Spotify Stock Downgraded by Citi, as Podcast Competition Heats Up

Spotify shares sank 7.4% to $317.10 on Friday (Jan. 15) after a Citi analyst downgraded the stock after concluding that the streaming service’s podcasts have not had a positive impact on subscriber growth. The price recovered slightly over the day and closed at $317.81.

Citi analyst Jason Bazinet believes Spotify is the only one of four subscription stocks — Netflix, SiriusXM and Roku are the others — with a price that’s out of sync with its valuation. “We suspect this disconnect stems from recent enthusiasm around Spotify’s recent podcast pivot,” he wrote. Bazinet dropped his rating from neutral to sell while raising the price target from $270 to $310, 2.2% below Friday’s closing price.

Spotify’s share price was already in retreat, dropping 12.5% from an all-time high of $370.95 reached on Wednesday (Jan. 13), however. Some experts would argue it’s still too high. The 25 analysts covering Spotify have a median price target of $298.53 with a high of $425.90 and a low of $141.30, according to Refinitiv.


Key Takeaways:

1) The three leading audio streaming companies — Spotify, Apple and Amazon — are pushing hard into podcasts. If turning a music service into an all-around audio service attracts subscribers and reduces churn, record labels and publishers will benefit.
2) Regardless of how its podcasts perform in the next year or two, Spotify has the resources to see its strategy through. It had €1.18 billion ($1.43 billion) on its balance sheet on Sept. 30, 2020, enough for more acquisitions and production expenses for original content.
3) Spotify lacks a bundle. Apple can fold a podcast subscription into Apple One or offer a standalone music-podcast bundle. Amazon has the opportunity to bundle podcast and music subscriptions.


Also on Friday, news broke that Apple is planning a podcast subscription service that would compete with a similar offering Spotify is reportedly mulling over. The Information’s report, corroborated by Bloomberg, reveals Apple is intent on following Spotify’s lead in switching its focus from a music-focused platform to one with both music and spoken word. Apple already has a popular podcast app but does not own the content it distributes. Amazon, often overlooked in discussions about audio streaming, already has a podcast subscription business — $4.99 per month or $34.99 annually — through its acquisition of podcast producer Wondery in December 2020.

Becoming an audio platform is a sensible and unavoidable move. Podcasting has the opportunity to expand Spotify’s listening hours, make the product stickier (less churn makes the average user more valuable) and improve gross margin (not because labels will lose negotiating power but because owned podcasts offer advertising opportunities). Since labels no longer give streaming services exclusives, podcasting is the favored format for luring listeners with titles that are unavailable elsewhere. And while streaming services are uninterested — thus far — in becoming record labels, they have quickly built in-house podcast production.

With Apple and Amazon on its heels, Spotify might struggle to maintain its top position in the market. Not only must it compete on music features, podcasting could drag it into a margin-killing pricing fight. Amazon continues to make a push in music streaming with Amazon Music HD, a high-definition tier for only $12.99 per month in the U.S. for Prime members, and leverages its popular Echo smart speaker with less expensive streaming options. Apple includes Apple Music in Apple One, a bundle with Apple TV+, its Apple Arcade game package and iCloud. It could fold a podcast subscription into Apple One or offer a standalone music-podcast bundle. Spotify is a standalone company facing two of the world’s largest tech companies. At best it can continue to partner with other companies that have no streaming counterpart like Hulu, with which it once had a $9.99 available in the U.S.

The three streaming leaders have taken varied approaches — buy or build — to enter the music and audio markets. Apple is creating its own podcasts but bought Beats Music and re-built it into Apple Music. Although Spotify and Amazon Music were built from scratch, both companies have used established brands to kickstart their podcasting businesses. Spotify acquired The Ringer and Gimlet and licensed The Joe Rogan Experience; Amazon acquired Wondery, producer of shows such as Death of a Starlet, and has an exclusive with the popular music-based show Disgraceland. Back in 2008, Amazon broke into the audiobook market with its $300 million acquisition of Audible.com.

Other companies have a good foothold in podcasting. iHeartMedia’s original shows include The Ron Burgundy Podcast, in which actor Will Ferrell reprises his character in the movie Anchorman; comedian Chelsea Handler’s Life Will Be The Death of Me and Stuff You Should Know. NPR has a formidable lineup of interview and news shows. Pandora has an exclusive podcast, 17 Weeks, from parent company SiriusXM and UNINTERRUPTED, a brand founded by NBA player Lebron James, and another about rap icons Wu-Tang Clan. And The New York Times has the popular show The Daily and recently acquired Serial Productions, the company behind the hit podcast Serial.

Investors’ enthusiasm about podcasts helped launch Spotify’s share price 109.3% over the last 12 months, from $151.84 to Friday’s close of $317.81 — for a market value of $60.3 billion. Since its pandemic low of $109.18 on March 16, Spotify’s share price is up an astounding 239.8%. Both gains far exceed the broader market: over the last 12 months, the New York Stock Exchange and the tech-heavy Nasdaq have climbed 5.3% and 38.9%, respectively. Spotify has even bested the top on-demand video streaming company during a year of pandemic-fueled growth: Netflix, a main benefactor of shelter-in-place orders, is up 47.1% over the last year.

Spotify versus Apple and Amazon isn’t necessarily a story of David versus two Goliaths; Spotify is a goliath in its small section of the e-commerce market. For a decade it focused on building the best music service — no in-house ticketing, livestreaming or record label. The focus has changed to being the best audio streaming service, and the ultimate goal of gaining subscribers remains.

ASCAP & BMI Responds to DOJ’s Consent Decrees Inaction: Read the Open Letter

ASCAP and BMI have fired off a formal response following the Dept. of Justice’s revelation that it has ended its ASCAP/BMI consent decree review without taking action, meaning the agreements governing how ASCAP and BMI operate will continue to exist exactly as they are now.

In an open letter released Friday (Jan. 15), ASCAP CEO Elizabeth Matthews and BMI president and CEO Mike O’Neill expressed their disappointment with the DOJ’s inaction but also their optimism in seeing “how the DOJ’s approach to these issues has evolved,” referencing remarks made by the DOJ’s outgoing assistant Attorney General for the Antitrust Divison Makan Delrahim that “recognized several important truths that we have long understood,” including the efficiency of blanket licensing and the necessity of paying songwriters fairly, among other things.

Matthews and O’Neill also acknowledge that because some were using the DOJ’s review to advocate for further restrictions in consent decrees, it is better that “they remain as they are, than see an outcome that could adversely affect music creators for generations to come.”

Read the full letter below.

January 15, 2021

An Open Letter from ASCAP CEO Elizabeth Matthews and BMI President and CEO Mike O’Neill in Response to the DOJ Closing Statement on the ASCAP and BMI Consent Decrees

Two years ago, the U.S. Department of Justice (DOJ) announced that it would conduct a review of the ASCAP and BMI consent decrees to determine if they still served their intended purpose. Today, the DOJ has formally closed its review and will take no action to modify or terminate the decrees but left open the possibility of changes in the future.

While we were disappointed that no action was taken, we are encouraged to see how the DOJ’s approach to these issues has evolved. In his closing remarks, AAG Makan Delrahim recognized several important truths that we have long understood: Songwriters are the backbone of the music marketplace and must be paid fairly; blanket licensing is incredibly efficient; ASCAP and BMI are innovating to serve the needs of the industry; greater competition and not compulsory licensing is the answer; and the value of music is best decided in a free market.

While BMI and ASCAP have long advocated for updating and modernizing our consent decrees, it has become clear over the course of two different reviews by two different DOJ administrations in the past eight years that modifying or terminating our decrees would be extremely challenging.

This latest review was part of a broader effort by the DOJ to examine many of the nation’s oldest consent decrees and to terminate those that no longer served their intended purposes. When faced with that possibility, ASCAP and BMI joined together and put forth a proposal to the DOJ and the industry that would help facilitate a thoughtful transition to a free market while avoiding potential chaos in the marketplace.

We knew that reaching consensus would not be easy. It soon became clear that key industry participants could not agree on how best to move forward. Unfortunately, we also found that some were using this review to advocate for even greater restrictions in our decrees, either for their own benefit or in an effort to regulate the marketplace as a whole through BMI and ASCAP.

We were concerned that the lack of consensus in the market could lead to a legislative push resulting in unwarranted government regulation of our industry in the form of compulsory licensing. In addition, our victory in confirming the industry-wide practice of fractional licensing would have been revisited. These factors would absolutely not be in the best interest of our songwriters, composers and publishers, and indeed, would represent a major step backward. Although it would have been wonderful to see our decrees modernized, we would rather they remain as they are, than see an outcome that could adversely affect music creators for generations to come.

The formal close of this review means we can put this matter behind us for the near future and continue to champion the rights of our songwriters, composers and publishers, protect the value of their creative work, and partner with our licensees to help ensure music is delivered to the public.

It’s important to remember that BMI and ASCAP have operated with consent decrees for over 80 years, and that has not prevented us from innovating along with our changing marketplace. We recently joined together to launch the Songview data platform in order to respond to a growing industry need to provide greater transparency around copyright ownership shares. We appreciate the DOJ’s support of this initiative. In addition, we have each independently experimented with new forms of licenses, and we successfully advocated for provisions in the Music Modernization Act that will drive fairer negotiations and allow the introduction of more marketplace-pricing evidence in rate court proceedings. Whether we operate under consent decrees or not, that spirit of innovation and focus on continual improvement will never change.

Again, although we were disappointed no changes were made, we would like to thank Makan Delrahim, Assistant Attorney General, Antitrust Division, for his attention and efforts throughout this review as he evaluated the best way to move our industry towards a free market. We would also like to thank the many ASCAP and BMI songwriters and composers who shared their views with the DOJ.

While we are both looking forward to the day when ASCAP and BMI are no longer under consent decrees, we were buoyed by the DOJ’s comments that it will pay to revisit these decrees as a result of new market developments. When the appropriate time comes, BMI or ASCAP may wish to seek a future review.

For now, we’ll turn our attention to the opportunities that lie ahead in 2021 and, of course, all of the incredible new music the year will bring.

Netflix Sets Release Date for ‘Selena: The Series’ Part Two

Mark your calendars! Netflix announced part two of Selena: The Series will be released on May 14.

Along with the date for part 2, the streaming platform tweeted that in its first four weeks, “25 million households sang ‘Como La Flor’ along with Selena: The series – and half of those fans came from the U.S.”

Part 1 of the series, which “explores Selena Quintanilla’s journey from singing small gigs to becoming the most successful female Latin artist of all time,” made its Netflix debut on Dec. 4 starring Christian Serratos as the late Mexican-American singer.

“[Selena] created a path for herself when it was arguably difficult for Latinas,” Serratos previously told Billboard. “Being a woman in the industry is super tricky, but she managed to be incredibly powerful, strong, and resilient and [to] be a pioneer while being incredibly gracious, and I always thought that was so beautiful.”

Other cast members include Ricardo Chavira, who co-stars as Selena’s father Abraham; Gabriel Chavarria as her brother A.B.; Noemi Gonzalez as her sister Suzette; Seidy Lopez as her mother Marcella; and Madison Taylor Baez as young Selena.

The two-part series was released 23 years after the Gregory Nava-directed and Oscar-nominated film Selena starring Jennifer Lopez made its debut on the big screen.

See Netflix’s announcement below:

Save Our Stages Grants Aren’t Open Yet, But Here’s How Venues Can Get Ready

On Dec. 20, independent venues across the country celebrated the passage of the second stimulus package, which included the Save Our Stages Act (SOS Act), to help support businesses that have been primarily shuttered since March. While the Paycheck Protection Program and other government funding fell short for shuttered venues, the SOS Act will provide specific and significant funds of up to $10 million apiece to a sector that has been among the hardest hit by the ongoing pandemic.

Venues hoping to keep from permanently closing their doors are eager to receive the much-needed payments, but — as with any newly-established grant program — the Small Business Administration (SBA) is still in the process of cementing all the details and has yet to open applications for the federal funding. In the meantime, Billboard has compiled available information from the SBA to help venues and talent representatives prepare to submit applications once they open.

Who is eligible?

The SOS Act was initially intended to solely support independent music venues when it was introduced in the summer of 2020. By the time it passed passed as part of the stimulus package in December, the now-called Shuttered Venue Operators (SVO) Grant program includes $15 billion for live performance venue operators and promoters, performing arts organizations, theatrical producers, talent representatives, motion-picture theatre operators and non-profit museums. Subsidiaries of these organizations can also be eligible.

Businesses that fall under those categories must have been fully operational as of Feb. 29, 2020 and planning to continue operations in the future. In order to be eligible for the grant, the entities must be able to show at least 25% gross revenue loss in any one calendar quarter of 2020 compared with the same calendar quarter of 2019. If a venue was not operational for all of 2019, it can still be eligible based on its revenue from the time it was open.

Who is not eligible?

The grant is intended for independent operators, so businesses that are majority-owned by, or controlled by, a publicly-traded corporation are not eligible. If the entity owns any of the eligible businesses in more than one country or more than 10 states, it also does not qualify for the grant. If the business had more than 500 full-time employees as of Feb. 29, 2020 then it is also not eligible.

Any business that received more than 10% of gross revenue from federal funding during 2019 would also be denied for the grant. The business also cannot offer performances, services, or goods of an excessive sexual nature — a la strip clubs — and still receive the funding.

According to a Small Business Administration webinar hosted on Jan. 14, entities that applied for Paycheck Protection Program (PPP) funding after Dec. 27, 2020 are also not eligible.

When can you submit an application?

The SBA is still working on implementing the application process and is attempting to roll it out as soon as possible.

“Please understand that the SBA is still in the process of setting up this grant program and it’s not yet accepting applications,” a representative from the SBA said on a Jan. 14 webinar. “When we are prepared to open the application window, we’ll be sending out a lot of information through SBA social media channels. We’ll issue a press release to notify stakeholders as soon as we have a firm date.”

The representative added that the grant will be posted on grants.gov and, ahead of the applications being opened, the SBA will hold a pre-application informational session webinar.

In promising news for the most dire venue operators, though, the first two weeks of applications are reserved for entities for which total revenue from April 1, 2020 through Dec. 31, 2020 was 10% or less of their 2019 gross revenue for the same period. Essentially, those hit the hardest will get funded the quickest.

Following the initial two weeks, entities for which total revenue between April 1, 2020 through Dec. 31, 2020 was 30% or less of their 2019 gross revenue for the same period will have priority to apply for the following two weeks (days 15-28 of applications being open).

After four weeks of application acceptance by the SBA, any eligible entity can apply for an initial grant. At least 20% of the federal allocation funds will be held for grants submitted after the first 28 days.

After these rounds of applications, businesses will also be able to apply for supplemental grants if funds still remain. A second grant equal to 50% of the initial grant amount may be awarded to entities still experiencing 70% earned revenue loss when comparing the first quarter of 2021 with the first quarter of 2019. Businesses are eligible for a maximum of $10 million split between initial and supplemental grants.

What do you need to be prepared to submit?

At the Jan. 14 webinar, an SBA representative asked that applicants “please start by pulling together information about your monthly revenues and a list of how you would use funds if awarded them,” adding, “remember that you have SBA district offices across the nation as well who are prepared to work with you throughout this process.”

Initial SVO grants can be equal to 45% of 2019 gross earned revenue. Venues should have records to demonstrate their earnings from both 2019 and 2020 prepared to submit when their application period opens. Accrual accounting should be used to determine revenue and businesses should also be able to show that they meet certain requirements, such as:

– Having mixing equipment, a public address system and a lighting rig
— Working with one or more individuals who are sound engineers, bookers, promoters, stage managers, security or box office managers
— Events produced mainly by paid employees
— Performances marketed through media
— Events primarily ticketed or featuring a cover charge

Entities that opened after Jan. 1, 2019 will need to calculate the business’ average monthly gross revenue for each full month it was in operation during 2019, then multiply it by six to determine their eligible funding amount.

What can the funds be used for?

Funds received through the SVO grant can be used for payroll costs, rent payments, utility payments, mortgage payments, debt payments, worker protection expenditures, payments to independent contractors not exceeding $100,000 per contractor, administrative costs, operating leases, insurance payments, costs associated with putting on shows and ordinary business costs, including maintenance.

The funds cannot be used to buy real estate, make payments to loans originated after Feb. 15, 2020, make investments or loans or make contributions to any political party or candidate.

According to the SBA, grantees will be required to maintain documentation demonstrating their compliance with the eligibility and other requirements of the SVO Grant program. Grantees must retain employment records for four years following their receipt of a grant and retain all other records for three years. These records will be reviewed to determine fraud, noncompliance, or misspent funds.

For more information, visit the SBA’s SVO-specific site right here.

Kanye West’s Yeezy Sues Intern Over Instagram Posts

Kanye West’s apparel company Yeezy is suing one of its summer interns for posting confidential photos on Instagram — and it’s seeking to enforce a half-million-dollar liquidated damages clause.

The intern, Ryan Inwards, signed a non-disclosure agreements that contained a $500,000 liquidated damages provision, according to a complaint filed Friday in L.A. County Superior Court. Such provisions put an upfront price tag on contractual breaches in an effort to further ensure compliance.

The NDAs prohibit disclosing or disseminating confidential information on social media, and Yeezy says Inwards shared non-public images on Instagram and hasn’t removed them even after it sent multiple cease and desist letters. (An Instagram account of the same name now has zero posts.)

Yeezy is suing Inwards for breach of contract and conversion, and is seeking the $500,000 in liquidated damages plus punitive damages because the company believes he’s acting maliciously. It’s also seeking an injunction mandating that he turn over the images and be banned from similar posts in the future.

This article was originally published by The Hollywood Reporter.

Ignoring Ban, Trump Supporters Traveled by the Busload to D.C. Rally With Help of Concert App

Concerned about the spread of false allegations of election fraud in the days following the 2020 presidential election, Eventbrite officials went on the offense. When its users began organizing a Nov. 13 March for Trump event in Washington D.C., Eventbrite shut it down, stating that events spreading “harmful misinformation” about the election were now banned from the platform.

While the ban has kept event listings like those to the chaotic Jan. 6 Trump rally-turned-insurrection at the U.S. Capitol off the Eventbrite platform, the site still played a key role in facilitating bus and vanpool rides to Washington D.C. Ads from smaller pro-Trump groups selling charted bus and rideshare tickets for the Jan. 6 rally are easy to find on the site, and many include calls for armed uprisings and violence to show support for the President.

Some users have already been warned by Eventbrite to stop spreading misinformation, like the Skyrock Patriots of Baltimore who were flagged last month for trying to sell bus tickets promising to take supporters to Donald Trump’s second presidential inauguration on Jan. 20, even though Trump legitimately lost the election to Joe Biden.

For some hardcore Trump supporters like Ben Philips, of Bloomburg, Pennsylvania, the income earned through the site augments an existing pro-MAGA business. Philips is the owner of the Trumparoo toy company, which makes stuffed kangaroo toys with a Trump-like tuft of orange hair that he sells to passengers in the van caravans he organizes on Eventbrite, charging $25 per person. (Eventbrite typically charges $.79 per ticket sold plus 4.5% fee for ticket sales on its platform.)

On Jan. 6 Philips died on the steps of Capitol Hill from a sudden stroke, hours after he dropped off a van full of Trump supporters he met on the site at the presidential rally, according to the Philadelphia Inquirer. Passengers learned of Philips’ death when he didn’t return to the van. After multiple calls to his cellphone, a passenger received a call from Washington Police notifying them that Philips had died.

Philips’ Eventbrite posts often used incendiary language to advertise his ride share service, telling supporters, “This is 1776 all over again, if we don’t fight now, we lose our country,” reminding passengers to “be ready to FIGHT FOR TRUMP!”

Philips’ post for the Jan. 6 rally was taken down earlier this week, although some of his other posts are still active on the site. Eventbrite officials tell Billboard that the company removes content like Philips’ post on a daily basis and have made significant investments in monitoring content through self-reporting tools and algorithmic monitoring.

“Our Community Guidelines prohibit events, content, or creators that share or promote violence, illegal activity, and/or misinformation that may result in harm,” the company wrote in a statement sent to Billboard. “In light of the insurrection on January 6, we now consider events fueling false claims about the 2020 election to be a violation of our harmful misinformation policy. Any event, content or creator that seeks to impede democracy is not welcome on our platform. We remain vigilant and will continue to prioritize the swift removal of such events when we become aware of them.”

Eventbrite has had an uneasy relationship with Trump since he embraced the platform during the 2016 Iowa Republican Presidential Caucus. In 2016, white nationalist Richard Spencer was allowed to list two events on the platform, drawing widespread criticism from groups like the Southern Poverty Law Center. After the 2017 Unite the Right rally in Charlottesville, Virginia, where one counter-protester was killed, Eventbrite CEO Julia Hartz started banning known hate groups like the Proud Boys and anti-Islam activist Brigitte Tudor.

The 2020 decision to ban “harmful misinformation” from its self-service ticketing system came as the company was finalizing efforts to sunset Eventbrite Music, a feature-rich ticketing platform that had been used by some of the country’s largest promoters but had struggled with growing losses further compounded by the COVID-19 pandemic. As of Sept. 30, the company had set aside a $50 million reserve fund to cover losses from refunds and chargebacks from its music product.

Self-service ticketing was Eventbrite’s original business model and a full-fledged return is expected to put the company back on the road to profitability. But monitoring millions of users requires significant resources.

While Eventbrite was quick to determine that high profile events like the Nov. 13 march violated the company’s community guidelines, Trump supporters like Ashley Weiss and Reggie Skyrock of Skyrock Patriots had no problem using the platform to sell 400 bus tickets to the Jan. 6 rally — even after they were called out by several media outlets for selling non-refundable bus tickets to a second Trump inauguration they promised would take place once President-elect Joe Biden’s election victory was overturned. (Those Trump inauguration tickets were still on sale late into December).

Billboard reached out to Weiss and Skyrock for comment but did not receive a response.

In total, Weiss and Skyrock commissioned nine buses to transport Trump supporters from Joppa and White Marsh, Maryland, to Washington D.C. on Jan. 6. The 406 available seats were priced at $50 a seat, according to Skyrock’s listing page, generating $20,300 in sales. Eventbrite typically charges users 4.5% of sales plus a $.79 per-ticket fee, which would mean these sales generated approximately $1,200 for Eventbrite.

Trump supporters have been using the platform on smaller scales too: Peter Boykin with the group Gays for Trumps says he often sets up microphones near rallies where anyone can speak their mind, raising money through Eventbrite’s donation engine. (Eventbrite charges a 2.5% processing fee for donations collected on its platform).

“If you make any direct threats to people and keep your commentary fairly general, [Eventbrite] won’t bother you,” says Boykin, noting that statements about “fighting for your country” are usually OK, but making direct allegations against people or groups about the election is “what typically gets people in trouble.”

An Eventbrite official confirmed to Billboard that the company views Skyrock and Philip’s posts as violations of their new policy and removed archived copies. To improve its existing moderation efforts, Eventbrite has partnered with Civic Alliance, a bipartisan group which encourages participation in voting and civic engagement.

“We’ve also joined in a statement with our partners at the Civic Alliance calling for an orderly and peaceful transition of power,” the company said in a lengthy statement provided to Billboard. “Through this partnership, we stand united with hundreds of other businesses and peer platforms at a critical moment for protecting the integrity of our electoral process and the functioning of our democratic institutions.”

Eventbrite’s entire statement can be found here.

Olivia Rodrigo Makes Historic No. 1 Debut on U.K. Chart With ‘Drivers License’

Olivia Rodrigo’s “Drivers License” debuted at No. 1 on the Official U.K. Singles Chart on Friday (Jan. 15) with 95,000 chart sales, including 10.9 million streams across the week. The runaway hit even surpassed Ed Sheeran’s “Shape of You” to earn the U.K.’s highest number of streams ever in a single day for a non-Christmas song.

“Drivers License” earned 2.407 million streams on Tuesday, while “Shape of You” previously held the 24-hour record in 2017 with 2.274 million streams.

“I just want to say thank you guys so much. It means the absolute world to me that you guys are listening to and loving ‘Drivers License.’ So sending you all the love in the world,” the High School Musical: The Musical: The Series star said in a video message celebrating the news while blowing a kiss and showing off her U.K. No. 1 plaque.

And there’s more: The 17-year-old singer-songwriter also had the biggest opening week of overall chart sales for a No. 1 debut in five years, since Zayn’s “Pillowtalk” in 2016. And she’s one of the youngest artists to score a No. 1 song in the U.K. before their 18th birthday, at 17 years and 10 months old. Jawsh 685 joined the 18-and-under chart-toppers club in July when he scored a No. 1 single with “Savage Love (Laxed – Siren Beat),” alongside Jason Derulo, and led the chart for three weeks at 17 years and 7 months old.

Spotify confirmed to Billboard that, on Monday, “Drivers License” set the platform’s record for most streams in a day for a non-holiday song, with over 15.17 million global streams (and that on Tuesday, the song continued to beat its own record, with over 17.01 million streams). “Drivers License” also topped Spotify’s Global and U.S. Song Debut charts.

Rodrigo seems to have the first runaway hit of 2021 on her hands, so check Billboard next Tuesday (Jan. 19) to see where the song lands on the Billboard Hot 100.