bare bones in both tech and content,” is said to have “suffered from a lack of alignment between the team building it and Atlantic.” But, again, nothing has been launched.

Attention to superfans isn’t exclusive to recorded music. Concerts and festivals have long segmented customers by their willingness to upgrade to more exclusive and luxurious experiences. Concert promoter Live Nation has been busy growing its superfan revenue by building out VIP experiences at many of its amphitheaters. With outdoor music season underway, investors and analysts should be eager for an update on those projects’ return on investment.

The state of ad-supported music

In late 2023, SiriusXM began targeting a younger, more price-conscious consumer with the launch of a new streaming app with an affordable, $9.99-per-month price tag. Less than a year later, the company moved on. Rather than put more resources into a streaming app that failed to catch up with consumers, SiriusXM re-focused on the in-car experience, where satellite radio commands a higher average revenue per user (ARPU) than streaming services. That strategy shift resulted in this week’s announcement of SiriusXM Play, an ad-supported satellite radio service that will cost less than $7 per month.

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SiriusXM investors, who have seen the stock drop 57% since the beginning of 2024, should have some questions about SiriusXM’s attempt to thread a proverbial needle by adding a lower-cost product without cannibalizing existing subscribers. Introducing a subscription tier with ads would have seemed riskier before the tactic became commonplace in video-on-demand streaming. (SiriusXM-owned Pandora offered ad-free and ad-supported radio for years.) Now, separating consumers into groups by their willingness to sit through ads is basic marketing. SiriusXM does generate ad revenue despite offering ad-free music channels. With $167 million in advertising revenue in 2024 and an average of 33.6 million subscribers, the company generated $4.98 of advertising revenue per subscriber last year.

Elsewhere in music, there are signs that advertising lags subscriptions. Earnings results from Spotify and record labels have revealed that subscription gains have outpaced ad-supported streaming growth. Advertising sluggishness has also been a problem for radio companies such as iHeartMedia and Cumulus Media, where the biggest growth has come not from music products but podcasts. Upcoming earnings calls will reveal if investors can expect more from advertising revenues or if subscription revenues will continue to drive growth.

Mergers, acquisitions and investments

Music companies often reveal three things to investors during their earnings calls: their recent market shares (unless they were disappointing), how their upcoming release schedules will bolster their market shares, and their plans to obtain more market shares through M&A, partnerships and investments. While winning market share through traditional A&R is a never-ending quest for record labels, buying market share has become an increasingly common — and competitive — game.

Growth means more than buying a record label or catalog. These days, companies take an ownership stake in catalog acquisition funds (see Universal Music Group’s investment in Chord Music Partners and Warner Music Group’s $1.2 billion venture with Bain Capital). Label services are increasingly critical, which explains UMG’s acquisition of Downtown Music Holdings (which is now being reviewed by the European Commission). Distribution continues to be a hot commodity: Concord bought Stem in March, and WMG briefly pursued Believe in 2024.

While earnings calls aren’t a venue for announcing deals, they provide companies with opportunities to talk about how they expect to spend their money. Given the continued slowdown in U.S. streaming (see above), companies are likely to boast of their investments in emerging markets. Catalog acquisitions are an evergreen topic, and companies can talk about their appetite for deals and the need to find financial partners to help shoulder the capital requirements. 

In the world of KPop Demon Hunters, K-pop is a battleground for hearts, minds and souls. And for superpowered girl group HUNTR/X, who face off against their demon rivals Saja Boys, they mostly fight with really good pop songs.

To bring this soundtrack — from the fizzy confection “Soda Pop” to fierce girl crush anthem “Takedown” — to life, it took a village of real K-pop hitmakers: musicians from THEBLACKLABEL, founded by BLACKPINK producer Teddy Park, crafted beats, while the songwriting credits are filled top-to-bottom with names that K-pop fans will recognize. 

“In film musicals, you are often hiring people who specialize in narrative writing,” executive music producer Ian Eisendrath, known for his work on film and Broadway musicals, tells Billboard. “This was interesting because it was sort of the opposite. It was bringing in people from the pop world to write for the film, as opposed to people from the film world to write in the style of K-pop.”

In this fictional universe, both the demon slayers and baddie boyband dominate the charts (even leaving TWICE, who cameo on the soundtrack, in their dust) — so the music ideally had to stand alone as crowd-pleasing pop songs. Maybe that’s why, in our world, too, the two groups have been going up, up, up: the album has risen to No. 2 on the Billboard 200, while HUNTR/X and Saja Boys have flown past IRL peers on the Spotify charts. 

So, how did they fit these specific story beats inside universal pop songs? Korean-American songwriter and vocalist EJAE (who provides the singing voice of Rumi) helped thread that needle on “How It’s Done,” “Golden” and “Your Idol.” “We can all relate to characters, whether they’re superheroes or not,” she says — though she has more in common with the leading HUNTR/X ladies than most. A former K-pop trainee of almost a decade, EJAE, like half-demon Rumi, knows “how it feels having to hide your insecurities.”

“‘Golden’ is a song that I put all my experience into, what I wanted to hear when I was training, because it’s not an easy industry,” she continues. “It’s very competitive. Being perfect is such a big thing while training. So that part, feeling so broken inside, me not aligning and getting dropped, was part of it too. I brought that heartbreak I felt into the lyrics and when I’m singing.”

As with her previous work for some of K-pop’s biggest girl groups (Red Velvet, aespa, NMIXX), songwriting was a team effort; EJAE bounced lyrics back and forth with Mark Sonnenblick, a composer with a background in narrative songwriting. But, whereas many of the writers on the project were used to cranking out demos in fast-paced environments like K-pop songwriting camps, this process was far more iterative — some songs took years to finalize.

“There were a lot of revisions that we wouldn’t typically make for a human artist,” says Stephen Kirk, who is known for producing BTS chart-toppers “Butter” and “Permission to Dance” alongside partner Jenna Andrews. Soaring ballad “Free” came easily for the duo — but the emotional thrust of finale “What It Sounds Like” was harder to nail down. “That was a totally different adventure,” Andrews says. “I think I counted 147 different revisions,” adds Kirk.

An early reference was Lorde’s “Green Light,” though Kirk and Andrews’ first draft, which headed “super in the direction” of the 2017 Melodrama single, was handily rejected by the studio. “They were like, ‘No, definitely not,’” Kirk laughs. But building off of existing K-pop bangers allowed the global squad to “get on the same page,” Eisendrath says. “We wanted them to do their version, but it helped us, even across language barriers, really communicate what we were going for.”

Below, Eisendrath tells Billboard how he got KPop Demon Hunter’s “stable” of talent to speak the same musical language — and create the year’s biggest K-pop hits in the process. 

How familiar were you with K-pop before working on KPop Demon Hunters?

When BTS came on the scene is when I got into K-pop. I was just sort of immediately struck by the theatricality of it. I feel like K-pop, like a Broadway musical or a film score, has so much going on, so many layers, and there’s such energy and drama to it. I’d always thought it would be amazing to somehow utilize this musical language for narrative function. I just also think K-pop is so well-produced. Everything about the music production to the mix and the mastering — I’ve always been incredibly impressed and excited about that aesthetic.

How did you get brought on to the project?

[President of Sony Pictures Music Group] Spring Aspers called me in fall of ‘22 and said, “We have this incredible new film, early days, it’s going to be a K-pop, music-driven project. THEBLACKLABEL is on board to write songs, but they’re going to need a lot of support in terms of how to make these songs filmic. Also, the directors and producer really need someone to develop musical language, and to figure out how to fit the songs into the narrative.’” So nothing really existed at that point.

I read that while the film was in development, certain songs were temped in. Were those existing K-pop songs?

A lot of it was real K-pop songs. Maggie Kang, one of our directors, grew up steeped in K-pop. That was such a gift for this process because, not only is she a great filmmaker, but she came to it as an absolute lover of this genre of music. So it was really fun to work with her, Chris [Appelhans] and Michelle Wong, our producer, to develop references for every song. We would often have five to 10 references for every song. Sometimes it was, “Hey, check out this group. We really love the drums, the groove here. We love the production colors here.”

I do think, when working with writers outside of film, and from the music industry, references are the absolute clearest way for us all to get on the same page. And what was great was that no one went and just did the reference. We didn’t want that.

Tell me about that team of writers.

We had six to seven writers that we could task with different songs, some even with sections of songs, different elements. Some people wrote the topline and lyrics. Others created music production. We even brought in someone who specialized in more of a theater narrative lyric. Working with all those writers, I think, is what made this have this crazy alchemy. The number of writers on this film definitely exceeds the number of songwriters on most film musical projects — often it’s two people or one person. 

We had the whole team at THEBLACKLABEL, including Teddy [Park], 24, Soulscape, Danny Chung. We had EJAE, who, early on, created the demos and helped us find the sound of HUNTR/X and she ended up writing top line and lyrics for a lot of songs. We had Steven Kirk and Jenna Andrews of [BTS’] “Butter” and “Dynamite” fame, who wrote two of the songs. Lindgren wrote “Takedown,” and then Mark Sonnenblick we brought in to collaborate on lyrics focusing on story and character. We also used people top of the field in K-pop to mix and master the songs.

How would you describe the sound THEBLACKLABEL brought to the soundtrack? When I listened to “How It’s Done” for the first time, I could immediately hear Teddy Park in the production.

It’s totally a THEBLACKLABEL drop, right? It has the hard-hitting beat. It has this incredible synth lead line. We wanted to have a drop like that for “How It’s Done.” THEBLACKLABEL has that all over their work — it’s in BLACKPINK and other songs all the time. We wanted to make sure HUNTR/X had that, so we created space. That might not happen in a normal narrative song, where all they say [on the chorus] is “how it’s done, done, done.” But that’s a THEBLACKLABEL signature. There are definitely BLACKPINK vibes in the score, though I also feel like they did their own thing for us.

How was this process different for the songwriters who are used to K-pop songwriting camps?

We spent about three years working on these songs. The first year was spent beating out what these songs needed to be, for story, for character, for music, vibe and how that all fits together. Because you’re not just thinking of a song, you’re thinking of a musical arc for the whole film. So that work was going on one side, then on the other side, it was figuring out how we can all work together in the way that all of these writers work best. And it was actually a really gratifying process, because we all had to learn how to speak each other’s language. 

Because animation is able to be developed very organically, we had to just keep iterating on the songs. I know that was an experience that all the songwriters both enjoyed and became exhausted by. We didn’t stop until everyone was happy.

There’s a mix of English and Korean in the songs. Was that always the plan? Was there ever a discussion to make the songs solely in English?

It happens all the time in K-pop songs, and we all loved that. The bulk of the writers on these songs are Korean, and it was really important that we were honoring and centering the film on that culture. There was never really any blowback, and that was always the goal, like, let’s interpolate both languages as much as possible. Often, we would lean towards English on the things that, if the audience didn’t understand this, then they wouldn’t understand the film. Some stuff just sounded amazing in Korean and some stuff sounded amazing in English. [It] was sort of like, “What’s the most appealing flavor?”

How did TWICE come to be involved with the soundtrack? 

Dana [Sano, from Republic Records,] and Spring really went on a quest to figure out who our partner should be. TWICE was their first choice, and they opened up that relationship and made the collaboration possible. We were all just so thrilled that they wanted to do it. Not only are we obsessed with them as a group and their music, but they’re also just so in the center of K-pop right now. It felt authenticating when they wanted to be part of this. Like, “Phew, we are creating songs that these K-pop groups feel are K-pop songs they want to perform.”

There’s a moment in the film where the Saja Boys are introduced and EXO’s “Love Me Right” plays. Then there’s this great K-drama spoof moment with “Love, Maybe” by MeloMance, originally from the Business Proposal soundtrack.

Maggie and Chris wanted something everybody knew — the EXO — when the Saja Boys appeared, then to go to that K-drama easter egg moment where they fall in love. That was in the film before I worked on it. There are those things that are evergreen, that never go away because you just can’t imagine them not being there. 

I was very nervous about that, though. Chris and Maggie remember, I was like, “Oh, I don’t know if we should do that, because we can’t steal away from whatever the Saja Boys sing.” Looking back, I think it was just real fear. Like, how are you going to beat the EXO song? But I do feel the three work well and the first two build to “Soda Pop” in such a satisfying way.

The response to this film has been incredible. Were you surprised to see the music take off on the charts? 

Totally. I’ve loved these songs, and I think all the people who worked on them have loved them, but you just never know how something’s going to do. I’ve worked on films I thought were going to be mega hits and they weren’t, and others that I thought weren’t going to be and were. It’s so thrilling that people are hearing the songs in two ways. Some are loving the film, and the film is making the songs hits, and then some people are just encountering the songs, and the songs are making the film hit.

Why do you think it’s connecting with audiences so well?

On one hand, people who love and know K-pop are loving these songs because they are new K-pop songs, right? I think they’re also responding visually to the film and feeling like, “Yeah, I’ve been to a concert like that. Yes, I know a girl group like that. I know a K-pop idol like that.” They know this world, and it’s feeling authentic and true to them.

And then I think there are a ton of people who probably wouldn’t have encountered K-pop had they not seen the film, and they are so drawn to the story and the characters. The film impacts them on an emotional level, whether it’s excitement, or deep ache, or being moved at the end when Rumi finally finds her voice.

Netflix is planning to submit “Golden” for Oscars consideration. How does that make you feel?

That’s really gratifying because, out of any song in the film, that one had the most [options] written for that spot. It took a long, long time to find. It was literally the last song that we locked up, [we were] creating a new bridge for it in December and recording in January. What I’m excited about is that it’s doing it all. It’s a K-pop song, it’s a performance song, and then it’s got an internal monologue in the middle of it all. And people are just loving and embracing it as a pop song.

This week in dance music: The Tomorrowland mainstage was shockingly destroyed by fire two days before the event’s beginning, a situation an eyewitness at the scene told us was one of “disbelief.” The festival later outlined two options for its opening day, ultimately starting today (July 18) with its full grounds opens.

Meanwhile, Tomorrowland and Insomniac’s collaborative show at Sphere, UNITY, will feature headliner DJ Snake for the Sept. 19 edition of the residency, Swedish House Mafia will become the first ever dance headliners at Arthur Ashe Stadium in New York this September, Kaytranada and Justice are hitting the road together for a co-headlining tour that starts in October, a new documentary about the rise of the EDM era featuring interviews with artists including Carl Cox, Fatboy Slim and Kaskade is being released later this summer

Elsewhere, Kesha’s new album . (Period) reached the top of Top Album Sales, Vinyl Albums and Top Dance Albums, a new museum exhibition about disco icon Thelma Houston opened in Long Beach, Calif., we spoke to Soulwax about their forthcoming album All Systems Are Lying and its two lead singles, a fundraiser was launched for Optimo (Espacio) member JD Twitch after he revealed a terminal brain cancer diagnosis, Palm Tree Festival announced that it will host its first ever event in Napa Valley, Calif. this fall, mau5trap signed its first ever virtual artist, Deathpixie, Fred again.. released a second edit of his Skepta collab “Victory Lap,” Nine Inch Nails released a surprise song co-produced by Boys Noize, Flume released a collaborative album with Emma Louise, Shaq released a new bass music EP and Above & Beyond dropped their first entirely electronic album in seven years, Bigger Than All of Us.

And to close it all out, there are the best new dance tracks of the week.