Strong earnings releases from Live Nation, CTS Eventim and Cloud Music clashed with a downturn in the market this week. The most notable release of the week came from Live Nation, which reported record revenue of $23.1 billion in 2024 and forecast a healthy stadium business in 2025.

Still, Live Nation shares fell 1.9% on Friday (Feb. 21) after Thursday’s earnings release and finished the week down 2.8% to $148.48. The stock had gained 19.7% in the first seven weeks of the year, however, and expectations for a strong quarterly report and 2025 outlook were likely priced into the shares. More telling is Live Nation’s 56.8% increase over the previous 52 weeks, suggesting that investors are convinced the company has a winning combination of concerts, ticketing, and sponsorships and advertisements.

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A bevy of analysts upped their Live Nation price targets following the company’s earnings release on Thursday (Feb. 20), including Evercore ISI (to $180 from $160), JP Morgan (to $170 from $150), Jefferies (to $180 from $150) and Rosenblatt (to $174 from $146). Ahead of the company’s earnings report, Morgan Stanley raised its price target to $170 from $150 and Seaport Global Securities raised Live Nation shares to $170 from $157. A dissenting voice came from CFRA, which has a “sell” rating on Live Nation shares and this week increased its price target to $135 from $115.

The 20-company Billboard Global Music Index (BGMI) fell 2.9% to 2,674.34, marking its first decline in seven weeks and only its second weekly loss of 2025. Only six of the 20 stocks gained ground while 14 finished the week in negative territory. Even so, music stocks are performing well this year. Only four of the 20 stocks have lost value in 2025 and the BGMI has gained 25.9% year to date.

U.S. stocks cratered on Friday amidst a drop in consumer sentiment, an uptick in inflation expectations and worries the economy may be slowing. The Dow dropped 1.7%, the S&P 500 also fell 1.7% and the Nasdaq composite sank 2.2%. Summing up the market’s tenuous mood, Steve Cohen, CEO of hedge fund Point72, told the FII Priority Summit on Friday that tariffs, sharp cuts in government spending and slowing immigration will have negative consequences. “It may only last a year or so, but it’s definitely a period where I think the best gains have been had and wouldn’t surprise me to see a significant correction,” he said.

The best-performing music stock of the week was Chinese music streaming company Cloud Music, which jumped 18.1% on Friday and ended the week up 20% after the company’s 2024 earnings release on Thursday showed a 22% jump in music subscription revenue. At 170.70 HKD ($21.97), Cloud Music is up 52.1% year to date. Another Chinese music streamer, Tencent Music Entertainment, rose 5.6% to $14.40.

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CTS Eventim shares rose 4.7% to 104.00 euros ($108.83) after the company announced record results for 2024 on Tuesday (Feb. 18). Consolidated revenue increased 19.1% to 2.81 billion euros ($2.94 billion) and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a common measure of profitability, jumped 21.9% to 444.8 million euros ($465 million). Live entertainment revenue rose 17.6% to 1.97 billion euros ($2.06 billion) while ticketing revenue climbed 22.7% to 879.9 million euros ($921 million).

Spotify fell 4.8% to $607.36 while Warner Music Group dropped 2.9% to $35.26 and Universal Music Group was down 3.0% to 28.02 euros ($29.32). Sphere Entertainment Co., which will announce quarterly earnings on Feb. 28, lost 2.8% and sister company MSG Entertainment fell 5.0%.

Most K-pop stocks rose this week as South Korea’s KOSPI composite index gained 2.5%. YG Entertainment rose 12.0% to 57,900 ($40.30) following the announcement on Wednesday (Feb. 19) of BLACKPINK’s 10-city 2025 world tour that commences in July and stops in Seoul, Los Angeles, Chicago, New York, Toronto, Paris, London, Milan, Barcelona and Tokyo. SM Entertainment shares rose 7.8% to 99,500 KRW ($69.25), bringing its year-to-date gain to 37.1%. JYP Entertainment rose 1.6% and HYBE fell 1.0%.

Billboard Canada Power Players is returning in 2025, and it’s moving to Toronto’s NXNE.

The authoritative ranking of the music business’s most powerful executives — an official extension of Billboard’s Power 100 list — expanded to Canada in 2024. The event brought a who’s-who of industry leaders to a packed celebration at Toronto’s tallest building, the CN Tower. This year, the event will grow even bigger at its new home at NXNE, the beloved music festival celebrating its 30th anniversary amidst a new strategic partnership with Billboard Canada.

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Nominations officially opened this week and will close on March 7, 2025.

“We’re thrilled to bring Power Players to the country’s most vibrant music conference and festival,” says Mo Ghoneim, president of Billboard Canada. “Power Players is a crucial spotlight of the executives leading the charge in Canada on a global scale, and we can’t wait to bring it to new heights in 2025.”

Canada is home to some of the most impactful people in music, both at home and internationally. In 2024, Billboard Canada celebrated Arthur Fogel, Live Nation’s CEO of global touring, at No. 1. The Canadian industry icon who shaped the modern global touring market attended the event and spoke about the impact Canada’s live music scene had on his career.

As Canada’s market for stadium concerts and festivals continues to expand and Canadian Content regulations continue to be debated, there are many factors and stories that could play a role in this year’s Power Players list.

Billboard Canada Power Players celebrates people across the industry, including record labels, publishing, legal, streaming and radio, creative media, and more. The extremely competitive honour reflects market share, industry impact, achievements and other metrics.

The Power Players list is peer-nominated and selected by the Billboard Canada team. 

Find the submissions form here. It’s also available in French here– Richard Trapunski

Canadian Independent Music Association Pulls Out of SXSW Amidst ‘Instability’ In the United States

One of the top showcase opportunities for Canadian musicians at SXSW will not take place this year.

The Canadian Independent Music Association (CIMA) has canceled its Canada House event at the upcoming Austin music festival amidst rising political and economic tensions between Canada and the United States.

Andrew Cash, CIMA’s president and CEO, describes the decision as a confluence of various factors, mostly related to the relationship between the two countries since Donald Trump began his second term as U.S. President.

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That includes the 25% tariffs placed on goods from Canada set to kick in on March 12, which falls during the dates of this year’s SXSW (which runs from March 7-15), as well as Trump’s repeated threats to annex the country.

“The growing instability of everything in the United States right now, plus the high cost [of putting on events in the United States] and the low [Canadian] dollar — all of these things combined made it so we couldn’t feel confident or good about what we were getting ourselves into at this particular moment,” Cash tells Billboard Canada.

“The timing is not great,” he continues. “We would be going down there just after the 30-day tariff pause has expired. We’re going to have a new Prime Minister [in Canada, following the resignation of Justin Trudeau]. I just didn’t feel comfortable putting CIMA out there in that context of instability.”

For more than a decade, Canada House has been a pivotal exporting opportunity for Canadian bands and artists at the influential American music festival. Taking over the Swan Dive music venue, it offers opportunities for Canadian musicians and entrepreneurs to network and showcase at an event well-attended by members of the local and international music industry. CIMA had planned to host a one-day daytime music showcase on March 12.

CIMA made the decision to pull out of SXSW on Feb. 13, sending emails to partners and invited artists informing them that they would not be producing the event this year.

Applications opened last fall, and four Canadian and Indigenous acts had been sent offers to play CIMA’s Canada House showcase. They learned of the cancellation last week.

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“We don’t know what the climate is going to be,” Cash says. “It felt potentially dissonant to be going down to Texas and hosting an event called Canada House while the President of that country is essentially stating his intent to annex our country…We made the decision based on what we could control, because there’s so much about this situation that we can’t.”

CIMA is still offering Canadian bands spots at networking events with other international music offices and export partners from Australia, England, New Zealand and other markets. And though the Canada House showcase is on pause for 2025, they could still bring it back in future years depending on the geopolitical situation.

In the meantime, Cash says CIMA will focus its resources and investments on other international markets and opportunities within Canada. This will not affect the organization’s other Canada House activations at the German festival Reeperbahn, British festival The Great Escape or SXSW Australia.

Cash says he hopes the situation in the U.S. is resolved soon, as the country is Canada’s biggest export market — not just for music but many sectors of the economy.

“I think everyone understands that we’re in unprecedented times,” says Cash. “And I think everyone is unsure exactly how to react.”

For more on the cancellation, and how it affected artists who were invited to play, head here. – Richard Trapunski

Kendrick Lamar’s ‘Not Like Us’ Hits No. 1 In Canada for The First Time After Super Bowl Performance

Kendrick Lamar‘s “Not Like Us” is the No. 1 song in Canada this week — for the first time.

The diss track never managed to claim the top spot on the charts in Drake‘s home country like it did in the U.S. last year during the height of the stars’ heated rap beef. But after a Super Bowl halftime performance that saw record viewership, Canadians have pushed the controversial single to a new peak on the Billboard Canadian Hot 100 for the chart dated Feb. 22, 2025.

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Going into the Super Bowl, it wasn’t clear if Lamar was even legally allowed to perform the track, as Drake is suing Universal Music Group, the label that released it. But after teasing it throughout the night, Lamar not only played the song, he included the lines that name-drop Drake and accuse him of predatory behaviour. Serena Williams, Drake’s ex, danced alongside Lamar on the field.

Following the success of “Not Like Us” last year, Lamar dropped a surprise album, GNX, which is at No. 2 on the Billboard Canadian Albums chart this week. Lamar is also all over the Canadian Hot 100, with 11 of his tracks charting there.

He performed his SZA collab from that album, “Luther,” at the halftime show as well, with the R&B star joining for the duet. That track also got a post-show boost, rising 18-2 on the Canadian Hot 100, as did SZA’s 2017 album Ctrl, which re-enters the Canadian Albums chart at No. 91. SZA’s SOS, meanwhile, drops from 2-3 behind GNX

The two will perform together on the Grand National tour this summer, which stops in Toronto on June 12 and 13. – Rosie Long Decter

When Fher Olvera, lead singer of iconic Mexican rock band Maná, was a little kid in Guadalajara, he’d rock to the sounds of bands like The Eagles, The Rolling Stones and The Beatles.

“At 11 years old, I’d sit in front of those speakers and fly. It was sheer ecstasy,” he told Billboard. “Obviously, I didn’t understand English, but you kind of figured out a way to make sense of what you liked.”

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Now, Olvera is in a very different position in front of those speakers, after Maná became the first ever Spanish-language rock band to be nominated for Rock & Roll Hall of Fame inclusion.

“It’s a historic moment,” says Olvera. “I truly felt the spirit of the Latin American language. I say it seriously but also with humility. It’s a moment where people open their ears as we did when we were kids and listened to the Rolling Stones and the Eagles. This is an opportunity for people to learn Spanish, and an opportunity for those of us here to extend to the planet our way of feeling the world.”

Maná , made up of Olvera, drummer Alex González, guitarist Sergio Vallín and bassist Juan Calleros–is objectively the most successful Latin rock band in the world, with eight No. 1s on Billboard’s Top Latin Albums chart, and the most entries on Hot Latin Songs and Latin Airplay (33 and 36, respectively) for a Latin rock group.

Now, their new historic moment goes beyond language and very much into culture and the vision of rock and roll as a universal language that transcends borders.

Should they be elected by the Rock & Roll Hall of Fame membership (elections close April 21), the Mexican band would become only the fourth Latin artist (the other three are Santana, Ritchie Valens and Linda Ronstadt) to be inducted into the Rock Hall since its first edition in 1986.  They are also the first Latin band, in any language, to be nominated since Los Lobos nearly 10 years ago.

The importance of the moment isn’t lost on drummer Alex Gonzalez. “Being nominated was a shock and a welcome shock to a Latin American community that sings in Spanish regardless of genres. It means eyes and ears are beginning to look in other directions,” says González.

Since they formed over 30 years ago in Guadalajara, Maná have remained faithful to a rock ‘n roll base with Caribbean influences and beats and highly melodic and narrative material that distinguish them from other bands.

“We’re a pop/rock band and our direction, attitude and the way we feel is rooted in rock ‘n roll,” says Olvera. “We’ve done ballads, songs mixed with Latin American music. In the end, it’s a versatile rock/pop band infused with different ways of understanding music.”

Although Maná is close to many rock icons, they have recorded only in Spanish, a decision that’s more artistic than commercial.

“We feel comfortable with our culture, and it feels more authentic to narrate those stories in Spanish,” says Olvera, noting that in several points in their career, they were offered major advances to record in English. “We have a global company [the group is signed to Warner] and a global manager and we never wanted to do it. It wasn’t about being more famous, but rather, about feeling good about what we were doing and being able to narrate a reality with which we authentically identify.”

Being inducted in the Rock and Roll Hall of Fame, says González, would not only place them Maná next to the idols it grew up listening to, but will also serve as a nod to Latin music overall.

“All this band has done is work and work and work and make songs and music that connect with people, in Latin America, in Spain and in the U.S. which has such a big Latin community,” he says. “Maná became a band for Latins, not just for Mexicans.”

Maná’s competition to get into the Hall of Fame this year includes many of the acts González and Olvera love.

“Love Soundgarden. White Stripes. I was so surprised to see Chubby Checker still hasn’t been inducted,” says González. “Oasis, great band. And Cyndi Lauper. Who didn’t love Cyndi Lauper?”

Being part of that group, he says, is a nod to a nominating committee that was willing to “look in other directions.”

“If we win? I’ll let you know how we’ll celebrate when we get the news,”  says Olvera. “But, I could walk on water. It would be one of the most beautiful moments we’ve lived.”

Rico Nasty is ready to shake things up again. The boundary-pushing rapper has announced her new rap-rock album, Lethal, set for release on May 16 through Fueled by Ramen.

The project marks a bold new direction for the Maryland-born artist, who has built a career blending hip-hop, punk energy, and alternative sounds into a style she’s dubbed “sugar trap.” The project marks her first full-length release since 2022’s Las Ruinas and sees Rico fully embracing the rap-rock hybrid she’s been hinting at for years.

The Feb. 20 announcement comes alongside the release of the album’s lead single, “Teethsucker (Yea3x),” a grunge-fueled track that arrives with a chaotic, high-energy music video. The visual, shot in crisp slow motion, features Rico drenching a crowd with a water hose, embodying the rebellious spirit of the record.

In a statement, Rico Nasty described the album as a celebration of self-confidence and defiance. “This album is about being confident and saying f— everybody else. It’s about getting doors slammed in your face and people telling you to try it their way again and again, and you stay true to yourself and it works. That’s what this project is. It’s an ode to yourself.”

The 15-track album will continue Rico’s genre-defying approach, which has made her one of hip-hop’s most unpredictable voices. She first experimented with punk and metal influences on Nightmare Vacation (2020), which featured the raging “OHFR?” and the electro-punk-infused “STFU.” She took things even further on Las Ruinas (2022), incorporating elements of hyperpop, industrial, and alt-rock.

Beyond the studio, Rico has been actively blending hip-hop and rock in her live performances, recently touring with electronic punk duo 100 gecs and collaborating with genre-fluid artists like Denzel Curry, Doja Cat, and hyperpop producer Dylan Brady.

The Lethal tracklist includes titles like “Soul Snatcher,” “Grave,” and “Son of a Gun,” and the album is now available for pre-order, including a limited-edition silver saw blade vinyl.

Just over one year ago, in Dec. 2023, Tate McRae released her celebrated second album, Think Later. The punchy pop project debuted at No. 4 on the Billboard 200 – and introduced fans to McRae’s alter ego: Tatiana. She said in her Billboard cover story at the time that Tatiana is her tour persona, and described her as being “ballsy, so loud and obnoxious.” Those traits came alive on Think Later, especially on breakthrough hit “Greedy,” which became McRae’s highest-charting Hot 100 hit, peaking at No. 3.

On So Close To What, McRae dives deeper into that charismatic cool-girl confidence. She previewed the album with a three-peat of hits: “It’s Ok I’m Ok,” which hit No. 20 on the Hot 100; “2 Hands,” which hit No. 41; and “Sports Car,” which has hit a peak of No. 21 so far. The 15-track set, which clocks in at just under 45 minutes, features just two guests: Flo Milli on “bloodonmyhands” and McRae’s boyfriend The Kid LAROI on “I Know Love.” McRae teamed back up with songwriter-producer Ryan Tedder for much of the album, alongside collaborators including Amy Allen, Julia Michaels and Blake Slatkin, among others.

Earlier this week, Spotify hosted an intimate listening party of So Close To What in Los Angeles. McRae was not only in attendance, but also spoke with her friend and social media personality Jake Shane about the album’s inspiration and challenges. “The album title encapsulates how I felt turning 21,” she shared, “feeling like you’re finally a woman while also wrestling with how the media portrays you.”

She also confessed that “Tatiana, my alter ego, wrote a lot of the songs on the album – including ‘Sports Car.’”

Come March, McRae will head out on her second world tour, named after this album’s lead track, “Miss Possessive.” The outing begins in Mexico City and includes dates across Europe and North America, wrapping in September.


Until you can catch McRae in your city, So Close To What is out now. Below, find Billboard’s ranking of the album’s 15 tracks.

Kendrick Lamar remains untouchable at the top of the ARIA Singles Chart, extending his reign at No. 1 with ‘Not Like Us’ while securing another major win as ‘Luther‘ climbs to a new peak at No. 2.

The latest chart, published Friday (Feb. 21), reflects the ongoing global dominance of Lamar, who has owned 2025 so far—from his record-breaking Super Bowl halftime performance to five Grammy wins, including Record and Song of the Year for ‘Not Like Us.’

The Drake diss track, which has fueled one of the most publicized rap rivalries in recent memory, continues to drive massive streaming numbers, keeping it firmly at No. 1 in Australia for a second week. Meanwhile, ‘Luther,’ a standout from GNX, leaps from No. 8 to No. 2, further tightening Lamar’s grip on the chart.

He’s not done there—his 2018 Black Panther soundtrack hit ‘All The Stars’ with SZA makes a surprise resurgence, soaring from No. 22 to No. 8, re-entering the top 10 after the Grammy spotlight. Additionally, GNX track ‘tv off’ is on the move, climbing from No. 16 to No. 12 as Lamar maintains four songs in the top 20.

While Lamar dominates the chart, Rosé and Bruno Mars’ ‘APT.’ maintains a strong presence in the top three, slipping from No. 2 to No. 3 after previously peaking at No. 1 on the ARIA Chart last month.

On the homegrown front, Dom Dolla remains the highest-charting Australian artist this week, with ‘Dreamin’,’ though the club anthem takes a hit, sliding from No. 33 to No. 43. Despite the drop, the track has been a festival favorite, keeping him in the ARIA mix.

With multiple songs holding top positions across streaming platforms and radio airplay, Kendrick Lamar’s grip on 2025 remains unshaken. ‘Not Like Us’ continues to be one of the most talked-about hip-hop tracks of the decade, and as GNX builds momentum, it’s clear Lamar is set for an unstoppable run this year.

Over on the ARIA Albums Chart, Sabrina Carpenter’s Short n’ Sweet returns to No. 1, rebounding from No. 4. The pop star’s breakout album has been a global success, ranking as the third-biggest release of 2024 behind albums from Taylor Swift and Billie Eilish. The album’s deluxe edition, released on Feb. 14, helped boost its performance, alongside the debut of ‘Busy Woman’ at No. 22 on the singles chart.

Drake and PARTYNEXTDOOR, who’ve been lighting up Australia on the Anita Max Win Tour, land at No. 2 on the albums chart with their collaborative LP, $ome $exy $ongs 4 U, which dropped on Valentine’s Day.

Three tracks from the album make an impact on the singles chart, with Drake’s solo cut ‘Nokia’ entering at No. 28. The project follows Drake’s streak of No. 1 albums in Australia, including Views (2016), Scorpion (2018), Dark Lane Demo Tapes (2020), Certified Lover Boy (2021), and For All the Dogs (2023).

Brisbane artist Mallrat earns a top 40 debut with Light Hit My Face Like A Straight Right, entering at No. 35. It marks her third ARIA-charting project following Driving Music (No. 10 in 2019) and Butterfly Blue (No. 6 in 2022). Close behind, Canberra rock band Hands Like Houses enters at No. 36 with their fifth studio album, Atmospherics.

J. Cole shared his first offering of 2025 and there could be plenty more in the arsenal down the line. Via his Inevitable blog, the Dreamville boss released “Clouds” on Friday (Feb. 21).

The dreamy tune, produced by DZL and Omen, finds Cole referencing the Donald Trump assassination attempt at a Phildelphia rally in June.

“I’m that bass in your trunk, the bullet that missed Trump/ The gun that jammed ’cause it seemed God had other plans,” he raps on the second verse.

In a blog post, Cole provided some context on the track, which he cooked up a few days ago and lent a title to just minutes before sharing it with the world.

“Just wanted to share,” he wrote. “Made this a few days ago, then i added a second verse and was like “man I got a blog now, I can put whatever I want up there.” I didn’t have a title 20 minutes ago when I decided to really put this up. But now I got one… “cLOUDs”. – produced by DZL, Omen, and small contributions from me.”

Earlier this week, Cole shared a blog post promising he’d be more consistent with keeping fans in the loop with what should be a busy year for the Dreamville faithful.

“I knowwww mannnn. I’m off to a bad start with the consistency, but I’ma do better! Watch,” he wrote. “I been locked in on the music while also balancing family life. It’s a juggling act that a blog post wouldn’t do justice in explaining. But with that said, I’m back tending to this garden.

Cole continued to add: “I think I’m gonna let some other people post on here too, to get the vibes up. It’ll motivate me to check every day, and will fuel the desire to post more. I’ma start with Ib and Scott and then expand from there. To anybody in the squad reading, if you trying to contribute I’m taking applications!”

Listen to “Clouds” here.

JENNIE is continuing the roll-out of her debut solo album, Ruby, with another A-list collaboration. The BLACKPINK star teamed up with Grammy winner Doechii for the confident new single, “ExtraL,” which arrived on Friday (Feb. 21).

“Do my ladies run this?” the duo proclaim in the hyped-up chorus, as the duo take turns singing the lyrics into the camera in corresponding music video, dressed in matching ivory suits with red shirts underneath.

“ExtraL” is one of the many star-studded collaborations on JENNIE’s upcoming album Ruby, set for release on March 7. The project includes team-ups with Childish GambinoDua LipaFKJ, and Kali Uchis. JENNIE also worked with Dominic Fike on the previously released track, “Love Hangover.”

Ruby will feature 15 tracks, including her October 2024 single “Mantra,” which reached No. 2 on the Billboard Global Excl. U.S. chart and No. 3 on the Billboard Global 200. In a recent interview with Billboard, Jennie reflected on the personal process of creating Ruby. “I intend to complete myself as Jennie Ruby-Jane, for that to be a whole person, in a way,” she shared. “You’ll definitely know what I mean once the album drops, but because I’m playing with a lot of different genres and elements — I’m rapping here, I’m singing here, I’m harmonizing here, I’m talking here … The overall sound was me making sure I like every single [song].”

JENNIE continued, “I didn’t want to be forced into putting a song onto my album — that’s what I really fought for. And I was lucky to have all these people believe in me and support me so I could get to a level where we were like, ‘Wow. I think we’re ready.’”

Listen to JENNIE’s “ExtraL” featuring Doechii below.

Tate McRae‘s new musical era has arrived. The pop star dropped her highly anticipated third studio album, So Close to What, on Friday (Feb. 21).

The project features previously released viral singles “It’s ok I’m ok,” “Sports Car” and “2 Hands,” as well as a collaboration with Flo Milli titled “Bloodonmyhands.” Additionally, the album features a collaboration with McRae’s boyfriend, The Kid Laroi, titled “I Know Love.”

McRae shared of the romantic team-up in a recent Spotify listening party. “It was a really funny process, because me and Laroi have never really, like, taken each other seriously,” she laughed. “You know when you’re in a relationship and you sing around each other, but you don’t really, like, sing? So it was a little stressful being in the studio singing and writing in front of him, but it was a cool experience to watch him in his process.”

Following the release of So Close to What, McRae is kicking off a world tour next month. Kicking off March 18 in Mexico City, the Miss Possessive Tour will find McRae traveling through Europe, Canada and North America through the end of September 2025. It’ll feature special guests Zara Larsson and Benee.

So Close to What follows the singer’s 2023 album Think Later. Boosted by hit singles “Greedy” and “Exes,” Think Later bowed at No. 4 on the Billboard 200.

Stream Tate McRae’s So Close to What in full below.

Darrell chatted with Billboard’s Ingrid Fajardo & Jessica Roiz on the red carpet of Premio Lo Nuestro 2025.