s·CEO DailyWhat Taylor Swift taught RBC CEO Dave McKayBy Diane BradyBy Diane BradyExecutive Editorial Director, Fortune Media and author of CEO DailyDiane BradyExecutive Editorial Director, Fortune Media and author of CEO DailyDiane Brady is an award-winning journalist and author who has interviewed newsmakers worldwide and often speaks the global landscape.
As executive editorial director of the Fortune CEO Initiative, she brings together a growing community of global leaders through conversations, content, and connections.
She is also executive editorial director of Fortune Media and interviews newsmakers for the magazine and the CEO Daily .SEE FULL BIO Taylor Swift performs at Wembley stadium in London.Scott A Garfitt/InvisionIn today’s CEO Daily: Diane Brady on the $200 billion opportunity in music.
The big story: Trump thinks he is close to ending the war in Gaza while U.S. government shutdown looms. The : Mostly up. Plus: All the news and watercooler chat from Fortune. Good morning.
My favorite event of this event-filled week was watching Iggy Pop, Jack White, and Johnny Marr perform at the CBGB Festival on Saturday.
Held under the Brooklyn Queens Expressway in New York, the crowd punks old enough to be grandparents and fans who weren’t even born when the bands they came to see first sang their hits.
Goldman Sachs estimates that global music revenue will double to $200 billion over the next decade, with music doubling to more than $67 billion. And that’s just a subset of entertainment space.
While CEOs understand the power of entertainment to delight people they’re trying to reach, they might not appreciate the case—and how it’s shifting.
Dave McKay of RBC told me he’s never been more than when the bank sponsored Taylor Swift’s Eras tour. It also helped RBC add more than 600,000 clients to its Canadian banking last year.
Here are some insights from CEOs shaping the next wave of entertainment. Create a multigenerational experience. It’s not just mother-daughter Swifties.
In organizing the CBGB event, entrepreneur Phil Sandhaus created a “Young Punk” category of $73 tickets, along with a separate stage area of younger acts that was buzzing with energy—and the sponsors who wanted to associate with that.
He also ed the key mainstage acts. “We want to appeal to people who grew up with this music but make it accessible to a younger generation,” Sandhaus told me.
“Different price points and experiences let us go after different sponsors and brands. We’re not trying to gouge people; we’re here for the long run.” Pick a committed partner.
As Terrapin Station Entertainment CEO Jonathan Shank notes, with ticket prices often starting at 10x what they were a generation ago, an experience needs to “be first class in order to cut through.” That means in nology—ABBA pulled in $2 million a week from a concert that their avatars—and the right partner.
A pioneer in bringing intellectual perty from Bob Marley to Disney to the stage, Shank knows the importance of partnering on a franchise that matters to the owner.
“If it’s a prioritized ject within the studio, you have everybody going down the river in the same direction and at the same time,” Shank said.
“If it’s not a huge priority, you can find yourself out on an island” and the ject suffers. Create an ecosystem.
Brooklyn Sports & Entertainment CEO Sam Zussman is ud of what he’s built around the Brooklyn Nets and New York Liberty, but his goal is to turn the Barclays Center into a destination for the community.
(The example is the Brooklyn Basketball Training Center.) That vision is a big reason why Brooklyn Nets owner (and Alibaba Chairman and cofounder) Joe Tsai chose Zussman.
“Sam came in as an outsider and saw BSE Global as a venue-based entertainment with IP that’s prietary to us,” Tsai told me recently.
“I was looking for someone who can create an ecosystem.” While Zussman says the goal is to “build generational fandom,” the BSE CEO views sports as “a vertical of entertainment” with talent, partners and facilities that let him woo a world of other customers.
CEO Daily via Diane Brady at diane.brady@fortune.comTop newsTrump says Gaza peace plan is closeThe president said a deal to end the war between Israel and Hamas was in its “final stages.” Israel’s Benjamin Netanyahu will meet Trump at the White House on Monday.
A statement from Hamas said it had not received the posals.Government shutdown would delay jobs reportThe federal government is headed for a shutdown on Wednesday unless a deal is reached, and, if so, a contingency plan obtained by Bloomberg notes that the monthly jobs report won’t publish when scheduled on Friday.
Bank of America analysts warn that the situation “would delay key economic data ahead of the Fed’s next meeting.”GSK CEO Emma Walmsley stepping downShe will be replaced by chief commercial officer Luke Miels.
Walmsley had been at the drugmaker for eight years.
GSK s initially rose on the news.First Brands bankruptcy raises questions private credit market riskAuto parts supply company First Brands Group filed for bankruptcy on Sunday, owing $10 billion in debts, according to the FT.
It s the collapse of auto lender Tricolor a few weeks ago. The two cases are causing investors to ask questions the safety of the private credit and corporate debt.
“There’s been a very positive investment environment for a long time, with a large amount of money and a lot of optimism,” Howard Marks of Oaktree Capital told the WSJ.
“The worst loans are made at the best of times.”Yes, AI will create a jobs crisis, CEOs sayQuote of the day from Axios: “Last week, Mike Allen and I talked privately with 20 different CEOs of a wide range of companies.
Every single one of them said they're reducing their hiring ambitions at the dawn of AI.”Can outside help keep Intel together?Struggling chipmaker Intel has received emergency cash infusions from the U.S.
government and Nvidia—and the company’s former CEO told Fortune that it will need $40 billion in total to stay afloat.
Is a new CEO and external help enough?The rise of prediction Prediction market platforms Kalshi and Polymarket surged during the 2024 election, attracting more than $3 billion in wagers on the outcome.
The sites’ founders have moved towards sports-related bets since, but how they make money and remain compliant with regulators is still up in the air.Moldova rejects -Russian interferenceMoldova has elected the -E.U.
PAS party’s Maia Sandu as its president. The vote was marred by harassment from -Russian interests, according to the BBC. PAS won 50% of the vote.
The -Russian Patriotic Electoral Bloc received under 25% of the votes.The S&P 500 futures were up 0.5% this morning. The index closed up 0.59% in its last session.
STOXX Europe 600 was up 0.34% in early trading. The U.K.’s FTSE 100 up 0.54% in early trading. Japan’s Nikkei 225 was down 0.69%. China’s CSI 300 was up 1.54%. The South Korea KOSPI was up 1.33%.
India’s Nifty 50 was up 0.14% before the end of the session. Bitcoin rose to $112K.Around the watercoolerEveryone’s wondering if, and when, the AI bubble will pop.
Here’s what went down 25 years ago that ultimately burst the dot-com boom by Dave SmithLarry Ellison once predicted ‘citizens will be on their best behavior’ amid constant recording.
Now his company will pay a key role in social media by Jason Ma‘There’s so much pressure to be the company that went from zero to $100 million in X days’: Inside the sketchy world of ARR and inflated AI startup accounting by Allie GarfinkleWalmart CEO wants ‘everybody to make it to the other side’ and the retail giant will keep headcount flat for now even as AI changes every job by Nino PaoliCEO Daily is compiled and edited by Joey Abrams and Jim Edwards.
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