Muhammad Ibadurrohman
The music industry stands at a precarious intersection of rapid technological advancement, shifting economic pressures, and a critical need for structural reform, a sentiment that took center stage at the third annual Trapital Summit in Los Angeles on Tuesday, September 15, 2026. Michelle Jubelirer, the trailblazing former CEO of Capitol Music Group and current co-founder of the management and media collective Soft Shock, set the tone for the event with a candid assessment of the current state of the entertainment business. During the opening session, titled "What the Industry Needs Next," Jubelirer argued that the sector must pivot away from ego-driven power structures and prioritize authentic talent development over purely transactional, data-obsessed models.
The Trapital Summit, founded by industry analyst Dan Runcie, has established itself as a premier forum for dissecting the intersection of music, business, and technology. As the industry grapples with the fallout of late-stage capitalism, the conversation with Jubelirer—moderated by Tatiana Cirisano, vice president of music strategy for MIDiA Research—served as a masterclass on the evolution of artist management and the complexities of navigating the modern corporate music landscape.
A Career Defined by Evolution and Advocacy
Michelle Jubelirer’s professional trajectory offers a unique vantage point on the industry’s internal mechanics. Beginning her career as an artist attorney, she represented a diverse roster of musicians who often harbored deep-seated distrust for the major label system. This foundational experience informed her later transition into executive roles, eventually culminating in her tenure as the first female CEO of Capitol Music Group.
During her discussion at the summit, Jubelirer reflected on how these disparate experiences shaped her current philosophy at Soft Shock. Alongside partner and former Capitol colleague Arjun Pulijal, Jubelirer launched Soft Shock last year, backed by a strategic investment from Sherrese Clarke’s HarbourView Equity Partners. The venture represents a departure from traditional label constraints, operating on a "talent is talent" philosophy that transcends genre or medium. Currently, the collective’s portfolio includes not only musicians but also comedians, culinary experts, and athletes, signaling a broader, multi-disciplinary approach to talent management.
Navigating the Major Label "Behemoth"
A significant portion of the dialogue focused on the common misconceptions regarding major record labels. Often viewed by the public as impersonal, profit-driven behemoths, Jubelirer offered a more nuanced perspective. She noted that while her early years as an attorney left her with a skeptical view of label management, her time inside the system revealed a different reality.
"They are incredibly passionate, hard workers," Jubelirer explained. "A major label sounds like an awful behemoth. But really, it’s a collection of passionate people. And if you lead them correctly and inspire them, they will really overdeliver for artists."
However, she acknowledged the tension between this inherent human passion and the systemic demands of public ownership. As a CEO, Jubelirer navigated the competing pressures of artistic development and the mandate for shareholder value. She admitted that while she understood the necessity of metrics like average revenue per user (ARPU), those discussions often felt "joyless" compared to the creative process of breaking a new artist. This tension, she suggested, is a primary driver behind the current exodus of high-level talent from major label structures into independent or boutique management collectives.
The Challenge of Risk and Data in Artist Development
One of the most pressing concerns addressed during the session was the industry’s declining appetite for risk. In an era where data analytics can dictate A&R decisions, Jubelirer cautioned against relying solely on numbers at the expense of instinct.
"There’s no data there at the time," she said, referencing her early work with artists like Tyler, the Creator and Doechii. "It’s incredibly important to not focus on the data because that’s a very easy default."
The current landscape for artist development is undeniably more competitive than at any point in history. Artists are no longer just competing with other musicians for listener attention; they are vying for space against social media influencers, professional athletes, and creators in the culinary and comedy spaces. Jubelirer identified this "attention economy" as a major hurdle, noting that building a sustainable, long-term brand now requires a commitment that extends well beyond the lifecycle of a single viral song. A realistic development timeline, she suggested, is now at least five years.
Institutional Finance and Industry Consolidation
As institutional capital continues to flow into the music sector—through catalog acquisitions, private equity, and venture-backed management firms—the industry is witnessing a structural transformation. Jubelirer observed that this trend is fundamentally altering the internal economics of major labels.
"I think there’s no way that it can push them in any other direction than further consolidation and cutbacks on the number of people working there," she stated. "It’s the way late-stage capitalism works. That’s not an indictment on any of these companies. It’s just the reality of the world that we’re living in."
This consolidation is expected to continue as labels seek to streamline operations to appease shareholders. For independent management firms like Soft Shock, this presents both an opportunity and a challenge. As labels become more risk-averse and consolidated, the burden of early-stage artist development increasingly falls on management companies, which must be more agile and resource-efficient to compete.
The Stagnation of Diversity in Leadership
Perhaps the most visceral moment of the summit occurred when the conversation turned to the status of women and underrepresented groups in music industry leadership. Two years after accepting the "Executive of the Year" honor at the 2024 Billboard Women in Music ceremony, where she publicly critiqued the lack of gender parity, Jubelirer offered a sobering update.
"We’re f—ed. It’s gotten way worse," she said, reflecting on the industry’s lack of progress. She extended her critique beyond gender, noting that the systemic barriers facing anyone who is not a "straight white man" remain firmly in place.
Jubelirer expressed a deep sense of frustration, noting that even when women are placed in positions of power, they are often forced to operate within traditional, male-dominated frameworks. She argued that true systemic change requires a fundamental reimagining of what "leadership" looks like. If the industry continues to force diverse talent into existing, historically exclusionary structures, the cycle of stagnation will continue. Her remarks drew significant applause from the audience, highlighting a widespread sentiment that current diversity, equity, and inclusion (DEI) initiatives have largely failed to produce structural, long-term results.
The Future of Soft Shock and Beyond
Looking ahead, Jubelirer provided a glimpse into the expansion of the Soft Shock collective. Beyond their management and marketing arms, the company is actively diversifying its reach. Jubelirer revealed that the firm is in the process of launching a new venture in partnership with a prominent film and television executive, with an official announcement expected in the coming weeks.
This expansion signifies a broader trend in the entertainment industry: the move toward "360-degree" management, where the boundaries between music, visual media, and brand partnerships are increasingly blurred. By integrating film and TV expertise, Soft Shock aims to provide its clients with a comprehensive infrastructure that can sustain their growth across multiple entertainment verticals.
Implications for the Music Industry
The observations shared by Jubelirer at the Trapital Summit provide a critical roadmap for understanding the current industry climate. The move toward consolidation and the reliance on institutional finance have created a "safer" but less adventurous environment for music creation. For labels, the focus remains on risk mitigation and shareholder returns. For managers, the focus must shift to holistic, long-term brand building that transcends traditional digital metrics.
The industry’s failure to address its diversity gap remains a glaring indictment of its current leadership. As the landscape continues to shift, the firms that prioritize authentic talent development, provide a compassionate environment for creators, and genuinely challenge the status quo of executive recruitment are likely to be the ones that survive the next wave of economic disruption.
As the music industry continues to navigate the complexities of the 2020s, the insights from leaders like Jubelirer serve as a reminder that behind the algorithms, the stock prices, and the institutional mergers, the business remains, at its core, a human enterprise. Whether that enterprise can evolve to become more equitable and artist-centric remains an open question—one that the industry will continue to debate as it moves toward 2027 and beyond.
