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Business News Deals Labels & Publishers
Kobalt buys Fintage House’s music division
By Chris Cooke | Published on Tuesday 27 September 2016
The Kobalt gang have bought up the neighbouring rights and music publishing units of rights management firm Fintage House and yes, I know what you thinking, that deal “matches Kobalt’s ongoing commitment to more efficiency and transparency in the industry with Fintage House’s renowned business ethic in enriching basic collection models with high-end service, innovation and operational excellence”. And you’re right. That’s exactly what this deal does. Well done. Have a penny chew to celebrate.
“We’re incredibly excited to work with the roster of creators that Fintage represents”, says Kobalt boss man chief Willard Ahdritz of the acquisition. “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”. Me too Willard, dead excited.
“For 30 years we have been creating leading services engineered by experience and as such provided a platform where transparency can thrive”, says Niels Teves, co-CEO at Fintage House. “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”. Me too Niels, a bucket full of respect. And a big bucket too.
“In my view the music industry still has a long way to go to best serve the interests of recording artists and composers”, says Andrew Gummer, President of the music division at Fintage House. “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 neighbouring rights and music publishing sectors”. I’m convinced too Andrew, and not just because the format this news story has taken obliges me to agree with each quote. Though mainly that.
While Fintage’s music publishing unit is part of the deal, this acquisition is clearly more about the neighbouring rights business, ie the collection of the performing rights income due on sound recordings, and in particular the performers’ cut of that money, due as a result of good old performer equitable remuneration.
Fintage House has become a big player in the growing neighbouring rights business of late, partly as a result of its alliance with Rights Agency Limited, a very long-term player in this space, back in 2012. Which was around about the time Kobalt also joined the neighbouring rights party. And now they can all party as one. Woo! I might have another penny chew.
