Kobalt Music Secures Additional Investment
Spark Ventures PLC said music publisher, Kobalt Music Group Ltd has signed a deal with Balderton Capital under which Balderton will invest equity in Kobalt.
The company said the deal will increase Spark’s investment in Kobalt to £7.0million from £4.4 million.
Spark originally provided significant seed investment to Kobalt in 2001.
Kobalt Music Group is an independent music publisher that offers global administrative and creative services to writers, publishers and other publishing rights holders. It has developed a centralised royalty collection infrastructure and its own administration technology that enable the delivery of revenues and information more quickly and efficiently than previous technologies allowed.
The Group comprises of two business areas, Kobalt Music Services and Kojam Music. Kobalt Music Services has developed technology which provides rights owners with effective and cost efficient collections and administration of royalty revenues.
The company claims that collection of royalties can be time-consuming and costly. Writers typically receive royalties nine to twenty-four months after they are earned and pay up to 50 per cent of gross royalties [Read more]
