Audio distribution company Cinq Music is looking to take advantage of an ongoing boom in fundraising for music rights and sales of catalogs.
The Marina del Rey-based company recently received a $250 million investment from its parent company, Santa Monica-based GoDigital Media Group, to expand its artist roster and make acquisitions in the music publishing and label industry in the next year. The goal, according to Cinq Music co-founder and Chief Executive Barry Daffurn, is to capitalize on the growing hold that non-English music has over consumers.
“English music has less dominance in the global music market than it has historically, and this trend will only continue,” Daffurn said. “Expect to see more of the big music companies placing more emphasis on non-English music over the coming decade.”
A portion of the funding will be used to acquire a “marquee catalog,” but neither company would disclose further details. A press release called the asset a “legendary repertoire of some of the industry’s most influential hitmakers” and claimed it was an “eight-figure deal.”
GoDigital’s growing global focus
A 2023 report from the International Federation of the Phonographic Industry found that 57% of people surveyed (more than 43,000 people across 26 countries) said that it was important to them to be able to access music from anywhere in the world. And younger age groups tend to be more diverse about where their music comes from, as that number climbed to 65% for ages 16 to 24.
“The coveted market is (ages) 18 to 30,” said Don Franzen, entertainment attorney at Beverly Hills-based Funsten & Franzen and adjunct professor at the UCLA Herb Alpert School of Music. Franzen said that he could see why Cinq Music opted to focus on these markets, noting, “there’s a very good chance that those sectors, Latin and Asian, especially Korean, are perhaps relatively undervalued in relation to the other market sectors.”
Franzen added,…
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