Latin music has gone global and its revenues have now surpassed the $1 billion mark, which means the business of Latin music has evolved.
The New Latin Music Business panel, which took centerstage on Monday (Oct. 14) at the 2024 Billboard Latin Music Week, was moderated by Rancho Humilde’s CEO and founder Jimmy Humilde, and featured panelists Atella (producer and songwriter, head of music, Zumba and ZML Records), Cris Falcão (managing director of artist & label strategy and GM Latin, Virgin Music Group) and Txema Rosique (senior VP of A&R, Sony Music U.S. Latin).
Humilde kicked off the conversation acknowledging the globalization of Latin music, adding that labels, whether indie or not, have had to adapt to a new way of doing business with artists who now want to be more involved in that aspect and are looking for different types of deals — from record, distribution or even single-track deals.
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“Our challenge is to make the new artists understand what labels have to offer, from A&R, marketing, business development, they can make use of all those resources, that’s the challenge we have as a label now,” said Rosique. Alternatively, Atella added that “some artists arrive with the idea that the label is going to do everything for them, but the artist has to give 100% — they can’t stay at home and think that the label is going to do everything for them.”
Falcão explained that at Virgin Music Group, they have focused on deals that are “tailor-made” for each artist. “We’re not just truck with boxes anymore, we offer something different for each partners, all types of services, depending on trends, product management or marketing.” Humilde said he’s following a similar approach. “I sit with the artist and ask what they’re looking for, what deals they feel most comfortable doing. In the near future, the artist will be making their own deals, so really we’re open to take any deal that come our way.”
The panelists also spoke about the importance of both the artist and label or management company being happy with whatever type of deal they land on. “Today, the artist is clear that their patrimony is their music, their masters, every time we see more artists that are clear about what they want to give to the company and what they don’t, and obviously that depends on the commitment from both parts. This is a business where everyone needs to be happy with the deal, all parties involved. You cannot have a depressed artist.”
The 2024 Billboard Latin Music Week coincides with the 2024 Billboard Latin Music Awards set to air at 9 p.m. ET on Sunday, Oct. 20, on Telemundo. It will simultaneously be available on Universo, Peacock and the Telemundo app, and in Latin America and the Caribbean through Telemundo Internacional.
