Hours into their Billboard Women in Music photo shoot, the members of aespa are goofing off. High-pitched giggles reverberate through the studio as Winter, Karina, Ningning and Giselle tickle one another’s sides, talk in silly voices and play with the straps on their leathery stage outfits.

It’s mesmerizing to watch the four early-20-somethings be so, well, real, not just because they’re one of K-pop’s most polished acts — which they demonstrate by immediately snapping back into place once the photographer is ready again — but also because ­aespa has a particular penchant for the surreal. The SM Entertainment group debuted in 2020 with K-pop’s first lineup to feature both human and virtual members, pairing each girl with an artificial intelligence (AI) avatar as part of a cyberpunk musical metaverse marked by dark, 808-laced hyperpop and edgy-chic outfits.

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Ever since, the act has leveraged its niche into unprecedented crossover success — in November, mini-album Whiplash made it the first K-pop girl group to have six projects reach the Billboard 200 top 50, and it just wrapped its second global arena tour — and a reputation for being one of the genre’s “most adventurous and contemporary” groups, as its “Over You” collaborator Jacob Collier put it to Billboard in January.

But going forward, 2025’s Billboard Women in Music Group of the Year also wants to focus on something potentially even more subversive: showing that beneath the personas, its members are just those real-life girls blowing off steam between camera flashes. “We’re not actual AI; we do have days where we don’t feel the best,” Giselle says once the foursome has squeezed together on a couch. “Our storyline can be fun to keep up with, but I want fans to look up to aespa for our human traits, too.”

Why do you think aespa has made a name as trendsetters?

Giselle: There’s always going to be trends, but we don’t follow them because we can’t. We have our own story to tell that was set from the start.

Winter: We usually talk about ourselves more than love [in our lyrics]. We’re the main characters of our stories.

Karina: We’re honest. Of course, you have to be professional and present your best self, but we also try to show the not-perfect side. We’re not trying to filter everything or over-mask ourselves.

What’s next in aespa’s evolution?

Ningning: We did start out with our avatar concept, but now we’re also trying really hard to explore different concepts and themes. In the future, there may be moments where the fans don’t see the avatars.

Karina: We want aespa to be a really stylish group, not only in fashion and music, but also in terms of versatility and excelling in every genre. I also want all our members to shine individually when we’re together and even when we’re not together.

Who are your favorite artists/dream collaborators at the moment?

Ningning: Doechii. I’d just really like to meet her.

Winter: Billie Eilish. She’s so good at expressing her honest feelings through her music.

Karina: Olivia Dean. Whenever I need to find composure, I listen to her.

Giselle: SZA. Her music is so hard to get sick of — and very relatable.

As a girl group, how do you support one another?

Ningning: We’re all from different countries and environments, but we’ve been doing this for five years. They’re always there for me. Working with this mindset that we’re in this together makes it easier to handle challenging situations and emotions.

Winter: I don’t think we could’ve made it through this alone. We’ve had to overcome certain obstacles, but with each other’s support, we were able to move forward. (Karina giggles as Giselle starts poking her ­affectionately.) These girls are all very precious to me.

This story appears in the March 22, 2025, issue of Billboard.

Beyoncé is doubling down on Sin City. The singer announced on Wednesday (March 19) that she is going to play a second show at Allegiant Stadium on July 26, with tickets slated to go on sale on March 25 at 12 p.m. local time. A BeyHive pre-sale will kick off on Thursday (March 20) at 12 p.m. local, followed by the artist pre-sale on March 24 at 12 p.m. local and additional pre-sales for Citi cardmembers, Verizon Up and Mastercard ahead of the general on-sale.

The new date comes after Bey added a July 25 stop in Las Vegas following the initial announcement of the Cowboy Carter & the Rodeo Chitlin’ Circuit tour last month. Before a single note is sung, the outing is already off to a blazing start. Earlier this week, Billboard reported that barely a month after pre-sales kicked off and six weeks from opening night the global outing is already at 94% capacity across all dates according to figures from promoter Live Nation.

The tour was first announced on Feb. 3 with a roster of 22 shows in eight cities in the U.S. and Europe, with high demand forcing additional dates to be added in six of the eight markets on the tour celebrating Queen Bey’s Cowboy Carter album, which won album of the year at this year’s Grammy Awards.

When the tour was initially announced, Billboard projected that final earnings of $294 million on sales of 1.1-1.2 million tickets, with the additional dates — not counting the second Vegas show — potentially boosting that figure to more than $325 million.

Check out the announcement and updated full list of Cowboy Carter dates below.

April 28 – Inglewood, CA @ SoFi Stadium

May 1 – Inglewood, CA @ SoFi Stadium

May 4 – Inglewood, CA @ SoFi Stadium

May 7 – Inglewood, CA @ SoFi Stadium

May 9 – Inglewood, CA – SoFi Stadium

May 15 – Chicago, IL @ Soldier Field

May 17 – Chicago, IL @ Soldier Field

May 18 – Chicago, IL @ Soldier Field

May 22 – East Rutherford, NJ @ MetLife Stadium

May 24 – East Rutherford, NJ @ MetLife Stadium

May 25 – East Rutherford, NJ @ MetLife Stadium

May 28 – East Rutherford, NJ @ MetLife Stadium

May 29 – East Rutherford, NJ – MetLife Stadium

June 5 – London, UK @ Tottenham Hotspur Stadium

June 7 – London, UK @ Tottenham Hotspur Stadium

June 10 – London, UK @ Tottenham Hotspur Stadium

June 12 – London, UK @ Tottenham Hotspur Stadium

June 14 – London, UK @ Tottenham Hotspur Stadium

June 16 – London, UK @ Tottenham Hotspur Stadium

June 19 – Paris, France @ Stade de France

June 21 – Paris, France @ Stade de France

June 22 – Paris, France @ Stade de France

June 28 – Houston, TX @ NRG Stadium

June 29 – Houston, TX @ NRG Stadium

July 4 – Washington, D.C. @ Northwest Stadium

July 7 – Washington, D.C. @ Northwest Stadium

July 10 – Atlanta, GA @ Mercedes-Benz Stadium

July 11 – Atlanta, GA @ Mercedes-Benz Stadium

July 13 – Atlanta, GA @ Mercedes-Benz Stadium

July 14 – Atlanta, GA @ Mercedes-Benz Stadium

July 25 – Las Vegas, NV @ Allegiant Stadium

July 26 – Las Vegas, NV @ Allegiant Stadium

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In a first for a music streaming company, Paris-based Qobuz has publicly released the per-stream royalty rate it pays to rights holders. Qobuz tells Billboard it paid out an average per-stream royalty rate of $0.018732, or 1.8782 cents, in the 12 months ended March 31, 2024. That all-in rate, which covers both recorded music and publishing, works out to $18.73 for every 1,000 streams. 

“Today, we are taking this step for greater transparency,” Qobuz deputy CEO Georges Fornay said in a statement. “Our payout rates are now public. This unprecedented move in our industry is a necessary first step toward promoting a fairer and more sustainable streaming model. Choosing Qobuz means taking concrete action for fairer compensation for all artists and supporting musical diversity, values that our customers cherish.” 

One reason streaming companies haven’t released their per-stream royalty rates is because royalties aren’t paid on a simple, per-stream basis. Rather, royalties are the result of complex calculations based on such factors as market share and guaranteed minimums. Qobuz admits as much in the press release announcing its first-of-its-kind calculation, which was conducted by a major accounting firm. “It should be noted that the methods of payment to labels and publishers are not systematically based on remuneration per stream,” it reads. “Calculation methods may vary from one contract to another.”  

Nevertheless, the per-stream royalty rate has persisted as a popular metric for gauging streaming services’ value to artists and rights holders. And although Qobuz is often mentioned as the platform with the highest per-stream rate, there are no official numbers to show its place in the royalty hierarchy. Companies have disclosed the amounts of royalties paid annually and cumulatively, but never, until now, on a per-stream basis.

At approximately $0.0187 cents per stream, Qobuz ranks well ahead of its peers, based on the limited, imperfect information available. The best comparisons come from music catalog investor Duetti, which released its own calculations in January for per-stream rates paid to independent artists. That report said the average royalty for master recordings—excluding the publishing component that Qobuz included—was $0.00341 per stream in 2024, though Qobuz wasn’t included in those rankings. Publishing typically accounts for approximately 20% of music streaming content costs, which would put Qobuz’s recorded music per-stream royalty at approximately $0.015—4.4 times the average on Duetti’s list. 

Amazon ranked first on Duetti’s list at $0.0088 per stream and was followed by TIDAL at $0.0068, Apple Music at $0.0062 and YouTube at $0.0048. Spotify’s $0.003 per-stream payout was lower than its peers because of high usage, geographical mix, reliance on free and discounted plans and Discovery Mode, through which artists accept a lower royalty in exchange for in-app promotion.  

One reason Qobuz pays relatively well is because it charges a relatively high price. Average revenue per user (ARPU) at Qobuz is $121.13 annually or $22.38 per month, while Spotify’s latest ARPU (for the quarter ended December 31, 2024) was 4.85 euros ($5.29). In the U.S., Qobuz charges $12.99 per month—$1 more than Spotify’s music-and-audiobook tier—or $129.99 per month when purchased annually. In its home country of France, Qobuz charges 14.99 euros ($16.35) per month or 149.99 euros ($163.55) annually. That’s 34% higher than the 11.12 euros ($12.13) per month Spotify charges. 

The company cited other aspects of its business that result in the relatively high royalty rate. Qobuz does not have an ad-supported tier that would pay less than subscriptions. Additionally, the platform provides greater valued through uncompressed files and high-resolution audio, which, along with “exclusive editorial content,” merit a higher price, the company says. And Qobuz highlights artists and genres—jazz and classical, for example—that are underrepresented at other streaming platforms. As a result, the company argues, more revenue is generated for a wider range of artists.  

Geography also plays an important role in the size of Qobuz’s royalties. In the 26 markets where where Qobuz is available—including the U.S., Japan, U.K., Germany, France, Sweden and Canada—consumers tend to spend money on music subscriptions. The service is not available in many emerging countries such as India where subscription prices are low and listeners overwhelmingly opt for free, ad-supported options. And while Qobuz available in places like Mexico and Brazil where subscription costs are lower, it costs more than its competitors in those markets. In Mexico, for example, Qobuz’s monthly price is 150 pesos ($7.49) to Spotify’s 129 pesos ($6.44). In Brazil, Qobuz costs R$25.90 ($4.59) to Spotify’s R$21.90 ($3.88). 

The difference between Qobuz and its peers may narrow over time as royalty rates improve—slightly—in the coming years. Spotify, according to reports, plans to launch a higher-priced plan that includes high-quality audio. Various companies are taking measures to marginally improve payouts. Deezer, for example, has changed its royalty scheme by demoting AI-created tracks, removing “non-artist noise content” and provide better payouts to what it terms “professional artists.” Spotify changed its royalty payout scheme in 2023. As more platforms follow suit, average royalty rates should inch upward.

Australia has fallen out of the top 10 global music markets for the first time in nearly three decades, according to the International Federation of the Phonographic Industry’s (IFPI) latest Global Music Report.

The annual report, released this week, ranks the world’s largest music markets based on recorded music revenues, with the United States, Japan, and the United Kingdom retaining their long-standing dominance in the top three positions. However, for the first time since at least 1996, Australia is absent from the top 10, with Mexico overtaking it to claim the final spot.

Despite this shift, recorded music revenues in Australia continue to rise. The IFPI report states that revenues in Australasia reached $629 million in 2024, reflecting a 6.4% increase, with Australia specifically seeing a 6.1% boost. Similarly, New Zealand experienced a 7.8% revenue increase. Yet, these figures were not enough to maintain Australia’s position in the ranking, as markets like Mexico saw even more rapid growth, with a 15.6% increase, while Brazil, now ranked ninth, grew by a staggering 21.7%.

Historically, Australia has been a formidable player in the global music industry, reaching as high as No. 6 on the IFPI’s ranking in 2004 and holding that position again from 2007 to 2015. In recent years, however, the country has hovered on the edge of the top 10 before finally dropping out in 2024.

This decline raises questions about the factors influencing Australia’s global standing. While growth remains steady, the rapid expansion of emerging markets suggests a shift in industry investment and audience engagement. Countries like Mexico and Brazil have seen increased investment in A&R, marketing, and local talent development, contributing to their rising influence on the international stage.

The IFPI’s Global Market Overview offers an optimistic outlook overall, noting that worldwide music revenues increased for the tenth consecutive year, growing 4.8% to a total of $29.6 billion. “The growth tells a story of an industry that continues to evolve and adapt around the world – with every region experiencing growth,” the report states.

However, the challenge for Australia lies in securing a stronger foothold in the global landscape amid this evolving market. Recent figures from ARIA indicate six consecutive years of revenue growth in Australia’s recorded music sector, but the nation’s industry leaders may need to explore new strategies to regain their competitive edge. Increased investment in local artists, a greater push for international market penetration, and innovations in streaming and digital distribution could all be key to Australia reclaiming its spot in the global top 10.

The full IFPI Global Music Report is available for review, providing further insights into the shifts shaping the industry in 2025.