Well, that was a whirlwind. A year that began with some fairly standard record label talking points — reaching fans, maximizing returns, utilizing new technology — quickly snowballed into one of the most consequential years for the record business in recent memory, with multiple major-label reorganizations, extensive layoffs, high-profile licensing battles, unexpected hot streaks and a massive spotlight being pointed directly into one of the industry’s shadiest corners. And that’s just at the Universal Music Group.
Of course, Sony Music, Warner Music and the world of independents had plenty going on as well. A string of buzzwords flew around the industry to describe the rapidly-changing topic at hand at a given moment: superfans, TikTok, restructuring, history, distribution, country, toxicity, fraud, AI, fraud again, fraud one more time — did we mention fraud? — radio, royalties and rapid generational shifts.
It was a year in which some historic labels got their mojo back; a new suite of executives earned their stripes; some long-held industry practices and beliefs were upended; and one indie label came to match a hallowed feat. There were technological challenges and legal standoffs, paradigm shifts and deal changes, and a lot of new strategies being implemented along the way. And there was an all-encompassing hip-hop beef that led to one of the most bizarre artist-label-artist standoffs in the history of the business — and it didn’t even make this list.
Yes, it is time to look back and take stock of the year in the music business, starting with the heartbeat of it all: the record labels. To kick off two weeks’ worth of year-end content looking at the highlights of the past year in the industry, here are the 10 biggest record label stories of 2024. Enjoy.
