Kobalt posted strong results in its earnings report for the fiscal year ending June 30, 2018, with revenues up by 25.3% to $402.1 million. The company also posted a 30% boost in gross collections, to $494 million and projects over $600 million in the same category for the 2019 fiscal year.
Gross profit was up 23.6% to $52.5 million.
“We’re outpacing the industry in terms of growth,” said Kobalt founder & CEO Willard Ahdritz. “We’ve been laser-focused on building out the global team to support the rapidly growing music industry and setting up creators for success. We’ve established ourselves as the technology leader in the industry, and we are deeply investing in building innovative new products and services across the music ecosystem to super-serve our roster, across publishing, recordings, collections, neighboring rights and sync.”
Its recorded-music division, AWAL, was up 50% in revenue for the year, driven by artists including the Wombats, Lauv and Little Simz, along with a new partnership with Glassnote.
“We are very excited by the rapid growth of AWAL, our recordings business, which achieved growth of over 50% in the last fiscal year and is anticipated to continue a similar growth rate this year,” said Ahdritz. “Through its unique multi-tiered model, AWAL is designed to serve artists at all stages of their careers on a scalable platform.”
Its publishing division saw a 20% boost in revenue; recent signings include Childish Gambino, Enrique Iglesias, Marshmello and Ozuna,
The company’s global staff grew from 376 to 515 employees during that same fiscal year and has since expanded in Canada.