Yesterday we reported on BMG’s financial results, with sharp revenue growth and significant investment in signing artists and buying catalogues.
Now Kobalt has published some numbers of its own (if not the full financial results yet) claiming similar trends for its business.
The company said that its revenues grew by 22% last year; that 2022 was its second year of profitability; and that it spent more than $300m on advances and music catalogues.
The company also said that its publishing division’s revenues grew by 20%, and that its AMRA digital collecting society processed 41.1bn music royalties last year – up 40% year-on-year.
The news follows Kobalt’s decision to refocus on these two divisions after selling its Fund II Music Rights publishing catalogue for $1.1bn in 2021.
“We are seeing the increased benefits of our laser focus on publishing and AMRA,” said CEO Laurent Hubert.
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