There’s gold in them thar distributors. At least, investors think so: DistroKid says that it has been valued at $1.3bn in a “substantial investment” made by venture capital firm Insight Partners.
The company did not say how much was invested in the round, nor did it say how large a stake Insight Partners has taken. “All we do is move files around. We’re just doing it better and faster and cheaper than anyone else,” is how CEO Philip Kaplan described the business to Bloomberg in an interview.
DistroKid has narrowed down one of its other public stats though. In May, the company said that it distributed between 30% and 40% of new music: more than 35k tracks a day. Now it has tweaked that estimate to “more than a third”, with more than two million artists currently using the platform.
One figure we don’t know for now: how much Spotify’s “passive minority investment” in DistroKid, which it made in October 2018, is worth as part of that $1.3bn valuation.
Tools: platforms to help you reach new audiences
Tools :: Wyng
Through Music Ally’s internal marketing campaign tracking, we’ve recently discovered an interesting website by the…