Independent British-based publisher Kobalt Music Group has inked an administration deal with Detroit's 8 Mile Style Music for its hitmaking songwriters Luis Resto and Steve King.
Independent British-based publisher Kobalt Music Group has inked an administration deal with Detroit's 8 Mile Style Music for its hitmaking songwriters Luis Resto and Steve King. Through the exclusive agreement, Kobalt will administer the publishing rights to the songsmiths' works for the world outside North America and Japan.
Among the hits included in the deal are the Eminem-performed "Lose Yourself"—for which co-writer Resto earned an Academy Award and a Grammy Award—and D12's "My Band."
Financial details of the pact have not been made public.
The administration agreement represents something of a triumph for Kobalt, which opened for business from its London headquarters in January 2001.
"A number of companies were trying to sign [8 Mile], so for a small company with a new model to be able to achieve this is extremely significant for us," says London-based Kobalt managing director Bruce Lampcov, who engineered the deal.
Kobalt co-founder/CEO Willard Ahdritz says the agreement with 8 Mile Style Music represents recognition of the new model Kobalt is trying to implement.
At the core of the company's business model is a technology platform that enables faster, more accurate and more transparent royalty collection. Kobalt's centralized collecting infrastructure is based on a dedicated online system and direct relationships with collecting societies. The relevant societies pay royalties directly to Kobalt's central office for distribution.
"We found Kobalt's administration offering most impressive," Sanctuary Music Publishing president/CEO Deke Arlon says. In July 2003, Sanctuary completed a world ex-United Kingdom/Ireland administration agreement with Kobalt.
"They are a unique company," Arlon says, "with a fresh, modern and innovative approach to the international administration of copyrights and the subsequent collection of income."
Ahdritz helms Kobalt's management team, with Lampcov its chief deal-maker and A&R director Sas Metcalfe heading its creative department. Earlier this year, the company signaled its intention to branch out its international creative activities with the appointment of Metcalfe and the creation of a film and TV synchronization position reporting to Lampcov.
Ahdritz says Kobalt is planning to revamp its portal in September to offer clients real-time access to their account data, with an extra layer of security.
Kobalt has built an administration portfolio of 40,000-plus copyrights. Its other key clients include Sanctuary division Air-Edel Music, Integrated Copyright Group, Intrigue Music and the International Music Managers Forum.