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."