Kobalt Reports First Year of Profitability, With 15% Growth in Collections
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.