Milana Rabkin Lewis, founder of STEM gives closing remarks at Billboard's Indie Power Players 2024 event.
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00:00 A woman who is one of the most incredible leaders in the music business and an incredible supporter of indie artists,
00:06 Milana Rabkin-Lewis, the founder of STEM.
00:09 [applause]
00:16 Thank you, Billboard, for having me tonight.
00:20 And I just want to say congratulations to Brent and Ty and Jane and the whole culture and Lost Kids family.
00:27 It is so amazing to watch you guys be honored for everything you have built over the last decade,
00:33 and it's been incredible having a front seat at watching what has happened.
00:38 And this moment is one that is amazing.
00:41 And for those of you who do not know the story behind these guys,
00:45 you should study it because they have literally written the playbook
00:48 on what it means to be an independent company and support independent artists.
00:53 And the theme of what I want to say as we close out this wonderful evening and celebration
00:58 is really around being able to take calculated risks.
01:01 As all of you know, life in the music business as an independent artist or an executive
01:09 demands tenacity and courage.
01:11 And it's really the true pulse of innovation in this industry that beats the most strongly
01:16 within the hearts of the independent artists, managers, entrepreneurs, and executives,
01:21 individuals like those honored here tonight, and those tirelessly working around the globe.
01:26 The risk that we have taken to build something that does not fit within a mold
01:30 is really worth celebrating.
01:33 And together, we're up against a lot of the themes that we've talked about.
01:37 The behemoths of the majors and their indie offshoots who sometimes masquerade as independents themselves,
01:43 and artists and labels who really face a tough decision around whether or not they maintain their autonomy
01:48 or succumb to the allure of the biggest paycheck available.
01:51 And it's a delicate balance between creativity, freedom, and financial security,
01:56 each with presenting its path and its own set of challenges and opportunities across a spectrum of risk.
02:03 In the past few years, we've also navigated a rollercoaster credit climate.
02:06 Valuations have skyrocketed, interest rates have yo-yoed, but now we're really starting
02:11 to see the signs of a market correction, reminding us to tread carefully and make intentional decisions.
02:17 And despite these challenges, independents remain resilient and resourceful.
02:22 We've learned to do a lot with very little.
02:25 And it's in this ingenuity within the constraints that make the industry look to us as independents
02:31 to help transform the business and pave the way.
02:34 And although it classifies as an independent artist has become increasingly broad,
02:39 we should all take pride in our collective efforts that have led to more favorable conditions
02:43 for artists and their collaborators.
02:46 And while we may be comfortable with the risk that we take on as a business,
02:50 we strive for stability in those artists that we deeply care about.
02:54 They're the ones writing the soundtracks of our lives, they're the movers of our culture,
02:58 and it's our duty to ensure that they receive the fairest outcomes as they navigate the terrain of false assurances.
03:05 So let us help them navigate with integrity and leverage.
03:11 But let's not stop there. Let's raise the bar and continue to raise the bar for the whole industry.
03:16 From day one, STEM has stood shoulder to shoulder with artists and their teams
03:21 who embrace their independence and seek autonomy.
03:24 And it's by blending data-driven strategies and support, we're not just working harder, we're working smarter.
03:31 And that's where the independent spirit truly lies.
03:34 For us and our company, clarity is not just a buzzword, it's the founding principle.
03:38 And our lives have, and our artists have visibility into every financial detail,
03:43 every stakeholder knows exactly where they stand,
03:45 and I only share this with you guys because to me, that's table stakes.
03:50 And what I would like to request out of this room is that we make that clarity the industry standard.
03:56 Because what it does is it ensures that every artist, regardless of any label affiliation or release method, knows their worth.
04:04 And that's really powerful and life-changing and important.
04:07 And if the past years tell me anything, it's that the independent sector is a force to be reckoned with.
04:14 So despite the market forces working against us, we're chipping away at the market share.
04:19 We're not just chipping away, we're actually breaking down doors,
04:22 paving the way for artists and their teams to thrive on par with their major label counterparts.
04:27 And together, as we rewrite the rules, we're reshaping the landscape
04:31 and proving that independence isn't just a category or a label, it's a movement.
04:36 And it's this movement that I'm really proud to join alongside all of you, the indie power players.
04:42 Congratulations to all of you. Thank you.
04:45 (audience cheering)
04:48 (applause)