Tracy Maddux steps down as Chief Commercial Officer of Downtown Music Holdings
Tracy Maddux is stepping down from his role as Chief Commercial Officer at Downtown Music Holdings, effective immediately.
The company confirmed the news on Monday (November 20).
Downtown says that Maddux has “committed to continue providing his insights and expertise” to Downtown Music Holdings as a consultant and advisor in support of “key strategic initiatives” throughout 2024.
According to Downtown, Maddux has “been a vital part” of Downtown’s leadership team, “significantly contributing to the company’s robust growth and strategic acquisitions”.
Downtown says that during his 10 years as CEO of CD Baby, Maddux “navigated fundamental changes in the way music is released and consumed and shepherded more than a billion dollars of royalty payments to independent artists worldwide”.
Downtown Music Holdings said in a statement on Monday that it “remains dedicated to supporting the global creative community, ensuring artists, labels, and publishers receive the recognition and royalties they deserve” and added that “the company will continue to innovate and expand under its strong leadership team”.
“It has been a remarkable journey at Downtown, and I am proud of everything we have achieved together.”
Commenting on his exit from the role at Downtown, Maddux said: “It has been a remarkable journey at Downtown, and I am proud of everything we have achieved together.
“From the strategic sale of CD Baby, AdRev, and DashGo, to leading our M&A practice and working towards the integration of FUGA and Curve, we have set new industry standards.
“I am now eager to embrace new challenges and opportunities that lie ahead. I want to thank Andrew Bergman and Justin Kalifowitz for their unwavering support and partnership during our work together over the past 13 years.”
“Tracy has made material contributions to our culture and to the growth of the business.”
Andrew Bergman, Downtown Music Holdings
Downtown Music Holdings’ CEO, Andrew Bergman, added: “Tracy has made material contributions to our culture and to the growth of the business.
“He’s universally respected by his peers and I personally consider myself fortunate to have worked alongside him. We look forward to our continued association with Tracy.”
In April 2023, Downtown Music formed a new Artist & Label Services division. Ben Patterson was promoted to the role of President of the division.
The Artist & Label Services division was born from Downtown’s distribution arm, DashGo, which was acquired by Downtown in 2019 when it acquired AVL Digital Group for an estimated $200 million. Patterson founded DashGo in 2004.
News of Downtown’s new Artist & Label Services division in April arrived six months after DMH formed the Downtown Music unit.
Downtown Music combined all of Downtown’s global business and professional services including distribution, label and artist services, publishing administration, video and user-generated rights monetization, neighbouring rights, royalty accounting solutions, sync licensing and creative support services.
Amongst those combined divisions were Downtown Music Services, music publishing platform Songtrust, rights management company Adrev, indie distribution company CD Baby and B2B music tech and services platform FUGA.
FUGA CEO Pieter van Rijn was appointed to lead the Downtown Music unit as President.
In March 2023, Mike Smith departed Downtown after nearly three years as Global President of Downtown Music Services.