Jem Aswad Senior Music EditorKobalt today reported that its gross collections grew by 15% to $548 million in the fiscal year ending June 30, 2021.
The company also reported its first-ever year of profitability with $48.5 million EBITDA. The company also said it expects to approach $625 million in gross collections and near $65 million in EBITDA profit for the next fiscal year ending June 30, 2022.In the fiscal year ending June 30, 2021, Kobalt sold two businesses: In May 2021, it sold its AWAL label services company and neighboring rights businesses for $430 million, which yielded a gain of over $335 million (and was recently approved by U.K.
regulators). Before that, Kobalt’s regulated music fund business, Kobalt Capital sold Fund I to Hipgnosis in November 2020 for $323 million.
In the company’s current fiscal year, Kobalt Capital sold Fund II to KKR and Dundee Partners for $1.1 billion. “This past couple of years have been transformative for Kobalt,” said CEO Laurent Hubert. “Our financial success starts with our team who support some of the best songwriters in the world.
Read more on variety.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.