Kobalt Music Group's pan-European licensing partnership with STIM, the Stockholm, Sweden-based collection society, has concluded seven licensing deals since being formed in March 2013.
iTunes, Spotify, YouTube, Google, Amazon, Napster and Vevo have been the beneficiary of multi-territory licensing through the Kobalt/STIM partnership, also known as Kobalt STIM Aggregated Rights AB. That means those digital services obtained one-stop licensing to Kobalt's entire 300,000 song catalog for all across Europe.
STIM CEO Kenneth Mauldin says the partnership's licensing efforts is "a big step on the way towards a common European market for music rights and STIM's aim is to be a key player on the market."
The Kobalt/STIM partnership executed licensing and enabled "quick delivery of our music to digital services and to the benefit of the market and consumers, Kobalt president of society relations Tomas Ericsson said in a statement.
"The speed and efficiency sets a new standard which benefits [digital service providers] and the industry as a whole."