Kobalt Music Group has unveiled a brand new publishing deal.
The independent British music powerhouse has signed a worldwide agreement with live music showcase, The Other Songs.
Under the deal, Kobalt will handle publishing administration, creative services, and sync for the live music event’s catalog as well as future works.
Producers, artists, and industry execs attend The Other Songs to hear available songs performed by the artists and songwriters who wrote them. The events have seen over 100 songwriters perform their tracks in both the US and the UK. Last year, the live music event established its record label and management division. The Other Songs’ current roster includes 12 acts, including songwriter RuthAnne.
With the publishing deal, the live music event’s label and management arm aims to develop songwriters and artists alongside Kobalt.
Speaking about the new publishing deal, Alastair Webber, co-founder of The Other Songs, explained,
“When Billy, Soph and I started [this company], we made a promise to only partner with people who really understand our vision and our values within the songwriting community. We’re passionate, if not slightly obsessed, with great songs, wherever they may come from, and we’re incredibly excited to partner with Alison, Sas and the Kobalt team who share the same beliefs.”
So far this year, the indie British music company and its recording services division, AWAL, have secured multiple partnerships.
After securing an investment from Red Light Management founder Coran Capshaw, for example, Chess Club Records signed a worldwide distribution deal with AWAL. Taking advantage of Kobalt’s recording distribution services resources, Chess Club will continue signing new acts as well as using Red Light Management’s own resources, including marketing, creative services, brand partnership, radio promotion, and online teams.
In addition, and underscoring the company’s success, Kobalt Music Group posted a 23.6% gain in annual gross profit. The independent rights management and publishing company’s revenue jumped 25.3% to $402.1 million year-over-year. Gross collections also grew 30% to $494 million.
Yet, not everything has gone well for the indie music company.
In its recent financial report, the company also posted after-tax losses of $42.7 million, up 29% from 2017. Kobalt dismissed the losses as “a conscious decision to prioritize growth through making strategic investments over short-term profitability.”
Speaking about the deal with The Other Songs, Alison Donald, Kobalt’s Global Head of Creative, added,
“Billy, Alastair, and Sophia have a great passion for songcraft and songwriters that is reflected in the diverse talent that is associated with The Other Songs – both as a live showcase and label and now as a publisher.”
Featured image by Kobalt Music Group.