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Cinq Music Gets $40 Million in Funding From GoDigital Media Group

Funds will go to international expansion, Latin, K-Pop and Afrobeat, among others.

Cinq Music, the music company that made waves last year by partnering with Janet Jackson for the release of her single “Made For Now” with Daddy Yankee will receive $40 million in Series C funding from parent company GoDigital Media Group. Cinq, a technology driven record label, distributor and rights management company, will use the funding to purchase music rights, both masters and publishing, and to further expand internationally.

GoDigital chairman/CEO Jason Peterson said Cinq will use the funding to purchase music IP and open offices abroad to focus on emerging markets.

Specifically, Peterson told Billboard, “Cinq will continue to focus on Latin Music and at the same time will create new regional divisions for other large and fast-growing genres of music such as K-Pop and Afrobeat. As we all know Latin urban music has exploded into the mainstream and Afrobeat is an emerging genre with this potential.”

“We’re thrilled about our ability to fund Cinq Music for its acquisitions,” said Peterson in a statement. “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.”

Launched only in 2012, Cinq, which falls under the GoDigital umbrella, is known primarily for its work in the Latin music realm; in 2016, the company, headed by president Barry Daffurn, was a finalist for Latin Rhythm Label of The Year at the Billboard Latin Music Awards. Today, they have a staff of more than 100 working in 16 countries. 

“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,”

Article source: https://www.billboard.com/articles/business/8527271/cinq-music-40-million-funding-godigital-media-group

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