GoDigital Media Group, a Los Angeles-based media and technology company, recently invested $20 million into Cinq Music, its record label, distribution, and rights management company, focused on Latin music.
Cinq’s roster, which is heavily urban, includes acts like Jory, Nengo Flow and Justin Quiles, and last year, the label was a finalist for Latin Rhythm Albums Label of the year at the Billboard Latin Music Awards. The company has also distributed acts like Colombian alt band Diamante Electrico, which won a Latin Grammy.
Now, the new infusion of cash will allow the company to purchase new masters and publishing rights and expand internationally.
“Cinq is now strategically complete, having the ability to scale both its label, distribution, and publishing capabilities with our proven business model for global music rights management,” said GoDigital chairman Jason Peterson.
At first read, it would appear that GoDigital and Cinq are jumping on the Latin music bandwagon, as so many companies are and have been in the past few months. But that’s not the case at all.
Peterson, who founded GoDigital in 2006, began investing in Cinq, founded by Barry Daffurn, back in 2012. At the time, Cinq had been conceived as a digital music distribution company, but evolved to become a music rights management company and now a full music company that can perform label and content creation functions. Cinq’s recently released records include Justin Quiles’ La Promesa and Los De La Nazza’s Orion.
Cinq has been “growing very quickly,” says Peterson. Now, with the interest in Latin exploding, the potential for growth is even bigger, and compounded by GoDigital’s other companies. They include Vida Primo, a multi platform network whose mission is to serve young Hispanic audiences. GoDigital also owns AdShare, a social media monetization service for music, film, television, and sports rights-holders; and ContentBridge, which provides digital supply chain solutions for the media and entertainment industry.
Although Cinq has concentrated on Latin music and artists, Daffurn says he will use the funding to grow into other genres as well.