Kobalt Music Names Bill Maris to Board of Directors
NEW YORK, OCTOBER 12, 2017 - Kobalt, an independent music services company, built for artists, songwriters, publishers and labels as an alternative to the traditional music business model announced today that Bill Maris has joined the company’s board of directors. The company also announced that the prominent venture capitalist’s new fund, Section 32, has led a $14 million second installment into Kobalt’s recent Series D round of growth capital, bringing the total amount to $89M.
“Bill is one of the most important investors and leaders in the tech community,” said Willard Ahdritz, Founder & CEO of Kobalt. “Having him join our board is not only a great moment for Kobalt but also for the music industry that needs more tech experience. He’s been with us since 2014 and is now doubling down to help us see through our mission of bringing the music industry into the digital age. And there is no better time than now, as we have just finished building the first and only music stack in the industry, which includes music publishing, neighboring rights, recordings and the first digital global collection society, AMRA. It’s a true global multi-rights music infrastructure so artists and creators can get paid faster and in more places, across the globe. I have not been more excited about the music industry and Kobalt's mission, than today.”
"The royalty collection business has been stuck in the dark ages, and artists often have to wait for months or years to get paid for use of their work – if they get paid at all,” said Bill Maris, founder, Section 32. “Kobalt is the only company to have created a full multi-rights content management system to fix this broken business model, and I couldn't be happier to join the board and invest again in Willard and the team at Kobalt."
Kobalt is the world’s leading independent music services company, built for artists, songwriters, publishers and labels as an alternative to the traditional music business model. Kobalt’s commitment to technology, transparency, and creators’ rights has driven tremendous growth year-over-year for the company and its clients. Today, Kobalt’s Music Publishing, Neighbouring Rights, and Recordings/AWAL divisions serve over 25,000 songwriters, 600 publishers, and 20,000 independent artists, including The Chainsmokers, Kelly Clarkson, Miles Davis, Dave Grohl, Dr Luke, Zayn Malik, Max Martin, Paul McCartney, Stevie Nicks, Pitbull, Elvis Presley, Skrillex, Sam Smith, and many more. Kobalt represents on average over 40% of the top 100 songs and albums in both the US and UK.
Kobalt’s global technology platform is uniquely able to track and collect royalties for the billions of micro-payments per song in digital music today. Kobalt offers its clients a variety of services, including creative services, synch & brand partnerships, global licensing management, neighboring rights, works and rights distribution, royalty collection and processing, the Kobalt and AWAL Portals and Apps, YouTube monetization, record release management, digital distribution, and marketing. For more information on Kobalt, please contact: firstname.lastname@example.org, or visit us at www.kobaltmusic.com
About Section 32
Section 32 invests in companies and inventors that are changing the way humans use technology and the way technology betters humanity. Section 32 is based in California and is led by Bill Maris.