More evidence (perhaps) to scotch the ‘Spotify will kill distributors’ hot-takes around the streaming service’s recent launch of direct artist uploads. Distributor DistroKid has taken what it describes as a “significant investment” from investment firm Silversmith Capital Partners.
“Adding capital and expertise will help support our rapid growth, as well as planned expansion into new areas,” said CEO Philip Kaplan. Silversmith’s managing partner Todd MacLean and principal Sri Rao will be joining DistroKid’s board as part of the investment.
The company says it now has more than 250,000 artists as clients, with the most prominent examples including Tom Waits, Will Smith, 21 Savage and Ludacris. Also notable: how the company is describing itself: less a distributor, and more a “provider of SaaS-based software that serves independent musicians and record labels” – which is another reminder that while Spotify’s recent move was a warning shot for bare-bones digital music distribution, the established companies in that space are energetically expanding what they offer beyond simply getting music on to DSPs.