Independent services company Kobalt, has acquired Fintage House’s Neighbouring Rights and Publishing businesses, in a deal that will see all Fintage clients integrated into Kobalt’s roster.
Fintage acts such as Bruce Springsteen, Katy Perry and Britney Spears will now join Kobalt’s artist line-up, which already comprises the likes of Sam Smith and Paul McCartney.
Willard Ahdritz, Kobalt founder and CEO said of the agreement: “We’re incredibly excited to work with the roster of creators that Fintage represents. This deal strengthens our ability to collect more income for more creators from more places around the world. With a larger roster, we’re also excited to put more technology investment into Neighbouring Rights global collections.”
Niels Teves, co-CEO for Fintage House said, “For 30 years we have been creating leading services engineered by experience and as such provided a platform where transparency can thrive. I really believe we can achieve more for the music industry and its clients by merging our forces and values, than we could apart. I have a lot of respect for the technologic advances that Kobalt has built and for the portfolio that it currently represents. Together, this business deal will continue to help the music business grow up and service clients better.”
Kobalt’s Neighbouring Rights business has grown 127% year-on-year, and is now worth around $21m.
Ann Tausis, MD of Kobalt Neighbouring Rights, added: “With a combined Fintage and Kobalt Neighbouring Rights business, our clients will have access to a team of people with more experience than anyone else in the industry, together with an incredible suite of products built for them, including our newly launched Neighbouring Rights app. We are very keen to continue to build on what we have created in Kobalt in a relatively short space of time and take this increasingly important revenue stream to new levels. There has never been a better time for music creators to be with Kobalt, and we’re committed to continuing to raise the bar and create positive changes for them in this field.”
Andrew Gummer, president of the Music Division, Fintage House: ‘In my view the music industry still has a long way to go to best serve the interests of recording artists and composers. The innovative and service orientated approach adopted by Fintage House combined with Kobalt’s long-term commitment to transparency and empowerment has convinced us that the combined forces of the two companies will provide by far the best and most influential service available in the neighboring rights and music publishing sectors.