Money has been flowing into Kobalt Music Group’s coffers in recent times, thanks to its sale of AWAL, its neighbouring rights business, and two of its music rights funds.
Yesterday, the company published figures for its last financial year, which ended on 30 June 2021, showing how its organic business is doing.
Kobalt Music Publishing’s revenues grew by 9.6% that year to $478m, while its AMRA collecting society saw revenues spike 40.2% to $110m.
Overall revenues grew by 11.5% to $519.4m, and once the sales of the AWAL and neighbouring rights businesses are stripped out, Kobalt recorded a “profit on a continuing operation basis” of $5.9m compared to a loss of $66m the previous year.
“Now a profitable company that is well-capitalised, we are able to fully concentrate on doubling-down on our award-winning publishing and digital society business,” wrote chairman Willard Ahdritz in his introduction to the financials filing.
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