Global publishing, label services, and rights management company Kobalt Music Group has a massive funding announcement. The company has 2,000 clients and manages the rights of 600,000 songs.
In their latest round of funding, Kobalt raised $140 million to “accelerate rapid growth”.
$25 million came from a recent equity investment by MSD Capital, L.P., which was announced in March.
The other $115 million in expansion capital comes from unnamed long term investors.
Part of the money will be used to further develop and expand Kobalt’s copyright and royalty management platform.
Kobalt’s Founder and CEO Willard Ahdritz believes that tech will dictate the winners in the music industry. Ahdritz says:
“Content today is splintered into billions of micro transactions. To manage, match and statement such a flow is extremely complex. Only with cutting edge technology and a culture of managing costs can we ensure that our clients’ content is maximized.”
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