Tuesday, August 13, 2019

Cinq Music raises another $40m to buy music rights in masters and publishing | Music Business Worldwide


Los Angeles-based Cinq Music has raised another $40m from parent company GoDigital Media Group in a Series C funding injection.

Cinq says it’s going to use the money to purchase music rights, both masters and publishing, and to further expand internationally.

The news comes two years after GoDigital Media Group pumped $20m into Cinq in Series B funding.

Since then, Cinq has signed a much-discussed partnership with Janet Jackson encompassing a global recording and distribution agreement via her own label, Rhythm Nation Records.

In addition, Cinq used the $20m to purchase the previously Atlantic Records-issued catalog of rapper T.I, including including No. 1 Billboard 200 albums King, T.I. vs. TIP and Paper Trail.

In October 2017, it hired No Limit founder Master P as its President of Urban Music.

“We’re thrilled about our ability to fund Cinq Music for its acquisitions,” said GoDigital Chairman and CEO Jason Peterson of the new $40m funding.

“Our series B funding resulted in the acquisition of multi-Grammy winning rapper T.I.’s (Clifford Joseph Harris) catalog and partnering with Janet Jackson for a recording and distribution agreement through her Rhythm Nation Records.

“Cinq is having great success scaling its label, distribution, and publishing capabilities while executing GoDigital’s proven business model for global rights management.”

“Cinq is having great success scaling its label, distribution, and publishing capabilities while executing GoDigital’s proven business model for global rights management.”

Jason Peterson, GoDigital Media Group

Cinq President Barry Daffurn added: “We are extremely happy with the continued level of support we have received from GoDigital Media Group as we grow the company and execute on our mission to be the number one destination for independent creators.

“We are excited for what the future holds for our company, the music business as a whole, and, most importantly, the amazing creators we have the pleasure of working with. We have some very exciting projects coming that we can’t wait to show to the world.”

Adds GDMG CFO Hunter Paletsas, “The whole GDMG family is proud of what Cinq accomplished thus far and we look forward to supporting their continued growth.

“The direct feedback we’ve heard from artists and creators is nothing short of inspiring with respect to the value-added partnership and engagement they have with the team. Cinq is truly fulfilling GoDigital’s desire to inspire happiness by sharing creativity around the world.”

Through its operating subsidiaries: Cinq Music, VidaPrimo, Latido Music, AdShare and ContentBridge, GoDigital Media Group (“GDMG”) is a diversified multi-national holding company focused on investing in technology enabled intellectual property rights management.

[Pictured L-R: Master P, Cinq President, Urban Music, Jason Peterson, CEO Godigital Media Group, Cinq artist T.I. and Barry Daffurn, Cinq co-founder and President.]Music Business Worldwide

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