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Tyla is Billboard’s newest cover star. Beyoncé’s long-awaited ‘Cowboy Carter’ is rumored to have been leaked and fans are freaking out over the features on the album. Megan Thee Stallion shows love to the “Texas Hold ‘Em” singer. We’re running down Bey’s biggest chart achievements in honor of her new album. We catch up with […]

Ye — the artist formerly known as Kanye West — took to Instagram on Thursday (March 28) with an explosive post claiming he got the best of Kendrick Lamar on their The Life of Pablo collaboration “No More Parties in L.A.” And he had smoke for Drake too, saying he “washed” him during their 2021 […]

A family outing! Michael Jackson’s three children — Paris Jackson, Prince Jackson and Bigi Jackson — attended a preview night in London on Wednesday night (March 27) for MJ: The Musical. Explore Explore See latest videos, charts and news See latest videos, charts and news The sibling trio posed together for photos before walking into […]

Djo’s “End of Beginning” reaches top of Billboard’s Hot Alternative Songs chart dated March 30, rising from No. 2 to No. 1 in its sixth week on the list. “End of Beginning” drew 18.5 million official U.S. streams (up 11%) and 3.1 million radio audience impressions (up 69%) and sold 2,000 downloads (up 46%) March […]

Hipgnosis Songs Fund, the troubled publicly traded music royalty company that owns full or partial rights to song catalogs from the Red Hot Chili Peppers, Shakira, Justin Bieber and Neil Young, issued a damning report Thursday (March 28) compiled by a third party that details missteps the fund and its investment advisor made leading to a 26% portfolio downgrade earlier this month.
The London-listed fund, which became the poster child for music as an investable asset class, cut the value of its portfolio earlier this month and told investors not to expect the resumption of dividends “for the foreseeable future” while the company focuses on paying down debts.

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Compiled by the board’s lead independent adviser, Shot Tower Capital, the report found that Hipgnosis Song Management, run by Hipgnosis founder and music manager Merck Mercuriadis, materially overstated the fund’s revenue and earnings before interest, taxes, depreciation and amortization (EBITDA) and supported catalog acquisitions with financial analysis that failed to meet “music industry standards.” Hipgnosis Songs Fund itself overstated the scope of its music assets — the kinds of royalties and administration rights it owned and its share of those rights — in disclosures to investors and regulators. And in a pitch last September to investors to sell some 29 catalogs to a sister Hipgnosis company, the fund included a better-than-could-be-expected post-deal valuation, the report found.

In a statement announcing the report, the fund’s board said it is exploring “all options for the future of the company,” and that it will release its strategic review and proposals by April 26.

Hipgnosis Song Management said it was still reviewing the report, which it received late yesterday. “However, there are aspects of the report that HSM strongly disagrees with and considers to be factually inaccurate and misleading,” the company stated.

“Throughout the life of the company, HSM has worked constructively, and in good faith, with the company’s board and other advisers to deliver the best outcome for the company’s shareholders,” the company continued. “Each adviser was recruited by the company’s board to advise on their specific area of expertise and with clear areas of responsibility.”

Investors found heart in the report; at the close of London markets on Thursday, Hipgnosis Songs Fund was trading at 0.69 pounds ($0.87), up 8.3% on the day and 30.43% above its 52-week low of 0.53 pounds ($0.69) set on March 4.

Here are some of the most revealing findings from Shot Tower’s report:

“The Fund overpa(id) for the majority of the catalogs it acquired.”

Hipgnosis Songs Fund, at the investment adviser’s direction, famously paid top-dollar for music assets — more than $2.2 billion overall. Today, those assets are worth $1.948 billion, with 67 of 105 acquisition deals currently worth less than their purchase price.

The investment advisor’s “diligence and underwriting standards” are the reason why.

Hipgnosis Song Management predicted aggressive growth, but three-quarters of its catalogs missed those expectations “by an average of 23% annually” and the overall annual royalties the fund earned from catalogs has fallen to $121.6 million from $134.2 million.

“Passive catalogs grew significantly better than catalogs managed by the Investment Advisor.“

A significant portion of the rights the fund had in its portfolio included passive rights. However, Mercuriadis and Hipgnosis Songs Fund’s board frequently touted that their industry expertise would be a valuable tool to make these rights outperform passive catalogs.

“The fund’s public reports contain disclosures that imply greater ownership control over songs… than would have been the case.”

Multiple reports from the fund presented that it had 100% “interest ownership” in acquired catalogs, which suggests ownership and control. “In fact, a material number of catalogs represent only a fractional, non-controlling income stream in the compositions without any copyright ownership,” the report reads.

Despite promoting itself as a caretaker of artists’ and songwriters’ works, Mercuriadis’ investment advisory group “failed to invest in systems and provide the services required to effectively manage a catalog of 40,000+ songs generating +120 million of royalty income annually.”

Hipgnosis Songs Management has not tracked or managed the catalog at the song level, and its legal bookkeeping included numerous oversights and missing files that could present complications to the collection of royalties.

The report found “multiple areas where fund expenses appear unrelated to the fund and/or are excessive.”

These costly items included $1.5 to $2 million spent annually for awards shows and public relations, “including significant payments to multiple music industry periodicals”; $1.2 million in fees in 2023 from deals the fund ended up not doing; and $5.7 million in fees related to the abandoned deal to sell catalogs to its sister fund, Hipgnosis Songs Capital.

Just a couple weeks before Tyla‘s hard work culminated in the release of her self-titled debut studio album, the 22-year-old artist announced that she’d hit a roadblock: an undisclosed, worsening injury that would force her to pull out of all of her upcoming live shows, including a career milestone set at this year’s Coachella.
In her Billboard cover story published Thursday (March 28), the “Water” singer opened up to Billboard about making the final call to cancel her performance at the April music festival. “It’s difficult because I want to go,” she said. “It’s the moment that I’ve been waiting for.”

“It’s not an easy decision, but it’s the right decision,” added the South African star.

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Tyla first announced that she was not only departing from the Coachella lineup, but also canceling her North American tour dates and rescheduling her shows in Europe, in an Instagram post earlier this month. The 30-plus-date trek had been slated to kick off March 21 in Oslo.

“As much as this is something I would rather have dealt with privately, it’s important that I share what I have to share with you today,” she wrote at the time. “For the past year I’ve been silently suffering with an injury that has tragically worsened. I’ve seen doctors and specialists with high hopes but the pain has only become more agonizing as has the severity of the situation.”

“I am absolutely heartbroken to have to say this but as of right now I won’t be able to proceed with the tour,” she continued. “In consulting with medical professionals it’s become increasingly clear that continuing any festival or tour dates would jeopardize my long-term health and safety.”

Just two weeks later, she dropped Tyla, featuring collaborations with Tems, Gunna, Becky G, Travis Scott and more. The set includes her viral hit “Water” — which reached the top 10 of the Billboard Hot 100 and No. 1 on Billboard’s U.S. Afrobeats Songs, Rhythmic Airplay and Mainstream R&B/Hip-Hop Airplay charts — as well as 12 other tracks.

“I’m really confident in what I’ve created,” she told Billboard of her debut. “Now’s a time where I can showcase a performance style where I’m not really dancing as much. Maybe I strip back a little bit more and I’m just serving vocals. But there’s no way to stop me. I’m always going to find a way.”

Read Tyla’s Billboard cover story here.

Cardi B put her characteristically sultry twist on a classic black gown at The Hollywood Reporter and Instagram’s Power Stylists dinner at Sunset Tower in Los Angeles on Wednesday night (March 27), celebrating the year’s 25 best celebrity stylists.

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Joining her stylist Kollin Carter — whom she’s been working with since 2017 — at the event, the “Enough (Miami)” rapper was photographed wearing a sleek black midi-dress with a high slit, complete with an off-the-shoulder neckline and cut-outs and straps along the bodice. The look was completed with a classic updo, sheer tights, black heels, silver accessories and a sparkling clutch.

“There are so many obstacles against us,” Cardi told THR of her struggles within the fashion industry. “For example, this body is not meant for a size 2.… It was not easy, but we make it look easy. Our door was closed many times, but we’re here because we do it well.”

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Carter added, “We’ve given look after look, year after year, we’ve reached into archives that are impossible to reach into. We caused a cultural shift. I don’t think there were many women like Cardi who existed in the fashion space. Now there are a ton of other rap females who aspire to be in that space because they see what’s possible. We set trends.” 

Andrew Mukamal, Brad Goreski, Danyul Brown, Dara, Enrique Melendez, Erica Cloud, Erin Walsh, Jamie Mizrahi, Jessica Paster, Samantha McMillen, Shiona Turini, Warren Alfie Baker and Wayman & Micah were all also in attendance at the event as spotlight stylists. The celebrity attendees at the intimate dinner included Aja Naomi King, Awkwafina, Cardi B, Demi Moore, Glen Powell, Hunter Schafer, Lisa Rinna and more.

All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes. Rare Beauty’s Soft Pinch Luminous Powder Blush is now available at Sephora, Selena Gomez announced on Instagram on Thursday (March 28). […]

All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes. The Powerpuff Girls are showing off their more sensitive side in a new collaboration with the toy brand CryBaby through PopMart. […]

Reflecting that the race to the top of the Billboard Hot 100 can sometimes be more a marathon than a sprint, 18 songs have debuted at No. 99 and eventually made their way to No. 1. Teddy Swims’ “Lose Control” is the latest such leader, reaching No. 1 on the chart dated March 30, 2024, after it arrived at No. 99 on the survey dated Aug. 26, 2023.

The song’s steady Hot 100 ascent – the longest to No. 1 ever for a song by a solo male – largely mirrors its rise at multiple radio formats. It likewise debuted on the Adult Pop Airplay chart last August and this week spends a second week atop the tally.

“Lose Control” is just the third Hot 100 hit to have traveled to the top after starting at No. 99 this century, after Camila Cabello’s “Havana,” featuring Young Thug (2017-18), and T.I.’s “Whatever You Like” (2008). Before that, Cher’s “Believe” completed such a climb (1998-99), after no song had done so since 1976.

Over the Hot 100’s history, which dates to the chart’s Aug. 4, 1958, inception, No. 1s have debuted at wildly varying average positions. From the list’s launch through late 1991, when self-reported airplay and sales data drove the chart, No. 1s debuted, on average, at No. 70. Upon the chart’s evolution to electronically monitored Luminate data in late 1991 to now, No. 1s have opened, on average, at No. 46.

This decade – with streaming central to Hot 100 hits, and high-profile releases often receiving prominent first-day placement on digital service providers – No. 1s have launched, on average, at No. 17. (Prior to “Lose Control,” all five songs to spend their first weeks at No. 1 in 2024 all debuted in the top three, including three at No. 1.)

Over the Hot 100’s entire history, No. 1 hits have debuted, on average, at No. 62.

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In honor of Teddy Swims’ Hot 100 win with “Lose Control,” below is a look at all 18 songs that have debuted at No. 99 and ultimately triumphed.

As for the Hot 100’s bookending positions, 76 singles have debuted at No. 1 – the most of any rank (and all since 1995) – and 12 have entered at No. 100.

(In case you were wondering, or only 99% sure: Nena’s “99 Luftballoons” debuted on the Hot 100 at No. 74 before hitting No. 2, and Jay-Z’s “99 Problems” at No. 94 before reaching No. 30. Plus, Drake’s “Started at the Bottom” began at No. 63 on its way to a No. 6 peak.)

“Venus,” Frankie Avalon