New Report Says Kobalt is About To Rein in Over $100 Million Dollars
Kobalt, a music service that acts as both a music publisher and a service-based music company has been reported to be raising a new round of funding of around $100 million dollars or more. Music Business Worldwide (MBW) reported on the investment yesterday confirming with Kobalt founder and CEO Willard Ahdritz.
With this, Ahdritz explained that they want to focus in on the growth of AWAL their music distribution and services platform. The investment will also grow and develop Kobalt’s role in many aspects of the industry, like publishing and global songwriting collections, MBW reports.
Ahdritz tells MBW that they are “building the leading centralized global technology platform to best service a fast-growing digital music industry.” As playlisters we know that “streaming is driving an amazing shift in revenue distribution, creating a large new market segment of artists not being served by the major labels.” Kobalt is currently talking with investment banks to pull together this mega investment round to continue to challenge the traditional, and “outdated,” record label model.