Trapital

Whenever Will Page joins the show, we always go deep in a number of big topics: has music reached "peak oil"? the case for completion in royalty fairness growing impact of glocalization (winners and loser) Carole King and breadth, not depth, or catalogs Will is the author of Pivot, the former chief economist at Spotify, and a consultant for several companies in music. Hope you enjoy! Episode sponsors: -State Farm - the coverage for your small business needs: https://shorturl.at/Euwjl -Chartmetric - providing our stat of the week! https://trapital.co/chartmetric/ Make sure you check out our Trapital Summit. Tickets are still available!

Let's take a trip inside Sphere in Las Vegas. This is a story about James Dolan's wild idea coming to life. We discuss U2's expensive yet lucrative residency, the 'Postcard from Earth' that prints money, and the endless advertising opportunities, and more. We break down the business, strategy, and challenges for the entertainment venue. I'm joined by Tati Cirisano from MIDiA Research to break it all down. Listen wherever you get podcasts! Episode sponsors: -Downtown Artist & Label Services - reach your fans wherever they are - https://trapital.co/downtown -State Farm - the coverage for your small business needs: https://shorturl.at/Euwjl -Chartmetric - providing our stat of the week! https://trapital.co/chartmetric/

In May, the U.S. Justice Department sued Live Nation - Ticketmaster for "monopolizing markets across the live concert industry," and called for the two companies to be broken up. But the DOJ's lawsuit may be focused on the wrong solution to the problem it wants to solve. In this episode, NYU Steinhardt professor Larry Miller and I break down the case, our issues with the lawsuit, and the best way to improve the concert business for consumers. Learn more about the Trapital Summit here. Join us Oct 3 in LA! This episode is presented by State Farm, the home for your small business needs. Like a good neighbor, State Farm is there. Make sure you check out our Chartmetric Stat of the Week.

StubHub has IPO plans this year, so it was the perfect time to breakdown the complicated, controversial, and crazy story of this ticket resale marketplace. We discuss its 25-year history, M&A, impact on the live concert business, and ways to improve the secondary ticketing experience for fans. I'm joined by Tati Cirisano from MIDiA Research. Hope you enjoy! Learn more about the Trapital Summit here. Join us Oct 3 in LA! This episode is presented by State Farm, the home for your small business needs. Like a good neighbor, State Farm is there. Make sure you check out our Chartmetric Stat of the Week. Learn more about Alts music investor trip to Nashville!

There are very few people in entertainment who move quite like 50 Cent. He's a true One of One, and the focus for today's episode. We break down his origins in music. From Jam Master Jay to Trackmasters, from "How to Rob" to his mixtape run, the highs of Get Rich or Die Tryin', the brand deals, influence, drama, and where he is today. The man turned trolling into a full time profession. I'm joined by Zack O'Malley Greenburg, friend of the pod, who interviewed 50 during his time at Forbes. Hope you enjoy! Learn more about the Trapital Summit here. Join us Oct 3 in LA! This episode is presented by State Farm, the home for your small business needs. Like a good neighbor, State Farm is there. Make sure you check out our Chartmetric Stat of the Week.

A handful of artists are having their moment. Sabrina Carpenter, Chappell Roan, Coco Jones, Victoria Monet, the list goes on. Will these artists be as big as Beyonce? Who knows, but they broke through an industry that becomes harder and harder to break through. But how does this change the strategy for the major labels? How are the companies outside of the label system handlling things differently. What do the economics of a true non-superstar model look like? To break it all down, I'm joined by Tati Cirisano from MIDiA Research. We first visited this topic in 2022, but so much has changed since then. Hope you enjoy! This episode is presented by State Farm, the home for your small business needs. Like a good neighbor, State Farm is there. Make sure you check out Chartmetric Stat of the Week.

We're introducing a new series in Trapital called One of Ones! We'll break down some of the most important moguls and executives in music, media, and entertainment. Our first one is on Quincy Jones. We discuss how his upbringing shapes his strategy in business, his leadership style compared to Motown founder Berry Gordy, Michael Jackson, two truths and a lie, and more. This episode is presented by State Farm, the home for your small business needs. Like a good neighbor, State Farm is there. Make sure you check out Chartmetric Stat of the Week.

We've all seen the headlines: another well-known artist struggles to sell tickets to their arena shows. But there are plenty of artists selling out those same venues. So what's really going on? I'm joined by CAA agent Akin Aliu to break it all down. We discuss the post-pandemic touring landscape and the role of each stakeholder: artists, managers, agents, promoters, venues, and more. They each have different incentives that shape the economics, and the product that hits the streets. This episode is presented by State Farm: the coverage for your small business needs. Like a good neighbor, State Farm is there. Make sure you check out our Chartmetric Stat of the Week.

Depending on who you ask, it's either the best or worst time to be an artist. There's plenty of evidence on both sides. Today, we're breaking down all of that and more. I'm joined by beatBread's Peter Sinclair. We covered it all: why it's the best time to be an artist but why it's harder to be an omnipresent superstar the role and perception of Spotify, YouTube, and DSPs making it in music today vs. the CD era the impact of a great producer and a guest verse why it's harder than ever to be the bigger This was a jam packed episode. Hope you enjoy! This episode is presented by State Farm. Like a good neighbor, State Farm is there. Listen in for our Chartmetric stat of the episode!

Let's dive deep into the world of A24, the film studio known for its distinctive approach to storytelling. We explore A24’s journey from a savvy film distributor to a powerhouse production studio with hits like "Moonlight" and "Everything, Everywhere, All at Once." But A24 faces some headwinds: big investments with higher expectations, a string of underperforming releases, and pressure to expand to bigger budget IP. How can the brand known for its mystique be able to maintain its unique positioning? I'm joined by friend of the pod, Dr. Marcus Collins, to break it all down. Make sure you listen for our Chartmetric Stat of the Week!

The biggest stars in the world, like Taylor Swift, Kendrick Lamar, and Drake, have all the leverage to go independent, but they continue to work with the major labels. A big reason why is that they sign licensing deals. These deals have shifted over time, and become much more artists friendly, especially for the superstars in the streaming era. We break down the different types of deals, how they’ve shifted over time, and unique case studies like Brent Faiyaz, Kanye West, and more. I’m joined by Brian “Z” Zisook from Audiomack, who is a wealth of knowledge on this topic. This episode is brought to you by EVEN. Buy the art from the artist. Learn more at https://get.even.biz/trapital This episode is also brought to you by SymphonyOS, the marketing platform for today’s creative businesses. Learn more at https://symphony.to/trapital Make sure you listen for our Chartmetric Stat of the Week!

The market is booming for generative music. Suno raised $125M and Udio has raised over $10M. The tools are impressive, but they raise some important questions: What data are these products trained on? Are startups in music incentivized to ask for permission? Is this what 'IG for music' looks like? Are these products or features? I'm joined by Tati Cirisano from MIDiA Research. Hope you enjoy listening. Make sure you listen to our Chartmetric stat of the episode!

NPR Tiny Desk is 15 years old and arguably stronger than ever. It helped Usher perform at the Super Bowl. It helped Tank and the Bangas break through to a Grammy nomination. And it elevated the perception of artists like T-Pain and Mac Miller. But how does Tiny Desk maintain its influence? Any company can host a stripped-down acoustic series for artists to perform in their office. But even if they did, it wouldn't hit the same. In this episode, we break down the dynamics that make Tiny Desk work, the tradeoffs that the show balances, how it maintains its status over time, and what the future may hold. Listen to me and Tati Cirisano from MIDiA Research break it all down. Make sure you listen to our Chartmetric stat of the episode.

The list of brands that Penske Media Corporation owns or has invested in is long: Billboard, Variety, The Hollywood Reporter, Rolling Stone, Music Business Worldwide, Deadline, and dozens more. What's Penske's long game? Are these companies better off? Where would these companies be without Penske? Which companies are most likely next? To break it all down, I'm joined by Bill Werde, former Billboard editorial director, author of Full Rate No Cap, and the Director of Bandier Program of Recording and Entertainment and Syracuse’s Newhouse School. This episode is brought to you by 4se New York, where sports and entertainment come alive. Make sure you check out our Chartmetric stat of the episode.

While Drake and Kendrick Lamar trade diss tracks back and forth, we decided to dig into the engine that makes it all possible. How has rap beef evolved in the streaming era and social media? Do the stakes still matter? Who makes money from these beef? How does this impact hip-hop's "decline"? I'm joined by BrandMan Sean, our friend of the pod who had a lot to say about this. Listen here or wherever you get podcasts! Make sure you listen to our Chartmetric stat of the week.

Private equity firm KKR has been fascinating to watch in the music rights landscape. Just when you thought they were out, they get pulled back in! In this episode, we break down the past few years of KKR's deals with Chord Music, Kobalt, HarbourView Equity Partners. Why did they sell Chord Music? Why did they partner with HarbourView? What does it say about the broader music rights investing landscape. Listen to me and Anna Nicolaou from the Financial Times break it all down. 00:00 KKR's $500M debt deal with Harborview 07:24 How rising interest rates affect the valuation of music 14:50 KKR vs other players in the industry 22:15 The role of UMG in the music rights landscape 30:25 Predictions on the current bidding wars This episode was brought to you by 4se New York, the sports and entertainment event on May 21-22. Learn more here. Make sure you listen for our Chartmetric stat of the week. Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

On April 11, Taylor Swift’s songs reappeared on TikTok despite the platform's ongoing dispute with her record label, Universal Music Group. This move was made in advance of the release of Taylor’s 11th studio album, The Tortured Poets Department. On this episode of Trapital, Tatiana Cirisano and I discuss why Swift and UMG don’t see eye-to-eye, competing incentives, who’s in charge at UMG, and more. 00:00 Why we’re not surprised Taylor Swift made this move 07:52 Why Swift and UMG have competing incentives 13:37 What it means for UMG and TikTok moving forward 24:27 Who’s the most powerful person in the music industry? This episode is brought to you by EVEN, where you buy the art from the artist. Learn more at https://get.even.biz/trapital Make sure you listen in for our new Chartmetric stat of the week! Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

We've had plenty of conversations on Trapital about Diddy's business success, so we have to keep that same energy when outlook changes. On this episode, Zack O'Malley Greenburg and I talk about our initial reactions to the allegations surrounding Sean Combs, and we talk about the present state and future of the biggest businesses in his portfolio. Make sure you listen for our Chartmetric stat of the episode

Despite the all-time record highs for the live music industry, music festivals haven't quite had the same post-pandemic recovery. Several well-known festivals have closed up shop, and others have had slower than usual demand (even Coachella!) To break it all down, I'm joined by Tati Cirisano from MIDiA Research. Hope you enjoy! Make sure you check out our Chartmetric stat of the episode!

Back in the day, each record label had a distinct consumer identity. In the 90s, you knew what to expect from an Interscope album. Def Jam, Jive, Uptown, Cash Money. They all had their own vibe, their own identity, their own brand. So... what the hell happened? In the episode, we talk about how music's landscape shifted, and took the consumer brands with it. Strong brands still exist today among today's music companies, but they operate more like B2B brands than B2C brands. I'm joined by Justin Hunte, music journalist, startup advisor, and former Editor-in-Chief of HipHopDX, and we break it all down. 04:20 Def Jam's fight for legitimacy and innovation. 06:59 Federal Communications Act - media consolidation impact 12:08 Media success relies on standing on giants' shoulders. 16:36 Hybe's Weverse maximizes label and artist reach. 18:21 Maximizing super fans to boost revenue. Consolidation. 23:07 Shift in entertainment from pandemic to 2024. 25:41 Changing music industry, companies adapting to trends. 28:37 Brand identity crucial; industry accolades have limits. 31:31 Share, rate, and spread the word. Make sure you listen in for our new Chartmetric stat of the week! Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

It's time to dig into the mailbag again. I asked Trapital listeners to send me their most burning questions about the music industry. But this time we’re doing things a bit differently: you’ll be hearing the questions directly from our listeners. We dug into the TikTok vs. UMGc dispute, children’s entertainment media, and the Beyoncé - Verizon relationship leading to album ‘Act II: Cowboy Carter.” 00:00 UMG vs TikTok 15:17 Kids’ music 19:55 Beyoncé, Verizon, and Cowboy Carter Make sure you listen in for our new Chartmetric stat of the week! Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

2023 was a big year for concert films. Taylor Swift's “Eras Tour” film became the highest grossing concert film of all time with nearly $270M in worldwide box office gross. Beyonce’s Renaissance film grossed over $44M. Was this just a Beyonce and Taylor thing, or will this continue? In this episode, I’m joined by Jimmy Stone, Founder of Alderbrook Companies, to dive deep into the rise of concert films, the economics behind them, the highest grossing concert films of all time, and so much more. At the end of our conversation, we also included an audio segment of the guest essay that Jimmy wrote for Trapital: “What Is Driving The Rise Of Concert Films?” 00:00 Why are concert films becoming so popular? 06:50 Transmedia storytelling in music 12:48 The economics of concert films 21:11 Which artist could make a successful concert film in 2024? 31:22 Jimmy’s essay: What Is Driving The Rise Of Concert Films? Make sure you listen in for our new Chartmetric stat of the week! Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

There’s been a lot of discussion (and concern) about the impact of generative AI on music and whether the industry is on the verge of another Napster moment. But according to Jessica Powell, CEO of AudioShake, it’s going to take a lot more than a text prompt to kill music as we know it. On today’s episode, Jessica and I did a dive deep into the rise of generative music, its actual opportunities, and what it means for the industry moving forward. At the end of our conversation, we also included an audio version of the essay that Jessica wrote for Trapital: “Is Generative Music Really the Next Napster?” 00:00 Will AI music have a Napster moment? 08:07 The rise of generative music 12:14 Main challenges and opportunities 20:26 Audio essay: “Is Generative Music Really the Next Napster?” Make sure you listen in for our new Chartmetric stat of the week! Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

This episode is about Hollywood's biggest night, the Academy Awards. I’m joined by friend of the pod Zack O'Malley Greenburg to dive deep into the Oscars, how it compares to the Grammys, its relationship with music, the money spent on campaigns, the dramas, the major controversies, and some wild theories. 00:00 The money behind the Oscars 06:30 Why the Grammys gets worse ratings than the Oscars 22:05 What happened to big movie soundtracks? 31:36 Controversies over the years 40:02 Biggest snubs of all time 44:39 How to improve the show Make sure you listen in for our new Chartmetric stat of the week! Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

The late Virgil Abloh’s legacy lives on. From luxury rap to high fashion, his influence changed an entire industry, and several other adjacent ones. In this episode of Trapital, I’m joined by friend of the pod Zack O'Malley Greenburg. We broke down Virgil’s early years that shaped his future, his relationship with Kanye West, brands like Pyrex Vision, Off-White, his 3% rule, his open-sourced approach to business, his highs, lows, and so much more. 00:00 How Virgil entered the fashion world 07:44 Virgil’s influence on hip-hop and ‘luxury rap’ 15:57 Open-source fashion 23:23 The Virgil-Kanye West relationship 27:20 Legacy and controversies Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

The rise and fall of the Yeezy brand is a Hollywood screenplay in the making. But this is less like the movie AIR, and more like The Wolf of Wall Street. To break it all down, I'm joined by Zack O'Malley Greenburg, who covered the Yeezy business through his reporting at Forbes. Together, we explore Kanye West's partnerships with Nike, Adidas, and Gap and the highs and lows along the way. Make sure you listen in for our new Chartmetric stat of the week! 00:00 Kanye West enters the fashion world 08:52 You don’t have the answer, Sway. 24:56 Yeezy becomes a billion dollar brand 30:28 The downfall 37:04 Yeezy’s independent future Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

From gamblers paradise to entertainment mecca, on this episode of Trapital, we take a trip to Las Vegas and how its coveted residencies have evolved over time, the economics of how they work, and predictions for the future. I’m joined by Tati Cirisano from MIDiA Research. We explore the Las Vegas’ origin with mob ties, the ground-breaking 2003 Celine Dion residency, and the changing demographic of Vegas attendees. Want to leave us a question for our upcoming mailbag episode? Leave us a voicemail at memo.fm/trapital This episode is brought to you by DICE. Want to learn more about how you and your artists can reach a packed room of your superfans? Learn more at dice.fm/partners Make sure you listen in for our new Chartmetric stat of the week! 2:30 Las Vegas evolution in music 14:26 Celine Dion's 2003 residency 21:50 The millennial demand 29:59 Weekends with Adele 41:42 The Sphere 48:04 The Future of Residencies Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

We hear a lot about superfans and how important they are for an artist, but we rarely see any data to quantify how valuable they actually are. In this episode, I'm joined by Will Page, author of Pivot and former chief economist at Spotify, to break down his most recent report, Soundcloud Rockonomics. We discuss the company’s Fan Powered Royalties, the user centric model, how artists like Lil Uzi Vert can measure their fans, and the impact on the industry. Today’s episode is brought to you by Bandzoogle. Build a stunning website today. Start your free 30-day trial and use promo code ‘trapital’ to get 15% off your first year. Make sure you listen in for our new Chartmetric stat of the episode! 00:00 SoundCloud’s fan-powered royalties 12:17 Lil Uzi Vert’s superfans 20:17 Helping artists nurture superfans 25:14 Streaming fraud 29:09 What the industry can learn from this model Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

This episode is about music's biggest night. But we’re not interested in who should win. This is about the business behind the show and everything surrounding it. We break down how the show makes money for CBS and the Recording Academy despite the viewership decline, the massive For Your Consideration business, the campaigning required to win an award, and major controversies over the years. I'm joined by Zack O'Malley Greenburg, friend of the pod, who covered The Grammys several times while at Forbes. This episode is brought to you by DICE. Want to learn more about how you and your artists can reach a packed room of your superfans? Learn more at dice.fm/partners Make sure you listen in for our new Chartmetric stat of the week! 00:31 Why The Grammys were started 08:04 The Grammys cultural impact over time. 16:50 How The Grammy elevated the perception of musicians 32:03 How The Recording Academy Works 52:15 Changes we would make to The Grammys Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

It's been over 10 years since State Farm's first Chris Paul - Cliff Paul ad. It's been over 20 years since GEICO first introduced the gecko. These ads from insurance companies have been the biggest ad campaigns and their impact continues to grow. I'm joined by Dr. Marcus Collins, who helped develop the Chris Paul - Cliff Paul campaign during his time at Translation. We talked about why there are so many insurance ads, how Chris Paul - Cliff Paul happened, and how its legacy lives on. This episode is brought to you by Primary Wave, the home for legends. Learn more about how Primary Wave continues to legacy of the biggest artists from yesterday and today at primarywave.com Make sure you listen in for our new Chartmetric stat of the week! Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

Radio is the music format with nine lives. Despite all of the new evolutions in AI, streaming, and short-form video, radio continues to live on; and will do so for several more years. In this episode, I’m joined by a friend of the pod, Tati Cirisano from MIDiA Research. We dive into radio’s impact in music over the years, current cutbacks and layoffs, and what the future of radio looks like in today’s era. Today’s episode is brought to you by Bandzoogle. Build a stunning website today. Start your free 30-day trial and use promo code ‘trapital’ to get 15% off your first year. Make sure you listen in for our new Chartmetric stat of the week! 09:100 The underestimation of radio’s impact. 15:20 Debates for royalty payments 22:20 How streaming flipped radio's role in promotion 37:15 The Breakfast Club's success 48:14 What streaming can learn from radio Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

Music has several big new stars with tons of talent, but will they ever have a year as big as Taylor Swift and Beyoncé in 2023. Both women have been commercially successful for decades and continue to dominate the charts even to this day. They came up in a different time, which works to their advantage. But what does this mean for the streaming and TikTok era artists who want to break through all the noise? Can they ever reach the same level of stardom? In this episode, I’m joined by Tati Cirisano from MIDiA Research to discuss what it takes, the impact of streaming and TikTok, and whether artists like Billie Eilish, Dua Lipa, Bad Bunny and others will ever reach the level of superstardom of artists like Beyoncé, Drake, Adele or T Swift. 04:16 Breaking through in a saturated industry 08:32 Monoculture 09:36 The impact of streaming and TikTok 14:30 Billie Eilish, Olivia Rodrigo, Burna Boy, Post Malone 33:44 Dua Lipa, Doja Cat, SZA 58:29 Morgan Wallen, Bad Bunny 01:11:23 The monetization of streaming by genre This episode is brought to you by Steed, the tax strategy firm built for our industry. Trapital listeners can skip the 1,600 person waitlist and schedule your free tax consultation today. Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

It’s been 3.5 years since McDonald’s Travis Scott meal, and we still see new celebrity fast food meals all the time. In this episode, I’m joined by Dr. Marcus Collins, author of “For the Culture,” as we explore how fast food chains like McDonald's bounced back to its partnerships with influential artists and musicians. Marcus and I discuss McDonald’s history in celebrity fast food partnerships, how other fast food chains have had their own meals, what works what doesn’t, and where things are headed. 03:20 Why McDonald’s partnered with artists. 07:19 McDonald's and the McJordan. 16:39 The impact of social media on celebrity fast food meals. 27:53 The Travis Scott meal. 44:47 How fast food chains partnered with artists. Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

Adidas has one of the most insane backstories of any major apparel company. From its ties to the Nazi party, and its turbulent relationship with Kanye West, to its partnerships with Hip-Hop, and its influence in soccer, we cover it all. We also talk about the brands rise, its strongest years, Beyoncé, Ivy Park, and why celestial star power isn't always enough. In this episode I’m joined by friend of the pod Zack O’Malley Greenburg as we break it all down. We examine Adidas’ story history, strategic moves, missteps and more. 03:40 Adidas’ history with the Nazi party. 20:04 Adidas' turbulent 1990s and missed opportunities. 34:12 Adidas’ Yeezy deal with Kanye West. 41:07 The Yeezy anti-semitism controversy. 47:19 Brands need to reconsider celebrity partnerships strategy. 58:20 Why Beyoncé and Ivy Park didn’t work. Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo. This episode was brought to you by Audiense. Take your marketing strategy to the next level. Trapital listeners can start a free trial of Audiense. Learn more here. This episode was brought to you by Bevel . Get 20% off everything sitewide until 12/22! Visit getbevel.com.

It’s hard to imagine what music would be like today without YouTube. The platform has done more to lower the entry barriers to music creation and distribution than any other platform. From the early days when acts like Soulja Boy harnessed the raw power of YouTube to drive their careers, to modern narratives like NBA YoungBoy mastering Creator culture, in this episode we delve into how YouTube's become an essential player in the music industry. In this episode, I’m joined by Tati Cirisano from MIDiA Research to discuss the origins of YouTube entering the space, the rocky relationships with music rights holders, the importance of UGC (User Generated Content), and so much more. [00:01:23] YouTube Enters The Music Industry [00:08:37] Google Acquires YouTube, DMCA [00:21:12] The Monetization-Exposure Trade Off [00:28:36] YouTube’s “Value Gap” [00:44:48] Improving Relationships With The Music Industry [00:49:49] Content ID [00:56:44] YouTube and AI This episode is brought to you by Downtown Music, the world leader in music services with over 2 million clients. Visit Downtown today to learn more. Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

How much money does the music industry really make on an annual basis? The answer is not as straightforward as you think. Most of the outlets that publish figures only report on one side of the business. But since 2014, former Spotify chief economist and author Will Page has made it his job to answer this question in his annual report on global music copyright. This year the global value is at $41.5 billion. In this episode, I’m joined by Will and friend of the show, Tati Cirisano from MIDiA Research. We dive deep into the key findings of the report, the growth of publishing, vinyl sales, why “back catalog” is a dated term, AI’s disruption, and a whole lot more. [00:04:06] The need for data transparency [00:30:51] The rise of vinyl [00:46:43] How music relates to gaming [00:54:42] Streaming price increases This episode is brought to you by DICE. Want to learn more about how you and your artists can reach a packed room of your superfans? Learn more at dice.fm/partners Want to write a guest post while I’m on paternity leave in 2024? Here’s the form to fill out Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

It wasn’t that long ago that Reebok was head-to-head with the biggest athletic apparel companies in the world. In 1989, Reebok sales had exceeded Nike. In 2001, Reebok’s two biggest stars, MVPs Shaquille O’Neal and Allen Iverson, faced off in the NBA Finals. In 2003, two of hip-hop’s biggest stars, 50 Cent and Jay Z, had their own Reebok sneakers. But less then a decade later, the brand was a… struggling CrossFit brand under the Adidas umbrella. What happened? In this week’s episode of Trapital, Zack O’Malley Greenburg and I take a trip down memory lane. We examine Reebok’s rise, challenges faced, big partnerships, failed acquisitions, and missed opportunities. [00:03:35] Reebok vs. Nike [00;15;34] Allen Iverson and hip-hop [00;19;59] Jay Z’s S. Dots, 50 Cent’s G-Unit sneakers [00;34;39] Adidas acquires Reebok [00;51;03] ABG acquires Reebok [01;02;11] AI and Shaq now Reebok execs This episode is brought to you by Bevel. Beat the holiday rush and get 20% off the device of your choice. Offer ends Sun Nov 19. Get your device today. Want to write a guest post while I’m on paternity leave in 2024? Here’s the form to fill out Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

The Trapital Report 2023 is here! In this episode we break down a few big takeaways from the report on streaming, live music, the state of hip-hop, and the most valuable songs in the world. I’m joined by David Boyle from Audience Strategies, who first reached out to me about working on this report and we’ve been working together ever since. We have two report versions. You can download the free preview of the report here. We also have a premium version of the report available with insights on engaging superfans, emerging technology, country music’s moment, the impact of TikTok and short-form video, generational preferences, and more. You can buy the premium report here. [00:04:36] Hip hop outshines electronic music. [00:05:51] Hip Hop's growth was tapering off. [00:16:21] Headlines without context can impact decisions. [00:23:32] Fans want identity, self-expression, and memories. [00:33:11] Leaning in to generative AI. [00:35:24] How best to split the pie [00:42:55] Different worlds for artists on different tours. [00:46:00] Historical bias and price influence hip hop tours. [00:51:19] YouTube active users prefer pop audience. Thanks again to the report’s presenting sponsor, DICE, and our presenting sponsors, Downtown Music and Audiense for making this report possible. Thanks to Luminate and Pollstar for sharing your data with us, and thanks again to Simon Jacobs and David Boyle from Audience Strategies. Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

Apple has been the most influential company in music in the 21st century, and music was the major driver behind Apple’s comeback. Join us for a deep dive on where Apple was before its music journey, the impact of iTunes, Steve Jobs, iPod, U2, iPhone, Apple Music, Drake, Taylor Swift, Frank Ocean, and a whole lot more. I’m joined by friend of the pod, Zack O’Malley Greenburg. We discuss how music helped Apple exceed the value of the entire music industry. We also discuss the company’s strategy with software, hardware, and how it all worked together. Hope you enjoy it. [00:03:55] Steve Jobs returns to Apple [00:10:13] iTunes, iPod, iTunes Music Store [00:34:48] How U2 got their own iPod [00:44:20] Why Jobs was against subscription-based music streaming [00:51:27] Apple buys Beats Electronics [00:56:48] How U2’s album got on every iPhone [01:07:54] Apple Music launch [01:14:04] What would Jobs say about Apple’s current music strategy? [01:21:54] Apple Music’s old exclusives strategy Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

No new episode this week. We’re working hard on this year’s Trapital Report, which is out at the end of October! Make sure you’re signed up for our email newsletter to get the report once it’s live. Next week we’re back with another deep dive episode. Listen to this brief episode for a few hints! Talk to you next week.

This episode is all about Pandora Music. In the post-iPhone era, Pandora was the early favorite in music streaming. We break down its decade-long journey to get there, its rise in popularity, IPO, SiriusXM, and how and why it got beat by other competitors. I’m joined by friend of the show, Tati Cirisano from MIDiA Research. Here’s what we discussed: [00:05:50] The Music Genome Project [00:09:37] Rejected by 300 VCs [00:14:44] Pandora’s legal battles [00:18:22] Pandora vs Spotify [00:40:50] The SiriusXM era [00:54:15] Changing culture Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

In May 2023, I gave a talk at the Stanford University’s Graduate School of Business - Black Leadership Conference. I explored the future of music, industry trends, and its impact on Black artists. Hip-hop culture sets the trends that society follows. I explore all that and more. [00:06:18] Beyond the vanity metrics [00:08:06] Whitney Houston estate [00:13:16] The OutKast Edge [00:19:51] Q&A: Leveling up at each stage of growth Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

You can't tell the story about hip-hop without telling the story of Def Jam. We break down the business behind of one of the most iconic record labels of all time. Join me, Dan Runcie, and friend of the pod, Zack Greenburg, as we discuss the triumphs and challenges that shape Def Jam and its legacy. [00:04:44] Def Jam influence on modern hip hop [00:08:59] How Russell Simmons and Rick Rubin met [00:18:18] Simmons and Rubin part ways [00:26:23] Lyor Cohen takes over, Polygram deal [00:34:24] Def Comedy Jam and Def Poetry Jam [00:42:59] Late 90s run: DMX, Jay Z, and the UMG sale [00:52:11] Def Jam Vendetta [00:58:27] Jay Z becomes CEO [01:12:09] LA Reid, Def Jam in the 2010s [01:21:54] Most effective Def Jam CEO? [01:28:31] Dark horse move? [01:38:05] Missed opportunities Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

This is a solo episode! I break down four important topics: Saudi Arabia investing in music The “Song of the Summer” is no more Pop star decline: winners, losers, and trends Spotify’s podcast strategy and the creator economy [00:04:22] Saudi investors exploring entertainment and tech, except music. [00:07:50] Music festivals present opportunity for strategic investment. [00:08:47] Investment activity in acquiring back catalog. [00:13:12] Songs of summer: fragmented, subjective, lost meaning. [00:16:52] Song anticipates spring/summer, dominates airwaves, summer-themed video. [00:20:51] Pop star decline: articles highlight big changes. [00:24:22] Limited inventory shifted to infinite digital options. [00:28:20] Music industry shifts in less than a decade. [00:32:12] Valuable data for advertisers and podcasters. [00:36:05] ConvertKit founder rejects Spotify acquisition attempt; insights on equity sharing for bootstrap businesses. Podcasters' success rate low but valuable. Creator economy companies seek capital for growth. [00:38:27] Unicorn-like success stories, underestimated expectations. [00:41:27] Personalized services to artists, potentially disrupting the traditional role of major record labels. Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

In today's episode, I’m joined by Kakul Srivastava, CEO of Splice. We discuss the untapped potential of the music production market, how music shapes our lives, and the need for more accessibility in music. We also discuss the potential of AI in creative tools, Splice’s future, and more: [00:04:56] Music’s overlooked and underserved market [00:06:43] A tale of two cities [00:12:29] The digital music producer market [00:21:26] The right balance with AI [00:29:56] Leading with empathy [00:33:12] Hard decisions made at Splice [00:41:05] Splice and the billion-dollar exit [00:46:39] How Nike inspires Splice This episode is sponsored by DICE. Learn more about why artists, venues, and promoters love to partner with DICE for their ticketing needs. Visit dice.fm Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by readingTrapital’s free memo.

Napster. The name alone brings back memories of the wild, wild west of the dot-com bubble. We'll take you back to the late 90s and early 2000s. Sean Parker and Shawn Fanning’s creation was a game-changer. But was its influence bigger than its actual impact? Who won and lost the most from Napster? Could the situation have been handled differently? We break down all that and more I’m joined by Tati Cirisano from MIDiA Research. Here’s everything we covered this episode: [00:002:13] Napster's rise [00:8:25] CD boom, internet growth, Sean and Shawn [00:13:43] Internet culture in the late 90s [00:18:21] Napster's early growth in users. [00:25:07] Artists picked sides on the Napster debate [00:36:55] Legal and business model challenges. [00:42:13] When Napster shut its doors [00:48:32] Asking for permission vs forgiveness [01:00:10] Limewire, BearShare, and KaZaa [01:08:16] Life after Napster for Shawn Fanning and Sean Parker [01:14:41] Where Napster is today This episode is sponsored by DICE. Learn more about why artists, venues, and promoters love to partner with DICE for their ticketing needs. Visit dice.fm Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

I Want My MTV! We broke down one of the most influential companies in music: MTV. I’m joined by friend of the pod, Zack Greenburg, who wrote a book about one of MTV’s biggest star’s ever, Michael Jackson. We discuss the highs, lows, challenges, controversies MTV faced. From its business model over the years, shift to reality TV, VMAs, TRL, Yo MTV Raps, impact on culture, and its missed opportunities. [00:08:43] MTV business model, rise of cable TV, untapped teenage market [00:15:50] The impact of Michael Jackson and “I Want My MTV” [00:25:22] How MTV sparked one-hit wonders [00:30:01] Yo MTV Raps! [00:38:59] Movies, VMAs, and more [00:53:55] Reality TV vs music videos: what fans really want? [01:00:47] MTV animated shows, spring break, Super Bowl, Rock the Vote [01:05:58] Music industry peak, TRL, and big budget music videos [01:12:17] Why Ridiculousness is now on MTV all the time [01:20:44] MTV’s missed chances over the years [01:37:26] Who won and lost the most from MTV? This episode is sponsored by DICE. Learn more about why artists, venues, and promoters love to partner with DICE for their ticketing needs. Visit dice.fm Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

Taylor Swift is on track for the first $1B+ tour ever, but that’s old news.. In this episode, we look beyond the public drama surrounding her masters and unpack the questions that have been overlooked. How valuable are the original recordings compared to Taylor’s Version? How will that change once '1989' is re-released? How much money will Ithaca Holdings, Shamrock Capital, Big Machine Label Group, and Taylor herself make in the end? Can anyone else in the music industry pull this off?? Join me and Tim Ingham, founder of Music Business Worldwide, as we unravel the complexities and explore the various stakeholders involved, offering insights and analysis from industry experts. 02:48 Taylor Swift’s record sales and tour results 10:47 Taylor’s NDA with Scooter Braun and 13 Management 17:18 Scooter Braun buys Taylor’s Masters 23:47 The Value of Taylor’s catalogue overtime 28:02 Shamrock Capital ownership of Taylor’s original versions 29:18 Taylor Swift's re-recordings 41:31 Tim’s experience writing deep dive articles on Taylor This episode is sponsored by DICE. Learn more about why artists, venues, and promoters love to partner with DICE for their ticketing needs. Visit dice.fm Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo.

August 11, 2023 is the 50th anniversary of hip-hop. What started out mostly as a spoken word artform has become a worldwide juggernaut. Thanks to the moguls who pushed the genre forward, hip-hop went from 0 to 100. In this episode, we rank the 50 greatest moguls in hip-hop’s history. We reached out to industry experts — from artists to execs to media personalities — to help us compile the list. Friend of the pod, Zack O’Malley Greenburg, joins me to count them down from No. 50 to No. 1 0:39 How do we define “mogul” 7:06 Honorable mentions 09:10 The “Don’t overlook their influence” group (ranks 50-41) 16:19 The “Playing chess not checkers” group (ranks 40-31) 23:38 The “Our impact runs deep” group (ranks 30-21) 33:47 No. 20 35:37 No. 19 37:56 No. 18 41:32 No. 17 44:27 No. 16 47:21 No. 15 51:22 No. 14 55:55 No. 13 59:09 No. 12 1:00:46 No. 11 1:02:16 No. 10 1:04:39 No. 9 1:06:44 No. 8 1:10:20 No. 7 1:14:06 No. 6 1:15:37 No. 5 1:17:11 No. 4 1:20:53 No. 3 1:29:06 No. 2 1:30:34 No. 1 1:33:22 Who got snubbed? 1:35:42 What trends stick out from the list? 1:41:21 Who would you pick to run your empire? Listen: Apple Podcasts | Spotify | SoundCloud | Stitcher | Overcast | Amazon | Google Podcasts | Pocket Casts | RSS Host: Dan Runcie, @RuncieDan, trapital.co Guests: Zack O’Malley Greenburg, @zogblog This episode is sponsored by DICE. Learn more about why artists, venues, and promoters love to partner with DICE for their ticketing needs. Visit dice.fm Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo. TRANSCRIPT [00:00:00] Zack Greenburg: ownership. Was just such an important thing for Nipsey. Such an important thing for Berner. And, you know, interviewing the two of them, I would say, their mindset around ownership was the closest I've ever seen to Jay Z. [00:00:13] Dan Runcie Intro Audio: Hey, welcome to the Trapital Podcast. I'm your host and the founder of Trapital, Dan Runcie. This podcast is your place to gain insights from the executives in music, media, entertainment, and more who are taking hip hop culture to the next level. [00:00:39] Dan Runcie Guest Intro: This episode is a celebration to hip hop's 50th anniversary. This is a countdown on the 50 greatest moguls ever in hip hop. I'm joined by Zack O'Malley Greenburg, friend of the pod, and we both reached out to. A bunch of label heads, executives, people in hip hop that would know best. And we put it together in an aggregate list. And we're here to break down that list today. We talk about what does it mean to be a mogul? What are some of the considerations we made when we were looking into this list ourselves, how the results looked, what surprised us? What were the snubs? What were the misses? And what can we learn from this overall? And if Zack and I were putting together our dream teams, what would that look like? This is a lot of fun. Really happy with how it turned out. So let's dive in. [00:01:25] Dan Runcie: All right, hip hop's 50th anniversary is right around the corner and we decided to celebrate it in the only way that we know best countdown hip hop's greatest moguls and I'm joined by Zack O'malley Greenburg, who reached out to me about this. I was really excited about it and we spent some time over the past couple of weeks, reaching out to people we know, making sure that we have the best insights looking through and making sure that we had all of the. Breakdowns to share. So Zack, I'm ready for this. How are you feeling? [00:01:55] Zack Greenburg: I am stoked. Yeah, I mean, you know, 50th anniversary of hip hop. We reached out to 50 different judges. amongst, you know, the sort of, the most respected folks from, you know, label heads to artists to entrepreneurs, you know, I think we've got half of them, roughly half of them replied since in their votes, we're going to keep their individual votes anonymous, but, you know, Dan could tell you about some of the judges. Yeah, and it was just really fun to kind of mix it up, you know, I think the thing about this list, a lot of these characters are just kind of an apples to oranges comparison as you'll see once we dive into it, but that's the beauty of it, right? I mean, how do you, you know, compare like a pioneering executive to like a modern day artist mogul? And we really kind of left it in the hands of the judges. And we just said, basically the only guidance was, this is a business focused list, but you know, you can rank artists, executives, people who are both. It just, whatever your definition of mogul is, that's how, you know, that's how you should rank them. And people submitted lists and obviously the higher they rank somebody, the more points we gave them and, you know, the lower they got, but, you know, so there's some people on there who are like accumulators. They ended up on everybody's list, but not so high, but, you know, as a result, they ende

Episode title: The State of the Middle-Class Artist The “middle class musician” is a popular talking point in the industry. Several platforms have been built to serve this group. But what exactly is a middle-class musician? How can they get ahead when the major companies are incentivized to support the superstars? How does the 1000 True Fans theory apple here? And which companies do a great job of serving them today? I talked to Tati Cirisano of MIDiA Research to break it all down. Here’s everything we covered this episode: 0:44 How much money does a middle-class musician take home? 9:05 How the 1,000 True Fans theory works in the steaming era 16:06 Why platforms struggling to serve middle class 18:33 What fans actually want from artist-specific subscriptions 21:23 How touring is for the middle class artists 23:21 Artists catalogs generating $20k+ from Spotify 26:25 Good data vs bad data 28:49 MIDiA’s Bandsintown return to live study 34:39 Why Pandora struggled to serve the middle class 36:18 Is serving middle-class musicians a viable business model? 48:13 Will middle-class musicians have it easier in 20 years? Listen: Apple Podcasts | Spotify | SoundCloud | Stitcher | Overcast | Amazon | Google Podcasts | Pocket Casts | RSS Host: Dan Runcie, @RuncieDan, trapital.co Guests: Tati Cirisano, @tatianacirisano This episode is sponsored by DICE. Learn more about why artists, venues, and promoters love to partner with DICE for their ticketing needs. Visit dice.fm Enjoy this podcast? Rate and review the podcast here! ratethispodcast.com/trapital Trapital is home for the business of music, media and culture. Learn more by reading Trapital’s free memo. TRANSCRIPT [00:00:00] Tati Cirisano: If an artist is trying to sell them something for 300 just so that they make 50 or whatever it is that translates to the fan as them having to spend so much money just to prove that they're a fan of the artist. So we don't want to. harvest people's fandom, we want to cultivate it. And the current industry makes it hard to fulfill that promise. [00:00:17] Dan Runcie Audio Intro: Hey, welcome to the Trapital Podcast. I'm your host and the founder of Trapital, Dan Runcie. This podcast is your place to gain insights from the executives in music, media, entertainment, and more who are taking hip hop culture to the next level. [00:00:44] Dan Runcie Guest Intro: Today's episode is about the state of the middle class artists. It's a very different world than it was 20, 25 years ago. If you talk to artists back then, who are now frustrated with the current model, they'll tell you that the nineties and the eighties were a great time for middle class artists. You could sell a few tens of thousands of CDs per year. You could still bring home enough for you and your band and others to earn a living off of that. But those economics get a lot harder in the streaming era where you need millions of streams, if not more. Just to make that same revenue that you did 25 years ago. But because of the streaming era that we're in now, it's also opened up many more opportunities for different revenue streams, both in real life and through digital communities and online marketplaces and things like that. So with all of that change, all that dynamic. Where does that leave us? So for today's episode, I'm joined by Tati Sirisano. She's dug into this topic specifically with some of her work at Media Research and a lot of the analysis she's done on fandom. So where are we with middle class musicians? What does it mean to be a middle class musicians? And for all of the platforms out there that are aiming to serve middle class musicians, who's actually doing it well? Let's dive in. [00:02:00] Dan Runcie: Today's episode is all about the middle class musician. This is a group of artists that is often talked about in the industry from all of the companies, all of the services that are trying to help artists, but how many of them are actually serving artists and doing it in a meaningful way? And I'm here to talk about it with someone who's talked about and read about this topic herself, Tati Cirisano, welcome back to the pod. [00:02:26] Tati Cirisano: Thanks, Dan. I'm excited. I love a thorny topic and there are many thorns to this one. A lot of contradictions, a lot of really, I don't know, interesting viewpoints. So I'm excited to get into it. [00:02:39] Dan Runcie: So first let's define middle class musician. When you hear the term, when you use the term yourself. What are you referring to? How do you define that group? [00:02:49] Tati Cirisano: Yeah. Well, it's, funny because if you think about a middle class musician as someone who's earning a sustainable living wage from their music, there's very few artists as we know, that actually do that. Like some of the successful, you know, relatively well-known artists that we listen to might not even fit into that description. so I think it is, you know, a pretty small group. but that's what I would define it as, I gues