Kobalt Appoints Lonny Olinick to Recording Division CEO
The former chief strategy officer will oversee AWAL and Kobalt Music Recordings.
Lonny Olinick has been appointed to chief executive officer of Kobalt's recording division, the global independent music services company announced on Monday (Jan. 8).
Under this new role, Olinick will oversee AWAL and Kobal Music Recordings. He will report directly to Kobalt Music founder and CEO Willard Ahdritz.
Olinick previously served as Kobalt's chief strategy officer and was responsible for business strategy and development, as well as executive oversight of the recording division.
"In the last year we optimized our recordings division for the music streaming market and as a result we had a banner year with our artists," said Olinick in a statement. "Our focus on identifying, developing and breaking new artists through our AWAL service, alongside our established artist clients has resulted in a number of break through successes. Lauv, who had a top 30 global radio hit, went gold or platinum in 10 territories and has more than 500 million audio streams with his songs since becoming a Kobalt client is one great example of our focus. This is the dawn of a new era and we will be at the digital forefront, just as we were with publishing."
It has been an active year for Kobalt, which last fall raised $600 million to purchase more copyrights and went on to purchase the SONGS Music Publishing catalog in December. As well, Olinick was involved in bringing in $89 million in a Series D round of funding intended to further scale the company's creative teams and its artist services, as well as invest in future tech products to support music creators and handle the surge in streaming.
"Lonny has contributed immensely to the overall strength and growth of Kobalt Music in the past couple years," said Ahdritz in a statement. "Not only is he a smart business strategist but he is an innovator who knows how to develop what's best for artists -- not just for today, but the future music industry. As the industry turns the page and starts to embrace streaming, the team led by Lonny will be a force to be reckoned with in this new music industry."