Quick Read
- NAB Radio Board Director Henry Hinton testified before the US Senate against new radio performance royalties proposed by the American Music Fairness Act.
- Hinton argues the royalties would put financial pressure on small radio stations and jeopardize local programming.
- US recording industry revenues reached a record high in 2024, but radio revenues have declined by 20% since 2019.
- National Australia Bank appointed Alexandra Campbell as JBWere’s new chief investment officer, broadening her role to oversee multiple business units.
- JBWere’s leadership shift reflects a strategic move toward private market investments.
Senate Showdown: NAB’s Defense of Local Radio
As 2025 draws to a close, the National Association of Broadcasters (NAB) finds itself at the heart of a fierce debate on Capitol Hill. With Congress considering the American Music Fairness Act (AMFA), which would require over-the-air radio stations to pay performance royalties akin to those streaming platforms already pay, radio’s core mission is in the spotlight. Radio Ink reports that Henry Hinton, a seasoned broadcaster and NAB Radio Board Director, is stepping up as the public face of the industry’s resistance.
Hinton, who leads Inner Banks Media in Greenville, North Carolina, is no stranger to the challenges facing local radio. In his testimony before the Senate Judiciary Committee’s Subcommittee on Intellectual Property, he painted a picture of an industry at a crossroads: “Stations have to make the choice between covering local football games or paying new fees; between making their payroll or sending more money to big record labels.” For Hinton and his peers, the stakes are existential.
The AMFA’s backers, including SoundExchange CEO Michael Huppe and legendary rocker Gene Simmons, argue that performers deserve compensation on par with what digital platforms provide. Yet, Hinton’s message is clear: while the US recording industry hit a record $17.67 billion in 2024, radio’s revenues have dropped 20% since 2019 and are projected to decline further. The threat, he says, is that new royalties could force small-market stations to cut vital public service programming or even shutter entirely.
Local radio, Hinton argued, is more than just music—it’s a trusted conduit for emergency information, a forum for community discussion, and a platform for local voices. The debate, then, is not simply about money, but about the very fabric of America’s media landscape. Lawmakers, too, are divided, with the Local Radio Freedom Act enjoying bipartisan support from over 200 House members and more than two dozen Senators, reflecting deep-rooted concerns about the unintended consequences of new fees.
Rising Costs and Industry Headwinds
Even before the AMFA debate, radio broadcasters have faced mounting financial pressures. In 2024, BMI and ASCAP both secured double-digit rate hikes for licensing fees, raising the cost of doing business for stations across the country. Meanwhile, a new Royalty Board agreement between SoundExchange and the NAB will push streaming royalties even higher through 2030.
Against this backdrop, Hinton’s testimony is more than a plea for industry self-preservation. It’s a call to recognize the delicate balance between rewarding creative talent and sustaining the public service mission of radio. “Congress has repeatedly and intentionally declined to interfere with the mutually beneficial relationship between performers and radio—free airplay for free promotion—and should continue to do so today,” he concluded, urging lawmakers to resist what he sees as a disruptive overhaul.
Strategic Shifts: NAB’s Wealth Arm Appoints New Investment Chief
While the NAB’s American branch battles in Washington, its Australian counterpart is charting a new course in the world of finance. According to The Australian Financial Review, National Australia Bank (NAB) has tapped Alexandra Campbell, a former Cbus executive, to serve as Chief Investment Officer (CIO) of JBWere, its prominent wealth advisory unit.
The appointment comes after a lengthy vacancy—since March, when Sally Auld moved up to become NAB’s chief economist. Campbell’s brief is broader than her predecessors’: she will oversee not just JBWere, but also NAB’s private banking, investments, and online trading businesses. This strategic pivot is designed to capture growing flows into private markets, signaling a shift away from traditional stock-based investment portfolios.
JBWere’s move reflects changing investor appetites in a world where volatility and technological change have upended old certainties. By bringing Campbell on board, NAB aims to position itself at the cutting edge of asset management, leveraging her experience to steer clients through an increasingly complex financial landscape.
Leadership, Uncertainty, and the Road Ahead
Both fronts—the US radio debate and the Australian wealth shakeup—underscore the challenges legacy institutions face in a rapidly evolving world. In Washington, the NAB is fighting to preserve the unique role of local radio against powerful industry interests and disruptive legislation. In Melbourne, it’s redefining its financial services leadership to compete in an era of private capital and digital transformation.
In both cases, the future hinges on the ability to adapt without losing sight of core values: public service in broadcasting, fiduciary responsibility in wealth management. For the communities who rely on local radio for news and connection, and for the clients entrusting their savings to JBWere, the stakes could not be higher.
As the NAB navigates these twin challenges, its resilience will be tested—by policymakers in the US and by market dynamics in Australia. The outcomes of these battles will shape not only the fortunes of NAB itself but also the broader contours of media and financial services for years to come.