LL COOL J and Usher were among the honorees saluted Thursday night by the Black Music Action Coalition at the organization’s fourth annual BMAC Gala. As BMAC co-founder/president/CEO Willie “Prophet” Stiggers noted, the event isn’t about “celebrating record sales, streaming numbers or other accolades. It’s the intersection of activism and music.”

As Stiggers further explained, “When most are turning down the volume around social, racial and economic justice, we’re doubling down on efforts and spotlighting the positive and meaningful impact that the music industry has made on society, which is what we hope to inspire with this event.”

Chief among the highlights inside the packed ballroom at Los Angeles’ Beverly Hilton Hotel were the presentations of the Clarence Avant Trailblazer and Quincy Jones Humanitarian Awards to LL COOL J and Usher, respectively. Surprised onstage by attorney Ben Crump, who presented the award, LL noted to exuberant audience applause and cheers, “You must continue to believe in the beauty of your dreams. If I can come all the way here from Queens and do the things that I’m doing, then anything is possible.” 

After receiving his award from fellow artist Bobby Brown and briefly teasing the crowd with one of his patented dance moves, Usher segued into a heartwarming 15-minute acceptance speech. He said, in part, “Aside from just being Usher, the performer, the entertainer, I strive every day to just be Usher, the human; who has the means and the power to inspire and bring awareness to the issues that we face as Black men and women in this country.”

Actress Taraji P. Henson presented the BMAC Social Impact Act to the BET Media Group. The company’s executive honorees included president/CEO Scott Mills; president, media sales  Louis Carr; executive vp of specials, music programming & music Constance Orlando and executive vp/chief marketing officer Kimberly Paige. The BMAC Change Agent Award was given to Ivy McGregor, CEO of Beyoncé’s BeyGOOD foundation. And the BMAC 365 Award was presented to Live Nation.

Rapper/activist Gunna received a special commendation from the Mayors of Guaranteed Income, an organization comprised of more than 170 mayors from across the country. “I’m here to make sure my community is uplifted – this GI program is going to help change a lot of lives,” said Gunna. He recently partnered with BMAC to launch the BMAC 30349 Guaranteed Income initiative, which will provide a $1,000 monthly stipend to 30 families residing in the artist’s hometown of South Fulton, Georgia.

Hosted by Kenny Burns, the gala also featured BJ The Chicago Kid, who set the evening’s tone with his interpretation of the Black National Anthem. Taking the stage later in the evening were Anthony Hamilton and The Hamiltones, who performed a soulful medley. This year’s gala also marked the inaugural BMAC auction, hosted in partnership with Julien’s Auctions. Among the offerings that attendees were vying for: a Flavor Fav clock necklace and sunglasses owned by music legend James Brown.

In the walkup to its gala, BMAC hosted a series of other events. In partnership with The Revels Group, BMAC co-hosted the Black Future Now brunch (Sept. 15), which honored Jhené Aiko, Cash Cobain and artist manager Rachelle Jean-Louis. Two days later (Sept. 17), BMAC’s Stiggers accepted SESAC’s Visionary Award. Then the next evening (Sept. 18), Stiggers sat down with BMI president/CEO Mike O’Neill to discuss the advantages and challenges of AI during a panel also co-hosted by BMAC.

Universal Music Group hit enough right notes during its first Capital Markets Day (CMD) presentation since before going public in 2021, judging from Billboard’s review of a handful of equity analysts’ comments on Tuesday’s event.

Reviews of the presentation from London’s Abbey Road Studio, which featured talks by CEO Lucian Grainge and other top executives, varied from zealous to merely positive. JP Morgan analysts called UMG’s presentation “one of the best capital markets days we have attended in the past 30 years, and it further increased our already high conviction in the UMG story.” Barclays analysts didn’t believe there was enough new information to change investors’ minds about the company. Still, they wrote, “We viewed UMG’s arguments as convincing and their financial targets as achievable.”  

As for the targets, UMG said revenue will grow at more than a 7% cumulative annual growth rate (CAGR) through 2028 — not including the impact of any mergers and acquisitions. As JP Morgan noted, UMG stuck with the “high single digit growth” it gave in its last CMD presentation before going public in September 2021. In other words, UMG believes it can achieve the same high single-digit growth rate that initially lured streaming-hungry investors when the company broke off from Vivendi three years ago. Had UMG downgraded to a lower revenue CAGR — say, in the mid-single digits — the post-presentation commentary wouldn’t have been as kind.   

Subscription music streaming’s role is so vital to UMG’s future that it crafted a narrative to explain how it can achieve CAGR of 8% to 10% in subscription revenue. It’s called Streaming 2.0 and it took center stage in the CMD presentation. In the initial Streaming 1.0 phase, services such as Spotify and Apple Music kept prices steady while prioritizing acquiring subscribers over maximizing revenue per user (ARPU). They paid the same royalty regardless of creator and quality of music. They built global presences but got most of their revenue from a relatively small number of Western markets.  

Streaming 2.0 is about monetization and getting more from existing subscribers while signing up customers in developing markets. Not every stream will be worth the same and generic “functional music” will get paid less. Streaming platforms will use customer segmentation to offer premium experiences for customers willing to pay more. To that end, CFO Boyd Muir revealed that UMG is in “advanced talks” with Spotify about its planned “superfan” tier, which Spotify CEO Daniel Ek has said could be priced at $17 or $18 per month. Tencent Music Entertainment already offers such a product, Super VIP, that costs five times as much as a normal subscription.

With streaming growth slowing, it was important for UMG to prove it has a plan for the future of streaming. After all, subscription growth has an outsized impact on investors’ outlook. In July, UMG’s stock dropped 24% in a single day after UMG’s second-quarter earnings revealed a sudden, sharper-than-expected slowdown in streaming revenue. Streaming 2.0 neatly packages UMG’s various tactics into a simple, understandable concept.  

UMG also leaned heavily into direct-to-consumer (D2C) sales of merch, vinyl and other items, and Muir gave a new data point: the company’s D2C sales are growing at a 33% CAGR and totaled 548 million euros ($612 million), or roughly 5% of total revenue, from about 1,300 online stores. That gives UMG a massive amount of data on its artists’ biggest fans. “The superfan/D2C opportunity is not just a complementary high growth revenue opportunity,” Muir said. “It’s also an important competitive advantage that is increasing our appeal to artists and giving us the capability to do more for them than our competitors.” 

The music business has changed dramatically since UMG’s last CMD presentation in 2021. TikTok became the de facto way to break new artists. Vinyl sales exploded. Labels got better at selling directly to fans. Subscription services finally raised their prices. Artificial intelligence quickly became both public enemy No. 1 and the next big opportunity. Companies made a staggering number of investments in developing markets.   

UMG’s task was to show it had a believable vision for the future. Given everything the company laid out, Grainge was able to do that when he told investors that “we are nowhere close to achieving the full potential of our business.”

Investors will want to see results first, though. In a week when stock markets rallied after the U.S. Federal Reserve chopped interest rates, UMG’s share price dropped 3.6%.

New York City has no shortage of cover bands, but few of them can boast surprise appearances from The Black Crowes’ Chris Robinson, Robert Randolph, The Roots’ Black Thought and Jimmy Fallon.

It helps, of course, that the cover band in question is anchored by Grammy-winning producer Andrew Watt (guitar, vocals), Rock and Roll Hall of Famer Chad Smith (drums) of the Red Hot Chili Peppers and longtime Saturday Night Live Band fixture G.E. Smith (guitar), with Ivan Bodley (bass), Seneca Black (trumpet), Crispin Cioe (sax), Bob Funk (trombone), Charlotte Lawrence (vocals), Ben Stivers (keyboards) and Jared Tankel (baritone sax) rounding out the group.

The band’s nondescript name — Smith & Watt Steakhouse, the product of a jokey 10-second brainstorm – speaks to its casual, unambitious origin. When the Chili Peppers’ two-year Unlimited Love Tour wrapped up in July, Smith headed to the Hamptons to reenergize – but after a few weeks, he found himself getting restless in the sleepy seaside town. “I’m a musician – I love to play music,” he tells Billboard, sitting on a sunny balcony at the Bowery Hotel in Manhattan. “I don’t want to miss out.”

The cavalry arrived when Watt, a frequent collaborator and close friend of Smith’s, found himself in the same area with a bit of free time. “We have this insane musical connection, and we love playing live together. We have this musical bromance,” Watt tells Billboard, seated next to Smith. “Naturally, we want to jam together.”

After pulling together a rock band of musical ringers and creating a setlist spanning their favorite artists (Prince, The Police, Sam & Dave, Fleetwood Mac, to name a few), Smith and Watt took the stage at Stephen Talkhouse in Amagansett, N.Y., on Aug. 20 and ripped through an all-covers set that had the Hamptons hot spot bumping.

“(The venue) is small — we broke it,” Smith says with a wide grin. “And then at the end of the night, this gentleman decides to come up on stage.”

Gentleman, while certainly accurate, is a bit of an undersell. Sir Paul McCartney, who had been watching the entire show side stage with his family, made a completely unscripted decision to hop up and join them on a cover of Neil Young’s “Rockin’ in the Free World.”

“I actually whispered into his ear (after that song), ‘Go play drums and show them how much of a badass you are,’” recalls Watt, who has spent time in the studio with the rock icon. “He shrugged me off and goes, ‘I’ll tell you what. One more number. [singing] She was just seventeen!’”

Naturally, McCartney’s surprise performance of The Beatles’ “I Saw Her Standing There” at a 250-capacity venue made headlines and waves across social media – and sent more than a few folks into a FOMO spiral. When Watt was backstage at Pearl Jam’s Madison Square Garden show on Sept. 4 (he joined them onstage that night), tour promoter Peter Shapiro started griping about how sad he was to have missed that once-in-a-lifetime show. After chatting with the entrepreneur, whom Watt calls “a modern-day Bill Graham,” he decided to give Smith a call: “What are you doing Wednesday?”

For its second show, the Watt & Smith Steakhouse headed to Brooklyn Bowl – one of several venues owned by Shapiro — on Wednesday (Sept. 18). And while none of that night’s special guests can lay claim to British knighthood, it was an eclectic, hard-to-resist roster: A loose, all-smiles Chris Robinson shimmied in front of Smith’s drumkit while belting the Faces’ “Stay With Me”; Black Thought rapped Ol’ Dirty Bastard’s “Shimmy Shimmy Ya” and freestyled over the Stooges’ “I Wanna Be Your Dog”; and Robert Randolph flexed his slide guitar mastery on Jimi Hendrix’s “Voodoo Child (Slight Return)” before leading the band through an impromptu, off-setlist “Purple Haze.” As for Jimmy Fallon’s full-throated take on the Doors’ “Roadhouse Blues”? It might not place him in the same category of musical excellence, but there was something undeniably special about watching The Tonight Show host let it all hang out onstage just 20 minutes before turning 50. (FWIW, his vocals were a solid cut above what you’d hear at any given karaoke bar.)

“Watt & Smith Steakhouse rides again,” G.E. Smith quipped of the cover band’s Brooklyn Bowl gig. Depending on schedules, that ride could turn into a cross-country trek. When asked about future gigs for the Steakhouse, the RHCP drummer pauses. “Yeah. We’ll see what happens,” Smith says, firing up a fresh cigarette (fittingly, the lighter he uses is a piece of promo merch for Eddie Vedder’s 2022 solo album Earthling, which Smith played on and Watt produced).

“In our relationship, we like to eat,” Watt says. “The point of this band is: we’re going to come to some cities, play in your smallest club and go out to your nicest restaurant.”

Ultimately, the band (which continues Smith’s legacy of meaty side projects, from Chickenfoot to Chad Smith’s Bombastic Meatbats) is an excuse for Smith, 62, and Watt, 33, to hang out, eat out and rock out.

“He’s my best friend in the entire world,” says Watt, who acknowledges that part of him will “forever” be the RHCP fanboy who snagged a post-concert pic with Smith as a teenager, years before the two became musical brethren.

“For me, he could be my son,” Smith says with a belly cackle. “There is an age difference.” (Case in point: the first show Smith attended on his own was KISS in 1975, one of the concerts immortalized on Alive!; Watt’s was none other than the Red Hot Chili Peppers with openers Queens of the Stone Age and the Mars Volta in 2003.) “But when it comes to us, especially our musical thing, we have very, very similar likes and tastes,” says Smith. “It’s such a lucky thing when that happens.”

Plus, Watt & Smith Steakhouse gives the former – who can wail like Roger Daltrey, sneer like David Bowie and growl like Gregg Allman – a chance to step out from behind the boards and up to the mic. “This guy is a performer and loves it,” Smith says. “You better go see the Steakhouse – you never know what’s on the menu.”