[ad_1]
Cinq Music has raised $250 million from parent company GoDigital Media Group to fund further music rights acquisitions, the company announced on Monday (February 12). This latest round of funding builds on the $160 million GoDigital previously awarded to Cinq to build its repertoire of music rights. $20 million in August 2017, $40 million in August 2019, and $100 million in April 2022.
“It has always been our ultimate vision to amass a multi-billion dollar music rights balance sheet.” Jason Petersonsaid GoDigital Media Group Chairman and CEO in a statement. “Given Cinq’s continued expansion, operational excellence, and keen ability to attract top talent, it makes sense that we are recommitted to accelerating growth toward that goal.”
Cinq focuses on Latin music and hip-hop and claims to manage more than $300 million in assets spanning 80,000 recorded music and publishing rights. In recent years, the company has played a key role in the rise of Mexican regional music and artists such as Fuerza Rezida, Nathanael Cano, Legado 7, and Tito Torbellino Jr. In June, the company signed a worldwide deal with Street Mob Records. Label founded by Fuerza Regida Jesus Ortiz Paz They have a roster that includes Chino Pacas, Calle 24, Ángel Ureta, Chuy Montana, and Linéa Personal. Cinq has been collaborating with Fuerza Regida’s label Rancho Humilde since 2018.
Early funding allowed Cinq to grow its presence in hip-hop and R&B. In 2017, Cinq purchased rapper TI’s recorded music catalog from his Atlantic Records days (including the Billboard 200 No. 1 album) king, TI vs. TIP and paper trail Due to Warner Music Group’s sale of assets from its acquisition of Parlophone Music Group in 2013. The following year, Cinq partnered with Janet Jackson to promote her Rhythm Nation Records label and released the song “Made For Now,” a collaboration between Jackson and Daddy Yankee. In 2020, Cinq added Jason Derulo to its roster through the acquisition of Beluga Heights, a joint venture with Warner Records.
[ad_2]
Source link
