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Justin Garza discusses The Dream Adopters, their success, and the collaboration with Melanie Fontana & Lindgren on ‘Takedown’ for K-pop Demon Hunters

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Trailblazers is an MBW interview series that turns the spotlight on music entrepreneurs with the potential to become the global business power players of tomorrow. This time, we meet Justin Garza, founder of talent management company, the Dream Adopters. Trailblazers is supported by TuneCore.


Justin Garza didn’t initially set out to become an artist manager, but “the universe” had other plans.

The founder of independent management company The Dream Adopters started his career as a singer and frontman, self-managing his own projects and navigating both the creative and business sides of the industry from day one.

After “hanging up” his own recording artist ambitions, Garza shifted into songwriting for others and became deeply embedded in the “Los Angeles pitch session scene”.

It was there that he says something unexpected happened; other songwriters and producers began approaching him to ask if he’d consider representing them.

“I took it as a sign to listen to what the universe was telling me,” Garza tells MBW, “and I made a conscious decision to pursue management.”

That decision led to an entry-level role at the management company representing The Black Eyed Peas and Will.i.am (Grassroots Music).

Those experiences helped shape his perspective and ultimately inspired the launch of artist, producer, and songwriter management company The Dream Adopters, which he describes as “more than just a management firm”.

Today, The Dream Adopters operates as what Garza calls a “creative-first, globally-minded boutique company” that focuses on artist development, publishing, and music for visual media.

The company has been particularly successful in the K-pop space, with over 120 placements and releases in the genre across the company’s roster.

Recent highlights include The Dream Adopters’ management clients Melanie Fontana and Lindgren writing and producing Takedown for the hit Netflix animated feature K-pop Demon Hunters.

The soundtrack launched at No.1 on the Billboard Soundtrack chart and is currently sitting at No.2 on the Billboard 200.



Looking ahead, Garza has ambitious plans for The Dream Adopters’ global expansion, including building a team of “like-minded managers” in key music markets like Korea, Japan, the United Kingdom, and Germany.

“Long-term, I want The Dream Adopters to be synonymous with innovation and creative integrity,” he tells MBW. “I want us to be a home for forward-thinking creators who want global reach without sacrificing artistic vision.”

Here, Justin Garza discusses The Dream Adopters’ positioning in the global music business, his company’s success in K-pop, and his predictions for the industry’s future.


How is The Dream Adopters positioned in the music business today?

We’re positioned as a creative-first, globally-minded boutique company. Whether it’s artist development, publishing, or music for visual media, we focus on nurturing talent and creating sustainable careers.

We’re not trying to be everything to everyone — we’re selective, we go deep, and we build real value. Our edge lies in our ability to move fast, stay authentic, and tap into multiple revenue streams across different music markets, especially international ones like K-pop.


What are your long-term ambitions for your company’s positioning in the global music business?

Long-term, I want The Dream Adopters to be synonymous with innovation and creative integrity. I want us to be a home for forward-thinking creators who want global reach without sacrificing artistic vision.

“I want us to be a home for forward-thinking creators who want global reach without sacrificing artistic vision.”

That means continuing to scale in strategic ways — expanding into publishing, tech collaborations, sync licensing, and supporting our roster with the tools they need to reach fans across cultures.

A big part of that vision also includes building a global team of like-minded managers in key music markets like Korea, Japan, the United Kingdom, and Germany. I believe having trusted partners on the ground in those regions will be essential for navigating local nuances and truly supporting artists on an international scale.


How do you identify talent you want to work with and sign?

For me, it’s a mix of instinct, work ethic, and uniqueness. The talent I’m drawn to has a clear creative identity, is relentless in their pursuit, and is open to collaboration. We look for people who aren’t chasing trends, but instead, setting them — or even ignoring them altogether because they’re so focused on their own lane.

“I’m looking for incredible human beings at their core — people who operate with the highest level of integrity, not just in the art they create, but in how they handle their business.”

I’m especially drawn to self-starters who are hungry and willing to pour daily effort into being proactive and forward-thinking. Most of all, I’m looking for incredible human beings at their core — people who operate with the highest level of integrity, not just in the art they create, but in how they handle their business. That kind of character is what builds lasting careers and strong creative partnerships.


Your website notes that you are leveraging your talent pool to create original music for film soundtracks, television, commercials, and video games. How big a part of your business is this currently?

It’s a growing part of our business and one we’re genuinely excited about. Right now, sync represents around 25–30% of our activity, and it’s expanding steadily — not just in volume, but in the depth of creative opportunity we’re seeing.

Most recently, our management clients Melanie Fontana and Lindgren wrote and produced the end title song Takedown for the Netflix animated feature K-pop Demon Hunters. Another one of our clients, Curtis Douglas, served as the theatrical and soundtrack mixing engineer and vocal editor for the film.

The project debuted at No.1 globally on Netflix, the soundtrack launched at No.1 on the Billboard Soundtrack chart, and it’s currently sitting at No.2 on the Billboard 200. It’s a great example of how our team can deliver music that resonates both commercially and culturally.


Photo Credit: Joon Park
Lindgren, Justin Garza and Melanie Fontana at the ‘Singing In My Sleep’ premiere

We also recently contributed to Singing in My Sleep, a feature film written and directed by one of my closest friends, Nick Wilson, which hit select theaters and on-demand on July 11.

Melanie and Lindgren wrote and produced five original songs for the film, Curtis engineered several of the soundtrack tracks, and I had the privilege of serving as the sole music supervisor and sharing executive music production credit alongside Melanie and Lindgren — who also happen to be my best friends and longtime creative partners.

Beyond film, we’re also active in television, gaming, and commercial work — including sonic identity creation for brands. Our team’s versatility allows us to deliver everything from cinematic orchestral cues to immersive gaming soundscapes to branded theme music that truly connects with audiences. Sync and custom music work aren’t just side projects for us — they’re core to our mission of helping talent build sustainable, multi-dimensional careers.


You launched Dream Room Publishing alongside Melanie and Lindgren. Tell us about how this venture came to be launched, and what your ambitions are for the publishing side of the business?

I’ve been representing the songwriting and production careers of Melanie and Lindgren for almost eight years now. Over that time, we’ve developed not just an incredibly close creative bond, but a deep friendship built on trust, loyalty, and shared vision. Launching Dream Room Publishing together felt like the natural next step — a way to take everything we were already doing and formalize it under a banner that truly reflects who we are and what we stand for.

“Dream Room Publishing was born out of a desire to redefine the creative experience for songwriters and producers.”

Dream Room Publishing was born out of a desire to redefine the creative experience for songwriters and producers. It blends the best qualities of a powerhouse major publisher with the personalized, hands-on approach of a boutique company. We built it to be the kind of place we always wished existed — where writers are never just “one of many,” but true partners in a shared journey toward artistic and commercial success.

The heartbeat of the company is our relationship — three best friends who genuinely care about the people we work with and the music we help bring into the world. Our services range from song placement and writer development to catalog management and sync licensing, but at the core, Dream Room is about elevating creative voices and creating a space where people feel seen, supported, and celebrated.


Could you tell us about your success in the K-pop space, what that success has stemmed from, and, additionally, share your insight on the broader opportunities you’re seeing in K-pop globally?

Our success in K-pop comes down to three things: consistency, cultural respect, and collaboration. K-pop is one of the most competitive and fast-moving music ecosystems in the world, and it requires a unique understanding of storytelling, melody, structure, and the ability to work seamlessly across cultures and time zones.

“K-pop is one of the most competitive and fast-moving music ecosystems in the world, and it requires a unique understanding of storytelling, melody, structure, and the ability to work seamlessly across cultures and time zones.”

Across our roster, we’ve had over 120 placements and releases in the K-pop genre — a number we’re incredibly proud of. That includes songs for top-tier acts, deep album cuts, and everything in between. We’ve built strong, long-standing relationships with Korean labels, A&Rs, and creative teams, and we’ve taken the time to truly understand the nuances of the market — both creatively and culturally.

On a global level, K-pop is no longer niche. It’s a dominant force in international pop culture and continues to open doors for Western songwriters and producers in new and exciting ways. The fan engagement is unmatched, and the creative bar is incredibly high — which makes it a rewarding space to be in. As the genre evolves, so do the opportunities: from sync and brand collaborations to catalog value and international touring, K-pop continues to be a global growth engine for the entire music business.


What trends are you seeing in the market that we should know about?

I’m seeing a strong shift toward music being part of broader content ecosystems. Artists aren’t just releasing songs — they’re building worlds. Music now intersects with gaming, fashion, storytelling, social media, and even film and TV in ways that are more integrated than ever. As a result, creators who can think multidimensionally are thriving.

There’s also a major push toward authenticity. Fans want to feel like they’re part of an artist’s real journey — not just responding to a polished marketing rollout. That’s influencing everything from how songs are released to how artists show up online.

“I’m seeing a strong shift toward music being part of broader content ecosystems. Artists aren’t just releasing songs — they’re building worlds. “

AI is obviously top of mind in every corner of the industry. From songwriting tools to vocal cloning and personalized listening, it’s moving fast. But the most impactful uses I’m seeing right now are the ones that support human creativity — not replace it. It’s going to be crucial for creators and companies to find ways to embrace the tech without losing the heart.

On the business side, short-form syncs like TikTok sound design and micro-placements are booming. Fan-driven platforms — from Patreon to Discord  — are giving artists new ways to monetize and build community on their own terms. And catalog acquisitions are evolving too, with more focus on younger catalogs and hybrid-rights models that combine publishing, master rights, and sync potential.

The biggest through-line across all of this? The artists and companies who are winning are the ones who can be agile, collaborative, and deeply connected to their audience.


What are the biggest challenges facing artist managers today?

The sheer volume of noise. It’s harder than ever to cut through and keep artists focused when everything is happening all at once, all the time. Managers today have to wear multiple hats — strategist, therapist, creative director, and often, firefighter.

One of the biggest challenges is helping artists navigate the pressure to be “on” constantly — to always be posting, promoting, producing, performing. That kind of pace can take a serious toll on mental health and self-worth, especially when social media metrics start to feel like the only measure of success.

“As a manager, you’re not just building careers — you’re helping people manage expectations, stay grounded, and find purpose beyond the algorithm.”

There are also real financial pressures. Even artists who look successful from the outside may be facing inconsistent income, mounting costs, and uncertainty about how to sustain momentum. As a manager, you’re not just building careers — you’re helping people manage expectations, stay grounded, and find purpose beyond the algorithm.

Balancing short-term visibility with long-term career building is key. Viral moments are great, but they can’t be your only plan. The goal is to help artists build something sustainable — creatively, emotionally, and financially.


What advice would you give entrepreneurs starting out in the music business today?

Be relentless and be curious. Don’t chase trends — build relationships, build skills, and build value. Know your numbers, but also know your worth. And remember, this is a long game. The most valuable thing you can do is show up consistently with something real to offer.

Also, operate with integrity. Your reputation will outlive your current title, job, or project — so the way you treat people matters. This business is built on trust and relationships, and those can take years to develop but only moments to lose.

“Team-building isn’t just about delegation — it’s about aligning with people who share your vision and values.”

Surround yourself with people who inspire you, challenge you, and hold you accountable. No one succeeds in this industry alone. Team-building isn’t just about delegation — it’s about aligning with people who share your vision and values.

And finally, stay grounded in why you’re doing this. The music industry can be chaotic and unpredictable, but if your mindset is anchored in purpose and service — to the artist, to the song, to the vision — you’ll find your way through the noise.


What does success look like to you?

Success, to me, is building something that outlasts hype. It’s helping artists and writers create work they’re proud of and sustain careers they control. It’s also about creative freedom — the ability to choose who I work with, what I work on, and how we bring that work into the world.

It’s deeply personal, too. I get to build alongside people I love and trust — and that’s not something I take for granted. Being able to create a business that reflects my values while still showing up for my family, my wife, and my closest friends — that’s a version of success I hold close.

Ultimately, I think about legacy. Not in terms of accolades, but in terms of impact. Did I help people feel seen? Did I create space for others to thrive? Did I use whatever platform I’ve built to open doors for others? If the answer to those questions is yes, then I’m on the right path.


If there was one thing you could change about the music business, what would it be and why?

Transparency. There are still too many layers of confusion and opacity around rights, royalties, and deal structures. Artists and writers deserve to understand exactly what they’re signing and what they’re earning — in plain language, without needing a legal degree or insider access.

“A more transparent and equitable industry isn’t just ethically right — it’s creatively better.”

But it’s not just about visibility — it’s also about fairness. There’s still a major gap in access to information, resources, and opportunities, especially for emerging creatives and underrepresented communities. Too often, the people doing the most vital creative work are the least protected or empowered.

The solution starts with education — making sure creators have the knowledge and tools to advocate for themselves. But it also includes reimagining the models: more equitable contracts, better use of technology to track rights and royalties, and a shift in mindset toward true partnership, not just ownership.

A more transparent and equitable industry isn’t just ethically right — it’s creatively better. When artists feel empowered and informed, they create their best work. And that lifts the entire ecosystem.


Trailblazers is supported by TuneCoreTuneCore provides self-releasing artists with technology and services across distribution, publishing administration, and a range of promotional services. TuneCore is part of Believe.Music Business Worldwide

Israel Strikes Syrian Military During Sectarian Clashes Between Druse and Bedouin Tribes

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Israel launched several deadly airstrikes that targeted Syrian government forces in Sweida. The attack came as sectarian violence flared between Druse fighters and Bedouin tribal groups.

Client Challenge: Overcoming obstacles and achieving success

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Client Challenge



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Trump supports Cuomo in NYC mayoral race against Mamdani

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US Republican president slams Zohran Mamdani as a ‘communist’, says Andrew Cuomo has a ‘good shot of winning’.

Washington, DC – United States President Donald Trump has backed former Governor Andrew Cuomo’s decision to run as an independent in the New York City mayoral race, renewing his attack against Democratic nominee Zohran Mamdani.

Asked about Cuomo’s decision to stay in the contest after losing the Democratic primary to Mamdani, Trump said on Tuesday that the former governor can still win in the general election in November.

“I think he should stay. I think he has a shot,” Trump told reporters.

The former governor, 67, announced on Monday his intention to run as an independent after handily losing the Democratic contest to Mamdani last month.

But Cuomo has a mountain to climb in the overwhelmingly Democratic city, especially given that he will be competing for the anti-Mamdani vote with incumbent Mayor Eric Adams, who is also running as an independent, and Republican nominee Curtis Sliwa.

In an early sign of the challenges he is facing, Cuomo’s announcement on X received a flood of negative responses, with many citing his sexual harassment scandals.

Cuomo resigned as New York governor in 2021 after facing mounting sexual harassment allegations, which he has denied.

On Tuesday, Trump, a native New Yorker who moved to Florida after his first term as president in 2021, stopped short of fully endorsing Cuomo.

Asked whether he prefers Cuomo to win, Trump said: “I don’t want to say. I’m a Republican; he’s a democrat or an independent.”

“I think Andrew would have a good shot of winning. He’s got to run a tough campaign. You know, he’s running against a communist,” he added, referring to Mamdani.

The US president has been increasingly critical of Mamdani, 33, a left-wing state legislator who has made affordability the key component of his campaign.

Accusing Democrats of being communists or communist sympathisers is a frequent, misleading attack line by some Republicans. Analysts have told Al Jazeera that Mamdani’s platform does not contain the key tenets of communism, such as government takeover of industry and private property.

Last week, Trump suggested that he could use the “tremendous power” of the White House to take over New York City if Mamdani wins.

“As President of the United States, I’m not going to let this Communist Lunatic destroy New York,” Trump wrote in a social media post earlier this month.

“Rest assured, I hold all the levers, and have all the cards. I’ll save New York City, and make it ‘Hot’ and ‘Great’ again, just like I did with the Good Ol’ USA!”

Many of the president’s close allies, including several members of Congress, have deployed overtly Islamophobic language to attack Mamadani, who is of South Asian descent.

Last month, the White House said that baseless allegations that Mamdani has supported “terrorism” in the past “should be investigated”, with the intent of revoking his US citizenship.

Some close Trump allies, including billionaire Bill Ackman, backed Cuomo during the primaries.

The race to lead the largest US city has been capturing national and international headlines, in part due to the attacks on Mamdani over his support for Palestinian rights.

On Tuesday, Mamdani’s campaign sarcastically congratulated Cuomo on winning Trump’s backing.

“Obviously, this triumph speaks for itself. The question now is whether Cuomo will embrace Trump’s support publicly or continue to just accept it in private,” the campaign said in a statement.

CEO of Guidewire Software, Rosenbaum, Sells Over $300,000 Worth of Shares

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Guidewire software CEO Rosenbaum sells $308,910 in shares

Mike Waltz faces questioning about Signal leak during UN ambassador hearing

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UN ambassador nominee Mike Waltz asked about Signal chat leak

Donald Trump’s former national security adviser Mike Waltz has faced scrutiny from US senators over his role in a sensitive Signal group chat in which officials discussed sensitive war plans.

Waltz appeared before a hearing on Tuesday seeking Senate confirmation as Trump’s nominee for ambassador to the United Nations, following his removal from his former post in May.

Under questioning from Democrats, Waltz maintained he did not share classified information in the chat, which accidentally included a journalist.

The March incident, which became known as “Signalgate”, threw the White House into turmoil and sparked a debate about the administration’s cybersecurity.

Waltz convened the group chat on Signal that also included Secretary of Defence Pete Hegseth, Vice President JD Vance, and Secretary of State Marco Rubio, as well as several other top administration officials to discuss an imminent strike on the Houthi rebel group in Yemen.

The editor-in-chief of the Atlantic magazine, Jeffery Goldberg, was also added to the highly sensitive chat and ultimately reported on his participation, and the chat’s contents.

Amid the fallout, Waltz appeared on Fox News to take “full responsibility” for building the group chat, adding that it was “embarrassing”. Waltz and the White House have maintained no classified information was shared in the chat.

Waltz was removed from his post in May by Trump who nominated him for US ambassador to the UN.

Despite opposition from some Democrats, he will likely be confirmed since Republicans hold a majority in the US Senate.

At the hearing before the Senate Foreign Relations Committee, Senator Chris Coons, a Democrat from Delaware, said he hoped to hear Waltz express “regret over sharing what was very sensitive, timely information about a military strike on a commercially available app.”

Signal was not “an appropriate, secure means of communicating highly sensitive information,” Senator Coons said.

“That engagement was driven by and recommended by the Cyber Security Infrastructure Security Agency, by the Biden administration,” Waltz responded. He argued that the use of Signal was “not only authorised” but “highly recommended.”

“This was demonstrably sensitive information,” Senator Coons said, and asked Waltz if he was investigated for the expansion of the Signal group to include a journalist.

“The White House conducted an investigation and my understanding is the Department of Defence is still conducting an investigation,” Waltz responded.

Senator Tim Kaine, a Democrat from Virginia, also asked Waltz whether the Pentagon investigations into Secretary Hegseth were ongoing.

Waltz responded that he should not, and could not, comment on an ongoing investigation but maintained no classified information was shared.

Murmurs, a Trump post and a surprise – How Waltz’s removal unfolded

In contrast, Waltz’s fellow Republicans on the committee largely avoided the Signal matter, instead focusing on US funding to the United Nations and asking how he would engage with China’s rising influence.

Senator Rick Scott, a Florida Republican who once served alongside Waltz in the US House of Representatives, called him a “man of integrity, grit, and principle.”

Waltz’s nomination to be the US’s lead envoy at the UN comes amid international uncertainty about America’s role on the world stage and the strength of its commitments to foreign allies.

The position would play a key role in representing US interests abroad at a time when the Trump administration has slashed billions in foreign aid and fired thousands of staffers at the State Department and US Agency for International Development (USAID).

Senator Mike Barrasso, a Wyoming Republican, asked Waltz about his “commitment to reviewing every dollar going to the UN to ensure our taxpayer dollars are being used wisely.”

In response, Waltz listed a series of international organisations and projects that he said the US helped fund that he believed deserved review, including several climate-focused entities like the UN Environment Programme, the International Union for Conservation of Nature, the Commission for Environmental Cooperation, and more.

“I think it is incumbent on this administration to say, what’s it doing, is it making us safer, stronger, and more prosperous, and are we getting enough bang for our buck,” Waltz said.

MIT’s Bionic Knee Provides Amputees with Natural Movement

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Researchers at the Massachusetts Institute of Technology (MIT) have developed a method to restore astoundingly natural movement in people who have had leg amputations above the knee. Rather than fit an artificial limb into a socket, the team has created a bionic knee that can be integrated with a patient’s muscle and bone – enabling them to move much more easily than with previous prostheses.

The new bone-integrated system, dubbed e-OPRA (enhanced Osseointegrated Prostheses for the Rehabilitation of Amputees), is said to not only help patients walk faster, climb stairs, and avoid obstacles with ease, but also provide greater stability and control over movements.

In the video below, you can see a patient – with just a few inches of upper thigh and femur connected to the new prosthetic limb – demonstrating motion that’s surprisingly fluid as they walk and kick a ball.

Introducing: The Osseointegrated Mechanoneural Prosthesis

The tech comes from a team including Media Arts & Sciences professor Hugh Herr, who’s been running a biomechatronics lab at MIT for years. Herr developed a deep passion for mountain climbing in his early teens, lost the lower halves of both legs to frostbite after being caught in a blizzard, resumed climbing, and subsequently led pioneering research in prosthetics. A brief profile of Herr is provided in the clip below.

Superhuman Body – Dr. Hugh Herr, Innovator of Bionic Limbs

This breakthrough follows work presented by Herr and his team from last year, where they showed how nervous-system-driven prostheses for below-the-knee amputees gave them greater control over their movements. Indeed, both projects follow a surgical technique that Herr’s lab has been exploring for years called agonist-antagonist myoneuronal interface (AMI), which involves reconnecting muscle pairs so they can communicate their position and the speed of their contraction with each other within the residual limb.

That sensory feedback helps the patient decide how to move their prosthetic limb, and accurately control it. The above-the-knee system features a titanium rod implanted into the residual femur bone, along with wires that gather information from electrodes located on the AMI muscles within the body. The idea behind this approach is to provide better load-bearing and mechanical control of the prosthesis than a socket-based option, while avoiding the possibility of skin infections.

The new bionic knee is directly integrated with the user’s muscle and bone tissue (bottom row right), allowing for faster and more fluid motion than with a traditional prosthesis

Image courtesy of the researchers

Signals from the AMI muscles are transmitted to a custom-built robotic controller, which calculates the torque necessary to move the bionic knee just the way the user intends.

Two study participants who had received the combined AMI and e-OPRA system performed better at numerous physical tasks involving the prosthetics than others who had the AMI surgery but not the e-OPRA implant, and a third group who had neither AMI nor e-OPRA.

Additionally, the researchers found that the two participants who received the combined bionic knee system showed significantly greater feelings of agency and ownership of the prosthesis as part of their body. The study’s findings were published in the journal Science last week.

“No matter how sophisticated you make the AI systems of a robotic prosthesis, it’s still going to feel like a tool to the user, like an external device,” says Herr. “But with this tissue-integrated approach, when you ask the human user what is their body, the more it’s integrated, the more they’re going to say the prosthesis is actually part of self.”

Hopefully, this work will make advanced prosthetics for above-the-knee amputees more easily accessible in the near future. Herr expects that could take about five years, during which time the combined AMI and e-OPRA systems will go through larger clinical trials for Food and Drug Administration (FDA) approval in the US.

The team’s work follows some fascinating recent innovations in more natural artificial limbs. Last year, researchers in Italy created an intricate unpowered prosthetic foot with a structure designed to closely replicate the bones in a real foot. And earlier this year, biomedical engineers at Johns Hopkins University presented a prosthetic hand that can grip a range of objects with just the right amount of pressure needed to hold them securely without damaging them.

Source: MIT News

Market dip triggered by inflation concerns following release of data showing impact of Trump tariffs in June

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  • Stocks dipped on Tuesday as new consumer price index data showed rising inflation and the Aug. 1 deadline for Trump’s tariff campaign loomed.

President Donald Trump’s tariff campaign is coming for your price tags. On Tuesday, the Labor Department released new data on its Consumer Price Index, showing that consumer prices rose 2.7% in June from a year earlier, and faster than May’s increase of 2.4%. Though that increase was in line with economists’ expectations, the stock market still reacted negatively to the news, with the S&P 500 dropping 0.4% and the Dow losing nearly 1%.

Markets have been on a rollercoaster since Trump unveiled his aggressive plans at April’s Liberation Day announcement, though stocks have mostly recovered since a calamitous collapse in the spring. But with Trump once again threatening an aggressive hike on trading partners’ levies on Aug. 1, and the existing tariffs already impacting consumer goods, volatility is likely still on the horizon for investors.

Ignore ‘Sell America’

The Consumer Price Index, which tracks goods and services costs, is a reliable tracker for measuring inflation, with investors often turning to updated data to predict potential macroeconomic changes, such as Federal Reserve rate cuts. Though CPI has been trending downward since a peak in 2022, a reversal could prolong cuts, especially with Federal Reserve Chair Jerome Powell warning that Trump’s tariffs are likely to negatively impact inflation, much to Trump’s chagrin.

The new data on Tuesday triggered mixed results for stocks, with banks like Wells Fargo and JPMorgan dropping despite better-than-expected earnings results. Nvidia, the first $4 trillion company, rose on Tuesday after announcing it hoped to resume sales of certain general processing units to China, which had been previously restricted due to export controls.

Tuesday’s dip in the S&P 500 demonstrated that investors are still waiting ahead of Trump’s new tariff deadline of Aug. 1, which would impose steep import costs on dozens of U.S. trading partners. Still, JP Morgan’s U.S. head of investment strategy, Jacon Manoukian, told Fortune that he remains confident in the U.S. economy’s long-term dominance, describing the so-called “Sell America” trade as short-sighted. “We completely disagree with the idea that the U.S. is somehow losing its position as the center of the financial universe,” he said.

Other assets also fell on Tuesday, with Bitcoin’s hot streak cooling down as the top cryptocurrency fell around 2.9% at the time of publication. It dropped below its new benchmark of $120,000, though it still remained above $115,000. But that could change as the House of Representatives continues with its self-announced “Crypto Week,” as lawmakers consider different bills that would establish regulatory frameworks for stablecoins and other cryptocurrencies. Circle, the stablecoin company that went public in June, fell about 4.6% on Tuesday.

Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America. Explore this year’s list.

Court rules against Trump’s travel ban, says refugees cannot be barred from entering US

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The Trump administration has faced a raft of legal challenges as it seeks to radically restrict immigration to the US.

A United States federal judge has ruled that the administration of President Donald Trump cannot block approved refugees from entering the country under the guise of a wider travel ban.

US District Judge Jamal Whitehead ruled late on Monday that Trump’s June order barring people from 12 countries from entering the US expressly states that it will not stop people from seeking refugee status.

“In other words, by its plain terms, the Proclamation excludes refugees from its scope,” Whitehead wrote.

The ruling is the latest development in a dizzying number of court cases challenging the Trump administration’s efforts to radically restrict immigration through a raft of policies that have stretched the limits of executive power.

The judge ordered the administration to continue processing a group of 80 refugees who had already been through vetting and were “presumptively protected refugees” who were nonetheless turned back due to the travel ban.

That ban applies to 12 countries and expands on a similar effort pursued by Trump during his first term in office, when his so-called “Muslim ban” prompted widespread anger and faced legal challenges before being ultimately upheld by the conservative-majority Supreme Court.

The June order applies to countries such as Afghanistan, Yemen, Iran, and Sudan, as well as Haiti and Myanmar, among others.

The administration has also revoked existing legal status for scores of people from countries like Afghanistan and Haiti, throwing their future in the country into doubt and opening them up to the possibility of deportations to countries that experts say remain mired in conflict and unsafe conditions.

A US court temporarily paused an order by the Trump administration ending Temporary Protective Status (TPS) for Afghans living in the US on Monday, several hours before it was set to expire, extending that status by one week as the court deliberates on the issue further.

Trump suspended the US refugee admissions programme upon entering office at the beginning of his second term in January, leaving thousands of people who had already been cleared for admission, sometimes after years of an arduous bureaucratic and vetting process, in a state of limbo.

A handful of refugees and advocacy groups sued, and Whitehead ruled in February that the administration could not suspend a programme created and funded by Congress. A US Circuit court put that decision on hold in March, however, ruling that the president has wide latitude over the question of who may enter the country.

Chartmetric’s latest report, “Make Music Equal,” monitors gender representation among 1 million artists.

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MBW’s Stat Of The Week is a series in which we highlight a data point that deserves the attention of the global music industry. This week’s Stat Of the Week comes from the series’ long-time supporter, music data analytics firm Chartmetric.


Music analytics company Chartmetric has published its 2025 Make Music Equal Report, which presents the company’s analysis of pronoun data from a database of over one million artists across 230 countries and territories.

First released in 2018, Chartmetric says that its Make Music Equal initiative began as a “data-driven approach for measuring and improving the structural inequities of today’s music industry”.

Today, according to Chartmetric, the initiative exists as three parts, including a free and fully accessible database of over 1 million artist pronouns across the world; a live and regularly updated dashboard that offers a snapshot into the current state of diversity in the music industry; and an artist Identification Tool that lets users check and verify an artist’s pronoun data.

Chartmetric added in its report that “rather than assigning gender to artists,” which it says is “a problematic method regardless of accuracy,” the company has “relied on the pronouns that artists and their teams include in their bios on digital streaming platforms”.

The company explained further: “This has grown into a database of over 1 million pronouns. We use this data to analyze pronoun distribution across genres, playlists, and charts, aiming to highlight the industry’s gender disparities and identify where improvements are most needed.”

For the most recent report, which you can read in full here, Chartmetric has divided its research into 10 key segments. Below are a few key findings that stood out

Chartmetric has pronoun data on more than 1 million artists from 230 countries and territories. Of this 1 million, over 728,000 are solo acts. Today, according to Chartmetric’s research, 79% of these solo acts use he/him pronouns, while 18% use she/her pronouns and 3% use they/them and other pronouns.



Meanwhile, among the top 100 artists by ‘peak Chartmetric score’, women now make up 33% of this elite tier, representing a significant increase from just 26% in 2020 (see chart below).

While men still dominate with 56% of the top spots, the seven percentage point gain suggests female artists are increasingly breaking through into the industry’s most visible ranks.



The report highlights disparities in the sync licensing world, with video games showing the greatest gender imbalance.

While TV syncs demonstrate relatively balanced representation with 29% male artists and 26% female artists, video games feature 49% male solo artists compared to just 6% female artists in their soundtracks.

Festival and concert data reveals an interesting trend linked to rising touring costs. Between 2019 and 2024, the percentage of she/her artists performing at festivals rose by 3% while he/him acts saw a modest 2% increase.

This growth appears to be driven by a notable decline in bands on festival lineups – from 47% to 41% for concerts and 50% to 40% for festivals (see below) – as the “rising global cost of touring” makes individual artists more economically viable for promoters.



The report identified significant regional variations in gender representation.

Taiwan emerged as the country with the smallest gender gap among solo artists, with male artists representing 63% compared to 34% female artists – a 29 percentage point difference.

At the opposite extreme, Bangladesh showed the largest disparity with 92% male artists and just 6% female artists.



One of the most significant data points revealed within Chartmetric’s report is the power of female audiences in driving artist success.

Among the Top 10 male artists by Chartmetric score, female followers outnumbered male followers for all except three artists – Drake, Eminem, and Kendrick Lamar. Meanwhile, female artists saw female fans dominate “across the board.”




The report concludes that this pattern “highlights the strength and consistency of female fandom culture, particularly their roles in driving artist engagement on social platforms.”Music Business Worldwide