2025 has brought increased hostility to the term “DEI,” particularly in corporate America. Companies have publicly claimed to be ending DEI programs, changed the name of their efforts, and a few have staunchly defended the need for the programs to shareholders. Amidst this environment, a new study explores one industry to understand the makeup of its executive ranks.

The report, titled Inclusion in the Music Business, is the latest from professor Stacy L. Smith and the USC Annenberg Inclusion Initiative, and is sponsored by Believe and TuneCore. The report updates the initiative’s previous study from 2021 and examines 106 music companies across recorded music, record labels, music publishing, independents, and music distribution services. The gender and race/ethnicity of a total of 2,793 executives at the VP level and above was assessed across all the companies evaluated. 

The results reveal that among the most senior executives — CEOs and presidents — of the largest 37 companies evaluated, women represent 13.2% of leadership positions. People from underrepresented racial/ethnic groups held 7.9% of top executive roles, while only 5.3% were women of color. In contrast, 84.2% of top executives were white men.

Since 2021 when the first Inclusion in the Music Business report was released, these numbers have not increased significantly — in fact the percentage of underrepresented executives has actually decreased over time.

Narrowing the analysis even further, across six major music companies, the senior management teams (e.g., C-suite executives) were assessed. Women comprised 33.3% of these roles, and people of color held 16.7%. Women of color filled only 10.3% of roles at this critical decision-making level. Nearly two-thirds (60.3%) of the senior management teams at top music companies were white men.

“In recent years, our work has shown that women and people of color are increasing their presence on the popular charts as artists,” said Smith, the study’s lead author. “But this progress is not matched by the executive ranks that are responsible for the business of music. It is clear that there are still real discrepancies in who gets to lead.”

“The findings of this study remind us that while progress has been made, ‘good enough’ isn’t enough and we still have much work to do in achieving true equality,” said Andreea Gleeson, chief executive officer, TuneCore. “In a time when women and artists of color are shaping the sound of music and captivating audiences worldwide, our leadership does not yet reflect that diversity. This is an invitation to all leaders — men and women alike — to take initiative to create lasting, systemic change. By championing and uplifting women and diverse talent at all levels, including the executive ranks, we can build a stronger, more innovative industry. Let’s lead by example and ensure our leadership is as diverse and dynamic as the artists who define the music we love.”

The percentage of women and underrepresented top executives increased somewhat when a total of 77 companies consisting of top organizations, record labels and other subsidiaries were included in the analysis. Of these companies, 15.6% of CEOs and presidents were women, 17.8% were from an underrepresented racial/ethnic group, and 4.4% were women of color. 

Women CEOs and presidents were most likely to lead companies in the music distribution sector (28.6%) followed by publishing (21.4%). Few labels (16%), or streaming companies (10%) had women at the top, and no music group top executives were women. 

This pattern deviated slightly for underrepresented executives, who were also most likely to lead distribution companies (28.6%), followed by record labels (22%), publishing companies (14.3%), and recorded music (11.1%). None of the streaming companies assessed had an underrepresented top executive. 

Women of color were least likely to fill a top executive position. No women of color led major music groups or streaming companies. Women of color filled 14.3% of CEO and President roles in music distribution, 7.1% of publishing top jobs, and 4% of top executive positions at music labels. 

“The top of the executive ranks — whether at major companies or independents– does not reflect the music makers on the popular charts nor the audience that these businesses serve,” Smith said.

Where women and people of color do fill more positions is in the broader executive ranks. Across all executives at the VP level and above, women hold 38.7% of roles, while underrepresented individuals fill 22.9% and women of color comprise 10% of executive positions. 

This varies by title, however. Women (43.9%) were significantly more likely to hold jobs at the VP/head level compared to EVP/SVP/GM roles (38.1%). This percentage fell further to 25.6% at the chief/president position. One bright spot is that the percentage of EVP/SVP/GM and chief/president positions has increased since 2021.

Underrepresented executives were also more likely to hold VP/Head roles (25.9%), though not significantly more than those in chief/president positions (21%) — both of these segments saw significant increases over time. Underrepresented executives were least likely to work as EVP/SVP/GMs (19.7%), consistent with data from 2021. 

Women of color filled few executive roles across all levels of organizations — 12.2% of VP/Head positions, 8.4% of EVP/SVP/GM, and 7.3% of chiefs/presidents were underrepresented women. None of these figures have changed over time.

Across sectors, music distribution companies had the highest percentage of women executives at all levels (47.8%) and streaming companies had the lowest (37.2%). All industry areas featured women in more than one-third of all executive positions. 

People of color were most likely to hold executive positions at record labels (30.1%), and least likely to work in publishing (16.3%). A quarter of all executives in music groups (25.1%) were underrepresented, which was slightly higher than music distribution (23.1%) and streaming (17.9%).

Women of color also were most likely to work at record labels (13.4%) and music groups (11.8%), followed by music distribution (9.9%), streaming (7.5%), and publishing (6.9%)

In addition to the statistics on representation, the report features actionable solutions for change. These include the use of measurable and objective criteria to guide hiring and promotion, creating flexible pathways to promotion for all employees, and pursuing sector-driven solutions that account for unique company needs. 

“Though the climate is one that does not favor so-called ‘DEI programs,’ the reality is that when organizations are not reflective of the groups that they rely on for business, they are missing talent that can make them more competitive, nimble, and responsive,” Smith said.

On March 13, Gleeson, Smith, and Gina Miller will explore the findings from the study on a panel at SXSW 2025 entitled “Inclusion in the Music Business: Examining Leadership,” moderated by Billboard’s Katie Bain.

The report is the latest from the USC Annenberg Inclusion Initiative and can be found here.