The co-founder of Norwegian music firm Arctic Rights Management has announced plans for a new project called Capital in Music. Erik Brataas will be taking a six-month leave from his position at Arctic Rights to lead the initiative.
“Capital in Music is a project founded by five different companies in the space of music, finance and tech/startup,” he explained in a public Facebook post announcing the news. “The CIM project aims to determine the premises, framework and demand for developing a private investment entity targeting the music industry and other creative industries.” Brataas went on to explain that his experience at Arctic Rights (and before that at distributor Phonofile) taught him that “lack of capital is a significant reason for why local rights are sold to multinational companies”. Hence the new idea. “Can we bridge private capital with local music rightsholders and project owners to improve competitive ability in a global market?” Brataas stressed that he remains a board member at Arctic Rights alongside the new project.